Not rumors - EARNINGS!!! They beat avg. est. by .06
ADE Corporation Continues Sequential Growth of Revenues and Net Income in Third Fiscal Quarter
Tuesday March 2, 4:05 pm ET
Reports Further Increases in Bookings and Backlog
WESTWOOD, Mass.--(BUSINESS WIRE)--March 2, 2004-- ADE Corporation (Nasdaq: ADEX - News), a leading supplier of production metrology and inspection systems for the semiconductor wafer, semiconductor device, magnetic storage and optics manufacturing industries, today reported its financial results for the third quarter ended January 31, 2004.
ADE's revenue grew to $23.1 million in the third quarter of fiscal 2004, up 14 percent compared with $20.2 million for the second quarter of fiscal 2004 and up 25 percent compared with $18.5 million for the third quarter of fiscal 2003. ADE's net income for the third quarter was $2.0 million, or $0.14 per diluted share. This compares with net income of $1.7 million, or $0.12 per diluted share, in the second quarter of fiscal 2004 and net income of $594,000, or $0.04 per diluted share, in the third quarter of fiscal 2003. In the quarter ended October 31, 2003, ADE's net income figure had included a tax refund of approximately $360,000.
"Acceleration in growing 300mm wafer utilization and continued 200mm capacity expansion generated another quarter of strengthened demand for ADE's advanced tools," said Dr. Chris L. Koliopoulos, ADE's president and chief executive officer. "During our third fiscal quarter, customer interest in our AWIS(TM) Advanced Wafer Inspection System was particularly strong, reflecting ADE's ability to gain share in this important particle tool market segment. And our AFS(TM) Advanced Flatness System and WaferSight high-resolution optical tools continue to set the standard for wafer flatness metrology around the globe."
ADE increased its backlog by 16 percent sequentially to $36.6 million on January 31, 2004 from $31.5 million on October 31, 2003. Business activity remained strongest for ADE in Japan during the third fiscal quarter as major wafer suppliers announced further expansion of 300mm capacity, followed by further orders from Asia. For the quarter, the Company generated 40 percent of its revenue in Japan, 31 percent in the Asia Pacific region, 17 percent in Europe and 12 percent in the United States. ADE's revenue breakdown by end market for the third fiscal quarter was 80 percent bare wafer, 10 percent device and 10 percent magnetic data storage.
Gross margin increased to 51 percent during the third fiscal quarter, compared with 49 percent in the second quarter of fiscal 2004, reflecting improvements in operational efficiencies and changes in sales mix.
Cash and cash equivalents totaled $34.7 million at January 31, 2004 compared with $21.5 million at the end of fiscal 2003. This increase was achieved primarily through ADE's positive operating cash flow and the sale of certain assets.
ADE Chief Financial Officer Brian James said, "The third fiscal quarter was a resounding success for ADE from a financial perspective. The Company exceeded virtually every target that we had set for the business, including our revenue and earnings guidance. We are seeing many of our cost structure actions provide improving margins that are flowing through to the bottom line. Given the continued growth in our backlog and our enhanced operating leverage, we believe that we can post even stronger results to close out the fiscal year."
Looking Ahead
"Forecasts of expansion for silicon demand throughout 2004 with continuing sustainable growth into 2005, are growth indicators for ADE. We are ready with our advanced suite of metrology and inspection tools to meet the needs of our customers during this industry upcycle," added Dr. Koliopoulos. "During the fourth fiscal quarter and beyond, we will continue to focus on maintaining our technology leadership with further advances in our product lines, growing our profits and increasing value for our shareholders."
For the fourth quarter of fiscal 2004, ADE anticipates that revenues will increase sequentially by approximately eight to 12 percent. Gross margins for the fourth quarter are expected to be in the range of 50 to 52 percent. ADE expects that it will report net income of between $0.17 to $0.22 per share for the fourth quarter of fiscal 2004, based on 14.2 million shares outstanding. "Our visibility continues to improve, and we are reasonably confident that we can see further gains in revenues and profitability as we begin fiscal 2005," said Mr. James.
Full release: biz.yahoo.com |
