Mattson Technology, Inc. Announces Second Quarter 2002 Financial Results
FREMONT, Calif.--(BUSINESS WIRE)--Aug. 12, 2002--Mattson Technology, Inc. (Nasdaq:MTSN - News), a leading supplier of advanced process equipment used to manufacture semiconductors, today is reporting financial results for the second quarter of 2002.
Net sales for the quarter were $47.3 million, an increase of 2.3 percent from $46.2 million in the first quarter of 2002, and a decrease of 33.8 percent from the second quarter of 2001 net sales of $71.4 million. Shipments for the quarter were $42.5 million, an increase of 25.7 percent from $33.8 million in the first quarter of 2002, and a decrease of 50.7 percent from the second quarter of 2001 shipments of $86.3 million.
Net loss for the second quarter of 2002 was $24.5 million, or $(0.58) per share, compared to net loss of $25.8 million, or $(0.70) per share, for the first quarter of 2002, and net loss of $33.1 million, or $(0.90) per share, for the second quarter of 2001.
Gross margin for the second quarter of 2002 was 20.0 percent, an increase from gross margin of 16.1 percent for the first quarter of 2002, and a decrease from 21.3 percent gross margin for the second quarter of 2001. Gross margin is still adversely affected by high fixed production costs relative to low volumes.
Deferred revenue at the end of the second quarter of 2002 was $117.4 million, a decrease from $124.5 million at the end of the first quarter of 2002, and a decrease from $136.6 million at December 31, 2001. Net bookings for the second quarter of 2002 were $55.0 million, an increase of 111.5 percent from $26.0 million in the first quarter of 2002, resulting in a book-to-bill ratio of 1.3 to 1.0.
The company ended the second quarter of 2002 with cash and cash equivalents, restricted cash and investments of $131.0 million, an increase of $33.9 million from $97.1 million at December 31, 2001. Working capital at the end of the second quarter of 2002 was $87.2 million, an increase of $9.9 million from $77.3 million at December 31, 2001. Subsequent to the end of the second quarter, the company repaid the balance due to STEAG Electronic Systems AG under promissory notes due on July 2, 2002. With this action, the company is virtually debt free.
David Dutton, president and chief executive officer said, "Our bookings doubled over the previous quarter, and the order momentum for our advanced products continued in the second quarter--with over 35% of our bookings coming from the 300mm and other advanced technology product areas. Despite the cyclical environment of our industry, our strategy of continued investment in advanced products and technology is clearly benefiting our customers and increasing our sales."
"We believe that the cyclical recovery is underway, but with a less robust ramp in this cycle than originally anticipated. As we move into the third quarter, we need to aggressively adjust our cost structure to reflect a slower and more volatile business environment," concluded Dutton.
Attached to this news release are unaudited condensed consolidated statements of operations and balance sheets.
At 2:00 PM (Pacific Time) today, Monday, August 12th, Mattson will hold a conference call to review the following topics: second quarter and first half 2002 financial results, current business conditions, and the near-term business outlook. The conference call will be publicly available via the Internet (www.mattson.com, under "Investor Line"), beginning with a live webcast at 2:00 pm Pacific Time, August 12, 2002. In addition to the live webcast, replays will be available to the public on the Mattson website for one week following the live broadcast. Users can access the replay one hour after the call.
This press release contains forward looking statements regarding, among other matters, the Company's future prospects and near-term outlook and changes in customer demand and the effect of the economic downturn. Forward looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. In addition to the general risks associated with the slowdown in the semiconductor industry and development of complex technology, our future results will depend on a variety of factors, including the timing of significant orders, our ability to timely manufacture and deliver ordered products, our ability to bring new systems to market, the timing of new product releases by our competitors, and other competitive factors. 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. The Company assumes no obligation to update the information in this press release.
