Jan 29, 2009 16:05 ETSemitool Announces Fiscal 2009 First Quarter Financial Results
KALISPELL, MT--(Marketwire - January 29, 2009) - Semitool, Inc. (NASDAQ: SMTL), a leading manufacturer of wafer processing equipment for the semiconductor industry, today reported financial results for its fiscal 2009 first quarter ended December 31, 2008.
Revenue in the quarter was $33.1 million compared with $48.6 million in the first quarter a year ago. Gross margin was 43 percent versus 50 percent in last year's first quarter. The company reported a net loss of $7.4 million, or $0.23 per share, which included restructuring costs of $0.9 million, or $0.02 per share. The net loss was greater than the company projected in a January 15, 2009 pre-release announcement due to a $3.5 million write down of receivables related to a customer's insolvency filing in a German court on January 23, 2009. Semitool reported a net loss in last year's first quarter of $0.8 million, or $0.02 per share.
First quarter bookings were $22.1 million. Deferred revenue at the end of the quarter was $12.2 million and shipping backlog was $44.9 million, combining for a total revenue backlog of $57.1 million. Total shipments in the first quarter were $31.7 million.
Larry Murphy, president and chief operating officer, said, "We have aggressively reduced our costs during the last three months, and have effectively managed our cash position. We have lowered our annual breakeven point by approximately $100 million during the past four months. While the semiconductor equipment market is largely frozen, we continue to work with our customers and joint development partners on copper interconnect for memory, through-silicon via, advanced packaging and solar. We are optimistic about the booking opportunities that could result from these programs this year."
Guidance
Management expects second quarter revenue will be in a range of $31 million to $35 million. Second quarter loss per share is expected to range from $0.02 to $0.07, which includes $0.03 in anticipated restructuring costs. Shipments for the quarter are expected to range from $33 million to $36 million.
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