Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for its first quarter of 2009 (ended March
29, 2009).
First Quarter 2009 Financial Results
Net sales for the first quarter were $5.6 million, compared to
$13.1 million in the fourth quarter, and $48.7 million in the first
quarter of 2008. Gross margin for the first quarter was negative
$7.9 million, compared to $0.6 million in the fourth quarter, and
$20.8 million in the first quarter of 2008. The decline in gross
margin is primarily attributable to manufacturing under-absorption
at these low revenue volumes, and $9.3 million of additional
reserves for excess inventory and vendor commitments.
Operating expenses for the first quarter were $20.4 million,
compared to $60.1 million in the fourth quarter and $24.7 million
for the first quarter of 2008. First quarter operating expenses
included charges of $0.9 million relating to prior year
restructuring plans. Operating expenses for the fourth quarter
included $30.9 million related to restructuring charges, and the
impairment of goodwill, intangibles and long-lived assets.
Operating expenses for the fourth quarter also included $5.5
million in SG&A costs related to accelerated amortization on
evaluation tools placed at customer sites and incremental
receivable reserves.
Net loss for the first quarter was $27.2 million, or $0.55 loss
per share, compared with a net loss of $60.5 million, or $1.22 loss
per share, for the fourth quarter and net loss of $4.2 million, or
$0.09 loss per share, for the first quarter of 2008. Included in
the net loss for the first quarter were restructuring charges of
$0.9 million or $0.02 loss per share compared to restructuring and
impairment charges totaling $30.9 million or $0.62 loss per share
in the fourth quarter.
Cash, cash equivalents and short-term investments at the end of
the first quarter were $91.6 million, compared to $103.4 million at
the end of the fourth quarter. The rate of decrease in cash slowed
as compared to prior periods, despite lower revenue levels. Cash
decreased by $11.8 million in the first quarter, compared to a
decrease of $14.3 million in the fourth quarter and a decrease of
$18.0 million in the third quarter.
David L. Dutton, Mattson Technology's president and chief
executive officer, noted, "Our strict cost containment measures
have resulted in reduced operating expenses of approximately 30
percent over the past six months, and we have continued to achieve
our stated cash targets."
Dutton also commented on the current momentum in business
conditions. "Recently, there have been incrementally positive
indications from the market that the industry is showing signs of
stabilization. Industry utilization rates have improved, and
specific to Mattson Technology, customer activity has increased,
particularly involving technologies in our new product portfolio.
The recently announced follow-on order for our Nexion(TM) etch
systems is testament to the differentiated and advanced technical
solutions that we provide to our global customer base."
Attached to this news release are preliminary unaudited
condensed consolidated statements of operations and balance
sheets.
Conference Call
On Wednesday, April 29, 2009, at 2:00 PM Pacific Time (5:00 PM
Eastern Time), Mattson Technology will hold a conference call to
review the following topics: 2009 first quarter financial results,
current business conditions, the near-term business outlook and
guidance for the second quarter of 2009. 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 (719)
325-4779.
Mattson will also 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: our cost reduction plans, potential
future earnings cash flow and other financial results, future
customer demand and industry conditions, and the market acceptance
of Company products. 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. 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.
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, December 31, March 30,
2009 2008 2008
----------- ----------- -----------
Sales
Products $ 4,699 $ 11,620 $ 46,692
Services 873 1,445 1,963
----------- ----------- -----------
Net sales 5,572 13,065 48,655
----------- ----------- -----------
Cost of sales
Products 13,130 12,080 27,111
Services 357 388 710
----------- ----------- -----------
Cost of sales 13,487 12,468 27,821
----------- ----------- -----------
Gross margin (7,915) 597 20,834
Operating expenses:
Research, development and
engineering 6,650 9,375 7,846
Selling, general and administrative 12,854 19,715 16,775
Amortization of intangibles - 128 128
Restructuring charges 918 3,374 -
Impairment of goodwill - 18,076 -
Impairment of intangibles and
long-lived assets - 9,431 -
----------- ----------- -----------
Total operating expenses 20,422 60,099 24,749
----------- ----------- -----------
Loss from operations (28,337) (59,502) (3,915)
Interest and other income (expense),
net 1,272 671 (167)
----------- ----------- -----------
Loss before income taxes (27,065) (58,831) (4,082)
Provision for income taxes 162 1,625 134
----------- ----------- -----------
Net loss $ (27,227) $ (60,456) $ (4,216)
=========== =========== ===========
Net loss per share:
Basic $ (0.55) $ (1.22) $ (0.09)
=========== =========== ===========
Shares used in computing net loss
per share:
Basic 49,703 49,614 49,362
=========== =========== ===========
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 29, December 31,
2009 2008
(unaudited) (1)
----------- -----------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 91,580 $ 103,387
Accounts receivable, net 2,921 14,477
Advance billings - 140
Inventories 39,756 48,410
Inventories - delivered systems - 956
Prepaid expenses and other assets 5,974 5,765
----------- -----------
Total current assets 140,231 173,135
Property and equipment, net 26,674 27,144
Other assets 7,626 7,932
----------- -----------
Total assets $ 174,531 $ 208,211
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,100 $ 7,205
Accrued liabilities 20,040 21,241
Deferred revenue 2,584 4,198
----------- -----------
Total current liabilities 27,724 32,644
Income taxes payable, non-current 12,708 13,467
Other liabilities 4,931 5,264
----------- -----------
Total liabilities 45,363 51,375
----------- -----------
Stockholders' equity:
Common stock 54 54
Additional paid-in capital 629,484 628,632
Accumulated other comprehensive income 18,962 20,255
Treasury stock (37,986) (37,986)
Accumulated deficit (481,346) (454,119)
----------- -----------
Total stockholders' equity 129,168 156,836
----------- -----------
Total liabilities and stockholders'
equity $ 174,531 $ 208,211
=========== ===========
(1) Derived from audited financial statements
Mattson Technology Contact: Andy Moring Mattson Technology, Inc.
tel 510-657-5900 fax 510-492-5963 andy.moring@mattson.com Investor
& Media Contact: Laura Guerrant-Oiye Guerrant Associates tel
808-882-1467 fax 808-882-1267 lguerrant@guerrantir.com
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