This should give us another pop tomorrow:
Novellus Systems Reports Record Fourth Quarter and Year-End 1999 Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 18, 2000--Novellus Systems Inc.
(Nasdaq/NM: NVLS) Tuesday reported net sales and results of operations for its fiscal
fourth quarter and year ended Dec. 31, 1999.
Net sales for the quarter were a record $191.7 million, an increase of 81 percent over
fourth quarter 1998 net sales of $106.0 million. Net income of $33.0 million and $0.27
per share was recorded for the fourth quarter of 1999, an increase of 305 percent and
238 percent respectively, when compared with the fourth quarter 1998 net income of
$8.1 million and $0.08 per share.
The per-share amounts are stated on a diluted basis and are adjusted for the 3-for-1
stock split that was announced on Dec. 17, 1999, and became effective after the close
of the market on Jan. 14, 2000.
Net sales for the year were a record $592.7 million, an increase of 14.3 percent from
1998 net sales of $518.8 million. Net income for the year was $76.6 million, or $0.64
per share, an increase of 45 percent and 28 percent, respectively, when compared with
net income posted in 1998 of $52.8 million, or $0.50 per share.
Cash and short-term investments at Dec. 31, 1999, were $385.3 million, an increase of
$31.1 million over third quarter 1999 balances of $354.2 million. Cash generation
continued in the fourth quarter despite increased working capital requirements to
support revenue growth.
Backlog at Dec. 31, 1999, reached a record $329.5 million, an increase of 204 percent
from the $108.5 million reported at Dec. 31, 1998. Record bookings generated a
book-to-bill ratio substantially greater than 1.0 to 1.0 for the fourth quarter of 1999.
Richard Hill, chairman and chief executive officer said: "We are extremely pleased
with the record bookings, backlog, and revenue achieved by the company in 1999.
Semiconductor industry fundamentals continue to improve, driving our customers'
capital spending for additional capacity and advanced technology."
Hill also added: "The bookings strength of the third and fourth quarters of 1999
demonstrates our customers' confidence in Novellus' ability to quickly ramp production
and provide innovative solutions to meet their increasing capacity expansions and
advanced technology requirements. Novellus remains committed to new product
development and continuous improvement of existing products to maintain our role as
the industry leader for deposition technologies." |
