Mattson Technology, Inc. Announces Record Third Quarter Financial Results
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 19, 2000--Mattson Technology, Inc. (Nasdaq:MTSN - news), a leading supplier of advanced process technology for semiconductor manufacturing, today announced record financial results for the third quarter of 2000.
Net sales for the third quarter of 2000 were $58.2 million, compared to $29.2 million for the third quarter of 1999, an increase of 99 percent. The Company's net income for the third quarter of 2000 was $8.5 million or 39 cents per diluted share, compared to $0.3 million, or 2 cents per diluted share, for the third quarter of 1999. Bookings for the third quarter of 2000 were $76.6 million, as compared to $35.6 million for the third quarter of 1999. Backlog increased 153 percent to $104.9 million in the third quarter of 2000, compared to $41.4 million in backlog at the end of the third quarter of 1999.
Quarter-to-quarter net sales increased 16 percent, up from $50.1 million for the second quarter of 2000. Net income for the third quarter represents a 32% increase from last quarter's net income of $6.5 million, or 30 cents per diluted share. Bookings increased 17 percent, up from $65.7 million in the second quarter of 2000, resulting in a book-to-bill ratio of 1.3 to 1.0. Backlog increased 21 percent to $104.9 million, up from $86.5 million at the end of the second quarter of 2000.
Brad Mattson, CEO of Mattson Technology, stated, ``This is another great quarter for the Company. We continue to grow in revenues, bookings, and earnings all at record levels, with eight consecutive quarters of revenue growth. Once we complete the Steag-CFM transaction, the combined company will gain significant advantages in terms of size, product line breadth, geographic scope and other synergies. We will become one of the Top 15 semiconductor equipment suppliers in the world.''
Later today, Mattson will hold a call to review the following topics: third quarter financial results, current business conditions, status of the Steag semiconductor equipment division and CFM Technologies acquisitions and integration plans, and the near term outlook for business. The conference call will be publicly available via the Internet beginning with a live webcast at 2:00 PM, Pacific Daylight Time (www.mattson.com). In addition to the live webcast, replays will be available to the public on the Mattson website through Oct. 26, 2000. Users can also listen to the replay at 719/457-0820, pass code 827345, one hour after the call.
Significant Events
The call will discuss a significant Aspen III CVD order received in the third quarter from a Top 10 semiconductor manufacturer, bookings of approximately $20 million in 300mm systems (26% of the total bookings), and an important order from a major logic fab in Japan for 17 Aspen II Strip systems.
Outlook for Q4'00
For the fourth quarter, the Company expects to achieve an increase of 8-10% in revenue and earnings compared to the third quarter. In the fourth quarter, the Company expects to maintain its gross margins at the current level of approximately 50%. Its quarterly expense run rate should grow at about 10-12%, increasing its quarterly breakeven point to approximately $48 million of revenue.
This Press Release contains forward looking statements regarding, among other matters, the Company's future financial performance and the completion of the Steag and CFM acquisitions. Forward looking statements address matters that are subject to a number of risks and uncertainties. In addition to the general risks associated with the development of complex technology, future results of the Company will depend on a variety of factors, including the timing of significant orders, the ability of the Company to timely manufacture and deliver ordered products, the ability of the Company to bring new systems to market, the timing of new product releases by the Company's competitors, slowdowns in the semiconductor industry, other competitive factors, satisfaction of conditions to the pending Steag-CFM acquisitions and risks of integration. Reference is made to the Company's filings with the Securities and Exchange Commission for further discussion of risks and uncertainties regarding the Company's business.
Mattson Technology, Inc., is a leading supplier of semiconductor process equipment for photoresist strip/etch, chemical vapor deposition, epitaxial and rapid thermal processing. The Company's products combine advanced process technology on a high productivity platform, backed by industry-leading support. Since beginning operations in 1989, the Company's core vision has been to help bring productivity gains to semiconductor manufacturers worldwide. Headquartered in Fremont, Calif., the Company maintains sales and support centers throughout the United States, Europe, Asia/Pacific and Japan. For more information, please contact Mattson Technology, Inc., 2800 Bayview Drive, Fremont CA 94538. Telephone: 800/MATTSON. Fax: 510/657-0165. Internet: www.mattson.com.
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MATTSON TECHNOLOGY, INC.
BALANCE SHEET
(in thousands)
(unaudited)
ASSETS
Sept. 24, Dec. 31,
2000 1999
Current assets:
Cash and cash equivalents $ 73,149 $ 16,965
Short term investments 34,472 --
Accounts receivable, net 52,357 21,500
Inventories 40,437 25,374
Prepaid expenses
and other current assets 3,019 2,299
-------- --------
Total current assets 203,434 66,138
Property and equipment, net 11,824 11,260
Long term investments 12,940 --
Goodwill, intangibles and other assets 4,866 3,750
-------- --------
$233,064 $ 81,148
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ -- $ 3,000
Accounts payable 9,528 8,494
Accrued liabilities 25,232 17,635
-------- --------
Total current liabilities 34,760 29,129
-------- --------
Total stockholders' equity 198,304 52,019
$233,064 $ 81,148
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MATTSON TECHNOLOGY, INC.
STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
Sept. 24, Sept. 26, Sept. 24, Sept. 26,
2000 1999 2000 1999
Net sales $ 58,191 $ 29,189 $150,902 $ 67,637
Cost of sales 28,865 15,171 75,035 34,995
-------- -------- -------- --------
Gross profit 29,326 14,018 75,867 32,642
-------- -------- -------- --------
Operating expenses:
Research,
development
& engineering 7,393 5,297 20,558 13,720
Selling, general
& administrative 14,701 8,567 38,331 21,704
-------- -------- -------- --------
Total operating
expenses 22,094 13,864 58,889 35,424
-------- -------- -------- --------
Income (loss)
from operations 7,232 154 16,978 (2,782)
Interest and
other income
(expense), net 2,267 221 4,176 647
-------- -------- -------- --------
Income (loss)
before income
taxes 9,499 375 21,154 (2,135)
Provision for
(benefit from)
income taxes 950 59 2,115 176
-------- -------- -------- --------
Net income (loss) $ 8,549 $ 316 $ 19,039 $ (2,311)
======== ======== ======== ========
Net income (loss)
per share:
Basic $ 0.42 $ 0.02 $ 1.00 $ (0.15)
======== ======== ======== ========
Diluted $ 0.39 $ 0.02 $ 0.91 $ (0.15)
======== ======== ======== ========
Weighted average
shares outstanding:
Basic 20,152 15,887 18,964 15,637
======== ======== ======== ========
Diluted 21,704 17,191 20,981 15,637
======== ======== ======== ======== |
