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Record Earnings report:
TI2
PS-Don't forget the upgrades in your analysis
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Tuesday June 2, 6:30 am Eastern Time
Company Press Release
SOURCE: Align-Rite International, Inc.
Align-Rite International, Inc. Reports Record Fourth Quarter and Year End Results
Fourth Quarter Revenues Grow 38% - Net Income Increases 23%
LOS ANGELES, June 2 /PRNewswire/ -- Align-Rite International, Inc. (Nasdaq: MASK - news) today reported record results for the fourth quarter and fiscal year ended March 31, 1998.
Revenues in the fourth quarter increased 38% to a record $12,992,000 from $9,427,000 in the fourth quarter of fiscal 1997. Net income for the fourth quarter grew 23% to $1,682,000 as compared to $1,365,000 for the same period in the prior year. Diluted EPS grew 21% to $0.34 from $0.28.
Revenues for the fiscal year ended March 31, 1998 increased 23% to $46,721,000 from $38,001,000 in the prior year. Net income increased approximately 15% to $6,101,000 as compared to $5,326,000 for the prior year. Diluted EPS grew 13% to $1.25 from $1.11.
James L. Mac Donald, Chairman, President and Chief Executive Officer, commented, ''Our revenues and net income for the fourth quarter were the highest in the Company's history and marked our fifth consecutive quarter of sequential growth. During the quarter, we continued to experience growing demand for our photomask products in both the U.S.A. and Europe.''
''Our record financial results for the fourth quarter and fiscal 1998 reflect the fact that the fundamentals of our multinational business remain strong. During the fiscal year, our achievements included: increasing our global customer base with the addition of more than a dozen new customer supply relationships, and maintaining our record of 100% account retention. In addition, we completed several strategic expansion programs at our manufacturing facilities in California, Germany and Wales, which have significantly increased our manufacturing capacity and technological capabilities. We believe that our achievements in fiscal year 1998 have strengthened the Company's competitive position in the marketplace and have positioned Align-Rite to continue its sequential growth pattern,'' added Mr. Mac Donald.
About Align-Rite: Align-Rite International manufactures and markets quality photomasks and has grown to become the third largest independent manufacturer of photomasks in the United States and Europe. Photomasks, which are precision photographic quartz or glass plates containing microscopic images of integrated circuits, are used primarily by semiconductor manufacturers as master images to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. The Company, headquartered in Burbank, California, currently serves over 225 customers in 21 countries from three manufacturing facilities and seven customer service centers strategically located throughout the United States and Europe. Align-Rite's stock is traded on Nasdaq under the ticker symbol: MASK. The Company's Worldwide Web site can be accessed at www.alignrite.com.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this news release may contain comments and forward looking statements made by Align-Rite based on the current plans, expectations, events and financial and industry trends which may affect the Company's future operating results and financial position. Such statements involve risks and uncertainties which cannot be predicted or quantified, and which may cause future activities and results of operations to differ materially from those discussed above. For further information please refer to Align-Rite International, Inc.'s filings with the Securities and Exchange Commission.
ALIGN-RITE INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
1998 1997
(thousands, except per share data)
Revenues $12,992 100.00% $9,427 100.00%
Cost of sales 8,439 64.96% 5,967 63.30%
Gross profit 4,553 35.04% 3,460 36.70%
Selling and general administrative 2,051 15.79% 1,411 14.97%
Income from operations 2,502 19.26% 2,049 21.74%
Interest (income) expense and
other income, net (179) -1.38% (36) -0.38%
Income before taxes 2,681 20.64% 2,085 22.12%
Income tax provision 999 7.69% 720 7.64%
Net income $1,682 12.95% $1,365 14.48%
Earnings per share:
Basic $0.38 $0.31
Diluted $0.34 $0.28
Weighted average number of shares:
Basic 4,454 4,404
Diluted 4,876 4,822
Twelve Months Ended
March 31,
1998 1997
(thousands, except per share data)
Revenues $46,721 100.00% $38,001 100.00%
Cost of sales 29,744 63.66% 23,863 62.80%
Gross profit 16,977 36.34% 14,138 37.20%
Selling and general administrative 7,442 15.93% 6,072 15.98%
Income from operations 9,535 20.41% 8,066 21.23%
Interest (income) expense and
other income net (253) -0.54% (316) -0.83%
Income before taxes 9,788 20.95% 8,382 22.06%
Income tax provision 3,687 7.89% 3,056 8.04%
Net income $6,101 13.06% $5,326 14.02%
Earnings per share:
Basic $1.37 $1.21
Diluted $1.25 $1.11
Weighted average number of shares:
Basic 4,439 4,386
Diluted 4,865 4,798
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, March 31,
1998 1997
(in thousands)
ASSETS
Current assets:
Cash, cash equivalents $5,523 $6,734
Accounts and notes receivable, net 7,395 6,120
inventories 2,783 2,180
Other current assets 835 1,233
Total current assets 16,536 16,267
Property and equipment, net 33,575 22,089
Other assets 1,047 425
Total Assets 51,158 38,781
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable 5,572 3,670
Accrued expenses 2,927 1,543
Taxes payable 1,402 327
Total current liabilities 9,901 5,540
Deferred tax liability 2,793 1,398
Other liabilities 698 470
Total liabilities 13,392 7,408
Shareholders' equity 37,766 31,373
Total liabilities and shareholders' equity $51,158 $38,781
SOURCE: Align-Rite International, Inc.
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