Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the second quarter ending June 27,
2010.
Recent Business Highlights:
- Revenues increased sequentially 27 percent over the first
quarter of 2010
- 3 out of top 4 foundries recently placed orders for Mattson
Technology's strip equipment
- Secured follow-on etch production orders for memory and shipped
an etch system to a second packaging customer
Second Quarter 2010 Financial Results Net
sales for the second quarter were $32.1 million, compared to $25.2
million in the previous quarter, and $8.1 million in the second
quarter of 2009. Gross margin for the second quarter was $9.9
million or 31 percent, compared to $7.8 million or 31 percent for
the previous quarter, and negative $1.6 million in the second
quarter of 2009.
Operating expenses for the second quarter were $19.5 million,
compared to $18.8 million in the first quarter and $18.2 million
for the second quarter of 2009. The increase in operating expenses
was primarily due to increased engineering materials and marketing
expenses related to support of new products in customer
locations.
Net loss for the second quarter was $8.4 million, or $0.17 loss
per share, compared with a net loss of $10.8 million, or $0.22 loss
per share, for the first quarter and net loss of $19.9 million, or
$0.40 loss per share, for the second quarter of 2009.
Cash, cash equivalents, short-term investments and restricted
cash at the end of the second quarter were $42.5 million, compared
to $51.9 million at the end of the previous quarter.
David L. Dutton, president and chief executive officer, noted,
"Mattson Technology continues to show momentum with our etch
products by shipping current orders and booking subsequent orders
with a major memory manufacturer. The upcoming third quarter will
mark our third consecutive quarter of paradigmE® tool shipments to
volume production. In addition, we have shipped an Alpine
evaluation tool to a second packaging customer.
"Sales of our core RTP and strip products are reflective of the
industry's transition from the technology phase of the cyclical
upturn into a more capacity driven phase of the cycle. As evidence
of this transition, we delivered and took orders for our core
products at a broad section of top foundry and memory customers."
Mr. Dutton concluded, "This upturn is driven by many new factories
and existing factory expansions that are planned over the next six
to eight quarters. These expansions, combined with our new product
positions, should provide Mattson Technology the opportunity to
generate revenue in excess of the last cycle."
Attached to this news release are preliminary unaudited
condensed consolidated statements of operations and balance
sheets.
Conference Call
On Wednesday, July 21, 2010, at 2:30 PM Pacific Time (5:30 PM
Eastern Time), Mattson Technology will hold a conference call to
review the following topics: 2010 second quarter financial results,
current business conditions, the near-term business outlook and
guidance for the third quarter of 2010. 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 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: potential future earnings, 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. 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,
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
---------------------- ----------------------
June 27, June 28, June 27, June 28,
2010 2009 2010 2009
---------- ---------- ---------- ----------
Sales
Products $ 30,885 $ 7,532 $ 54,533 $ 12,231
Services 1,235 536 2,782 1,409
---------- ---------- ---------- ----------
Net sales 32,120 8,068 57,315 13,640
---------- ---------- ---------- ----------
Cost of sales
Products 21,529 9,576 38,551 22,706
Services 665 101 1,076 458
---------- ---------- ---------- ----------
Cost of sales 22,194 9,677 39,627 23,164
---------- ---------- ---------- ----------
Gross margin 9,926 (1,609) 17,688 (9,524)
---------- ---------- ---------- ----------
Operating expenses:
Research, development and
engineering 7,059 6,810 13,465 13,460
Selling, general and
administrative 12,558 11,505 24,931 24,359
Restructuring charges (93) (100) (77) 818
---------- ---------- ---------- ----------
Total operating expenses 19,524 18,215 38,319 38,637
---------- ---------- ---------- ----------
Loss from operations (9,598) (19,824) (20,631) (48,161)
Interest and other income,
net 1,425 182 1,881 1,454
---------- ---------- ---------- ----------
Loss before income taxes (8,173) (19,642) (18,750) (46,707)
Provision for income taxes 207 254 386 416
---------- ---------- ---------- ----------
Net loss $ (8,380) $ (19,896) $ (19,136) $ (47,123)
========== ========== ========== ==========
Net loss per share:
Basic and Diluted $ (0.17) $ (0.40) $ (0.38) $ (0.95)
Shares used in computing net
loss per share:
Basic and Diluted 50,052 49,772 50,018 49,749
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 27, December 31,
2010 2009
(unaudited) (1)
------------- -------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 40,516 $ 58,435
Restricted cash 2,017 2,000
Accounts receivable, net 15,631 10,420
Advance billings 2,841 905
Inventories 25,541 25,804
Prepaid expenses and other assets 4,654 5,848
------------- -------------
Total current assets 91,200 103,412
Property and equipment, net 17,425 21,643
Intangibles, net 1,125 1,250
Other assets 5,932 6,768
------------- -------------
Total assets $ 115,682 $ 133,073
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,562 $ 7,514
Accrued liabilities 17,691 18,293
Deferred revenue 4,556 2,150
------------- -------------
Total current liabilities 32,809 27,957
Income taxes payable, non-current 4,495 4,458
Other liabilities 5,047 5,952
------------- -------------
Total liabilities 42,351 38,367
------------- -------------
Stockholders' equity:
Common stock 54 54
Additional paid-in capital 633,223 631,785
Accumulated other comprehensive income 18,337 22,014
Treasury stock (37,986) (37,986)
Accumulated deficit (540,297) (521,161)
------------- -------------
Total stockholders' equity 73,331 94,706
------------- -------------
Total liabilities and stockholders'
equity $ 115,682 $ 133,073
============= =============
(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
lguerrant@guerrantir.com
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