Wednesday April 17, 7:02 am Eastern Time
Press Release
SOURCE: Ultratech Stepper
Ultratech Stepper Announces First Quarter 2002 Results
SAN JOSE, Calif.--(BUSINESS WIRE)--April 17, 2002--Ultratech Stepper, Inc. (Nasdaq:UTEK - news) today announced unaudited results for the three-month period ended March 31, 2002.
For the first quarter of fiscal 2002, Ultratech reported net sales of $19.8 million compared to $44.2 million during the first quarter of 2001. Ultratech's net loss for the first quarter of 2002 was $2.4 million or $0.11 per share (diluted) compared to net income of $5.6 million or $0.25 (diluted) per share for the same quarter last year.
Arthur W. Zafiropoulo, chairman and chief executive officer, stated, ``Ultratech saw increased quote and order activity during the first quarter, especially in bump processing, one of our targeted markets. We are hearing news of greater fab utilization, however, our customers are still conservative in their capital spending and we believe the industry will continue to be challenged in the near term. Ultratech is focused on prudent financial and operational management, and we are executing on our plan to lower expenses while retaining our long-term focus on advanced product programs.
``We are especially excited about the interest being displayed in our bump processing products. This is the first time in more than 40 years that packaging has used leading edge front-end technology products, driving adoption of this emerging market. Ultratech has approximately 80% market share in gold bump processing, and we believe over 50% market share in solder bump processing. Many of our customers are approaching full capacity and are planning expansions to their facilities. Our combination of leading edge products and prudent management we believe, positions Ultratech to capitalize as the industry recovers,'' Zafiropoulo concluded.
At March 31, 2002, Ultratech Stepper had $163 million in cash, cash equivalents and short-term investments and a current ratio of 4.9:1. Working capital was $163 million and stockholders' equity was $8.57 per share based on 22,548,426 total shares outstanding on March 31, 2002.
Conference Call Information
The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on Wednesday, April 17, 2002. To listen to the call over the Internet or to obtain telephone dial-in information for the call, please go to Ultratech's web site at www.ultratech.com.
If you are unable to attend the live conference call, a replay will be available on Ultratech's web site. If you do not have Internet access a replay of the call will be available by dialing 1-800-642-1687, or 1-706-645-9291 for international participants, and entering access code 3703675.
Profile
Founded in 1979, Ultratech Stepper, Inc. designs, manufactures and markets photolithography equipment used worldwide in the fabrication of semiconductor and nanotechnology devices. The company produces products that are designed to substantially reduce the cost of ownership for manufacturers in the electronics industry. The company's home page on the World Wide Web is located at www.ultratech.com.
Certain of the statements contained herein may be considered forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties, such as cyclicality in the Company's served markets, including the current severe downturn in the semiconductor industry; delays, deferrals and cancellations of orders by customers; expiration of technology support and licensing arrangements, and the resulting adverse impact on the Company's licensing revenues; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; high degree of industry competition; lengthy development cycles for advanced lithography technologies and applications; mix of products sold; lengthy sales cycles, including the timing of system acceptances; inventory obsolescence; asset impairment; manufacturing inefficiencies and the ability to volume produce systems; integration and development of Verdant operations; failure to develop and commercialize the Company's reduction stepper products; the ability and resulting costs to attract or retain sufficient personnel to achieve the Company's targets for a particular period; sole or limited sources of supply; international sales; customer concentration, rapid technological change and the importance of timely product introductions; future acquisitions; changes to financial accounting standards; intellectual property matters; environmental regulations; effects of certain anti-takeover provisions; volatility of stock price; and any adverse effects of the recent terrorist attacks in the United States, or the related US retaliation, on the economy, in general, or on our business in particular. Such risks and uncertainties are described in the Company's filings with the SEC, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2001.
- Tables to Follow -
ULTRATECH STEPPER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Mar. 31, Dec. 31,
(In thousands ) 2002 2001*
ASSETS (Unaudited)
Current assets:
Cash, cash equivalents, and
short-term investments $162,764 $169,154
Accounts receivable 13,721 13,802
Inventories 26,410 26,047
Prepaid expenses and other
current assets 1,924 1,786
Total current assets 204,819 210,789
Equipment and leasehold
improvements, net 23,101 24,619
Intangible assets, net 1,143 1,239
Demonstration inventories, net 3,458 3,684
Other assets 2,496 3,088
Total assets $235,017 $243,419
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,588 $ 9,093
Deferred product and services income 3,778 3,568
Deferred license income 11,246 13,707
Other current liabilities 18,038 21,595
Total current liabilities 41,650 47,963
Other liabilities 163 175
Stockholders' equity 193,204 195,281
Total liabilities and stockholders' equity $235,017 $243,419
Notes:
* The Balance Sheet as of Dec. 31, 2001 has been derived from the
audited financial statements at that date.
ULTRATECH STEPPER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
Mar. 31, Mar. 31,
(In thousands, except per share amounts) 2002 2001
Net sales $ 19,785 $ 44,165
Cost of sales 11,853 22,992
Gross profit 7,932 21,173
Operating expenses:
Research, development, and engineering 5,828 7,391
Amortization of intangible assets 95 496
Selling, general, and administrative 6,081 9,140
Operating income (loss) (4,072) 4,146
Other income, net 1,650 2,126
Income (loss) before tax (2,422) 6,272
Income taxes -- 628
Net income (loss) ($ 2,422) $ 5,644
Earnings per share-basic:
Net income (loss) ($ 0.11) $ 0.26
Number of shares used in per share
calculations-basic 22,485 21,715
Earnings per share-diluted:
Net income (loss) ($ 0.11) $ 0.25
Number of shares used in per share
calculations-diluted 22,485 22,961
Note: The Company's first fiscal quarter ended on March 30, 2002
and March 31, 2001. For convenience of presentation, the Company's
financial statements have been shown as ending on March 31, 2002 and
March 31, 2001.
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Contact:
Ultratech Stepper, Inc.
Bruce Wright, 408/321-8835
Sr. Vice President, Finance/CFO
Laura Rebouche, 408/321-8835
Vice President of Investor Relations and
Corporate Communications
or
Lippert/Heilshorn & Assoc.
Lillian Armstrong, 415/433-3777 (analysts)
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