Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the first quarter of 2012 ended April
1, 2012.
2012 First Quarter Financial
Highlights:
- First quarter net sales of $50.5 million increased 21 percent
compared with the fourth quarter of 2011.
- Net loss for the first quarter was $1.1 million, or a loss of
$0.02 per share. Excluding restructuring charges of $0.7 million,
first quarter net loss would have been $0.4 million, or a loss of
$0.01 per share.
- The Company's balance sheet continues to be strong, with
working capital of $55.8 million. Cash and cash equivalents
increased $4.5 million to $37.4 million and the Company continues
to carry no debt.
David L. Dutton, Mattson Technology's president and chief
executive officer, commented, "The first quarter of 2012 was a
solid start for Mattson Technology driven by a strong increase in
sales. We approached breakeven for the quarter, and our efforts to
improve gross margins and reduce operating expenses are on track to
bring the Company into profitability during the year. At the same
time that we are improving our financial performance, we also have
extended our growth potential. Our paradigmE® etch system was
released for production at a leading semiconductor's foundry
facility and by a major Asian CMOS image sensor foundry. We expect
that these new etch positions will incrementally add approximately
25% more annual sales opportunity to our etch business and will
begin contributing to sales in the second half of 2012. Our most
advanced RTP system, the Millios™, shipped to a third foundry/logic
customer in the first quarter, further evidence of our emerging RTP
position in foundry/logic. With our broadened product positions in
foundry and NAND, plus our gross margin improvement and cost
reduction programs, we expect that 2012 will result in profitable
growth for Mattson Technology."
First Quarter 2012 Financial Results
First quarter 2012 net sales of $50.5 million increased $8.8
million, or 21.1 percent, compared with $41.7 million in the fourth
quarter of 2011, and increased $3.5 million, or 7.3 percent,
compared with $47.0 million in the first quarter of 2011. Gross
margin for the first quarter of 2012 was 33.5 percent as compared
to the 33.3 percent gross margin in the fourth quarter of 2011, and
represents a six-point increase over the 27.4 percent gross margin
in the first quarter of 2011.
Total operating expenses were $18.2 million for the first
quarter of 2012, a decrease of $0.5 million compared to the fourth
quarter of 2011. Total operating expenses increased $0.3 million as
compared to the first quarter of 2011. First quarter 2012 results
include charges related to an agreement with the Bureau of Industry
and Security that is in the final stages of approval to pay $0.25
million in connection with certain self-reported violations, as
well as related legal fees.
Net loss for the first quarter of 2012 was $1.1 million, or a
$0.02 loss per share. This compares with a net loss of $4.2
million, or a $0.07 loss per share, in the fourth quarter of 2011
and a net loss of $6.3 million, or a $0.12 loss per share, reported
in the first quarter of 2011.
Operating expenses excluding restructuring charges were $17.5
million for the first quarter of 2012, a $0.6 million increase
compared with $16.9 million in the fourth quarter of 2011, and a
$0.5 million decrease compared with $18.0 million in the first
quarter of 2011. Excluding restructuring charges of $0.7 million,
first quarter net loss would have been $0.4 million, or a loss of
$0.01 per share.
Working capital at the end of the first quarter was $55.8
million, compared with $56.2 million at December 31, 2011. Cash,
cash equivalents and restricted cash at April 1, 2012 was $37.4
million, an increase of $4.5 million, compared with $32.9 million
at December 31, 2011.
Conference Call
Wednesday, April 25, 2012, at 2:00 p.m. Pacific Time (5:00 p.m.
Eastern Time), Mattson Technology will hold a conference call to
review the following topics: 2012 first quarter financial results,
current business conditions, the near-term business outlook and
guidance for the second quarter of 2012. The conference call will
be simultaneously webcast at www.mattson.com under the "Investors"
section. In addition to the live webcast, a replay will be
available to the public on the Mattson Technology website for one
week following the live broadcast. To access the live conference
call, please dial (970) 315-0417.
Mattson Technology also will webcast a slide presentation in
conjunction with the conference call, which can also be accessed at
www.mattson.com under the "Investors" section.
