Exhibit 99.1

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

Press Release

TRIKON TECHNOLOGIES REPORTS RESULTS FOR SECOND QUARTER 2004

NEWPORT, Wales, United Kingdom, July 29, 2004 — Trikon Technologies, Inc. (Nasdaq: TRKN) today reported results for its fiscal second quarter ended June 30, 2004.

“I am pleased to be able to report the highest quarterly revenue since the fourth quarter of fiscal 2002 and the highest quarterly order level at $13.6 million since the fourth quarter of fiscal 2000,” said Dr. John Macneil, Chief Executive Officer. “This order and revenue growth has exceeded our expectations and has been achieved from repeat business from our large installed base and from the development of new technologies for emerging applications.”

Revenues for the quarter were $10.2 million, an increase of 69 percent on $6.0 million for the second quarter of 2003, and an increase of 50 percent on $6.8 million for the first quarter of 2004. Revenues for the six months ended June 30, 2004 were $17.0 million, an increase of 52% on the comparable revenue of $11.1 million for the six month period in the prior year. The book to bill ratio for the quarter increased to 1.34:1.

Operating loss for the quarter was $4.5 million, smaller by 48 percent compared to an operating loss of $8.5 million for the second quarter of 2003 and 30 percent compared to the $6.5 million for the first quarter of 2004. For the six-month period ended June 30, 2004 the operating loss was $11.0 million compared to $15.6 million in the six months ended June 30, 2003.

Net loss applicable to common shares for the quarter was $4.7 million, or $0.30 per share, compared to a net loss of $8.1 million, or $0.60 per share in the second quarter of the prior year and $5.9 million, or $0.37 per share for the first quarter of 2004. Net loss applicable to common shares for the six-month period ended June 30, 2004 was $10.6 million or $0.67 per share, compared to a net loss of $15.4 million, or $1.17 per share in the six-month period ended June 30, 2003.

Revenue deferred under our revenue recognition policy decreased to $2.2 million at June 30, 2004 compared to $5.8 million at December 31, 2003.

“During the second quarter we set a target for lowering annual operating expenses by approximately $4.0 to $4.5 million including a reduction in the number of employees,” said Bill Chappell, Chief Financial Officer. “These cost reduction measures have now been successfully implemented and the costs related to the workforce reduction of $925,000, or $0.06 per share, have been included in operating losses for the three and six-month period ended June 30, 2004.”

John Macneil continued, “Trikon has a history of innovation and a broad range of capabilities in both etch and the deposition of both dielectrics and metals. We are continuing to refocus our efforts into applications where new equipment and processes are required by customers in the short-term, while continuing to develop our advanced flowfill and low-k dielectric technologies for the longer term. This focus provides us with confidence in the sales environment for Trikon and, when combined with the benefits of the cost reduction steps completed in the second quarter, provides us with the drivers to achieve our key goal of returning Trikon to profitability.”

Trikon also reported that Dr. Macneil has been appointed President and Chief Executive Officer on a permanent basis. Dr. Dobson, Trikon’s Chairman said, “The Board of Directors have been impressed with the improvements in the Company’s performance since his appointment on an acting basis and we are confident that he has the ability and desire to lead Trikon in the challenges that face the Company. We are pleased to confirm his appointment.”

Investor Conference Call and Webcast

There will be a conference call at 10:30 am New York time today, hosted by Dr. John Macneil, President and CEO to discuss the results for the second quarter ended June 30, 2004 and the outlook for the third quarter and full year of 2004. A live and subsequently recorded audio webcast of the call will be available at www.trikon.com.

About Trikon Technologies

Trikon Technologies is a leading provider of wafer fabrication equipment and services to the global semiconductor industry. Trikon develops and manufactures advanced capital equipment for plasma etching and chemical and physical vapor deposition (CVD and PVD) of thin films for use in the production of semiconductor devices. These are key components in most advanced electronic products, such as telecommunication devices, consumer and industrial electronics and computers. More information is available on the internet at: www.trikon.com.

