Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the fiscal 2011 first quarter, ended
April 3, 2011.
First Quarter 2011 Business
Highlights:
- First quarter 2011 revenue of $47.0 million increased 14
percent as compared with fourth quarter 2010, marking Mattson
Technology's eighth consecutive quarter of revenue growth.
- First quarter loss from operations excluding interest and other
income and expenses and tax benefit adjustments was $5.1 million,
an improvement of $2.5 million over results for the fourth quarter
of 2010.
- Mattson booked and shipped the largest paradigmE® etch order in
the Company's history, placed by a leading semiconductor
manufacturer for volume manufacturing of advanced etch
applications.
David L. Dutton, Mattson Technology's president and chief
executive officer, noted, "Mattson Technology delivered its 8th
consecutive quarter of revenue growth with a 14 percent improvement
over the fourth quarter of 2010. This growth was driven by a record
order and shipment of our paradigmE etch system, which is now in
volume production for DRAM and NAND fabs, and strength from our
foundry strip business. In the quarter, we introduced the
next-generation SUPREMA XP5 strip system, which delivers up to a 50
percent higher throughput than its predecessor, further extending
our strip leadership.
"We are now solidly established in three diverse markets, with a
significantly larger served available market as compared with that
of the previous cycle. Our new positions in these markets, combined
with the expected new fab expansions -- the first real expansions
since 2007 -- set the groundwork for a newly defined Mattson
Technology." Dutton concluded, "We have furthered our technology
leadership and are well positioned to continue to outpace the
industry's growth in 2011."
First Quarter 2011 Financial Results First
quarter net sales of $47.0 million increased 14 percent compared
with $41.3 million in the fourth quarter of 2010, and 87 percent,
compared with $25.2 million in the first quarter of 2010. Gross
margin for the first quarter was 30 percent, consistent with gross
margin reported in both the fourth quarter of 2010 and the first
quarter of 2010. Operating expenses for the first quarter of $19.0
million declined approximately five percent compared with $19.9
million in the fourth quarter of 2010.
Interest and other expense, net, for the first quarter was an
unfavorable $1.5 million, primarily a result of currency
adjustments to certain accounts pertaining to the strengthening of
the Euro in Mattson Technology's European operations. This result
was slightly offset by a benefit from income taxes of $0.3 million,
due to a release of reserves in one of the Company's foreign
subsidiaries.
Net loss for the first quarter was $6.3 million, or $0.12 loss
per share, compared with a net loss of $7.9 million, or $0.16 loss
per share, for the fourth quarter of 2010, and a net loss of $10.8
million, or $0.22 loss per share, for the first quarter of
2010.
Cash, cash equivalents, short-term investments and restricted
cash at the end of the first quarter were $24.4 million, compared
with $23 million at the end of the fourth quarter of 2010.
Attached to this news release are preliminary unaudited
condensed consolidated statements of operations and balance
sheets.
Conference Call On Wednesday, April 27,
2011, at 2:30 PM Pacific Time (5:30 PM Eastern Time), Mattson
Technology will hold a conference call to review the following
topics: 2011 first quarter financial results, current business
conditions, the near-term business outlook and guidance for the
second 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; 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
---------------------------------------
April 3, December 31, March 28,
2011 2010 2010
----------- ------------- -----------
Net sales $ 47,049 $ 41,259 $ 25,195
Cost of sales 33,105 28,922 17,433
----------- ------------- -----------
Gross profit 13,944 12,337 7,762
----------- ------------- -----------
Operating expenses:
Research, development and
engineering 6,515 7,391 6,406
Selling, general and
administrative 12,575 12,576 12,373
Restructuring charges (65) (50) 16
----------- ------------- -----------
Total operating expenses 19,025 19,917 18,795
----------- ------------- -----------
Loss from operations (5,081) (7,580) (11,033)
Interest and other income (expense),
net (1,527) (343) 456
----------- ------------- -----------
Loss before income taxes (6,608) (7,923) (10,577)
Provision for (benefit from) income
taxes (334) (22) 179
----------- ------------- -----------
Net loss $ (6,274) $ (7,901) $ (10,756)
=========== ============= ===========
Net loss per share:
Basic and Diluted $ (0.12) $ (0.16) $ (0.22)
Shares used in computing net loss
per share:
Basic and Diluted 50,287 50,153 49,984
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 3, December 31,
2011 2010
(unaudited) (1)
---------------- ----------------
ASSETS
Current assets:
Cash, cash equivalents and short-
term investments $ 20,405 $ 19,014
Restricted cash 4,028 4,026
Accounts receivable, net 18,039 24,127
Advance billings 4,810 3,177
Inventories 34,201 34,673
Prepaid expenses and other assets 4,701 5,770
---------------- ----------------
Total current assets 86,184 90,787
Property and equipment, net 13,798 15,011
Other assets 5,700 5,826
---------------- ----------------
Total assets $ 105,682 $ 111,624
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,909 $ 20,860
Accrued liabilities 16,051 13,452
Deferred revenue 6,746 5,349
---------------- ----------------
Total current liabilities 37,706 39,661
Income taxes payable, non-current 4,028 4,287
Other liabilities 4,987 5,021
---------------- ----------------
Total liabilities 46,721 48,969
---------------- ----------------
Stockholders' equity:
Common stock 54 54
Additional paid-in capital 635,694 634,944
Accumulated other comprehensive
income 22,037 20,207
Treasury stock (37,986) (37,986)
Accumulated deficit (560,838) (554,564)
---------------- ----------------
Total stockholders' equity 58,961 62,655
---------------- ----------------
Total liabilities and
stockholders' equity $ 105,682 $ 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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