Tito and Ricardo, Following is a post from the KLA thread. It looks to me the the big boys were premature in their selloff, especially if they rotated out of AMAT. Our data looks more accurate than the data than theirs. Just my opinion. We should get a pop from this data.
Paul V.
>To: Jeff Mills (742 )
From: Jeff Mills
Tuesday, Oct 21 1997 9:19AM EST
Reply #743 of 748
KLA-Tencor Reports Operating Results for First Quarter
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 21, 1997--KLA-Tencor Corporation today
announced operating results for its first quarter ended September 30, 1997.
Revenues were $312 million, up from $261 million for the September quarter in 1996. Net
income was $50 million or $0.56 cents per share, compared with $34 million or $0.40 cents
per share in the same period one year ago. Totals for the prior year exclude a one-time
restructuring charge of $8.5 million or $0.06 cents per share.
Revenues in the September quarter were driven by increases for patterned wafer inspection,
film measurement and critical dimension metrology systems. New order volume was
slightly below revenue levels, reflecting the anticipated impact of slower seasonal activity.
Consistent with several prior quarters, orders in the U.S. accounted for more than the
typical 30% of total, primarily on the strength of the continued capital spending by logic and
microprocessor device manufacturers. Orders in Japan and Europe continued to strengthen
as a percent of the total, while the Asia Pacific region remained weak.
New order demand drivers for the quarter continued to come from areas not directly related
to new fab construction. For example 80% of the strength in wafer inspection came from
the continued adoption of more monitoring units for existing fabs which are increasingly
confronted by smaller linewidth technology challenges. Almost 20% of the top 50 fab users
of the Wisard 2100 units added more of those units during the quarter to help meet these
challenges. Two customers now have over 10 units per fab. Surfscan AIT customers
increased to 36 during the quarter and the 100th AIT unit was shipped. Other divisions
where order growth derives from technology rather than capacity drivers include the Rapid,
CD SEM, SEMSpec, Thin Films and Yield Management Groups.
For the September quarter, gross margins were similar to the previous quarter. Gross
profits rose within the metrology group, however this was offset by higher costs associated
with new product introductions in wafer inspection. Operating expenses declined to 34.4%
from 35.0% in the June quarter, despite an increase in R&D spending.
The effective tax rate for the quarter ended September 30, 1997 was reduced to 32%. The
decline in the tax rate from last year is primarily due to the realization of tax attributes
related to a prior acquisition and greater rate reduction from R&D tax credits.
The financial position of the Company remained strong. Cash and equivalents were more
than $685 million despite increased investments in receivables and inventories. The
Company has no long term debt.
Actual results could differ materially from those anticipated in forward-looking statements in
this release as a result of certain factors, including those set forth in the risk factors
described in the Company's SEC filings.
KLA-Tencor Corporation is the world leader in yield management and process control
solutions for semiconductor manufacturing and related industries. The Company offers a
broad portfolio of systems for inspection, metrology, and data analysis, as well as yield
management consulting services. KLA-Tencor is traded on the Nasdaq National Market
under the symbol KLAC. Additional information on the company is available on the Internet
at www.kla-tencor.com.
KLA-Tencor
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(Unaudited)
June 30, September 30,
1997 1997
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 279,225 $ 249,378
Short-term investments 69,606 75,514
Accounts receivable, net 269,291 344,966
Inventories 174,634 187,521
Deferred income taxes 54,799 54,040
Other current assets 12,452 12,441
Total current assets 860,007 923,860
Land, property
and equipment, net 117,595 128,796
Marketable securities 338,418 361,716
Other assets 27,287 28,575
Total assets $ 1,343,307 $ 1,442,947
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 25,113 $ 22,618
Accounts payable 41,155 47,818
Other current liabilities 258,483 276,802
Total current liabilities 324,751 347,238
Deferred income
taxes and other 3,943 3,179
Stockholders' equity:
Common stock and
capital in excess of par value 458,308 478,684
Retained earnings 542,706 592,428
Net unrealized gain
on investments 17,591 25,974
Cumulative translation adjustment (3,992) (4,556)
Total stockholders' equity 1,014,613 1,092,530
Total liabilities
and stockholders' equity $ 1,343,307 $ 1,442,947
KLA-Tencor
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,
1996 1997
(In thousands, except per share amounts)
Net sales $261,140 $312,420
Costs and expenses:
Cost of sales 115,364 140,764
Engineering, research and
development 32,496 45,177
Selling, general and administrative 58,615 62,138
Restructuring costs 8,500 --
Total costs and operating expenses 214,975 248,079
Income from operations 46,165 64,341
Interest income and other, net 5,657 8,785
Income before income taxes 51,822 73,126
Provision for income taxes 18,242 23,404
Net income $ 33,580 $ 49,722
Net income per share $ 0.40 $ 0.56
Shares used in computing net income
per share 83,698 88,783
CONTACT: KLA-Tencor Corporation
Robert J. Boehlke, 408/875-6285< |
