FREMONT, Calif., Oct. 19 /PRNewswire-FirstCall/ -- Mattson
Technology, Inc. (NASDAQ:MTSN), a leading supplier of advanced
process equipment used to manufacture semiconductors, today
announced results for the third quarter ended September 25, 2005.
Highlights of this report include: * Achieved eighth consecutive
profitable quarter. * Increased cash 27.4 percent
quarter-over-quarter to $124.3 million. * Penetrated new account, a
major silicon-on-insulator wafer manufacturer. * Received first
order for next-generation bulk strip tool from leading Japanese
chipmaker. Net sales for the third quarter were $47.7 million, down
16.5 percent from $57.1 million for the previous quarter, and down
29.9 percent from $68.0 million in the third quarter of 2004. Net
sales for the third quarters of 2005 and 2004 each included
royalties of $3.2 million related to the settlement of the patent
infringement suit with Dainippon Screen Manufacturing Co., Ltd.
("DNS"). Net income for the quarter was $3.5 million, or $0.07 per
diluted share, compared with $3.3 million, or $0.06 per share, for
the previous quarter, and $10.2 million, or $0.20 per share, for
the third quarter of 2004. Net income for the quarter included a
$2.9 million gain from an additional earn-out payment received from
the sale of our Wet Business in March 2003. Gross margin for the
third quarter was 41.5 percent, up 0.5 percentage points from 41.0
percent for the previous quarter, and down 3.8 percentage points
from 45.3 percent for the third quarter of 2004. Excluding the
nonrecurring gain from the earn-out payment related to the sale of
our Wet Business of $2.9 million, operating expenses for the
quarter decreased to $19.6 million from $20.4 million for the
previous quarter and $20.9 million from the third quarter of 2004,
as a result of improved expense management. Excluding the
nonrecurring gain, operating expenses as a percentage of net sales
were 41.2 percent for the quarter, compared with 35.8 percent for
the previous quarter and 30.7 percent in the third quarter of 2004.
Shipments for the third quarter were $35.9 million, down 31.2
percent from $52.2 million for the previous quarter, and down 42.6
percent from $62.5 million for the third quarter of 2004. Net
bookings for the quarter were $46.0 million, up 72.9 percent from
$26.6 million for the previous quarter, and down 37.9 percent from
$74.1 million for the third quarter of 2004. Net bookings in the
quarter resulted in a book-to-bill ratio of 1.28 to 1. Deferred
revenues (which represent unrecognized revenues and pre-paid
royalties received from DNS) were $25.2 million at the end of the
quarter compared with $31.1 million at the end of the previous
quarter, and $32.1 million at the end of the third quarter of 2004.
Cash, cash equivalents, and short-term investments at the end of
the third quarter were $124.3 million, up $26.7 million from $97.6
million at the end of the prior quarter, and up $31.6 million from
$92.7 million at the end of 2004. "Our focus on operational and
financial performance is paying off as we continued to generate
strong cash flow and delivered the eighth consecutive profitable
quarter -- the strongest two-year period in the company's history,"
said David L. Dutton, chief executive officer of Mattson
Technology. "Since the last cycle, we expanded our product
portfolio with the Aspen III eHighlands low-k/copper strip system,
the next-generation bulk strip tool and the fRTP flash millisecond
annealing system. These tools are gaining acceptance by existing
and new customers. In the third quarter, we received the first
order for our next-generation bulk strip tool from a major Japanese
logic chipmaker. We also received orders for multiple Helios
systems from a leading silicon-on-insulator wafer manufacturer,
which further strengthens our position in the wafer manufacturing
market." "We will continue to leverage our leading-edge
technologies in order to drive share gains in new and existing
markets," concluded Dutton. Attached to this news release are
preliminary unaudited condensed consolidated statements of
operations and balance sheets. Forward-Looking Guidance: New order
bookings in the fourth quarter of 2005 are expected to range
between $42 million and $47 million. Fourth quarter 2005 net sales
are expected to range between $47 million and $52 million. Gross
margin in the fourth quarter is expected to be in the range of
approximately 40 percent to 45 percent. On Wednesday, October 19,
2005, at 5:30 PM Eastern Time (2:30 PM Pacific Time), Mattson will
hold a conference call to review the following topics: third
quarter 2005 financial results, current business conditions and the
near-term business outlook. The conference call will be
simultaneously webcast at http://www.mattson.com/ under the
"Investors" section. In addition to the live webcast, a replay will
be available to the public on the Mattson website for one week
following the live broadcast. "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, including, but not limited to: anticipated bookings,
revenue and margins for future periods. 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:
end-user demand for semiconductors; customer demand for
semiconductor manufacturing equipment; 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 ability to timely
manufacture, deliver and support ordered products; the company's
ability to bring new products to market and to gain market share
with such 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. Results for the current quarter
are preliminary and subject to adjustment. The company assumes no
obligation to update the information provided in this news release.
