<. A Scott Black of Delphi Management mentioned that SVGI's stepper backlog was "firm" on P 31>
Too bad Scott seems to have gotten it all wrong! According to the conference call thats one of the big worries by the wall street "anal ists"... since the Korean "push out" they have very little "actual" backlog. "Mr. T" addressed that as saying that customers are telling the co. that they need the product, they just dont have firm orders yet. At least that was my "take" on it.
Earnings:
< Quarter Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 20, 1998--Silicon Valley
Group, Inc. (NASDAQ:SVGI) today reported sales of $188,707,000 for the
first quarter of fiscal 1998 ended December 31, 1997, which
represented a 47% increase from first quarter fiscal 1997 sales of
$128,022,000 and an 8% increase from fourth quarter fiscal 1997 sales
of $174,243,000.
The Company recorded net income of $12,145,000 or $.37 diluted
earnings per share for the first quarter of fiscal 1998 compared to
net income of $3,584,000 or $.11 diluted earnings per share in the
first quarter of fiscal 1997 and net income of $8,428,000 or $.25
diluted earnings per share in the fourth quarter of fiscal 1997.
The Company received new orders of $175,253,000 for the first
quarter of fiscal 1998 compared to fourth quarter fiscal 1997 bookings
of $213,450,000. During the quarter, orders for 14 Micracsan units
were entered into the Company's backlog which represents product to be
shipped within one year of the acceptance of the order. The Company
ended the quarter with a net backlog of $384,028,000 after
rescheduling $38,000,000 of Asian orders beyond one year from the
order date.
The Company attributed the increase in earnings in the first
quarter of fiscal 1998 compared to the first and fourth quarters of
fiscal 1997 primarily to higher sales in SVG Lithography and Track
offset by lower sales and operating profit in the Thermco division.
"Although the lion's share of SVG's business is concentrated in
the United States and Europe, we are concerned with the recent
developments in Asia, particularly in Korea," said Papken S. Der
Torossian, Chairman and CEO. "SVG remains committed to increase the
production capacity, capability and infrastructure of our lithography
operation. The previously announced acquisition of Tinsley, a
manufacturer of precision optics, will assist in our strategy to
increase our optical capability with respect to both current and
future technologies."
About Silicon Valley Group Inc:
SVG is a leading manufacturer of automated wafer processing
equipment for the worldwide semiconductor industry. The company
designs, manufactures, and markets technically sophisticated equipment
used in the primary stages of semiconductor manufacturing. Its
products include photoresist processing equipment; oxidation,
diffusion and low-pressure chemical vapor deposition processing
systems; and photolithography exposure tools that use step-and-scan
technology; and precision optical components and systems. SVG is
listed on the Nasdaq Stock Market under the symbol SVGI. The company's
World Wide Web address is: www.svg.com .
-0-
*T
SILICON VALLEY GROUP, INC.
CONDENSED INCOME STATEMENTS
(In thousands, except per share amounts)
(Unaudited)
First Quarters Ended December 31,
1997 1996
Net Sales 188,707 128,022
Cost of Sales 114,319 79,268
---------- ---------
Gross Profit 74,388 48,754
Operating Expenses:
Research, development &
related engineering; 21,069 17,674
Marketing, general &
administrative 36,687 28,003
---------- ---------
Operating Income 16,632 3,077
Interest and Other Income - Net 1,308 2,709
Interest Expense (80) (125)
---------- ---------
Income Before Income Taxes
Minority Interest 17,860 5,661
Provision for Income Taxes 5,715 1,883
Minority Interest - 194
---------- ---------
Net Income $12,145 $3,584
Net Income per Share-Basic $0.38 $0.11
Shares Used in Per Share
Computations 32,277 31,201
Net Income per Share-Diluted $0.37 $0.11
Shares Used in Per Share
Computations 33,124 31,747
CONDENSED BALANCE SHEETS (in thousands)
Dec 31, 1997 Sep 30, 1997
(Unaudited)
Assets:
Cash and temporary investments 190,008 206,661
Accounts receivable 158,111 145,794
Inventories 229,055 228,453
Other current/other assets 187,560 175,109
---------- ---------
Total 764,734 756,017
Liabilities and Stockholder' Equity
Current Liabilities 171,060 173,538
Non-current liabilities 10,464 9,388
Stockholders' equity 583,210 573,091
---------- ---------
Total 764,734 756,017
I thought they looked good considering where the stock price is now!
Comments?
DAK |
