people have to be a little careful with these "upgrades" before the warnings are thru ...these analysts have a way of jumping the gun .....but the thing
sure did trade today, nice small float
...was very boppable
PHTN's last report was "cautious " then , that bookings
had hit bottom , but we are still finding out
that was not
true
biz.yahoo.com
have to watch tomorrow...hmmmm that link no work , OK
I'll post it then ...they have some cash :
Photon Dynamics Reports Second Quarter Results
SAN JOSE, Calif., April 18 /PRNewswire/ -- Photon Dynamics, Inc. (Nasdaq: PHTN - news), a leading supplier of integrated yield management solutions for the display, electronics and other selected markets, today reported financial results for the second quarter of fiscal 2001. The results of prior periods have been restated to include the financial statements of Image Processing Systems Inc. (IPS), which was acquired in December 2000 in a transaction accounted for as a pooling of interests.
Revenue for the second quarter of fiscal 2001 decreased 10 percent to $21.2 million compared to $23.6 million, as restated, for the second quarter of fiscal 2000. Net income for the current quarter was $1.8 million, or $0.13 per diluted share, compared to net income of $3.3 million, or $0.25 per diluted share, as restated, for the same quarter a year ago.
For the first six months of fiscal 2001, revenue increased 17 percent to $50.4 million compared to $43.1 million, as restated, for the comparable period of fiscal 2000. Net income for the first six months of fiscal 2001 was $6.9 million, or $0.51 per diluted share, compared to net income of $5.7 million, or $0.46 per diluted share, as restated, for the same period a year ago, excluding non-recurring acquisition expenses in both periods. Including the effect of non-recurring acquisition expenses, net income for the first six months of fiscal 2001 was $4.6 million, or $0.34 per diluted share, compared to net income of $4.9 million, or $0.40 per diluted share for the same period a year ago.
``The cautious spending and delayed investments due to the economic downturn have resulted in what we believe to be the bottom of bookings for fiscal 2001,'' stated Mr. Vincent Sollitto, president and CEO of Photon Dynamics, Inc.
``Bookings for the second quarter of fiscal 2001 declined to $5 million, and as a result, the company posted a backlog of $32 million. Nevertheless, we remain optimistic about the long-term prospects of the display and electronics industries and hence will continue to invest in R&D accordingly,'' added Mr. Sollitto.
The company was cash flow positive for the quarter due to operating activities. The balance sheet as of March 31, 2001, reflects $101 million in cash and related investments, after the purchase of a new 22,000-square-foot corporate headquarters and training facility. ``The formal training and demo facility will be used to train both customers and employees on leading-edge yield management techniques across all of our product lines. This purchase reinforces our commitment to expand our infrastructure and support our worldwide customer base,'' concluded Mr. Sollitto.
Photon Dynamics will be presenting in New York City at the Display Industry Investors Conference on April 24; Merrill Lynch Conference on May 4; CIBC World Markets Conference on May 15, and exhibiting its products at Semicon Singapore on May 8 in Singapore; Nepcon East on May 15 in Boston, Mass.; SID on June 3 in San Jose, Calif.; and FPD Expo on June 20 in Taiwan.
Earnings Conference Call
A conference call is scheduled for 1:30 p.m. PDT, April 18, 2001. The dial-in number for the conference call is (800) 982-3654 or (703) 871-3021. A replay of the call will be available on the company's website and by phone for ten days at (888) 266-2081 or (703) 925-2533. The confirmation code for both calls is 5-101-727. For future earnings announcements and conference call information, please refer to our website regularly.
About Photon Dynamics Inc.
Photon Dynamics is a leading global supplier of integrated yield management solutions for the display, electronics and other selected markets. Founded in 1986, the company currently has approximately 340 employees with Corporate headquarters in San Jose, Calif., sales offices and customer support services in Aliso Viejo and San Jose, Calif.; Beijing, China; Eindhoven, The Netherlands; Hsinchu and Taipei, Taiwan; Markham, Ontario, Canada; Seoul, Korea; and Tokyo, Japan. For more information about Photon Dynamics, visit the company's web site at www.photondynamics.com.
Safe Harbor Statement
To the extent that any of the statements contained herein are forward- looking, such statements are based on current expectations only on the date of this press release and involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks related to the growth in the flat panel display (FPD), electronics, glass, and cathode ray tube (CRT) markets, market acceptance of the company's products, the development of new products, the enhancement of existing products, manufacturing delays, dependence on principal customers, competitive pricing pressures, product volume and mix, global economic conditions, and in particular, economic conditions in Asia, dependence on international operations, availability of key components, timing of orders received, fluctuations in foreign exchange rates, and the introduction of competing products having technological and/or pricing advantages. As a result, Photon Dynamics' and the combined company's operating results may fluctuate, especially when measured on a quarterly basis, and actual results may differ substantially from expectations. For further information, refer to Photon Dynamics' most recent reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q, S-3, and 8-K. Photon Dynamics undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
(Financial Tables Follow)
Photon Dynamics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, September 30,
2001 2000
Assets
Current assets:
Cash, cash equivalents and investments $100,887 $102,726
Accounts receivable, net 24,472 24,828
Inventories 14,937 16,523
Other current assets 1,514 2,510
Total current assets 141,810 146,587
Land, property and equipment, net 12,931 4,111
Other assets 2,179 2,056
Total assets $156,920 $152,754
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $7,311 $6,622
Other current liabilities 11,706 12,039
Deferred revenue and customer deposits 708 1,884
Total current liabilities 19,725 20,545
Other liabilities 382 409
Shareholders' equity:
Common stock 160,433 159,723
Accumulated deficit (23,338) (27,926)
Accumulated other comprehensive income (282) 3
Total shareholders' equity 136,813 131,800
Total liabilities and shareholders' equity $156,920 $152,754
Photon Dynamics, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
2001 2000 2001 2000
Revenue $21,157 $23,610 $ 50,439 $43,093
Cost of revenue 11,774 13,330 27,564 23,490
Gross margin 9,383 10,280 22,875 19,603
Operating expenses:
Research and development 4,636 3,044 9,135 5,786
Selling, general
and administrative 4,381 4,154 9,375 7,872
Non-recurring acquisition
charges -- -- 2,325 860
Total operating expenses 9,017 7,198 20,835 14,518
Income from operations 366 3,082 2,040 5,085
Interest income 1,580 918 3,327 1,034
Interest expense and other (3) 1 (70) (114)
Income before income taxes 1,943 4,001 5,297 6,005
Provision for income taxes 191 730 709 1,120
Net income $1,752 $3,271 $4,588 $ 4,885
Basic earnings per share $0.14 $0.28 $0 .35 $ 0.44
Diluted earnings per share $0.13 $0.25 $0 .34 $ 0.40
Shares used in computing
basic earnings per share 12,972 11,646 12,968 11,095
Shares used in computing
diluted earnings per share 13,659 13,054 13,669 12,361 |
