For the period ending September 28, ASML posted a net loss of $36 million (E31 million), down from a net loss of $69.8 million (E60 million), on revenues up 5% at $430.4 million (E370 million). It ended the quarter with a cash balance of $1.28 billion (E1.10 billion). It also used $144 million (E124 million) in debt reduction.

ASML sells lithography systems, machines used to map out the circuitry of semiconductors, to chipmakers such as Intel Corp [INTC] and Samsung [00830.KS]. During the quarter, it sold 34 lithography machines (28 new, six refurbished). This compares with 41 systems sold in the last quarter, and 36 systems in the third quarter last year. The average selling price increased from $9.6m (E8.3 million) last quarter, to (E10.8 million) $12.5 million.

The company refused to issue any formal guidance or forecasts for the forthcoming quarter, due to the uncertain market conditions. It did reveal, however, that it is likely to post a year-end loss, but predicted results will improve each quarter for the next several quarters as the semiconductor industry recovers from its current slump.

Back in July, ASML announced it would cut 550 jobs, about 11% of its workforce. However, it is still in talks with the works council and labor unions as required by Dutch laws. These ongoing consultations should lead to a delay of up to three to four months in implementing workforce reductions in the Netherlands, with a corresponding delay in any resulting cost reductions. When the reductions do take place, it should shrink the workforce to approximately 4,650 staff.

ASML also announced that it has sold off its ASML Thermal unit to a privately held company formed by VantagePoint Venture Partners. Under terms of the deal, the new company assumed the US business operations of ASML Thermal, including ASML’s commitments to its customers. In addition, the new company will acquire non-US business operations over the next few months. In the interim period, ASML will provide certain services to facilitate a smooth transition.

This article was based on material originally published by ComputerWire.