Trikon Technologies Announces First Quarter 2000 Results - Record Quarterly Orders and Backlog
NEWPORT, Wales, United Kingdom--(BUSINESS WIRE)--May 9, 2000--
Trikon Technologies, Inc. (OTC-BB: TRKN) today reported results for
its first quarter ended March 31, 2000, with net sales of $18.6 up 19
percent from $15.7 million for the fourth quarter of 1999, and an
improvement of 114 percent from $8.7 million for the first quarter of
1999.
Net income of $1.9 million (or $0.15 per share) was recorded for
the first quarter of 2000, up 64 percent from fourth quarter 1999 net
income of $1.2 million (or $0.06 per share). The fourth quarter 1999
net income included a nonrecurring credit of $0.3 million. Excluding
this item the improvement in net income quarter-on-quarter was 123%
and compares to the first quarter 1999 net loss of $2.6 million (or a
loss of $0.39 per share). The per-share amounts are stated on a fully
diluted basis. Net margin of 10.2 per cent of revenues has improved
from the 7.4 per cent achieved in the fourth quarter of 1999. Gross
margin remained at 47 per cent of revenues compared to the prior
quarter and an improvement on the 34 per cent of revenues in the first
quarter of 1999.
Record product bookings in the first quarter ended March 31, 2000,
were 2.45 times those in the prior quarter and generated a book-to-bill
ratio for the quarter significantly greater than 2.0. Backlog at
March 31, 2000, was also at record levels.
Nigel Wheeler, president and chief executive officer said: "Record
bookings across our product range have driven backlog to a record
level. The majority of orders have been from North America and Europe.
However, Trikon is experiencing an improved level of activity in Asia,
and we have received our first significant order from Taiwan since
appointing an agent there earlier this year."
"Trikon's business continues to develop with strongly improving
product sales and an improving balance sheet. Over 30% of orders for
this year are from new accounts with the majority of these being from
wireless and optoelectronic device makers where communications
products demand is driving a large expansion in device production
capacity."
Mr. Wheeler continued, "Trikon is probably unique in its broad
range of CVD, PVD and plasma etch production tools for processing on
both silicon and compound semiconductor wafers. The technologies are
leading edge and with the recent introduction of the fxP(TM) are
available on both low cost and high throughput platforms to suit
different customers requirements."
"In particular" continued Mr. Wheeler, "Trikon is at the forefront
of developments in CVD low-k dielectrics with equipment in production
depositing dielectric layers at lower k values than any other
production implemented CVD solution. Whilst the low-k market is
presently in its infancy we believe that Low-K Flowfill will generate
significant revenues in 2001.
Mr. Wheeler continued, "Trikon's customers are principally
manufacturing devices for non-pc applications. Whilst a substantial
part of Trikon's business is supply memory manufacture, the largest
part is used for the manufacture of devices used in everyday life such
as smart cards, mobile phones, automobiles and consumer products. With
a broad base to product demand in key growth areas and with a high
proportion of new accounts, I believe Trikon is very well placed to
grow rapidly throughout 2000 and 2001."
About Trikon Technologies
Trikon www.trikon.com is positioned at two technology frontiers in
the equipment industry based on solid production experience earned
over 30 years. Trikon offers enabling production equipment for the
manufacture of Gigahertz silicon and broadband wireless and
optoelectronics communications devices.
Trikon's patented, `patent applied for' and proprietary
technologies are delivered on equipment platforms used worldwide for
volume production. Trikon operates and manufactures at an
115,000sq.ft. facility featuring world-class facilities and ISO9000
(quality) and ISO1401 (environmental) registration.
Trikon has patents and patents pending on Flowfill(R) and Low K
Flowfill(TM) and related processes and continues to develop low-k
chemistries and processes for advanced applications. Trikon provides a
broad line of advanced manufacturing systems used for three of the
major processing steps in the manufacture of a semiconductor device:
chemical vapor deposition (CVD), physical vapor deposition (PVD) and
plasma etch. Products include: Low K Flowfill(TM) for advanced low-k
insulator deposition, Sigma(R) fxP for advanced metal deposition
including barrier layers and M0RI(TM) high-density plasma etchers.
"Safe Harbor" Statement Under the Private Securities Litigation
Act of 1995: This news release contains certain forward-looking
statements, including, but not limited to, statements relating to the
continued strength in demand for semiconductor production equipment
and the status of Trikon's products and their acceptance in the
marketplace. These forward-looking statements are subject to various
risks and uncertainties that could cause results to differ materially,
including, but not limited to, (1) that the semiconductor industry
will experience conditions, such as changes in demand for various
types of semiconductors, that will affect the demand for semiconductor
production equipment and Trikon's products and that (2) Trikon will
not adequately respond to technological developments impacting the
semiconductor industry. These factors are not intended to represent a
complete list of all risks and uncertainties inherent in the Company's
business, and should be read in conjunction with the more detailed
cautionary statements included in the company's SEC reports,
including, without limitation, its annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K.
Trikon Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands)
Three Months Ended
March 31, March 31,
2000 1999
Revenues:
Product sales $ 18,642 $ 8,716 $
----------- ----------
Costs and expenses:
Cost of goods sold 9,818 5,773
Research and development 1,700 1,597
Selling, general and administrative 4,941 3,863
16,459 11,233
Income (Loss) from operations 2,183 (2,517)
Interest (expense), net (55) (66)
----------- ----------
Income (Loss) before
income tax provision 2,128 (2,583)
Income tax provision 229 46
Net income (loss) $ 1,899 $ (2,629) $
=========== ==========
Net income (loss) applicable
to common shares $ 1,345 $ (3,229)
=========== ==========
Earnings (loss) per common share data:
Basic $ 0.16 $ (0.39) $
Diluted $ 0.15 $ (0.39) $
=========== ==========
Average common shares
used in calculation:
Basic 8,665 8,254
Diluted 9,237 8,254
Trikon Technologies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2000 1999
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,498 $ 3,927
Accounts receivable, net of reserves 18,856 15,471
Inventories, net of reserves 20,913 19,256
Other current assets 1,975 2,129
Total current assets 43,242 40,783
Property, equipment and
leasehold improvements, net 17,200 15,217
Demonstration systems, net
of accumulated depreciation 1,310 860
Other assets 401 418
Total assets $ 62,153 $ 57,278
Liabilities and shareholders' equity
Total current liabilities 20,357 17,412
Convertible subordinated notes 3,130 4,147
Other non-current liabilities 4,096 4,115
Total shareholders' equity 34,570 31,604
Total liabilities
and shareholders' equity $ 62,153 $ 57,278
*T
--30--mj/ny*
CONTACT: Trikon Media contact:
Trikon Technologies
Carl Brancher, 44 (O) 1633 414111 (UK)
carl.brancher@trikon.com
or
contact:
Ludgate Communications
Alexander Fudukidis, 212/515-0246
fudukidi@ludgateny.com |
