Varian Semiconductor Equipment Associates, Inc. ("Varian
Semiconductor") (NASDAQ: VSEA) today announced results for its
fiscal year 2010 first quarter ended January 1, 2010.
Revenue for the first quarter of fiscal year 2010 totaled $141.3
million, compared to revenue of $107.4 million for the same period
a year ago. Varian Semiconductor recorded net income of $16.6
million, or $0.22 per diluted share during the first quarter of
fiscal year 2010, compared to net loss of $13.6 million, or $0.19
per diluted share for the same period a year ago.
Gary Dickerson, Varian Semiconductor's chief executive officer,
said, "In 2010, we are anticipating a recovery in our core business
combined with noteworthy progress on our growth initiatives."
Bob Halliday, chief financial officer, provided forward guidance
for the second quarter of fiscal year 2010, "Our first quarter
gross margin of 48.6% exceeded our guidance of 46.4%. Second
quarter revenue is expected to be between $186 and $196 million.
Earnings per diluted share are anticipated to range from $0.38 to
$0.43."
Varian Semiconductor will hold a conference call, broadcast over
the Internet, at 5:30 p.m. eastern time today to discuss Varian
Semiconductor's operating results and outlook. Access to the call
is available through the investor relations page on Varian
Semiconductor's website at www.vsea.com. Replays will be available
via the website for two weeks after the call.
About Varian Semiconductor Equipment Associates, Inc.
Varian Semiconductor is a leading supplier of ion implantation
equipment used in the fabrication of semiconductor chips. Varian
Semiconductor's products are used by chip manufacturers worldwide
to produce high-performance semiconductor devices. Customers have
made Varian Semiconductor the market leader in ion implant because
of its architecturally superior products that lower their costs and
improve their productivity.
Varian Semiconductor provides support, training, and
after-market products and services that help its customers to
obtain high utilization and productivity, reduce operating costs,
and extend capital productivity of customer investments through
multiple product generations. Varian Semiconductor has ranked #1 in
the VLSI Research Customer Satisfaction Survey 12 times over the
last 13 years. Varian Semiconductor operates globally and is
headquartered in Gloucester, Massachusetts. More information can be
found on Varian Semiconductor's web site at www.vsea.com. The
information contained in Varian Semiconductor's website is not
incorporated by reference into this release, and the website
address is included in this release as an inactive textual
reference only.
Note: This press release contains forward-looking statements for
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. For this purpose, statements
concerning Varian Semiconductor's guidance for second quarter
fiscal 2010 revenue, earnings per diluted share, market share,
expected product plans, financial performance, market conditions,
and any statements using the terms "believes," "anticipates,"
"will," "expects," "plans" or similar expressions, are
forward-looking statements. The forward-looking statements involve
a number of risks and uncertainties. Among the important factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements are: volatility in the
semiconductor equipment industry; intense competition in the
semiconductor equipment industry; Varian Semiconductor's dependence
on a small number of customers; fluctuations in Varian
Semiconductor's quarterly operating results; Varian Semiconductor's
transition to new products; Varian Semiconductor's exposure to
risks of operating internationally; uncertain protection of Varian
Semiconductor's patent and other proprietary rights; Varian
Semiconductor's reliance on a limited group of suppliers; Varian
Semiconductor's ability to manage potential growth, decline and
strategic transactions; Varian Semiconductor's reliance on one
primary manufacturing facility; and Varian Semiconductor's
dependence on certain key personnel. These and other important risk
factors that may affect actual results are discussed in detail
under the caption "Risk Factors" in Varian Semiconductor's Annual
Report on Form 10-K for the fiscal year ended October 2, 2009 and
in other reports filed by Varian Semiconductor with the Securities
and Exchange Commission. Varian Semiconductor cannot guarantee any
future results, levels of activity, performance or achievement.
Varian Semiconductor undertakes no obligation to update any of the
forward-looking statements after the date of this release.
VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Fiscal Three Months
Ended
--------------------
January 1, January 2,
2010 2009
--------- ---------
(unaudited)
Revenue
Product $ 127,461 $ 92,028
Service 13,807 15,413
--------- ---------
Total revenue 141,268 107,441
Cost of revenue 72,581 67,538
--------- ---------
Gross profit 68,687 39,903
--------- ---------
Operating expenses
Research, development and engineering 21,728 22,080
Marketing, general and administrative 26,103 26,760
Restructuring - 6,249
--------- ---------
Total operating expenses 47,831 55,089
--------- ---------
Operating income (loss) 20,856 (15,186)
Interest income, net 865 1,715
Other expense, net (504) (82)
--------- ---------
Income (loss) before income taxes 21,217 (13,553)
Provision for income taxes 4,595 5
--------- ---------
Net income (loss) $ 16,622 $ (13,558)
========= =========
Weighted average shares outstanding - basic 73,700 72,715
Weighted average shares outstanding - diluted 74,753 72,715
Net income (loss) per share - basic $ 0.23 $ (0.19)
Net income (loss) per share - diluted $ 0.22 $ (0.19)
VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
January 1, October 2,
2010 2009
---------- ----------
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 230,048 $ 192,148
Short-term investments 45,670 44,043
Accounts receivable, net 92,489 115,002
Inventories 112,198 100,764
Deferred income taxes 18,511 19,601
Other current assets 22,595 22,188
---------- ----------
Total current assets 521,511 493,746
Long-term investments 103,192 86,439
Property, plant and equipment, net 64,367 65,785
Long-term deferred income taxes 6,845 5,325
Other assets 14,953 14,944
---------- ----------
Total assets $ 710,868 $ 666,239
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 624 $ 610
Accounts payable 30,656 26,449
Accrued expenses 24,032 22,812
Income taxes payable 2,557 1,820
Product warranty 3,932 3,943
Deferred revenue 29,239 27,098
---------- ----------
Total current liabilities 91,040 82,732
Long-term accrued expenses and other liabilities 71,175 66,285
Long-term debt 1,431 1,592
---------- ----------
Total liabilities 163,646 150,609
---------- ----------
Stockholders' equity
Common stock 951 945
Capital in excess of par value 627,583 612,930
Less: Cost of treasury stock (714,877) (714,877)
Retained earnings 632,673 616,051
Accumulated other comprehensive income 892 581
---------- ----------
Total stockholders' equity 547,222 515,630
---------- ----------
Total liabilities and stockholders'
equity $ 710,868 $ 666,239
========== ==========
Contacts: Bob Halliday Executive Vice President and Chief
Financial Officer 978.282.7597 or Tom Baker Vice President, Finance
978.282.2301
Varian (NASDAQ:VSEA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Varian (NASDAQ:VSEA)
Historical Stock Chart
From Jul 2023 to Jul 2024
