SiliconBeat

Novellus Systems, the San Jose chip-equipment maker that reported a $66.4 million loss for its 2009 first quarter as its sales fell 69 percent, has decided it won’t be needing the $150 million in credit it had arranged through Bank of America, according to a regulatory filing.

The company, which spent $1.7 million reducing its workforce during its most recent quarter on top of the $6.9 million it spent during the fourth quarter of 2008, was able to add $26.8 million to its cash and short term investments.

The company’s Chairman and Chief Executive Richard Hill said today in a statement that, “The economic environment continues to be challenging and we remain disciplined and focused on cash flow and cost containment. We are cautiously optimistic that our customers’ order activity levels have stabilized and are beginning to rebound, although still at relatively low levels compared to our expectations.”