8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2003

Trikon Technologies, Inc.
(Exact name of registrant as specified in its charter)

Delaware	000-22501	95-4054321
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

Ringland Way, Newport, Gwent NP18 2TA, United Kingdom
(Address of principal executive office)	(Zip Code)

Registrant’s telephone number, including area code: 44-1633-414-000

______________________________________________________________________________
(Former name or former address, if changed since last report)

Item 5. Other Events

On April 24, 2003, we issued a press release announcing our results of operations for the first quarter of 2003. A copy of the press release is attached hereto as Exhibit 99.1.

Certain statements made in this current report on Form 8-K and the exhibits attached hereto contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included or incorporated by reference in this Annual Report on Form 10-K, other than statements that are purely historical, are forward looking statements. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and other similar expressions or variations of such words are intended to identify these forward-looking statements.

These forward-looking statements, which include statements about our cash management, our ability to reduce expenses, our development efforts and the acceptance of our technological innovations and products and future orders and sales levels are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include, among other things, the length and severity of the continuing downturn in the semiconductor industry, the risk that we may not be able to achieve anticipated cost savings, the risk that we will not comply with the financial covenants in our credit agreement, and the risk that the industry adopts competing technologies for the deposition of low k materials and that our technology is not accepted, as well as the other risks described from time to time in the reports we filed with the SEC.

All forward-looking statements included or incorporated by reference in this Current Report on Form 8-K are based on information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements. Stockholders are cautioned not to place undue reliance on such statements.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

99.1 Press release dated April 24, 2003

Exhibit Index

 99.1 Press release dated April 24, 2003

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  April 25, 2003	TRIKON TECHNOLOGIES, INC.
	By: /s/ NIGEL WHEELER Nigel Wheeler. President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

Trikon Technologies, Inc. Ringland Way, Newport, NP18 2TA, United Kingdom.

Press Release

TRIKON TECHNOLOGIES REPORTS RESULTS FOR FIRST QUARTER 2003

NEWPORT, Wales, United Kingdom, April 24, 2003 – Trikon Technologies, Inc. (Nasdaq: TRKN) today reported results for its first fiscal quarter ended March 31, 2003.

Revenues for the quarter were $5.1 million, a decrease of 36 percent on $8.0 million for the first quarter of 2002. Operating loss for the quarter was $7.1 million compared to an operating loss of $5.0 million for the first quarter of 2002. Operating losses for the first quarter of fiscal 2003 include a non cash charge of $0.7 million, or $0.05 per share, relating to the partial settlement of the Company’s defined benefit pension plan and related costs.

Net loss applicable to common shares for the quarter was $7.3 million, or $0.56 per share, compared to a loss of $3.8 million, or $0.32 per share, for the first quarter of 2002. The net loss for the first quarter is stated after foreign currency losses of $278,000, or $0.02 per share, compared to a gain of $111,000, or $0.01 per share, in the first quarter of the prior year. All per-share amounts are stated on a fully diluted basis.

Deferred revenue was $1.0 million at the end of the first quarter compared to $1.2 million at December 31, 2002. Order backlog at March 31, was reduced by cancellation of a conditional order bringing net book to bill to 0.83:1. The gross book to bill ratio for the quarter was 1.35:1.

“The company continues to carefully manage its working capital during this exceptionally difficult trading environment and has taken measured and appropriate steps to reduce the cost base,” said Bill Chappell, chief financial officer. “At this time, we will be making further reductions in cash expenses of approximately $1 million per quarter including a reduction in our workforce. We have commenced the necessary procedures as directed by law to inform and consult with our workforce about this reduction and expect to have completed this process by May 31, 2003.”

“Any reduction in workforce will be aimed at reducing excess capacity rather than capability,” said Dr. Kiwan, president and chief executive officer. “Cash of $37.7 million at quarter end enables us to take a measured and appropriate response and allows us to focus efforts on winning more of the available business during this unprecedented downturn.”

Dr. Kiwan continued, “whilst we must be cautious with cash there are good reasons to be enthusiastic about Trikon’s business prospects. The operations and technologies are amongst the best in the industry and we are close to significant breakthroughs with some of our advanced technologies at major accounts.”

