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Mattson Technology, Inc. Reports Record Revenues for Second Quarter 2007
FREMONT, Calif., July 25 /PRNewswire-FirstCall/ -- Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter ended July 1, 2007.
Highlights of this report include:
-- Achieved record revenue of $86.5 million
-- Increased cash by $6.6 million, while repurchasing $10 million in stock
-- Suprema displaced tool of record at a major microprocessor manufacturer
and won repeat orders
-- Millisecond anneal tool selected by leading global semiconductor
manufacturer for sub-45 nm development
Net sales for the current quarter were $86.5 million, up 23.7 percent from $69.9 million for the previous quarter, and up 36.7 percent from $63.3 million in the second quarter of 2006. Net sales for the second quarter of 2007 and 2006 included royalties of $8.6 million and $3.8 million, respectively, related to the settlement of the patent infringement suit with Dainippon Screen Manufacturing Co., Ltd. ('DNS'). Net income for the current quarter was $11.5 million, or $0.22 per diluted share, compared with $7.7 million, or $0.14 per share, for the previous quarter, and $5.2 million, or $0.10 per share, for the second quarter of 2006. Net income in the current quarter included a non-recurring tax expense of $3.8 million, or $0.07 per share, which related to a ruling on the applicability of tax law in one of the company's foreign locations.
Gross margin for the current quarter was 48.1 percent, up 3.5 percentage points from 44.6 percent for the previous quarter, and up 6.9 percentage points from 41.2 percent for the second quarter of 2006. Operating expenses for the current quarter were $26.1 million, compared to $25.2 million for the previous quarter and $21.6 million reported for the second quarter of 2006. Operating expenses as a percentage of net sales were 30.2 percent for the current quarter, compared with 36.1 percent for the previous quarter and 34.1 percent in the second quarter of 2006.
Net bookings for the quarter were $71.0 million, down 13.3 percent from $81.9 million for the previous quarter, and down 2.7 percent from $73.0 million for the second quarter of 2006.
Cash, cash equivalents and short-term investments at the end of the second quarter were $153.3 million, up $14.4 million from $138.9 million at the end of 2006. During the current quarter, the company repurchased $10.0 million of shares of common stock under our previously announced share repurchase program.
'We generated record revenue, increased cash and repurchased $10 million in stock in the second quarter,' said David L. Dutton, chief executive officer of Mattson Technology. 'Our higher value-added products are contributing to increased gross margins and helping us achieve the next level in our growth plan.'
'Our products continue to gain traction in the market. In the second quarter, Suprema(TM) won repeat orders from a major microprocessor manufacturer, displacing the incumbent supplier as a result of its industry- leading throughput and superior defect performance. A leading global semiconductor manufacturer recently selected our new Millios(TM) flash RTP tool for development of advanced millisecond annealing processes based on the system's capabilities to address critical sub-45 nanometer applications. Mattson is well-positioned with our new products to grow across all segments -- foundry, logic and memory -- as the industry moves to sub-65 nm geometries,' concluded Dutton.
Attached to this news release are preliminary unaudited condensed consolidated income statements and balance sheets.
On Wednesday, July 25, 2007, at 2:30 PM Pacific Time (5:30 PM Eastern Time), Mattson will hold a conference call to review the following topics: second quarter 2007 financial results, current business conditions and the near-term business outlook. The conference call will be simultaneously webcast at www.mattson.com under the 'Investors' section. In addition to the live webcast, a replay will be available to the public on the Mattson website for one week following the live broadcast.
Mattson will also webcast a slide presentation in conjunction with the conference call, which can also be accessed at www.mattson.com under the 'Investors' section. |