Trikon Technologies Contacts

Corporate contact:

Bill Chappell

+44 (0) 1633-414192 bill.chappell@trikon.com

US Investor Relations contact:

Kevin Kirkeby at The Global Consulting Group

+1 646-284 -9416 kkirkeby@hfgcg.com

Marketing Publicity Manager:

Katrina Bomont

+44 (0) 1633 414030 Katrina.bomont@trikon.com

”Safe Harbor” Statement Under the Private Securities Litigation Act of 1995: This news release contains certain forward-looking statements that include, without limitation, statements by Dr. Macneil and Bill Chappell about Trikon’s expectations regarding the future sales environment and ability to refocus efforts into new applications, confidence in the sales environment and Trikon’s expectation to return to profitability. These forward-looking statements are subject to various risks and uncertainties that could cause

actual results to differ materially, including, but not limited to the economic conditions within the semiconductor capital equipment industry, demand for Trikon’s products and services, Trikon’s ability to continue to comply with its bank covenants, and possible changes in the company’s strategy. Additional factors that may cause actual results to differ are included in the more detailed 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-

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	June 30, 2004			December 31, 2003
	(Unaudited)
Assets
Current assets :
Cash and cash equivalents	$	22,253		$	31,646
Accounts receivable, net		8,756			11,287
Inventories, net		15,657			15,257
Prepaid and other current assets		2,568			4,855
Total current assets		49,234			63,045
Property, equipment and leasehold improvements, net		15,127			16,896
Demonstration systems, net		2,501			2,814
Other assets		382			374
Total assets	$	67,244		$	83,129
Liabilities and shareholders’ equity
Current liabilities:
Short term borrowing	$	9,050		$	—
Accounts payable and accrued expenses		6,318			5,785
Current portion of long-term debt		334			11,736
Deferred revenue		2,240			5,803
Other current liabilities		2,192			2,635
Accrued expenses		1,963			1,399
Warranty and related expenses		1,055			1,285
Total current liabilities		23,152			28,643
Long-term debt less current portion		71			188
Other non-current liabilities		835			928
	$	24,058		$	29,759
Shareholders’ equity:
Preferred Stock:
Authorized shares — 20,000,000 Issued and outstanding — Nil at June 30, 2004 and December 31, 2003		—			—
Common Stock, $0.001 par value:
Authorized shares — 50,000,000 Issued and outstanding — 15,750,410 at June 30, 2004 and 15,635,888 at December 31, 2003		261,411			261,217
Accumulated other comprehensive loss		2,050			1,833
Accumulated deficit		(220,275	)		(209,680	)
Total shareholders’ equity		43,186			53,370
Total liabilities and shareholders’ equity	$	67,244		$	83,129

Trikon Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)

	Three Months Ended					Six Months Ended
	June 30, 2004			June 30, 2003		June 30, 2004			June 30, 2003
Revenues:
Product revenues	$	10,106		5,967		$	16,844		11,071
License revenues		66		49			109		49
		10,172		6,016			16,953		11,120
Costs and expenses:
Cost of goods sold		7,549		4,804			12,892		9,144
Research and development		2,304		2,323			4,845		4,641
Selling, general and administrative		4,784		5,420			10,179		10,220
Settlement of pension liabilities and related expenses		—		2,017			—		2,723
		14,637		14,564			27,916		26,728
Loss from operations		(4,465	)	(8,548	)		(10,963	)	(15,608	)
Foreign currency (losses) gains		(264	)	433			359		155
Interest income, net		63		112			129		210
Loss before income tax charge		(4,666	)	(8,003	)		(10,475	)	(15,243	)
Income tax charge		55		134			120		158
Net loss	$	(4,721	)	(8,137	)	$	(10,595	)	(15,401	)
Loss per share data:
Basic:	$	(0.30	)	(0.60	)	$	(0.67	)	(1.17	)
Diluted:	$	(0.30	)	(0.60	)	$	(0.67	)	(1.17	)
Weighted average common shares used in the calculation:
Basic:		15,745		13,494			15,723		13,187
Diluted:		15,745		13,494			15,723		13,187