MTSN delays earnings release until May 8th, and warns for the Quarter as well as for the balance of the year.
Shit, with atrocious news like this, it can't get any worse. Thus, according to Jonathan Joseph's logic, it's time to buy as it will be clear sailing from here. NOT!
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Mattson Technology Sets First Quarter Earnings Announcement Date and Provides Pre-Earnings Guidance
FREMONT, Calif., Apr 17, 2001 (BUSINESS WIRE) -- Mattson Technology, Inc. (NASD:MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced that it plans to delay release of its financial results for the first quarter of 2001 until after the close of the market on May 8, 2001. This one-time announcement delay was required, following the closing of a complex merger on January 1, 2001, in order to convert all three companies' financials to US Generally Accepted Accounting Principles, meet SAB 101 accounting standard, and report all one-time merger costs. The Company will return to its regular schedule of earnings releases in the next quarter.
Mattson Technology is also providing some guidance regarding the current business conditions. The revenue for the first quarter, ending March 31, 2001 is expected to be in the range of $105 to $115 million, based on shipments and without the effects of SAB 101. The book-to-bill ratio for the first quarter is expected to be greater than 0.8:1, beating the current industry ratio of 0.77:1. The Company expects its revenues in Q2, 2001, to be between 10% and 20% lower than its Q1 revenues.
The Company continues to face push-outs and cancellations, and the visibility for the second half of 2001 is low. While certain regions, such as Taiwan and Korea have experienced slowdowns, the Company is encouraged by recently announced orders from Europe, and a good worldwide market for 300 mm tools.
To respond to the unfavorable change in overall market conditions, the Company has already undertaken significant cost cutting and restructuring measures. These include facility consolidation, simplification of processes and organizational structures, and a planned reduction in headcount. The Company also plans to review the product portfolio, streamline the product mix and focus on profitable high growth markets. Although cost-cutting measures are not fully developed and approved, Mattson's preliminary plan is to reduce their 2001 expense budget by approximately 20%.
Brad Mattson, Mattson's CEO stated: "The target remains to stay profitable during the year without extraordinary effects. In past downturns, Mattson has gained market share against the competition. To achieve the same results during this downturn, we are seeking innovative ways to fill customer needs -- through technology, productivity and service. With the arrival of two new divisions offering a number of new tools, we can aggressively streamline our product offerings to optimize revenues and use available technology to create new tools for the future. It may be a cliche, but this downturn is an opportunity for Mattson to lay the groundwork for future profitable growth."
This Press Release contains forward-looking statements regarding, among other matters, the Company's future performance, technology and market position. 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 bring new systems to market, the timing of new product releases by the Company's competitors, slowdowns in the semiconductor industry, other competitive factors, and risks of integration after the recent acquisitions. 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 thermal, plasma and wet semiconductor processing equipment. 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 technology leadership and 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, Calif. 94538. Telephone: 800/MATTSON. Fax:
510/657-0165. Internet: www.mattson.com.
CONTACT: Mattson Technology Inc.
Peter Brown, 510/492-5923
Peter.brown@mattson.com |
