Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of
advanced process equipment used to manufacture semiconductors,
today announced results for the fiscal 2011 third quarter ended
October 2, 2011.
Third Quarter 2011 Business
Highlights:
- Third quarter 2011 net sales of $44.9 million increased 13
percent, compared with third quarter 2010, and decreased 12 percent
as compared with second quarter 2011.
- The Company's balance sheet continues to be strong, with
working capital of $57.6 million, cash of $38.1 million and no
debt.
- Mattson Technology recently won production acceptance for the
Helios® XP rapid thermal processing (RTP) system for process of
record and first order from a major Asian foundry.
David L. Dutton, Mattson Technology's president and chief
executive officer, commented, "The third quarter was an extremely
productive quarter for the Company. We demonstrated margin growth
improvement, our new strategic RTP investments continue to pay off
as we recently won acceptance for the first Helios XP by a major
Asian foundry. In August, we announced the previous placement of
our Millios® millisecond anneal system to a major logic customer.
We are excited about the rapid progress of our new etch and RTP
positions, and expect to continue this momentum as we exit the
year.
"As a result of our new and expanded product positions, Mattson
Technology's 2011 year-to-date net sales of $143 million are 48
percent higher than the same period of 2010." Mr. Dutton concluded,
"We believe that the long-term outlook for the semiconductor
industry remains positive. Mattson Technology's richest
opportunities are in our new positions and the investments that we
have made in our growth strategies."
Third Quarter 2011 Financial Results Third
quarter net sales of $44.9 million decreased 12 percent, compared
with $51.3 million in the second quarter of 2011, and increased 13
percent, compared with $39.8 million in the third quarter of 2010.
Gross margin for the third quarter was 37.1 percent, a seven-point
improvement over the 30.1 percent gross margin reported in the
second quarter of 2011. Operating expenses for the third quarter of
$19.3 million remained flat when compared with $19.4 million in the
second quarter of 2011.
Third quarter interest and other income, net, was $0.6 million,
which was primarily due to a foreign exchange gain pertaining to
the Company's European operations as a result of the weakening of
the Euro during the quarter.
Net loss for the third quarter was $2.3 million, or $0.04 loss
per share, compared with a net loss of $5.2 million, or $0.10 loss
per share, for the second quarter of 2011, and a net loss of $6.4
million, or $0.13 loss per share, for the third quarter of
2010.
Working capital at the end of the third quarter was $57.6
million, compared with $58.9 million at the end of the second
quarter of 2011. Cash, cash equivalents, short-term investments and
restricted cash at the end of the third quarter were $38.1 million,
compared with $42.9 million at the end of the second quarter of
2011.
Attached to this news release are unaudited condensed
consolidated statements of operations and balance sheets.
Conference Call On Tuesday, October 25,
2011, at 1:30 PM Pacific Time (4:30 PM Eastern Time), Mattson
Technology will hold a conference call to review the following
topics: 2011 third quarter financial results, current business
conditions, the near-term business outlook and guidance for the
fourth 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 Technology 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 net sales, profit, 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 in various customer markets.
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 Nine Months Ended
------------------------- -------------------------
October 2, September 26, October 2, September 26,
2011 2010 2011 2010
---------- ------------- ---------- -------------
Net sales $ 44,945 $ 39,762 $ 143,253 $ 97,077
Cost of sales 28,272 25,248 97,229 64,875
---------- ------------- ---------- -------------
Gross profit 16,673 14,514 46,024 32,202
---------- ------------- ---------- -------------
Operating expenses:
Research,
development and
engineering 6,733 6,935 19,893 20,400
Selling, general and
administrative 12,384 12,550 37,762 37,481
Restructuring
charges 181 13 103 (64)
---------- ------------- ---------- -------------
Total operating
expenses 19,298 19,498 57,758 57,817
---------- ------------- ---------- -------------
Loss from operations (2,625) (4,984) (11,734) (25,615)
Interest and other
income (expense), net 572 (1,425) (1,866) 456
---------- ------------- ---------- -------------
Loss before income
taxes (2,053) (6,409) (13,600) (25,159)
Provision for (benefit
from) income taxes 236 (43) 176 343
---------- ------------- ---------- -------------
Net loss $ (2,289) $ (6,366) $ (13,776) $ (25,502)
========== ============= ========== =============
Net loss per share:
Basic and Diluted $ (0.04) $ (0.13) $ (0.25) $ (0.51)
Shares used in
computing net loss
per share:
Basic and Diluted 58,224 50,094 54,324 50,044
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
October 2, December 31,
2011 2010
(unaudited) (1)
------------- -------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 36,038 $ 19,014
Restricted cash 2,030 4,026
Accounts receivable, net 14,495 24,127
Advance billings 2,767 3,177
Inventories 35,706 34,673
Prepaid expenses and other assets 6,018 5,770
------------- -------------
Total current assets 97,054 90,787
Property and equipment, net 10,701 15,011
Other assets 5,501 5,826
------------- -------------
Total assets $ 113,256 $ 111,624
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,236 $ 20,860
Accrued liabilities 18,011 13,452
Deferred revenue 5,235 5,349
------------- -------------
Total current liabilities 39,482 39,661
Income taxes payable, non-current 3,887 4,287
Other liabilities 4,838 5,021
------------- -------------
Total liabilities 48,207 48,969
------------- -------------
Stockholders' equity:
Common stock 62 54
Additional paid-in capital 649,555 634,944
Accumulated other comprehensive income 21,758 20,207
Treasury stock (37,986) (37,986)
Accumulated deficit (568,340) (554,564)
------------- -------------
Total stockholders' equity 65,049 62,655
------------- -------------
Total liabilities and stockholders'
equity $ 113,256 $ 111,624
============= =============
(1) Derived from audited financial statements
Mattson Technology Contact J. Michael Dodson Chief
Financial Officer Mattson Technology, Inc. tel 510-657-5900
fax 510-492-5963 Investor & Media Contact Laura
Guerrant-Oiye Principal Guerrant Associates tel 808-882-1467
lguerrant@guerrantir.com
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