Ultratech Stepper Announces Third Quarter 2001 Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 18, 2001--Ultratech Stepper, Inc. (Nasdaq:UTEK) today announced unaudited results for the three- and nine-month periods ended September 30, 2001.
Ultratech reported net sales of $24.3 million for the third quarter of 2001 compared to $42.2 million for the same period in fiscal 2000. Ultratech's net loss for the third quarter, before approximately $11.0 million in charges for discontinued products and $12 million in restructuring charges, was $3.0 million or a loss of $0.14 per share (diluted) compared to third quarter 2000 net income of $3.2 million or $0.15 per share (diluted), excluding the effect of a gain on the sale of land (net of taxes) and charges associated with the shutdown of its UltraBeam unit.
On September 28, 2001 Ultratech announced it expected to incur special charges in the third quarter as a result of a series of cost reduction measures including a 20 percent reduction in force, closing its Wilmington, Massachusetts plant, and consolidating its manufacturing operations. Including these charges, Ultratech's net loss for the third quarter of 2001 was $26.0 million or $1.17 per share.
For the first nine months of 2001, Ultratech reported net sales of $109.2 million compared to sales of $105.6 million in the first nine months of 2000. Excluding the restructuring and discontinued product charges listed above, Ultratech posted net income of $7.6 million or $0.33 per share (diluted) during the first nine months of 2001. This compares to net income of $346,000 or $0.02 per share (diluted) in the same period in 2000, excluding the charges listed above, as well as the cumulative effect of the implementation of SAB 101.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "During the third quarter, Ultratech reassessed the business environment and took necessary cost-cutting steps in the face of continued weakness. We will continue to devote special attention to controlling expenses and managing our assets through this cyclical downturn. At the same time, we will maintain our investment program in advanced product development, which we believe will be the key to growth when business conditions improve."
At September 30, 2001, Ultratech Stepper had $177 million in cash, cash equivalents and short-term investments and a current ratio of
3.8:1. Working capital was $163 million and stockholders' equity was $8.87 per share based on 22,402,978 total shares outstanding on September 30, 2001.
Conference Call Information
The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on Thursday, October 18, 2001. To listen to the call over the Internet or to obtain telephone dial-in information for the call, please go to Ultratech's web site at www.ultratech.com.
If you are unable to attend the live conference call, a replay will be available on Ultratech's web site. If you do not have Internet access a replay of the call will be available by dialing 800/633-8284 and entering access code 19749563.
Profile
Founded in 1979, Ultratech Stepper, Inc. designs, manufactures and markets photolithography equipment used worldwide in the fabrication of integrated circuits, microsystems devices, and thin film heads for disk drives. As the leader and pioneer in laser thermal processing, the company produces products that substantially reduce the cost of ownership for manufacturers in the electronics industry. The company's home page on the World Wide Web is located at www.ultratech.com.
Safe Harbor Statement
Certain of the statements contained herein may be considered forward-looking statements that involve risks and uncertainties, such as the cyclicality in the semiconductor and microsystems markets, delays, deferrals and cancellations of orders by customers, pricing pressures, competition, lengthy sales cycles for the company's systems, ability to volume produce systems and meet customer requirements, the mix of products sold, dependence on new product introductions and commercial success of any new products, integration and development of the Verdant operation, manufacturing inefficiencies and absorption levels, risks associated with introducing new technologies, inventory obsolescence, economic and political conditions in Asia, delays in collecting accounts receivable, extended payment terms, changes in technologies, the effects of the California power shortage, and any adverse effects of the recent terrorist attacks in the United States, or US retaliation therefore, on the economy in general or our business in particular. Such risks and uncertainties are described in the company's SEC reports including the company's Annual Report on Form 10-K filed as of December 31, 2000, and form 10-Q filed as of June 30, 2001. |
