PHTN ( $27-$33)Reports Third Quarter Results
SAN JOSE, Calif., July 18 /PRNewswire/ -- Photon Dynamics, Inc. (Nasdaq: PHTN - news), a leading supplier of integrated yield management solutions for the display, electronics, and glass markets, today reported financial results for the third quarter of fiscal 2001. The results of prior periods have been restated to include the financial statements of Image Processing Systems Inc. (IPS), which was acquired in December 2000 in a transaction accounted for as a pooling of interests.
Revenue for the third quarter of fiscal 2001 decreased 51 percent to $12.3 million compared to $25.3 million, as restated, for the third quarter of fiscal 2000. Net loss for the current quarter was $2.0 million, or ($0.15) per share, compared to net income of $4.2 million, or $0.31 per diluted share, as restated, for the same quarter a year ago.
For the first nine months of fiscal 2001, revenue decreased eight percent to $62.7 million compared to $68.4 million, as restated, for the comparable period of fiscal 2000. Net income for the first nine months of fiscal 2001 was $4.9 million, or $0.36 per diluted share, compared to net income of $10.0 million, or $0.78 per diluted share, as restated, for the same period a year ago, excluding non-recurring acquisition expenses in both periods. Including the effect of non-recurring acquisition expenses, net income for the first nine months of fiscal 2001 was $2.6 million, or $0.19 per diluted share, compared to net income of $9.1 million, or $0.71 per diluted share, as restated, for the same period a year ago.
``Bookings for the third quarter of fiscal 2001 improved slightly over the second quarter of fiscal 2001, to approximately $6 million, with each of the three divisions contributing equally, and the company posted a backlog of approximately $25 million at the end of the third quarter. We remain optimistic about the long-term prospects of the display and electronics industries and will continue to invest in R&D accordingly,'' stated Vincent F. Sollitto, president and CEO of Photon Dynamics.
``The company was cash flow positive for the third quarter of fiscal 2001 and the balance sheet remains strong as of June 30, 2001, with $102 million in cash and related investments,'' concluded Mr. Sollitto.
The outlook for the fourth fiscal quarter of 2001 will include two significant items. First, the company will change its revenue recognition policy and adopt Staff Accounting Bulletin (SAB) 101 as required by the SEC. Secondly, financial results of Intelligent Reasoning Systems Inc., which was acquired in July 2001, will be included in the fourth quarter results. Excluding one- time acquisition charges, the company projects revenue for the fourth quarter to be flat, plus or minus 10 percent, as compared with the third quarter of fiscal 2001, and project earnings to be a loss, between $0.10 and $0.20 per share greater than the third quarter of fiscal 2001.
Photon Dynamics will be presenting at the Boston Display Investment Conference, sponsored by USDC & Needham on July 30, 2001, at Le Meridien in Boston, Mass., and at the Adams Harkness & Hill Annual Summer Seminar on August 1, 2001, at the Boston Marriott Long Wharf in Boston, Mass.
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