Photon Dynamics, Inc. (Nasdaq NM: PHTN chart, msgs) today reported financial results for the first quarter of fiscal 2002. The results of prior periods have been restated to include the financial statements of Image Processing Systems Inc., which was acquired in December 2000 in a transaction accounted for as a pooling of interests, and the adoption of Staff Accounting Bulletin No. 101 (SAB 101).
Revenue for the first quarter of fiscal 2002 was $14.2 million, a decrease of 41 percent, compared with $23.9 million, as restated, for the first quarter of fiscal 2001. The net loss for the current quarter was $3.4 million, or ($0.24) per share, compared to a net loss of $5.9 million, or ($0.45) per share, as restated, for the same quarter a year ago.
Non-recurring acquisition expenses, amortization of intangibles and the cumulative effect of a change in accounting principle to adopt SAB 101 do not have comparable expenses in each quarter. Excluding these charges, the net loss for the current quarter was $3.1 million, or ($0.22) per share, compared to net income of $3 million, or $0.22 per diluted share, as restated, for the same quarter a year ago.
Revenue for the first quarter of fiscal 2002 increased 37 percent to $14.2 million compared with $10.4 million for the fourth quarter of fiscal 2001. The net loss for the current quarter was $3.4 million, or ($0.24) per share, compared to a net loss of $7.4 million, or ($0.54) per share, for the prior quarter. Acquired in-process research and development and restructure charges do not have comparable expenses in each quarter. Excluding these charges, the net loss for the current quarter was $3.4 million, or ($0.24) per share, compared to a net loss of $4.9 million, or ($0.35) per share for the prior quarter.
Bookings for the first quarter of fiscal 2002 improved to $14.7 million, the third consecutive increase, and the company posted a backlog of approximately $32 million at the end of the first quarter of fiscal 2002. Our book to bill, driven mostly by the Flat Panel Display (FPD) business, finally returned to better than 1.0 for the first time in 6 quarters. Bookings and backlog are not necessarily indicative of future revenue.
"While we continue to have limited visibility in the Electronics space, based on recent announcements by LCD manufactures regarding their capacity investment plans, we are more optimistic about growth in the FPD industry," stated Mr. Vincent Sollitto, President and CEO of Photon Dynamics, Inc.
Photon Dynamics' estimates at this time are for revenue for the second quarter of fiscal 2002 to be 15 to 30 percent higher than the first quarter of fiscal 2002, with a net loss of between $0.16 and $0.08 per share based on current shares outstanding. |