About Mattson Technology, Inc. Mattson Technology, Inc. is the
leading supplier of dry strip equipment and the second largest
supplier of rapid thermal processing equipment in the global
semiconductor industry. The company's strip and RTP equipment
utilize innovative technology to deliver advanced processing
performance and productivity gains to semiconductor manufacturers
worldwide for the fabrication of current- and next-generation
devices. For more information, please contact Mattson Technology,
Inc., 47131 Bayside Parkway, Fremont, Calif. 94538. Telephone:
(800) MATTSON/(510) 657-5900. Fax: (510) 492-5911. Internet:
http://www.mattson.com/. Mattson Technology Contact Ludger Viefhues
Mattson Technology, Inc. tel 510-492-6241 fax 510-492-5963 MATTSON
TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (in thousands, except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended Sept. 25, Sept. 26, Sept. 25,
Sept. 26, 2005 2004 2005 2004 Net sales $47,663 $68,038 $159,788
$181,314 Cost of sales 27,905 37,247 94,375 102,112 Gross margin
19,758 30,791 65,413 79,202 Operating expenses: Research,
development and engineering 6,484 5,616 19,778 15,970 Selling,
general and administrative 12,648 14,956 39,760 41,299 Amortization
of intangibles 500 328 1,500 985 Gain on disposition of Wet
Business (2,862) -- (2,862) -- Total operating expenses 16,770
20,900 58,176 58,254 Income from operations 2,988 9,891 7,237
20,948 Interest and other income (expense), net 618 307 199 232
Income before income taxes 3,606 10,198 7,436 21,180 Provision
(benefit) for income taxes 61 1 (435) 308 Net income $3,545 $10,197
$7,871 $20,872 Net income per share: Basic $0.07 $0.20 $0.15 $0.43
Diluted $0.07 $0.20 $0.15 $0.41 Shares used in computing net income
per share: Basic 51,504 49,922 51,431 49,085 Diluted 52,784 51,051
52,719 50,588 MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) September 25, December
31, 2005 2004 (unaudited) (1) ASSETS Current assets: Cash, cash
equivalents and short- term investments $124,276 $92,652 Accounts
receivable, net 30,460 58,288 Advance billings 10,914 16,793
Inventories 34,988 43,509 Inventories - delivered systems 1,468
5,258 Prepaid expenses and other assets 11,964 11,233 Total current
assets 214,070 227,733 Property and equipment, net 21,707 27,396
Goodwill 20,005 24,451 Intangibles, net 11,397 12,897 Other assets
1,297 950 Total assets $268,476 $293,427 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $11,181
$19,122 Accrued liabilities 37,105 47,705 Deferred revenue 25,167
30,313 Total current liabilities 73,453 97,140 Long-term
liabilities: Deferred income taxes 125 4,901 Total long-term
liabilities 125 4,901 Total liabilities 73,578 102,041
Stockholders' equity: Common stock 52 52 Additional paid-in capital
612,883 610,690 Accumulated other comprehensive income 9,475 16,027
Treasury stock (2,987) (2,987) Accumulated deficit (424,525)
(432,396) Total stockholders' equity 194,898 191,386 $268,476
$293,427 (1) Derived from audited financial statements DATASOURCE:
Mattson Technology, Inc. CONTACT: Ludger Viefhues of Mattson
Technology, Inc., +1-510-492-6241, or fax, +1-510-492-5963, or Web
site: http://www.mattson.com/
Copyright
Mattson Technology, Inc. (NASDAQ:MTSN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mattson Technology, Inc. (NASDAQ:MTSN)
Historical Stock Chart
From Jul 2023 to Jul 2024