Second Quarter 3/31/00 results and estimates:
Sales 12/99 189.801 mm
Sales 3/00 204.596 mm (13.8% increase over last Q)
Net Income 12/99 6.242 mm
Net Income 3/00 11.611 mm (86% increase over last Q)
EPS:
12/99 $.19
3/00 $.32 (diluted, $.35 basic)
mean est. for 3/00 was $.24
EPS Est. yr. Ending 9/00 $1.16 (est. PE 23.7)
EPS Est. yr. Ending 9/01 $1.74 (est. PE 15.8)
Tidbits from SVGI SEC Form 10-Q for 3/31/00
RESULTS OF OPERATIONS
Net sales for the second fiscal quarter ended March 31, 2000 were $204,596,000, an increase of 233% over net sales of $61,496,000 for the second quarter of the preceding fiscal year and 14% above net sales of $179,801,000 during the first quarter of fiscal 2000. During the first six months of fiscal 2000, net sales of $384,397,000 increased 162% over net sales of $146,983,000 during the first half of fiscal 1999. The increase in net sales during the quarter and year to date periods ended March 31, 2000 compared to the comparable periods of 1999 and to the first quarter of fiscal 2000 was principally the result of increased shipments resulting from increased customer demand for both expansion and new technology products.
International net sales (based on shipment destination) as a percentage of total net sales for the quarters ended March 31, 2000, March 31, 1999 and December 31, 1999 were 50%, 20% and 61%, respectively. The increase in international net sales during fiscal 2000 primarily relates to increased shipments of Thermal products to Asia and increased shipments of Lithography products to Europe.
During the quarters ended March 31, 2000 and December 31, 1999, the Company recognized approximately $18,000,000 and $4,000,000, respectively, of net sales to one customer who accepted and took title to the related equipment, and agreed to normal payment terms, but requested that the Company store the equipment until predetermined shipment dates (none during the quarter ended March 31, 1999). At March 31, 2000, the Company was storing approximately $18,000,000 of such equipment for this customer. The customer has scheduled the shipment dates for the remaining equipment through the fourth quarter of fiscal 2000.
During the second quarter of fiscal 2000 the Company recorded bookings of $305,693,000, an increase of approximately 84% over bookings of $165,710,000 during the second quarter of fiscal 1999 and an increase of 49% over the preceding quarters bookings of $205,028,000. The Company includes in backlog only those orders to which a purchase order number has been assigned by the customer, with all terms and conditions agreed upon and for which delivery has been specified within twelve months. The Company's backlog at March 31, 2000 totaled $483,789,000, above backlog of $360,143,000 and $382,682,000 at March 31, 1999 and December 31, 1999, respectively. At March 31, 2000, backlog included orders for 54 Micrascan photolithography systems. Additionally, the Company had orders for 10 Micrascan systems with scheduled delivery dates outside the Company's twelve-month backlog window.
Gross margin was 44% in the second quarter of fiscal 2000, compared to 23% during the year earlier quarter and 42% in the first quarter of fiscal 2000. During the first six months of fiscal 2000, gross margin was 43% of net sales compared to 26% of net sales during the comparable period of fiscal 1999. The improvement in gross margin during the quarter and year to date periods ended March 31, 2000 compared to the comparable periods of fiscal 1999 was principally the result of increased shipments resulting in improved absorption of overhead costs. The improvement in gross margin for the second fiscal quarter of 2000 when compared to the preceding fiscal quarter is due primarily to increased shipments and the favorable settlement of a customer order termination. |
