FSI International, Inc. (Nasdaq: FSII), a manufacturer of
capital equipment for the microelectronics industry, today reported
financial results for the third quarter of fiscal 2012 and for the
first nine months ended May 26, 2012.
Fiscal 2012 Third Quarter and First Nine Months
Sales for the third quarter of fiscal 2012 increased 98 percent
to $50.8 million, compared to $25.6 million for the same period in
fiscal 2011. The company’s net income for the third quarter of
fiscal 2012 was $10.0 million, or $0.25 per share, compared to net
income of $4.1 million, or $0.10 per share, for the third quarter
of fiscal 2011. Third quarter fiscal 2012 financial results
included $433,000 of non-cash stock-based compensation charges,
compared to $274,000 in the prior year comparable period. Fiscal
2012 third quarter results included a $677,000 impairment charge
associated with the Company's investment in its Japanese
distributor.
Sales for the first nine months of fiscal 2012 were $102.5
million, compared to $67.2 million for the same period of fiscal
2011. The company’s net income for the first nine months of fiscal
2012 was $10.7 million, or $0.27 per share, as compared to net
income of $6.5 million, or $0.17 per share for the first nine
months of fiscal 2011. The financial results for the first nine
months of fiscal 2012 included $1.2 million of non-cash stock-based
compensation charges, compared to $0.7 million in the prior year
comparable period. Year-to-date fiscal 2012 financial results
included a $677,000 impairment charge associated with the Company's
investment in its Japanese distributor.
Balance Sheet
As of the end of the fiscal 2012 third quarter, the company had
approximately $133.8 million in assets, including $51.0
million in cash, restricted cash, cash equivalents and long-term
marketable securities. The company generated $28.0 million and
$30.8 million of cash from operations during the third quarter and
first nine months, respectively. At the end of the fiscal 2012
third quarter, the company had a current ratio of 4.1 to 1.0 and a
book value of $2.70 per share and no debt.
Outlook
Based on the backlog and deferred revenue levels at the end of
the third quarter and anticipated fourth quarter orders, the
company expects fourth quarter fiscal 2012 revenues to be between
$40.0 and $45.0 million, as compared to $50.8 million in the third
quarter of fiscal 2012.* The company anticipates that fourth
quarter orders will decline from the $41.8 million third quarter
level.* Despite the growing demand for 32/28nm devices, we believe
that global economic uncertainty is causing customers to reassess
their near-term capital spending.* In addition, the scheduling of
several facility construction and conversion plans is impacting the
timing of capital equipment orders.*
Based upon the anticipated gross profit margin and the operating
expense run rate, the company expects net income of $4.0 to $5.0
million for the fourth quarter of fiscal 2012.* The company expects
to generate cash from operating activities in the fourth quarter,
as we continue to manage inventory and accounts receivable
levels.*
Conference Call Details
FSI investors have the opportunity to listen to management’s
discussion of its third quarter financial results on a conference
call at 3:30 p.m. CT today. In addition, the company will discuss
third quarter accomplishments and review expected fourth quarter
financial performance guidance. The company invites all those
interested to join the conference by calling 888.469.3045 and
entering access code 9074727. For those who cannot listen to the
live broadcast, a replay will be available shortly after the
conference by calling 800.945.7247.
