Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the 2010 fourth quarter and full year
ended December 31, 2010.
2010 Business Highlights:
-- Fourth quarter revenue of $41.3 million marked the seventh consecutive
quarter of revenue growth. Fiscal 2010 revenue of $138.3 million grew
225 percent over 2009.
-- 2010 etch revenue increased 6 times over 2009, generated over 30
percent of systems revenue, and expanded into the NAND, foundry, and
packaging markets. In the fourth quarter, Mattson Technology shipped
etchers for production into a new etch application set, which expands
the Company's etch served-available-market by approximately $500
million and doubles the Company's etch application portfolio.
-- Rapid-thermal-processing (RTP) expanded beyond the DRAM market.
Mattson Technology generated revenue from two of the top three NAND
customers and shipped the Helios® XP into the logic and foundry lines
of three leading Asian semiconductor manufacturers. Millios™,
Mattson's millisecond anneal technology, achieved tool of record status
for advanced logic and DRAM applications at a key customer. Millios is
now being utilized at three key customers for device development down
through the 16-nanometer node.
-- Shipments of Suprema® and Aspen III strip products to key foundry and
memory customers continued to expand the Company's core base. In 2010,
Mattson Technology added a new logic/foundry customer, and qualified at
a new NAND customer. The Company is engaged with eight of the top ten
capital equipment spenders in the strip market.
David L. Dutton, Mattson Technology's president and chief
executive officer, noted, "We achieved the majority of the
aggressive goals we set in 2010, particularly in the new product
penetration area. The fourth quarter marked our seventh consecutive
quarter of growth, but as we announced on January 4, 2011,
customers rescheduled the shipment of DRAM products during the
quarter, which caused our revenue growth rate to fall below our
expectations. Although the delay was disappointing, new etch
product positions, and our strip systems' strong foundry presence,
drove the overall business in the fourth quarter." Dutton
concluded, "In 2010, revenue grew 225 percent over 2009, and
momentum continues to build. Based in part on our new product
positions, we expect to outgrow the industry in 2011."
Fourth Quarter 2010 Financial Results
Net sales for the fourth quarter were $41.3 million, compared
with $39.8 million in the third quarter, and $17.9 million in the
fourth quarter of 2009.
Gross margin for the fourth quarter was 30 percent, compared to
37 percent in the third quarter, and 28 percent in the fourth
quarter of 2009. Relative to the third quarter, gross margins were
negatively impacted by a change in product mix as several DRAM
tools were rescheduled.
Operating expenses for the fourth quarter were $19.9 million,
compared to $19.5 million in the third quarter and $17.1 million
for the fourth quarter of 2009. Fourth quarter operating expenses
increased relative to the third quarter, as the Company's
accounting calendar was comprised of 14 weeks, whereas the prior
periods contained 13 weeks.
Net loss for the fourth quarter was $7.9 million, or $0.16 loss
per share, compared with a net loss of $6.4 million, or $0.13 loss
per share, for the third quarter and net loss of $11.4 million or
$0.23 loss per share, for the fourth quarter of 2009.
Cash, cash equivalents, short-term investments and restricted
cash at the end of the fourth quarter were $23.0 million, compared
with $45.3 million at the end of the third quarter, and $60.4
million at the end of 2009. The cash reduction from the third
quarter was due to increases in working capital accounts. Inventory
increased $7 million quarter-over-quarter, and accounts receivable
and advanced billings increased by $10 million.
Attached to this news release are preliminary unaudited
condensed consolidated statements of operations and balance
sheets.
Conference Call
On Wednesday, February 2, 2011, at 2:00 PM Pacific Time (5:00 PM
Eastern Time), Mattson Technology will hold a conference call to
review the following topics: 2010 fourth quarter and fiscal year
financial results, current business conditions, the near-term
business outlook and guidance for the first 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 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.
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; 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; 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 Year Ended
------------------------ ------------------------
December 31, December 31, December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Net sales $ 41,259 $ 17,921 $ 138,336 $ 42,748
Cost of sales 28,922 12,957 93,797 44,843
----------- ----------- ----------- -----------
Gross profit (loss) 12,337 4,964 44,539 (2,095)
----------- ----------- ----------- -----------
Operating expenses:
Research, development
and engineering 7,391 6,062 27,791 25,340
Selling, general and
administrative 12,576 11,010 50,057 46,980
Restructuring charges (50) 40 (114) 2,596
----------- ----------- ----------- -----------
Total operating
expenses 19,917 17,112 77,734 74,916
----------- ----------- ----------- -----------
Loss from operations (7,580) (12,148) (33,195) (77,011)
Interest and other
income (expense), net (343) 698 113 1,903
----------- ----------- ----------- -----------
Loss before income taxes (7,923) (11,450) (33,082) (75,108)
Provision for (benefit
from) income taxes (22) (89) 321 (8,066)
----------- ----------- ----------- -----------
Net loss $ (7,901) $ (11,361) $ (33,403) $ (67,042)
=========== =========== =========== ===========
Net loss per share:
Basic and Diluted $ (0.16) $ (0.23) $ (0.67) $ (1.35)
Shares used in computing
net loss per share:
Basic and Diluted 50,153 49,938 50,073 49,832
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2010 2009
(unaudited) (1)
----------- -----------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 19,014 $ 58,435
Restricted cash 4,026 2,000
Accounts receivable, net 24,127 10,420
Advance billings 3,177 905
Inventories 34,673 25,804
Prepaid expenses and other assets 5,770 5,848
----------- -----------
Total current assets 90,787 103,412
Property and equipment, net 15,011 21,643
Other assets 5,826 8,018
----------- -----------
Total assets $ 111,624 $ 133,073
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 20,860 $ 7,514
Accrued liabilities 13,452 18,293
Deferred revenue 5,349 2,150
----------- -----------
Total current liabilities 39,661 27,957
Income taxes payable, non-current 4,287 4,458
Other liabilities 5,021 5,952
----------- -----------
Total liabilities 48,969 38,367
----------- -----------
Stockholders' equity:
Common stock 54 54
Additional paid-in capital 634,944 631,785
Accumulated other comprehensive income 20,207 22,014
Treasury stock (37,986) (37,986)
Accumulated deficit (554,564) (521,161)
----------- -----------
Total stockholders' equity 62,655 94,706
----------- -----------
Total liabilities and stockholders'
equity $ 111,624 $ 133,073
=========== ===========
(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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