Ultratech Stepper Backs 3Q Guidance
Thursday September 18, 8:58 pm ET
SAN JOSE (Dow Jones)--Ultratech Inc. issued a third-quarter earnings outlook suggesting operating profit of $1 million or less, on revenue of $26 million.
The outlook was filed Wednesday in a Form 8-K with the Securities and Exchange Commission (News - Websites), and compares with a year-ago operating loss of $23.97 million, on revenue of $7.29 million.
Ultratech, which supplies equipment for semiconductor manufacturing, said it continues to expect third-quarter revenue up 5% from the second quarter's $24.76 million, suggesting revenue of $26 million.
Gross margin is forecast at "slightly less" than 50% of sales, while operating expense for the period were estimated at 5% to 10% above the second quarter's $ 10.72 million. That suggests operating expense of $11.26 million to $11.8 million in the second quarter.
A second-quarter tax credit of $200,000 is expected, along with positive cash flow. Second-quarter cash from operations was $6.44 million.
Ultratech didn't offer a net income estimate for the third quarter. Analysts expect 6 cents a share, according to Thomson First Call (News - Websites).
For the full year of 2003, Ultratech said revenue could be more than 45% above that of 2002's $68.5 million, implying about $99.33 million while the company expects a gross margin above 40% of sales.
Operating expenses in 2003 will be down 5% to 10% from 2002's $51.36 million excluding charges, which implies a range of $46.22 million to $48.79 million.
Cash flow for 2003 is expected to be positive.
Ultratech posted an operating loss in 2002 of $36.5 million, and a bottom-line loss of $25.39 million, or $1.12 a share, on revenue of $68.5 million.
The company hopes for a 2004 gross margin of 50% or greater and an operating margin of 15%.
Ultratech hopes to post revenue growth of 30% over 2002, operating expenses up 10% to 15% for the year compared to 2003 a projected tax rate of 10% tax rate and positive cash flow. |
