UNITED STATES
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 23, 2015
MATTSON TECHNOLOGY, INC.
(Exact name of Registrant as Specified in its Charter)
|
| | | | |
Delaware | | 000-24838 | | 77-0208119 |
(State or Other Jurisdiction of Incorporation or Organization) | | (Commission File Number) | | (I.R.S. Employer Identification Number) |
47131 Bayside Parkway
Fremont, California 94538
(Address of Principal Executive Offices including Zip Code)
(510) 657-5900
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On April 23, 2015, Mattson Technology, Inc. (the "Company") issued a press release regarding the Company's financial results for the first quarter of 2015. The full text of the Company's press release is attached hereto as Exhibit 99.1.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
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.
|
| |
Date: April 23, 2015 | |
| |
| By: /s/ TYLER PURVIS |
| Tyler Purvis Senior Vice President, Chief Accounting Officer and Corporate Controller (Principal Accounting Officer) |
Index to Exhibits
EXHIBIT 99.1
News Release
|
| |
| Mattson Technology Contact |
| J. Michael Dodson |
| Mattson Technology, Inc. |
| tel 1-510-657-5900 |
| fax 1-510-492-5963 |
MATTSON TECHNOLOGY, INC. REPORTS RESULTS FOR
THE FIRST QUARTER OF 2015
FREMONT, Calif. - APRIL 23, 2015 - Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the first quarter ended March 29, 2015.
Business Highlights:
| |
• | Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014. |
| |
• | Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to a gross margin of 33 percent in the fourth quarter of 2014, and a 3 percentage point improvement compared to a gross margin of 34 percent in the first quarter of 2014. |
| |
• | Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014. |
“I am pleased with our results this quarter and the continued discipline in executing our strategy," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Not only do the financial results for the first quarter of 2015 represent the seventh consecutive profitable quarter on a non-GAAP basis, but the results also mark revenue and net income levels not achieved by the Company since 2007.”
First Quarter 2015 Financial Results
Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014.
Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to 33 percent gross margin in the fourth quarter of 2014, and a 3 percentage point improvement compared to 34 percent gross margin in the first quarter of 2014.
Total operating expense was $14.1 million in the first quarter of 2015, an increase of $1.0 million or 8 percent, as compared to
operating expense of $13.1 million in the fourth quarter of 2014, and an increase of $2.1 million or 18 percent, as compared to total operating expense of $11.9 million in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP operating expense in these periods.
Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Conference Call
On Thursday, April 23, 2015, at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 first quarter financial results, current business conditions, the near-term business outlook and guidance for the second quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the "Investors" section. To access the live conference call, please dial (877) 430-4657.
Use of Non-GAAP Measures
In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this press release contains certain non-GAAP financial measures. The Company's non-GAAP results for total operating expenses and net income per share exclude amounts listed as restructuring and other charges in the accompanying tables. Management uses non-GAAP operating expenses and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. The Company did not have any restructuring and other charges during the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014.
About Mattson Technology, Inc.
Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Etch, Rapid Thermal Processing and Millisecond Anneal. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON / (510) 657-5900. Internet: www.mattson.com.
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
|
| | | | | | | | | | | |
| Three Months Ended |
| March 29,
2015 | | December 31,
2014 | | March 30,
2014 |
Net revenue | $ | 58,254 |
| | $ | 54,747 |
| | $ | 43,198 |
|
Cost of goods sold | 36,860 |
| | 36,870 |
| | 28,552 |
|
Gross margin | 21,394 |
| | 17,877 |
| | 14,646 |
|
Operating expenses: | |
| | | | |
Research, development and engineering | 5,250 |
| | 5,607 |
| | 4,524 |
|
Selling, general and administrative | 8,841 |
| | 7,453 |
| | 7,421 |
|
Total operating expenses | 14,091 |
| | 13,060 |
| | 11,945 |
|
Income from operations | 7,303 |
| | 4,817 |
| | 2,701 |
|
Interest and other income (expense), net | (477 | ) | | 216 |
| | (47 | ) |
Income before income taxes | 6,826 |
| | 5,033 |
| | 2,654 |
|
Provision for income taxes | 521 |
| | 70 |
| | 189 |
|
Net income | $ | 6,305 |
| | $ | 4,963 |
| | $ | 2,465 |
|
Net income per share: | |
| | |
| | |
|
Basic | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.04 |
|
Diluted | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.04 |
|
Shares used in computing net income per share: | |
| | |
| | |
|
Basic | 74,670 |
| | 73,861 |
| | 66,275 |
|
Diluted | 77,265 |
| | 75,486 |
| | 67,971 |
|
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
|
| | | | | | | |
| March 29,
2015 | | December 31,
2014 |
ASSETS |
Current assets: | |
| | |
|
Cash and cash equivalents | $ | 26,446 |
| | $ | 22,760 |
|
Accounts receivable, net | 38,216 |
| | 33,578 |
|
Advance billings | 4,388 |
| | 4,653 |
|
Inventories | 38,174 |
| | 40,579 |
|
Prepaid expenses and other current assets | 9,188 |
| | 9,767 |
|
Total current assets | 116,412 |
| | 111,337 |
|
Property and equipment, net | 9,248 |
| | 7,534 |
|
Restricted cash | 1,974 |
| | 1,993 |
|
Other assets | 548 |
| | 623 |
|
Total assets | $ | 128,182 |
| | $ | 121,487 |
|
| | | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: | |
| | |
|
Accounts payable | $ | 21,844 |
| | $ | 22,434 |
|
Accrued compensation and benefits | 5,112 |
| | 4,601 |
|
Deferred revenues, current | 9,213 |
| | 9,110 |
|
Other current liabilities | 6,939 |
| | 6,630 |
|
Total current liabilities | 43,108 |
| | 42,775 |
|
Deferred revenues, non-current | 957 |
| | 1,160 |
|
Other liabilities | 2,494 |
| | 2,442 |
|
Total liabilities | 46,559 |
| | 46,377 |
|
Stockholders' equity | 81,623 |
| | 75,110 |
|
Total liabilities and stockholders' equity | $ | 128,182 |
| | $ | 121,487 |
|
| | | |
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