WASHINGTON (dpa-AFX) - Novellus Systems Inc. (NVLS) Thursday reported fourth-quarter net income of $38.5 million or $0.56 per share, down from $81.5 million or $0.89 per share in the fourth quarter last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude one-time items. Net sales for the fourth quarter dropped 26.4 percent to $282.7 million from $384.4 million last year. Analysts estimated revenues of $277.24 million for the quarter.
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