Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the fiscal 2011 second quarter, ended
July 3, 2011.
Second Quarter 2011 Business
Highlights:
- Second quarter 2011 revenue of $51.3 million increased 9
percent as compared with first quarter 2011, marking Mattson
Technology's ninth consecutive quarter of revenue growth.
- Cash, cash equivalents, short-term investments and restricted
cash at the end of the second quarter were $42.9 million dollars,
an improvement of $18.4 million dollars from the first quarter.
Mattson Technology strengthened working capital during the quarter,
growing cash through operations and a stock offering that raised
$12.6 million.
- Mattson Technology had broad-based product strength during the
second quarter, with all product areas delivered to leading
greenfield fabs.
"During the second quarter, we accomplished several important
milestones in expanding our product positions and delivered our 9th
consecutive quarter of revenue growth, with a 9 percent improvement
over the first quarter of 2011," noted David L. Dutton, Mattson
Technology's president and chief executive officer. "This growth
was driven by continued strength of our new etch business plus
gains in the strip business. We further extended our etch systems
into new applications, and have now shipped over 30 paradigmE® and
Alpine® etch tools. Beyond etch, our market share growth in strip
continues as a result of our low cost, high volume strategy. RTP
has also been established in volume production NAND fabs, a new
position gained over the last cycle."
Mr. Dutton continued, "As a result of our expanded product
positions, Mattson Technology's revenues for the first half of 2011
improved 21 percent over the second half of 2010. Looking forward,
we see good opportunities in our served markets. There is
uncertainty on a global macro-economic level which is translating
into a more conservative outlook on the part of our customers." Mr.
Dutton concluded, "Mattson Technology's opportunities lie in our
new positions, which we expect will help us achieve our goal of
outperforming the industry. We believe that the long-term outlook
for the semiconductor industry remains positive, and our investment
in the Company's growth strategy has well positioned Mattson
Technology to leverage the industry's momentum."
Second Quarter 2011 Financial Results
Second quarter net sales of $51.3 million increased 9 percent
compared with $47.0 million in the first quarter of 2011, and
increased 60 percent, compared with $32.1 million in the second
quarter of 2010. Gross margin for the second quarter was 30.1
percent, an improvement over the 29.6 percent gross margin reported
in the first quarter of 2011. Operating expenses for the second
quarter of $19.4 million was an increase of two percent compared
with $19.0 million in the first quarter of 2011.
Second quarter interest and other income (expense), net, was a
$0.9 million expense, primarily a result of currency adjustments to
certain accounts pertaining to the strengthening of the Euro in
Mattson Technology's European operations.
Net loss for the second quarter was $5.2 million, or $0.10 loss
per share, compared with a net loss of $6.3 million, or $0.12 loss
per share, for the first quarter of 2011, and a net loss of $8.4
million, or $0.17 loss per share, for the second quarter of
2010.
Cash, cash equivalents, short-term investments and restricted
cash at the end of the second quarter were $42.9 million, compared
with $24.4 million at the end of the first quarter of 2011. The
increase in cash was due to the equity offering with net proceeds
of $12.6 million, and operational and other cash flow items of $5.8
million.
Attached to this news release are unaudited condensed
consolidated statements of operations and balance sheets.
Conference Call
On Wednesday, July 27, 2011, at 3:30 PM Pacific Time (6:30 PM
Eastern Time), Mattson Technology will hold a conference call to
review the following topics: 2011 second quarter financial results,
current business conditions, the near-term business outlook and
guidance for the third quarter of 2011. 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 revenue, 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, including as a result of
Greenfield fab plans; 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 Six Months Ended
------------------------- -------------------------
July 3, June 27, July 3, June 27,
2011 2010 2011 2010
------------ ------------ ------------ ------------
Net sales $ 51,259 $ 32,120 $ 98,308 $ 57,315
Cost of sales 35,852 22,194 68,957 39,627
------------ ------------ ------------ ------------
Gross profit 15,407 9,926 29,351 17,688
------------ ------------ ------------ ------------
Operating expenses:
Research, development
and engineering 6,645 7,059 13,160 13,465
Selling, general and
administrative 12,803 12,558 25,378 24,931
Restructuring charges (13) (93) (78) (77)
------------ ------------ ------------ ------------
Total operating
expenses 19,435 19,524 38,460 38,319
------------ ------------ ------------ ------------
Loss from operations (4,028) (9,598) (9,109) (20,631)
Interest and other income
(expense), net (911) 1,425 (2,438) 1,881
------------ ------------ ------------ ------------
Loss before income taxes (4,939) (8,173) (11,547) (18,750)
Provision for (benefit
from) income taxes 274 207 (60) 386
------------ ------------ ------------ ------------
Net loss $ (5,213) $ (8,380) $ (11,487) $ (19,136)
============ ============ ============ ============
Net loss per share:
Basic and Diluted $ (0.10) $ (0.17) $ (0.22) $ (0.38)
Shares used in computing
net loss per share:
Basic and Diluted 54,550 50,052 52,395 50,018
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 3, December 31,
2011 2010
(unaudited) (1)
------------ ------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 40,045 $ 19,014
Restricted cash 2,830 4,026
Accounts receivable, net 17,056 24,127
Advance billings 4,060 3,177
Inventories 31,670 34,673
Prepaid expenses and other assets 5,135 5,770
------------ ------------
Total current assets 100,796 90,787
Property and equipment, net 12,666 15,011
Other assets 5,653 5,826
------------ ------------
Total assets $ 119,115 $ 111,624
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,114 $ 20,860
Accrued liabilities 19,056 13,452
Deferred revenue 6,697 5,349
------------ ------------
Total current liabilities 41,867 39,661
Income taxes payable, non-current 4,130 4,287
Other liabilities 4,961 5,021
------------ ------------
Total liabilities 50,958 48,969
------------ ------------
Stockholders' equity:
Common stock 62 54
Additional paid-in capital 649,120 634,944
Accumulated other comprehensive income 23,012 20,207
Treasury stock (37,986) (37,986)
Accumulated deficit (566,051) (554,564)
------------ ------------
Total stockholders' equity 68,157 62,655
------------ ------------
Total liabilities and stockholders' equity $ 119,115 $ 111,624
============ ============
(1) Derived from audited financial statements
Mattson Technology Contact Andy Moring Chief Financial
Officer Mattson Technology, Inc. tel 510-657-5900 fax
510-492-5963 andy.moring@mattson.com Investor & Media
Contact Laura Guerrant-Oiye Principal Guerrant
Associates tel 808-882-1467 lguerrant@guerrantir.com
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