Do you know the Ahl's from Lancaster?
Wednesday August 9, 8:55 am Eastern Time
Press Release
Trikon Technologies
Announces Record Second
Quarter 2000
NEWPORT, Wales, United Kingdom--(BUSINESS WIRE)--Aug. 9, 2000--Trikon
Technologies, Inc. (Nasdaq: TRKN - news) today reported results for its second
quarter ended June 30, 2000. Revenues for the quarter were $26.0 million, including
license revenue of $350,000. Product revenues increased by 38 percent from $18.6
million for the first quarter of 2000 and by 137 percent from $10.8 million for the
second quarter of 1999.
Net income of $3.7 million (or $0.33 per share) was recorded for the second quarter of
2000, up 93 percent from net income of $1.9 million (or $0.15 per share) for the first
quarter of 2000 and compares to net income for the second quarter 1999 of $1.9
million (or $0.15 per share). Net income for the second quarter of 2000 is stated after a
non-recurring charge and exchange gains amounting to a net $800,000 charge to
earnings (or $0.08 per share). The per-share amounts are stated on a fully diluted basis.
Product gross margin for the second quarter of 2000 fell to 45 percent of revenues
compared to the 47 percent of the prior quarter as a result of a strategic product sale at
reduced gross margin. Net margin was 14.1 percent of revenues (17.2 percent
excluding the non-recurring charge and exchange gains) in the second quarter of 2000,
up from the net margin of 10.2 percent in the first quarter of 2000.
Record product bookings in the second quarter generated a book-to-bill ratio greater
than 1.7. Backlog further increased to new record levels.
Nigel Wheeler, president and chief executive officer said: ``Trikon is reporting record
product revenues in the eighth quarter of sequentially increasing sales and is experiencing
record order levels driven by both capacity expansion and new technology buys. Trikon
is experiencing improved business in all technologies and geographic areas. During the
quarter, Trikon shipped everything from PVD tools to a top-10 DRAM manufacturer to
an advanced etching tool for an opto application. Geographically, Europe remained the
largest market with 55 percent of revenues, with North American sales at 24 percent
and Asian sales increasing to 21 percent. Technologically, PVD sales still made up the
majority of revenues with 59 percent, plasma etch sales with 21 percent and CVD with
20 percent.''
Mr. Wheeler concluded, ``We continue to see strong interest in our low-k products,
Low-K Flowfill(TM) and Omega®M0RI(TM) helicon plasma etcher, and we are
working with customers on copper damascene integration as well as aluminium gap fill
with these products. At Semicon West we introduced a new ionised PVD module for
barrier deposition with what we believe to be unique features and benefits over existing
ionised PVD solutions and at considerably lower cost than alternative CVD techniques.
Trikon's 300mm developments are also well positioned to meet customer's timescales
with advanced tools in build. These are of comparable size to our existing 200mm
designs with the capability of processing both 200mm and 300mm wafers faster and at a
lower cost of ownership than our existing 200mm designs.''
There is a financial community conference call at 10:30 am eastern daylight time today
Wednesday, August 9, 2000 with a play-back service available immediately afterwards
for 7 days. To access the replay from within the US call: (800) 625 5288, to access
from outside the US call: +1 (303) 804 1855. The access code is 775302.
About Trikon Technologies
Trikon www.trikon.com is positioned at two technology frontiers in the equipment
industry based on solid production experience earned over 30 years. Trikon offers
enabling production equipment for the manufacture of Gigahertz silicon and broadband
wireless and optoelectronics communications devices.
Trikon's patented, `patent applied for' and proprietary technologies are delivered on
equipment platforms used worldwide for volume production. Trikon operates and
manufacturers at a world class 115,000sq.ft. facility featuring ISO9000 (quality) and
ISO1401 (environmental) registration.
Trikon has patents and patents pending on Flowfill® and Low K Flowfill(TM) and
related processes and continues to develop low-k chemistries and processes for
advanced applications. Trikon provides a broad line of advanced manufacturing systems
used for three of the major processing steps in the manufacture of a semiconductor
device: chemical vapor deposition (CVD), physical vapor deposition (PVD) and plasma
etch. Products include: Low K Flowfill(TM) for advanced low-k insulator deposition,
Sigma® fxP for advanced metal deposition including barrier layers and M0RI(TM)
high-density plasma etchers.
``Safe Harbor'' Statement Under the Private Securities Litigation Act of 1995: This
news release contains certain forward-looking statements, including, but not limited to,
statements relating to the continued strength in demand for semiconductor production
equipment and the status of Trikon's products and their acceptance in the marketplace.
These forward-looking statements are subject to various risks and uncertainties that
could cause results to differ materially, including, but not limited to, (1) that the
semiconductor industry will experience conditions, such as changes in demand for
various types of semiconductors, that will affect the demand for semiconductor
production equipment and Trikon's products, and (2) that Trikon will not adequately
respond to technological developments impacting the semiconductor industry. These
factors are not intended to represent a complete list of all risks and uncertainties inherent
in the Company's business, and should be read in conjunction with the more detailed
cautionary statements included in the company's SEC reports, including, without
limitation, its annual report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K.
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Trikon Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Revenues:
Product sales $ 25,651 $ 10,813 $ 44,293 $ 19,529
License revenues 350 2,144 350 2,144
26,001 12,957 44,643 21,673
Costs and
expenses:
Cost of
goods sold 14,113 6,625 23,931 12,398
Research and
development 2,316 1,597 4,016 3,194
Selling,
general and 5,802 2,767 10,743 6,630
administrative
22,231 10,989 38,690 22,222
Income
(Loss) from
operations 3,770 1,968 5,953 (549)
Interest
(expense), net (52) (48) (107) (114)
Income (Loss)
before income
tax provision 3,718 1,920 5,846 (663)
Income tax
provision 48 38 277 84
Net income
(loss) $ 3,670 $ 1,882 $ 5,569 $ (747)
Net
income (loss)
applicable $ 3,398 $ 1,262 $ 4,743 $ (1,967)
to common
shares
Earnings
(loss) per
common share
data:
Basic 0.35 0.15 0.52 (0.24)
Diluted 0.33 0.15 0.49 (0.24)
Average
common shares
used in the
calculation:
Basic 9,741 8,253 9,203 8,253
Diluted 10,327 8,405 9,779 8,253
Trikon Technologies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2000 1999
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 4,880 $ 3,927
Accounts receivable, net of reserves 24,924 15,471
Inventories, net of reserves 25,038 19,256
Other current assets 2,927 2,129
Total current assets 57,769 40,783
Property, equipment and
leasehold improvements, net 17,400 15,217
Demonstration systems, net
of accumulated depreciation 1,236 860
Other assets 283 418
Total assets $76,688 $57,278
Liabilities and shareholders' equity
Total current liabilities 29,578 17,412
Convertible subordinated notes 1,505 4,147
Long-term debt, less current portion 3,775 --
Other non-current liabilities 3,871 4,115
Total shareholders equity 37,959 31,604
Total liabilities and shareholders' equity $76,688 $57,278 |
