ULTRATECH STEPPER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Sept. 30, Dec. 31,
(In thousands ) 2001 2000(a)
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ASSETS (Unaudited)
Current assets:
Cash, cash equivalents, and
short-term investments $176,709 $163,681
Accounts receivable 13,497 23,942
Inventories 28,745 30,262
Prepaid expenses and other
current assets 1,974 3,129
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Total current assets 220,925 221,014
Equipment and leasehold
improvements, net 25,797 28,833
Intangible assets, net 1,334 6,880
Demonstration inventories, net 5,636 6,542
Other assets 2,586 800
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Total assets $256,278 $264,069
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $- $1,152
Accounts payable 7,678 12,228
Deferred product
and services income 3,245 6,728
Deferred license income 16,935 22,369
Other current liabilities 30,486 27,103
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Total current liabilities 58,344 69,580
Other liabilities 188 232
Stockholders' equity 197,746 194,257
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Total liabilities and
stockholders' equity $256,278 $264,069
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Notes:
(a) The Balance Sheet as of Dec. 31, 2000 has been derived from the
audited financial statements at that date. Print
ULTRATECH STEPPER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended Nine Months Ended
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(In thousands, except Sept. 30, Sept. 30, Sept. 30, Sept. 30,
per share amounts) 2001 2000 2001 2000
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Net sales $24,349 $42,216 $109,173 $105,644
Cost of sales 15,912 25,196 61,920 66,928
Cost of discontinued products 10,993 - 10,993 -
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Gross profit (loss) (2,556) 17,020 36,260 38,716
Operating expenses:
Research, development, and
engineering 5,925 6,664 19,746 19,822
Amortization of goodwill 420 495 1,412 1,564
Selling, general, and
administrative 6,792 8,560 23,494 22,274
Restructure of operations 11,988 - 11,988 -
Shut-down of operations - 1,686 - 9,670
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Operating loss (27,681) (385) (20,380) (14,614)
Gain on sale of land - 15,983 - 15,983
Interest and other income, net 1,766 1,906 5,872 5,290
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Income (loss) before tax and
cumulative effect of a change
in accounting principle (25,915) 17,504 (14,508) 6,659
Income taxes 110 2,433 918 2,433
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Income (loss) before
cumulative effect of a
change in accounting
principle (26,025) 15,071 (15,426) 4,226
Cumulative effect on prior
years of the application
of SAB 101 "Revenue
Recognition In Financial
Statements" - - - (18,883)
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Net income (loss) ($26,025) $15,071 ($15,426) ($14,657)
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Earnings per share -- basic:
Income (loss) before
cumulative effect of a
change in accounting
principle ($1.17) $0.71 ($0.70) $0.20
Cumulative effect on prior
years of the application
of SAB 101 "Revenue
Recognition in Financial
Statements" - - - ($0.89)
Net income (loss) ($1.17) $0.71 ($0.70) ($0.69)
Number of shares used in per
share calculations -- basic 22,296 21,093 22,043 21,238
Earnings per share -- diluted:
Income (loss) before
cumulative effect of a
change in accounting
principle ($1.17) $0.70 ($0.70) $0.20
Cumulative effect on prior
years of the application
of SAB 101 "Revenue
Recognition in Financial
Statements" - - - ($0.89)
Net income (loss) ($1.17) $0.70 ($0.70) ($0.69)
Number of shares used in
per share calculations
-- diluted 22,296 21,669 22,043 21,238
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Supplemental disclosure results excluding the gain on sale of land
(net of tax) and special charges for the restructure of operations,
shut-down of operations, cost of discontinued products and the
cumulative effect of the application of SAB 101:
Net income (loss) ($3,044) $3,207 $7,555 $346
Net income (loss) -- basic ($0.14) $0.15 $0.34 $0.02
Number of shares used in per
share calculations -- basic 22,296 21,093 22,043 21,238
Net income (loss) -- diluted ($0.14) $0.15 $0.33 $0.02
Number of shares used
in per share calculations
-- diluted 22,296 21,669 22,899 21,673
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Note:
The Company's second fiscal quarter ended on September 29, 2001 &
September 30, 2000. For convenience of presentation, the Company's
financial statements have been shown as ending on September 30, 2001
and September 30, 2000.
CONTACT: Ultratech Stepper, San Jose
Bruce Wright, 408/321-8835
Sr. Vice President, Finance/CFO
Laura Rebouche, 408/321-8835
Vice President of IR and Corporate Communications
or
Lippert/Heilshorn & Assoc.
Lillian Armstrong, 415/433-3777 (analysts)
Managing Director
ultratechstepper.com |