Mattson Technology, Inc. is a leading supplier of semiconductor wafer processing equipment used in "front-end" fabrication of integrated circuits. The company is a market leader in the dry strip, RTP, wet processing and PECVD equipment and its products combine advanced process technology on high-productivity platforms 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 and Asia. For more information, please contact Mattson Technology, Inc., 2800 Bayview Drive, Fremont, Calif. 94538. Telephone: (800) MATTSON/(510) 657-5900. Fax: (510) 226-8241. Internet: www.mattson.com.
MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
-------------------------------------------
June 30, July 1, June 30, July 1,
2002 2001 2002 2001
---------- ---------- ---------- ----------
Net sales $ 47,263 $ 71,355 $ 93,468 $ 144,854
Cost of sales 37,810 56,190 76,596 106,517
---------- ---------- ---------- ----------
Gross profit 9,453 15,165 16,872 38,337
---------- ---------- ---------- ----------
Operating expenses:
Research, development
and engineering 9,348 16,108 18,912 35,009
Selling, general and
administrative 21,098 23,458 43,195 55,332
In-process research and
development - - - 10,100
Amortization of
goodwill and
intangibles 1,687 9,624 3,374 20,023
---------- ---------- ---------- ----------
Total operating
expenses 32,133 49,190 65,481 120,464
---------- ---------- ---------- ----------
Loss from operations (22,680) (34,025) (48,609) (82,127)
Interest and other income
(expense), net (2,005) 1,307 (2,004) 1,795
---------- ---------- ---------- ----------
Loss before provision for
income taxes (24,685) (32,718) (50,613) (80,332)
Provision for (benefit
from) income taxes (162) 397 (313) 2,409
---------- ---------- ---------- ----------
Net loss $ (24,523) $ (33,115) $ (50,300) $ (82,741)
========== ========== ========== ==========
Net loss per share:
Basic $ (0.58) $ (0.90) $ (1.27) $ (2.25)
========== ========== ========== ==========
Diluted $ (0.58) $ (0.90) $ (1.27) $ (2.25)
========== ========== ========== ==========
Shares used in computing
net loss per share:
Basic 42,315 36,804 39,712 36,709
========== ========== ========== ==========
Diluted 42,315 36,804 39,712 36,709
========== ========== ========== ==========
MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
ASSETS
June 30, Dec. 31,
2002 2001
---------- ----------
Current assets:
Cash and cash equivalents $ 101,389 $ 64,057
Restricted cash 28,163 27,300
Short-term investments 1,461 5,785
Accounts receivable, net 25,907 38,664
Advance billings 45,835 61,874
Inventories 60,054 65,987
Inventories - delivered systems 56,561 74,002
Prepaid expenses and other current assets 16,153 18,321
---------- ----------
Total current assets 335,523 355,990
Property and equipment, net 26,072 33,508
Goodwill and intangibles 35,511 40,616
Other assets 3,289 2,591
---------- ----------
$ 400,395 $ 432,705
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable - STEAG Electronic Systems AG,
a shareholder $ 37,729 $ 44,613
Current portion of long-term debt - 289
Line of credit - 4,589
Accounts payable 17,131 14,175
Accrued liabilities 76,079 78,459
Deferred revenue 117,400 136,580
---------- ----------
Total current liabilities 248,339 278,705
---------- ----------
Long-term liabilities:
Long-term debt - 1,001
Deferred income taxes 8,315 11,261
---------- ----------
Total long-term liabilities 8,315 12,262
---------- ----------
Total liabilities 256,654 290,967
---------- ----------
Stockholders' equity:
Common stock 45 37
Additional paid-in capital 542,004 497,536
Accumulated other comprehensive income
(loss) 1,274 (6,553)
Treasury stock (2,987) (2,987)
Accumulated deficit (396,595) (346,295)
---------- ----------
Total stockholders' equity 143,741 141,738
---------- ----------
$ 400,395 $ 432,705
========== ==========
--------------------------------------------------------------------------------
Contact:
Mattson Technology, Inc.
Ludger Viefhues, Chief Financial Officer, 510/492-5954 |