About FSI
FSI International, Inc. is a global supplier of surface
conditioning equipment, technology and support services for
microelectronics manufacturing. Using the company’s broad portfolio
of cleaning products, which include batch and single-wafer
platforms for immersion, spray and cryogenic aerosol technologies,
customers are able to achieve their process performance flexibility
and productivity goals. The company’s support services programs
provide product and process enhancements to extend the life of
installed FSI equipment, enabling worldwide customers to realize a
higher return on their capital investment. For more information,
visit FSI’s website at http://www.fsi-intl.com or call Benno Sand,
952.448.8936.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995
This press release contains certain “forward-looking” statements
(*), including, but not limited to expected fourth quarter orders;
fourth quarter beginning backlog and deferred revenue; expected
fourth quarter revenues; expected fourth quarter gross margin and
operating expense levels; expected fourth quarter net income;
expected cash generation from operating activities; customer
near-term capital spending and the timing of capital equipment
orders. Except for the historical information contained herein, the
matters discussed in this news release are forward-looking
statements involving risks and uncertainties, both known and
unknown, that could cause actual results to differ materially from
those in such forward-looking statements. Such risks and
uncertainties include, but are not limited to, changes in industry
conditions; order delays or cancellations; general economic
conditions; changes in customer capacity requirements and demand
for microelectronics; the extent of demand for the company’s
products and its ability to meet demand; global trade policies;
worldwide economic and political stability; the company’s
successful execution of internal performance plans; the cyclical
nature of the company’s business; volatility of the market for
certain products; performance issues with key suppliers and
subcontractors; the level of new orders; the timing and success of
current and future product and process development programs; the
success of the company’s direct distribution organization; legal
proceedings; the potential impairment of long-lived assets; the
potential adverse financial impacts resulting from declines in the
fair value and liquidity of investments the company presently
holds; the impact of natural disasters on parts supply and demand
for products; the ability to attract, retain and motivate a
sufficient number of qualified employees; as well as other factors
listed herein or from time to time in the company’s SEC reports,
including our latest 10-K annual report and 10-Q quarterly reports.
The company assumes no duty to update the information in this press
release.
FSI INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
(unaudited) Third Quarter Ended
Nine Months Ended
May 26,
May 28,
May 26,
May 28,
2012
2011
2012
2011
Sales $ 50,757 $ 25,598 $ 102,496 $ 67,231 Cost of goods
30,011 13,731 63,702 37,144
Gross margin 20,746 11,867 38,794 30,087 Selling,
general and administrative expenses 5,745 4,675 16,424 14,303
Research and development expenses 4,303 3,155
11,331 9,327 Operating income
10,698 4,037 11,039 6,457 Interest and other (expense) income, net
(623 ) 80 (332 ) 71
Income before income taxes 10,075 4,117 10,707 6,528 Income tax
expense (benefit) 44 6 17
(1 ) Net income $ 10,031 $ 4,111 $ 10,690 $
6,529 Income per share – basic $ 0.26 $ 0.11 $
0.27 $ 0.17 Income per share – diluted $ 0.25
$ 0.10 $ 0.27 $ 0.17 Weighted average common
shares Basic 39,186 38,714 39,012 38,631 Diluted 39,941 39,248
39,504 39,079 FSI INTERNATIONAL, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)
May 26,
Aug. 27,
2012
2011
Assets Current assets Cash, restricted cash and cash
equivalents $ 49,091
$
20,693
Receivables, net 22,349 23,196 Inventories 37,081 48,630 Other
current assets 4,740 4,241 Total current assets
113,261 96,760 Property, plant and equipment, net 16,984
14,805 Long-term marketable securities 1,907 1,907
Investment
─
677 Other assets 1,603 1,677 Total assets $ 133,755 $
115,826 Liabilities and Stockholders’ Equity Current
liabilities Trade accounts payable $ 10,727 $ 11,226 Deferred
profit* 5,400 2,997 Customer deposits 611 ─ Accrued expenses
10,733 7,473 Total current liabilities 27,471 21,696
Long-term liabilities 310 392 Total stockholders’ equity
105,974 93,738 Total liabilities and
stockholders’ equity $ 133,755 $ 115,826
*Deferred profit reflects deferred revenue less manufacturing
and other related costs.
FSI INTERNATIONAL, INC. AND SUBSIDIARIES MISCELLANEOUS
FINANCIAL INFORMATION (in thousands, except percentages, per share
and total employee data) (unaudited) Nine
Months Ended
May 26,
May 28,
2012
2011
Sales by Area United States 23 % 43 % International 77 % 57
% Cash Flow Statement Capital expenditures $ 3,375 $
2,012 Depreciation 1,937 1,582 As of May 26, May 28, 2012
2011 Miscellaneous Data Total employees, including contract
407 347 Book value per share $ 2.70 $ 2.35 Shares outstanding
39,194 38,742
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