Novellus Systems Reports Record Fourth Quarter and Year-End 1999 Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 18, 2000--Novellus Systems Inc. (Nasdaq/NM: NVLS) Tuesday reported net sales and results of operations for its fiscal fourth quarter and year ended Dec. 31, 1999.
Net sales for the quarter were a record $191.7 million, an increase of 81 percent over fourth quarter 1998 net sales of $106.0 million. Net income of $33.0 million and $0.27 per share was recorded for the fourth quarter of 1999, an increase of 305 percent and 238 percent respectively, when compared with the fourth quarter 1998 net income of $8.1 million and $0.08 per share.
The per-share amounts are stated on a diluted basis and are adjusted for the 3-for-1 stock split that was announced on Dec. 17, 1999, and became effective after the close of the market on Jan. 14, 2000.
Net sales for the year were a record $592.7 million, an increase of 14.3 percent from 1998 net sales of $518.8 million. Net income for the year was $76.6 million, or $0.64 per share, an increase of 45 percent and 28 percent, respectively, when compared with net income posted in 1998 of $52.8 million, or $0.50 per share.
Cash and short-term investments at Dec. 31, 1999, were $385.3 million, an increase of $31.1 million over third quarter 1999 balances of $354.2 million. Cash generation continued in the fourth quarter despite increased working capital requirements to support revenue growth.
Backlog at Dec. 31, 1999, reached a record $329.5 million, an increase of 204 percent from the $108.5 million reported at Dec. 31, 1998. Record bookings generated a book-to-bill ratio substantially greater than 1.0 to 1.0 for the fourth quarter of 1999.
Richard Hill, chairman and chief executive officer said: "We are extremely pleased with the record bookings, backlog, and revenue achieved by the company in 1999. Semiconductor industry fundamentals continue to improve, driving our customers' capital spending for additional capacity and advanced technology."
Hill also added: "The bookings strength of the third and fourth quarters of 1999 demonstrates our customers' confidence in Novellus' ability to quickly ramp production and provide innovative solutions to meet their increasing capacity expansions and advanced technology requirements. Novellus remains committed to new product development and continuous improvement of existing products to maintain our role as the industry leader for deposition technologies."
Novellus Systems manufactures, markets and services advanced automated wafer fabrication systems for the deposition of thin films. Novellus deposition systems are designed for high-volume production of advanced, leading-edge semiconductors at the lowest overall cost.
The company's stock trades on the Nasdaq Stock Market's National Market under the symbol "NVLS." Additional information about the company is available on the Novellus Systems home page on the World Wide Web, located at novellus.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements regarding (i) the continued improvement of semiconductor industry fundamentals, (ii) continued customer demand for additional capacity and advanced technology, (iii) the customers confidence in Novellus' ability to quickly ramp production and provide innovative solutions to meet customer demand, and (iv) the company's commitment to new product development and continuous improvement, as well as other matters discussed in the news release that are not purely historical data, are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, a reversal of the favorable trend in semiconductor industry business fundamentals, a possible slowdown in new orders if the improvement in such fundamentals does not continue, and the inability of the company's product development efforts to continue its position as an industry leader in deposition technologies, and other risks indicated in filings with the Securities and Exchange Commission (SEC). Actual results could differ materially. Novellus assumes no obligation to update this information. For more details, please refer to Novellus' SEC filings, including its most recent Annual Report on Form 10-K for the year ended Dec. 31, 1998, and quarterly reports on Form 10-Q for the first three fiscal quarters of 1999.
NOVELLUS SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per-share amounts)
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
Net Sales $191,716 $106,016 $592,741 $518,778
Cost of Sales 85,122 49,730 271,710 237,913
Gross Profit 106,594 56,286 321,031 280,865
Operating Expenses
Research and Development 32,647 23,463 119,667 106,510
Selling, General and
Administrative 29,879 20,829 101,027 95,407
Total Operating Expenses 62,526 44,292 220,694 201,917
Income from Operations 44,068 11,994 100,337 78,948
Interest Income (Expense),
Net 5,152 340 13,953 1,099
Income before Income Taxes 49,220 12,334 114,290 80,047
Provision for Income Taxes 16,243 4,194 37,716 27,219
Net Income $32,977 $8,140 $76,574 $52,828
Basic Net Income Per Share $0.28 $0.08 $0.67 $0.52
Diluted Net Income Per Share $0.27 $0.08 $0.64 $0.50
Shares Used in Basic
Calculation 118,183 102,894 114,817 102,106
Shares Used in Diluted
Calculation 124,277 106,153 120,097 104,961
Note: The earnings per-share amounts have been adjusted for the
3-for-1 stock split effective Jan. 14, 2000.
NOVELLUS SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec. 31, Dec. 31,
1999 1998
Assets
Current Assets:
Cash and Short-Term Investments $385,257 $130,818
Accounts Receivable, Net 213,678 173,364
Inventories 103,883 69,223
Deferred Taxes and Other Current Assets 29,848 25,690
Total Current Assets 732,666 399,095
Property and Equipment, Net 106,779 105,579
Other Assets 70,484 47,265
Total Assets $909,929 $551,939
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts Payable $43,438 $30,966
Short-Term Obligations 13,521 12,986
Other Accrued Liabilities 83,271 67,522
Total Current Liabilities 140,230 111,474
Long-Term Debt -- 65,000
Total Liabilities 140,230 176,474
Shareholders' Equity:
Common Stock 490,587 176,140
Retained Earnings and Accumulated
Other Comprehensive Income 279,112 199,325
Total Shareholders' Equity 769,699 375,465
Total Liabilities and Shareholders' Equity $909,929 $551,939
--------------------------------------------------------------------------------
Contact:
Novellus Systems Inc., San Jose
Robert Smith, 408/943-9700
All Headlines
Additional Headlines
BW 01/18 16:07 Novellus Systems Reports Record Fourth Quarter and Year-End 1999 Results
BW 01/18 09:20 EquityAlert.com Announces Investment Opinion, No. 2 of 8
BW 01/14 20:05 SplitTrader.com Announces Investment Opinion
BW 01/14 04:59 SmartPortfolio.Com Announces Investment Opinion
Enter symbols or keywords for search Symbol lookup
QuotesStock TalkChartsNewsPeople
SI NavigationHomeSite Map------------------CustomizeFAQFREE RegistrationMarket InsightMarket ToolsMembership Sign-UpMessage CenterNetSearchPeopleMarksPeopleSearchPortfolioQuotesReal-Time QuoteStock ScreenerStockTalkStockTalk SearchSubjectMarks
Go to Top
Copyright ¸ 1999 Business Wire
Got a comment, question or suggestion? Contact Silicon Investor. |
