LOS ANGELES, July 31 /PRNewswire/ -- Align-Rite International, Inc. (Nasdaq: MASK) today reported record revenue and income results for the first quarter ended June 30, 1997.
Revenues increased 12% to a record $10,616,000 up from $9,513,000 for the first quarter of the prior fiscal year. Income from operations increased 14% to $2,324,000 up from $2,041,000 in the same period of the prior year. Net income was $1,448,000, or $0.30 per share, up from $1,340,000, or $0.28 per share, for the same period of the prior year.
"I am pleased to report our record first quarter results," commented Mr. James MacDonald, Chairman and Chief Executive Officer of Align-Rite. "During the quarter, we experienced an increase in demand for the Company's products, as demonstrated by our sequential quarterly revenue growth of 12.6% when compared to our fourth quarter of fiscal 1997. Additionally, Align-Rite completed its first business acquisition by acquiring the photomask manufacturing business unit from Temic, Europe's fourth largest semiconductor manufacturer and a division of the Daimler Benz Group, based in Heilbronn, Germany. Other significant achievements during the quarter included advancing Align-Rite's technological capabilities and increasing the Company's manufacturing capacity. We believe that these achievements, along with the Company's recent acquisition, have strengthened the Company's competitive position in the marketplace and have positioned the Company to accelerate its growth in the future."
Mr. Petar Katurich, Chief Financial Officer of Align-Rite, commented, "Our first business acquisition and the commencement of a long-term strategic alliance and supply agreement between Align-Rite GmbH (a wholly-owned subsidiary of Align-Rite) and Temic became effective during the first quarter of fiscal 1998. Revenues for the quarter reflect a one month contribution from the acquisition and we believe that this relationship will continue to benefit both companies."
Align-Rite International, Inc. manufactures and markets quality photomasks and has grown to become the third largest independent manufacturer of photomasks in the United States and Europe. Photomasks, which are precision photographic quartz or glass plates containing microscopic images of integrated circuits, are used primarily by semiconductor manufacturers as master images to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. The Company currently serves over 220 customers in 21 countries from three manufacturing facilities and six customer
service centers strategically located throughout the United States and Europe.
The Company was recently selected as one of Business Week magazine's "Top 100 Hot Growth Companies" based on Align-Rite's performance over the last three year period for achieving compound annual growth rates of 24% in revenue, 58% in earnings and a 29% return on capital.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
June 30,
1997 1996
(In thousands, except per share data)
REVENUES $10,616 100.00% $9,513 100.00%
COST OF SALES 6,598 62.15% 5,918 62.21%
GROSS PROFIT 4,018 37.85% 3,595 37.79%
SELLING AND GENERAL ADMINISTRATIVE 1,694 15.96% 1,554 16.34%
INCOME FROM OPERATIONS 2,324 21.89% 2,041 21.45%
INTEREST (INCOME) (16) -0.15% (122) -1.28%
INCOME BEFORE TAX 2,340 22.04% 2,163 22.74%
INCOME TAX PROVISION 892 8.40% 823 8.65%
NET INCOME $1,448 13.64% $1,340 14.09%
Earnings per share: $0.30 -- $0.28 --
Weighted average number of shares: 4,841 -- 4,803 --
Shareholders' equity 32,744 31,373 |
