7/19 Gasonics International Beats First Call Estimates
Business Editors
SAN JOSE, Calif.--(BUSINESS WIRE)--July 19, 2000--Gasonics
International Corporation (Nasdaq NM:GSNX), a leading developer and
global supplier of photoresist and Integrated Clean solutions for the
semiconductor device industry, today announced financial results for
its third quarter of fiscal 2000.
Net sales for the third quarter of fiscal 2000 increased 30
percent to $43.9 million, compared to net sales of $33.7 million for
the second quarter of fiscal 2000 and up 145 percent from $17.9
million in the third quarter of fiscal 1999. Net income for the
quarter increased 82 percent to $6.6 million, or $0.40 per diluted
share, up from $3.6 million, or $0.23 per diluted share last quarter.
For the third quarter of fiscal 1999 the company reported a net loss
of $1.6 million, or a per diluted share net loss of $0.11.
For the first nine months of fiscal 2000, Gasonics reported net
sales of $103.2 million compared to $41.1 million for the same
nine-month period last fiscal year. Net income for the first nine
months of fiscal 2000 was $11.5 million or $0.72 per diluted share
compared to a net loss of $14.5 million or a net loss of $1.01 per
diluted share in the prior year period.
"Our strategy continues to be centered on providing leading edge
and technologically superior solutions to the most challenging
segments of the industry and the third quarter was no exception as we
announced our intent to acquire Gamma Precision Technologies (GPT),"
said Asuri Raghavan, president and chief executive officer of
Gasonics. "This acquisition enables us to broaden our product
offerings to more effectively address the requirements of both
advanced residue removal and standard photoresist removal solutions.
Our ability to continuously strengthen our core technology skills,
whether through acquisition activities or in-house research and
development efforts, makes us competitively well positioned for the
future. As the evolution in process technology continues towards
smaller bandwidth and larger wafers, and semiconductor demand remains
robust, Gasonics is well on its way to becoming the premier worldwide
supplier of photoresist and residual removal solutions," said
Raghavan.
"Our third fiscal quarter saw the achievement of several key
milestones for Gasonics, each one providing incremental support for
our continued success. In particular, we shipped our 250th Performance
enhancement Platform (PEP) system during the quarter. In May, we
raised over $47 million in cash with the successful completion of our
secondary stock offering despite a difficult market climate. Finally,
this is the third consecutive quarter in which we achieved record
bookings and backlog."
Conference Call: Gasonics has scheduled a conference call for 4:30
p.m. EST today to discuss the fiscal third quarter results. Interested
parties may access the conference call over the Internet through Vcall
at vcall.com. To listen to the live call, please go to the
web site at least 15 minutes early to register, download and install
any necessary audio software.
About Gasonics International
Gasonics International (Nasdaq NM:GSNX) is a leading developer and
global supplier of photoresist and Integrated Clean solutions. Our
versatile Integrated Clean solutions, which combine photoresist
removal and residual removal technologies within a single platform,
allow our customers to integrate manufacturing process steps,
increasing yields and throughput. We also provide low-pressure
chemical vapor deposition systems for the flat panel display industry.
We market and sell our products to the leading semiconductor
manufacturers worldwide. Our headquarters is located at 2730 Junction
Avenue, San Jose CA 95134. Additional information about the Company is
available on Gasonics' web site, located at gasonics.com.
Safe Harbor Statement
Management would like to remind readers that any forward looking
statements in this press release are always subject to risks in this
ever-changing marketplace. These risks include the risk the company
and GPT are not able to negotiate and enter into a definitive
agreement relating to the acquisition or close the acquisition, each
of which is subject to significant conditions, contingencies and
risks. Additional risks including the cyclicality in the markets
served by the Company's customers, timing of introduction and market
acceptance of new and enhanced versions of the Company's products, the
mix of products sold, the timing of significant orders and delays,
deferrals, rescheduling or cancellations of orders, and the
relationship of operating expenses to revenue. For a more detailed
discussion of these and associated risks, the Company refers the
readers to documents filed with the Securities and Exchange Commission
(SEC) from time to time, specifically, the most recent Form 10-K and
Form 10-Q.
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GASONICS INTERNATIONAL CORPORATION
Gasonics International Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Nine Months Ended
-------------------- --------------------
(Unaudited) (Unaudited)
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
-------- -------- -------- -------
Net sales $ 43,863 $ 17,902 $ 103,171 $ 41,139
Cost of sales 23,512 10,280 56,584 26,808
-------- -------- -------- -------
Gross margin 20,351 7,622 46,587 14,331
-------- -------- -------- -------
Operating expenses:
Costs associated
with reduction in force - - - 407
Research and development 5,266 4,151 14,357 13,449
Selling, general
and administrative 8,726 5,454 21,358 15,893
-------- -------- -------- -------
Total operating
expenses 13,992 9,605 35,715 29,749
-------- -------- -------- -------
Operating
income (loss) 6,359 (1,983) 10,872 (15,418)
Other income 710 362 1,395 939
-------- -------- -------- -------
Income (loss)
before income taxes 7,069 (1,621) 12,267 (14,479)
Provision for
income taxes (495) - (753) -
-------- -------- -------- -------
Net income (loss) $ 6,574 $ (1,621) $ 11,514 $(14,479)
======== ======== ======== =======
Net income (loss)
per share - Basic $ 0.43 $ (0.11) $ 0.78 $ (1.01)
======== ======== ======== =======
Net income (loss)
per share - Diluted $ 0.40 $ (0.11) $ 0.72 $ (1.01)
======== ======== ======== =======
Weighted average
common shares 15,422 14,363 14,824 14,287
======== ======== ======== =======
Weighted average
common and common
equivalent shares 16,555 14,363 15,924 14,287
======== ======== ======== =======
GASONICS INTERNATIONAL CORPORATION
Gasonics International Corporation
Condensed Consolidated Balance Sheets
(In thousands)
June 30, Sept. 30,
2000 1999
------------ ------------
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and equivalents $ 66,755 $ 16,858
Marketable securities 17,738 10,899
Trade accounts receivable, net 32,108 18,986
Inventories 25,698 16,523
Net deferred tax asset 5,697 5,697
Prepaid expenses and
other current assets 4,386 3,197
------------ ------------
Total current assets 152,382 72,160
------------ ------------
PROPERTY AND EQUIPMENT, NET 10,359 11,266
OTHER ASSETS 555 782
------------ ------------
Total assets $ 163,296 $ 84,208
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Borrowings under credit facility $ 5,382 $ 2,832
Accounts payable 15,068 5,691
Accrued expenses 19,373 14,062
------------ ------------
Total current liabilities 39,823 22,585
------------ ------------
STOCKHOLDERS' EQUITY:
Common stock and additional
paid-in capital 91,066 40,637
Treasury stock (2,639) (2,639)
Subscription receivable (10) (26)
Unrealized gain/loss on investment (109) -
Retained earnings 35,165 23,651
------------ ------------
Total stockholders' equity 123,473 61,623
------------ ------------
Total liabilities and
stockholders' equity $ 163,296 $ 84,208
============ ============
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--30--slt/sf*
CONTACT: Gasonics International
Rammy Rasmussen, 408/570-7196 (Chief Financial Officer)
or
The Carson Group
Bonnie McBride, 415/617-2540 (Managing Director)
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE EARNINGS
Jul-19-2000 20:29 GMT
Symbols:
US;GSNX
Source BW Business Wire |
