FREMONT, Calif.--(BUSINESS WIRE)--Jan. 29, 1998--Mattson Technology, Inc. (NASDAQ:MTSN), a leading supplier of advanced process
technology for semiconductor manufacturing, today announced financial results for the quarter and year ended December 31, 1997.
Net sales for the fourth quarter of 1997 were $24.5 million, compared to $14.0 million for the fourth quarter of 1996, an increase of 75 percent. The
Company recorded net income for the fourth quarter of $1.0 million or 7 cents per share, compared to a net loss of $0.4 million or 3 cents per share, for the
fourth quarter of 1996. Fourth quarter bookings were $25.8 million, an increase of 174 percent from the fourth quarter of 1996, and backlog increased 19
percent to $41.5 million, compared to $34.9 million in the fourth quarter of 1996.
Brad Mattson, CEO of Mattson Technology, stated, "1997 has been a difficult year. Although the results for the forth quarter were a significant
improvement from the same quarter a year ago, the results continue to reflect the Company's commitment to invest heavily in its new products." Mr.
Mattson continued, "We feel confident that these are the right investments to best position the Company to take advantage of the market opportunities which
will develop once the Asian financial crisis is resolved and the DRAM market returns to a normal balance."
Quarter-to-quarter net sales increased 8%, up from $22.6 million for the third quarter of 1997. Net income for the fourth quarter of $1.0 million, or 7 cents
per share, represents an increase from net income of $ 0.9 million, or 6 cents per share last quarter. Bookings increased 2 percent, up from $25.2 million in
the third quarter of 1997, resulting in a book-to-bill ratio of 1.05 to 1.0.
Net sales for the year ended December 31, 1997 increased 5 percent to $76.7 million, compared to $73.3 million for the year ended December 31, 1996.
Net income for the year ended December 31, 1997 decreased 78 percent to $1.4 million, or 9 cents per share, compared to $6.5 million, or 42 cents per
share, for the year ended December 31, 1996. In 1997, bookings for the year were $83.3 million, an 18 percent increase from 1996, resulting in a
book-to-bill ratio of approximately 1.1 to 1.0 in 1997.
This Press Release contains forward looking statements regarding, among other matters, the Company's future financial performance. Forward looking
statements address matters which are subject to a number of risks and uncertainties. In addition to the general risks associated with the development of
complex technology, future results of the Company will depend on a variety of factors, including the timing of significant orders, the ability of the Company
to bring new systems to market, the timing of new product releases by the Company's competitors, slowdowns in the semiconductor industry, and other
competitive factors. Reference is made to the Company's filings with the Securities and Exchange Commission for further discussion of risks and
uncertainties regarding the Company's business.
Mattson Technology, Inc. is a multiple product supplier of semiconductor process equipment for photoresist strip, isotropic etch, chemical vapor deposition
and rapid thermal processing. The Company's products combine advanced process technology on a high productivity platform, backed by industry-leading
support. Since beginning operations in 1989, the Company's core vision is to bring dramatic productivity gains to semiconductor manufacturers worldwide.
Headquartered in Fremont, Calif., the Company maintains sales and support centers throughout the United States, Europe, Asia/Pacific and Japan. For
more information, please contact: Mattson Technology, Inc., 3550 W. Warren Avenue, Fremont, Calif., 94538. Tel(510) 657-5900. Fax: (510) 657-0165.
Internet: mattson.com.
MATTSON TECHNOLOGY, INC. INCOME STATEMENT (in thousands, except per share amounts) (unaudited)
Three Months Ended Year Ended Dec. 31 Dec. 31 Sept. 28 Dec. 31 Dec. 31 1997 1996 1997 1997 1996
Net sales $ 24,503 $ 14,009 $ 22,633 $ 76,730 $ 73,260 Cost of sales 11,623 6,914 10,784 37,130 33,231 Gross profit 12,880 7,095 11,849 39,600
40,029
Operating expenses: Research, development & engineering 4,633 3,142 3,899 14,709 11,507 Selling, general & administrative 7,302 5,065 6,884 24,495
20,900 Total operating expenses 11,935 8,207 10,783 39,204 32,407
Income (loss) from operations 945 (1,112) 1,066 396 7,622 Interest and other income (expense), net 288 480 351 1,486 2,027
Income (loss) before income taxes 1,233 (632) 1,417 1,882 9,649 Provision for (benefit from) income taxes 239 (209) 468 451 3,184 Net income (loss) $
994 $ (423) $ 949 $ 1,431 $ 6,465
Net income (loss) per share: Basic $ .07 $ (.03) $ .07 $ .10 $ .46
Diluted $ .07 $ (.03) $ .06 $ .09 $ .42
Weighted average common & common equivalent shares: Basic 14,159 14,155 14,109 14,117 13,997 Diluted 15,278 14,155 15,629 15,311 15,275
MATTSON TECHNOLOGY, INC. BALANCE SHEET (in thousands) (unaudited)
ASSETS
Dec. 31, Dec. 31, 1997 1996
Current assets: Cash and cash equivalents $ 25,583 $ 21,547 Short-term investments 8,598 16,620 Accounts receivable, net 14,784 15,954 Inventories
19,068 12,954 Prepaid expenses and other current assets 5,222 5,079 Total current assets 73,255 72,154 Property and equipment, net 11,188 9,373 Other
assets - 2,962 $ 84,443 $ 84,489
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Accounts payable $ 3,349 $ 1,240 Accrued liabilities 12,910 14,134 Total current liabilities 16,259 15,374
Total shareholders' equity 68,184 69,115 $ 84,443 $ 84,489
CONTACT: Mattson Technology, Inc.
Rich Mora, 510/657-5900 |