"Safe Harbor" Statement Under the Private
Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements regarding
the Company's future prospects and plans, including, but not
limited to: potential future net sales, profit, cash flow, cash
position and other financial results, future customer demand and
industry and economic conditions, Company strategies and the market
opportunity and acceptance of Company products in various customer
markets. Forward-looking statements address matters that are
subject to a number of risks and uncertainties that can cause
actual results to differ materially. Such risks and uncertainties
include, but are not limited to: Company expectations with respect
to continued growth of its business; growth of the industry and the
size of the Company's served available market; the timing of
significant customer orders for the Company's products; customer
acceptance of delivered products and the Company's ability to
collect amounts due upon shipment and upon acceptance; the
Company's cash position overall, especially as a result of payments
made for inventory and the related collections upon shipment of
such inventory; end-user demand for semiconductors, including the
growing mobility electronics industry; customer demand for
semiconductor manufacturing equipment; the Company's ability to
timely manufacture, deliver and support ordered products; the
Company's ability to bring new products to market, to gain market
share with such products and the overall mix of the Company's
products; customer rate of adoption of new technologies; risks
inherent in the development of complex technology; the timing and
competitiveness of new product releases by the Company's
competitors; the Company's ability to align its cost structure with
market conditions; and other risks and uncertainties described in
the Company's Forms 10-K, 10-Q and other filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update the information provided in this news
release.
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, rapid
thermal processing and etch. 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
-------------------------------------------
April 1, December 31, April 3,
2012 2011 2011 (1)
------------- ------------- -------------
Net sales $ 50,504 $ 41,694 $ 47,049
Cost of sales 33,570 27,827 34,168
------------- ------------- -------------
Gross profit 16,934 13,867 12,881
------------- ------------- -------------
Operating expenses:
Research, development and
engineering 6,630 6,296 6,515
Selling, general and
administrative 10,867 10,601 11,512
Restructuring charges 720 1,786 (65)
------------- ------------- -------------
Total operating expenses 18,217 18,683 17,962
------------- ------------- -------------
Loss from operations (1,283) (4,816) (5,081)
Interest and other income
(expense), net 413 2,136 (1,527)
------------- ------------- -------------
Loss before income taxes (870) (2,680) (6,608)
Provision for (benefit from)
income taxes 249 1,494 (334)
------------- ------------- -------------
Net loss $ (1,119) $ (4,174) $ (6,274)
============= ============= =============
Net loss per share:
Basic and Diluted $ (0.02) $ (0.07) $ (0.12)
Shares used in computing net
loss per share:
Basic and Diluted 58,420 58,276 50,287
(1) Includes the reclassification of costs related to our spare parts
business from selling, general and administrative expense to cost of sales
as they are more appropriately associated with revenue generating
activities.
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 1, December 31,
2012 2011
(unaudited) (1)
------------- -------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 35,558 $ 31,073
Restricted cash-current 1,877 1,877
Accounts receivable, net 19,870 25,278
Advance billings 4,318 5,071
Inventories 30,816 29,203
Prepaid expenses and other assets 7,005 9,024
------------- -------------
Total current assets 99,444 101,526
Property and equipment, net 10,352 10,552
Other assets 1,611 1,765
------------- -------------
Total assets $ 111,407 $ 113,843
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,331 $ 16,785
Accrued liabilities 15,703 16,447
Deferred revenue 9,582 12,117
------------- -------------
Total current liabilities 43,616 45,349
Income taxes payable, non-current 1,350 1,312
Other liabilities 6,763 7,037
------------- -------------
Total liabilities 51,729 53,698
------------- -------------
Stockholders' equity:
Common stock 63 63
Additional paid-in capital 650,643 650,110
Accumulated other comprehensive income 20,591 20,472
Treasury stock (37,986) (37,986)
Accumulated deficit (573,633) (572,514)
------------- -------------
Total stockholders' equity 59,678 60,145
------------- -------------
Total liabilities and stockholders'
equity $ 111,407 $ 113,843
============= =============
(1) Derived from audited financial statements.
Mattson Technology Contact J. Michael Dodson Chief
Financial Officer Mattson Technology, Inc. tel 510-657-5900
fax 510-492-5963 Investor & Media Contact Laura
Guerrant-Oiye Principal Guerrant Associates tel 808-882-1467
lguerrant@guerrantir.com
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