Plasma-Therm, Inc. (PTIS) Announces Seventh Consecutive Quarter Of Record Net Income And Earnings Per Share
PR Newswire - June 11, 1998 11:18
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ST. PETERSBURG, Fla., June 11 /PRNewswire/ -- Plasma-Therm, Inc. (Nasdaq: PTIS) announced today its second quarter 1998 results and, in comparison to second quarter 1997, reported a record 46% increase in revenue and a 36% increase in net income. In comparison to first quarter 1998, revenue and net income increased 22% and 7%, respectively.
For the three month period ended May 31, 1998, the Company reported net income of $1.58 million, representing an increase of $414,000 over the same period in 1997 and $106,000 in comparison to first quarter 1998. Net income represented 11% of sales, the same figure as for the second quarter 1997 and a decrease from 12% for the first quarter of 1998. Earnings per share (diluted) for the quarter came in at $0.14, an increase of $0.04 and $0.01 in comparison to the same period in 1997 and first quarter 1998, respectively. The average shares outstanding used in computing income per share was 11,425,000 in 2nd quarter 1998 and 11,106,000 in 2nd quarter 1997. Plasma-Therm also reported net sales for the quarter of $15 million, representing an increase of $4.7 million in comparison to second quarter of 1997 and $2.7 million in comparison to first quarter 1998.
For the six month period ended May 31, 1998, net income rose to $3.05 million (11% of sales), an increase of $1.05 million in comparison to net income of $2 million (10% of sales) for the same period in 1997. Earnings per share (diluted) increased by $0.09 to $0.27 in comparison to the 1997 figure of $0.18. The average shares outstanding used in computing income per share was 11,406,000 in 1998 and 11,015,000 in 1997. In addition, net sales of $27.27 million increased by $7.55 million in comparison to the 1997 net sales figure of $19.72 million.
Commenting on the Company's results, Scott Deferrari, President & COO stated, "We are extremely pleased in having had such a successful second quarter and first six months of FY 1998. Our results represent a continuance of Plasma-Therm's trend in delivering consistent income and EPS growth for the last 7 quarters. This is particularly important when viewed in light of the uncertain outlook which has permeated the semiconductor equipment industry."
Looking forward to the rest of 1998, Deferrari stated, "We are cautiously optimistic about 3rd and 4th quarter performance. Our ability to accurately forecast results is hampered by the continued downward pressure in the capital equipment marketplace. This is evident by our 25% sequential drop in backlog from $16 million to $12 million. The existing industry decline has affected many companies and bookings are running flat or are declining. Further, I have concerns over the effects of the continuing economic instability in Asia and the overall electronics industry. We have experienced very little fallout from the Asian situation and the current semiconductor capital equipment slowdown to date but these events have the potential to negatively affect PTI's near-term growth. Given these factors, I am confident that our strong balance sheet, substantial market diversification and industry leading plasma process technology will continue to be key elements in overcoming the industry challenges we are facing."
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including without limitation, demand and competition for the Company's services and products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings.
Plasma-Therm Inc., headquartered in St. Petersburg, Florida, is a leading producer of plasma process equipment primarily used by manufacturers requiring expertise in thin film etching and deposition. More information about PTI may be obtained by visiting our website at plasmatherm.com .
PLASMA-THERM, INC.
($ in thousands except for per share data)
(Unaudited)
STATEMENT OF INCOME
Three Months Ended Six Months Ended
May 31, 1998 May 31, 1997 May 31, 1998 May 31, 1997
Dollar Percent Dollar Percent Dollar Percent Dollar Percent
Amount of Sales Amount of Sales Amount of Sales Amount of Sales
Net sales $14,963 100% $10,242 100% $27,275 100% $19,722 100%
Cost of
sales $8,156 55% $5,827 57% $15,127 55% $11,540 59%
Gross
Profit 6,807 45% 4,415 43% 12,148 45% 8,182 41%
Costs and
expenses:
Research
and
development 1,659 11% 903 9% 2,763 10% 1,696 9%
Selling and
admin. 2,554 17% 1,705 17% 4,401 16% 3,280 17%
Total
operating
expenses 4,213 28% 2,608 25% 7,164 26% 4,976 25%
Interest
(income)
expense, net 61 0% (19) 0% 106 0% 2 0%
Income before
income
taxes 2,533 17% 1,826 18% 4,878 18% 3,204 16%
Income taxes 953 6% 660 6% 1,824 7% 1,207 6%
Net income $1,580 11% $1,166 11% $3,054 11% $1,997 10%
Earnings Per
Share:
Basic $0.14 $0.11 $0.27 $0.19
Diluted $0.14 $0.10 $0.27 $0.18
Shares used
in computing
EPS:
Basic 11,170 10,998 11,156 10,798
Diluted 11,425 11,106 11,406 11,015
SUMMARY BALANCE SHEET
5/31/98 11/30/97
Current assets $33,225 $29,738
Net Property, plant and
equipment 10,338 9,651
Other assets 180 218
Total Assets $43,743 $39,607
Current liabilities $8,248 $7,251
Long-term obligations 3,341 3,671
Shareholders' equity 32,154 28,685
Total Liabilities &
Shareholders' Equity $43,743 $39,607
SOURCE Plasma-Therm, Inc.
/CONTACT: Scott Deferrari, President & Chief Operating Officer, or Nick
Goetz, Vice President & Secretary, both of Plasma-Therm, Inc., 813-577-4999,
or e-mail, info@plasmatherm.com/
/Web site: plasmatherm.com |
