FSI INTERNATIONAL, INC. ANNOUNCES SECOND QUARTER FISCAL 1999 FINANCIAL RESULTS
FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Second Quarters Ended Six Months Ended
--------------------- ---------------------
Feb. 27, Feb. 28, Feb. 27, Feb. 28,
1999 1998 1999 1998
-------- -------- -------- --------
(unaudited) (unaudited)
Sales $33,035 $59,431 $ 67,228 $124,346
Cost of goods sold 25,942 38,759 50,462 77,490
---------------------- -------- -------- -------- --------
Gross profit 7,093 20,672 16,766 46,856
Selling, general and
administrative
expenses 10,878 17,375 22,602 31,764
Research and develop-
ment expenses 8,123 11,228 17,407 21,879
---------------------- -------- -------- -------- --------
Operating loss (11,908) (7,931) (23,243) (6,787)
Interest and other
income (expense) net 925 302 1,378 776
---------------------- -------- -------- --------- ---------
Loss before
income taxes (10,983) (7,629) (21,865) (6,011)
Income tax expense
(benefit) (4,282) (3,042) (8,333) (2,525)
---------------------- -------- -------- -------- --------
Loss before
equity in earnings
(loss) of affiliates
and minority interest (6,701) (4,587) (13,532) (3,486)
Minority interest (91) 126 (41) 352
Equity in earnings
(loss) of affiliates (782) (136) (1,080) 422
---------------------- -------- -------- -------- --------
Net loss $(7,574) $(4,597) $(14,653) $(2,712)
---------------------- ======== ======== ======== ========
Net loss per
common share
Basic $(0.33) $(0.20) $(0.63) $(0.12)
Diluted $(0.33) $(0.20) $(0.63) $(0.12)
---------------------- -------- -------- -------- --------
Weighted average
common shares
Basic 23,170. 22,767 23,109 22,691
Diluted 23,170 22,767 23,109 22,691
---------------------- -------- -------- -------- --------
Other Information
---------------------------------------
Capital expenditures $ 2,392 $1,036 $ 5,503 $ 2,474
Depreciation and
amortization 3,882 3,941 7,448 7,840
FSI INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
Feb. 27, Aug. 29,
1999 1998
----------- -----------
(unaudited) (audited)
Assets
---------------------------------------
Current assets:
Cash, cash equivalents
and marketable securities $ 98,366 $ 88,879
Receivables, net 33,168 46,463
Inventories 48,268 50,152
Other current assets 22,500 32,551
--------------------------------------- ----------- -----------
Total current assets $202,302 $218,045
Property, plant and equipment, net 66,578 68,788
Investment in affiliates 14,835 15,409
Other assets 17,183 8,216
--------------------------------------- ----------- -----------
Total assets $300,898 $310,458
--------------------------------------- =========== ===========
Liabilities and Stockholders' Equity
---------------------------------------
Current liabilities:
Current maturities of long-term debt $ 60 $ 65
Trade accounts payable 22,618 19,000
Accrued expenses 26,023 25,227
Other current liabilities 18,389 17,709
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Total current liabilities 67,090 62,001
--------------------------------------- ----------- -----------
Long-term debt, less current maturities 42,039 42,065
Long-term deferred income taxes 24 24
Minority interest 0 1,992
Total stockholders' equity 191,745 204,376
--------------------------------------- ----------- -----------
Total liabilities and stockholders'
equity $300,898 $310,458
--------------------------------------- =========== ===========
Other Information
---------------------------------------
Book value per share $ 8.25 $ 8.87
Shares outstanding $23,250 $23,035
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