Investor Conference Call and Webcast

There will be a conference call at 10:30 am New York time today, hosted by Nigel Wheeler, vice chairman, and Dr. Kiwan, president and CEO. A live and subsequently recorded audio webcast of the call will be available at www.trikon.com for 3 days.

Trikon’s new technology products include

Planar 300, an advanced CVD dielectric deposition system for Flowfill™ the only CVD gap fill dielectric, Low κ Flowfill™ with a k value of 2.8 for subtractive etch applications and Orion^™ with a k value of 2.5 and below for copper/damascene processing, enabling the low-k advantage of increased device speed in devices to the 65nm technology node and beyond.

Sigma^® 300, a metalization system offering high throughput and reliability with advanced process modules for advanced barrier deposition processes including ionized PVD, high uniformity PVD and metal plug (Forcefill^®).

Omega^® fxP^™, a multi-chambered cluster plasma etcher based on the Brooks MX800 platform and offering multi-chamber sequential processing for advanced processes and higher throughput.

About Trikon Technologies

Trikon Technologies, Inc. offers a range of dry processing equipment for the deposition and etching of structures for semiconductor, MST and photonics device production. More details may be found at Trikon’s website www.trikon.com.

Trikon Technologies Contacts

Corporate contact:
Carl Brancher, Trikon Technologies Inc.
+44 1633 414000 carl.brancher@trikon.com

US Investor Relations contact:
Kevin Kirkeby, Golin/Harris International
+1 212 697-9191 kkirkeby@golinharris.com

“Safe Harbor” Statement Under the Private Securities Litigation Act of 1995: This news release contains certain forward-looking statements by Bill Chappell and Dr. Kiwan that include, without limitation, future order and sales levels, cost savings, market recovery and the characterization of present market conditions as a ‘downturn’. These forward-looking statements are subject to various risks and uncertainties that could cause results to differ materially, including, but not limited to, the acceptance of the company’s low k technologies, the ability of the Company to manage its expenses and reduce its use of funds, the ability of the company to comply with the financial covenants under its credit facilities and the other factors discussed from time to time in reports in the Company’s files with the SEC. These factors are not intended to represent a complete list of all risks and uncertainties inherent in the Company’s business, and should be read in conjunction with the moredetailed cautionary statements included in the company’s SEC reports, including, without limitation, its annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

–Tables Follow–

Trikon Technologies, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

		March 31, 2003		December 31, 2002
		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	37,729	$	42,557
Accounts receivable, net		5,507		8,948
Inventories, net		18,509		20,486
Other current assets		2,619		2,671
Total current assets		64,364		74,662
Property, equipment and leasehold improvements, net		18,172		19,636
Demonstration systems, net		2,912		2,669
Other assets		185		221
Total assets	$	85,633	$	97,188
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued expenses.	$	5,038	$	5,936
Current portion of long-term debt		16,389		8,651
Deferred revenue		981		1,169
Other current liabilities		3,950		3,862
Total current liabilities		26,358		19,618
Long-term debt less current portion		495		10,717
Pension obligations		4,771		5,313
Other non-current liabilities.		955		1,020
Total Liabilities		32,579		36,668
Total shareholders’ equity		53,054		60,520
Total liabilities and shareholders’ equity	$	85,633	$	97,188

Trikon Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except for per share data)

		Three Months Ended
		March 31, 2002			March 31, 2002
Revenues:
Product revenues	$	5,104		$	8,000
Costs and expenses:
Cost of goods sold		4,340			5,771
Research and development		2,318			2,279
Selling, general and administrative		4,800			4,935
Pension liability settlement and other related costs		706			–
		12,164			12,985
Loss from operations		(7,060	)		(4,985	)
Foreign currency (losses) gains		(278	)		111
Interest income (expense), net		98			(7	)
Loss before income tax charge (credit)		(7,240	)		(4,881	)
Income tax charge (credit)		24			(1,098	)
Net loss	$	(7,264	)	$	(3,783	)
Loss per share data:
Basic:	$	(0.56	)	$	(0.32	)
Diluted:	$	(0.56	)	$	(0.32	)
Weighted average common shares used in the calculation:
Basic:		12,880			11,720
Diluted:		12,880			11,720