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Technology Stocks : Mattson Technology -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (3632)	4/22/2005 1:53:52 PM
From: The Ox	Read Replies (1) \| Respond to of 3661

Earnings: Net sales for the current quarter were $55.1 million, down 22.9 percent from $71.4 million for the previous quarter, and up 3.7 percent from $53.1 million in the first quarter of 2004. Net sales for the first quarters of both 2005 and 2004 included royalties of $3.2 million related to the settlement of the patent infringement suit with Dainippon Screen Manufacturing Co., Ltd. ("DNS"). Net income for the current quarter was $1.0 million or $0.02 per diluted share, compared with $15.7 million or $0.30 per share for the previous quarter, and $3.3 million or $0.07 per share for the first quarter of 2004. Gross margin for the current quarter was 40.5 percent, down 3.7 percentage points from 44.2 percent for previous quarter, and down 1.7 percentage points from 42.2 percent for the first quarter of 2004. Operating expenses for the current quarter decreased to $21.0 million from $23.4 million for the previous quarter as a result of improved expense management. Operating expenses for the current quarter were $2.8 million higher than the $18.2 million reported for the first quarter of 2004 as that quarter included a non-recurring expense reimbursement of $1.2 million for an R&D project. Operating expenses as a percentage of net sales were 38.1 percent for the current quarter, compared with 32.8 percent for the previous quarter and 34.2 percent in the first quarter of 2004. Shipments for the current quarter were $52.3 million, down 27.1 percent from $71.7 million for the previous quarter, and up 1.2 percent from $51.7 million for the first quarter of 2004. Net bookings for the current quarter were $41.4 million, down 28.1 percent from $57.6 million for the previous quarter, and down 29.5 percent from $58.7 million for the first quarter of 2004. Net bookings in the current quarter resulted in a book-to-bill ratio of 0.79 to 1. Deferred revenues (which represents unrecognized revenues and pre- paid royalties received from DNS) were $28.0 million at the end of the current quarter compared with $30.3 million at the end of the previous quarter, and $43.6 million at the end of the first quarter of 2004. Cash, cash equivalents, short-term investments and restricted cash at the end of the current quarter were $83.8 million, down $8.9 million from $92.7 million at the end of the prior quarter, and down $19.8 million from $103.6 million at the end of the first quarter of 2004. "This quarter marks the first in the company's history in which we maintained profitability despite a decrease in revenue from the previous quarter," said David L. Dutton, president and chief executive officer of Mattson Technology. "This validates that we are successfully leveraging our Cyclically Flexible Enterprise business model to generate shareholder value through changing industry cycles." "Our continued investments in technology have resulted in share gains in both of our key market segments. We achieved the number one position in the dry strip market in 2004, with a 34.3 percent market share and were the second largest RTP supplier with a 16.7 percent market share, according to a recent industry research report. With our leading technology and market share positions, best-of-breed products and growing loyal customer base, we believe that we are well-positioned for future growth and are optimistic about Mattson's prospects for the rest of 2005," Dutton concluded. Attached to this news release are preliminary unaudited condensed consolidated statements of operations and balance sheets. Forward-Looking Guidance: New order bookings in the second quarter of 2005 are expected to range between $37 million and $42 million. Second quarter 2005 revenues are expected to range between $53 million and $57 million. Gross margin in the second quarter is expected to be in the range of approximately 40 percent to 45 percent.