*AV*--Maybe I wasn't so dumb on UTEK after all.
Thursday April 23, 8:09 am Eastern Time
Company Press Release
Ultratech Stepper Announces First Quarter Results
SAN JOSE, Calif.--(BUSINESS WIRE)--April 23, 1998--Ultratech Stepper, Inc.
(NASDAQ/NM Symbol:UTEK - news) today announced unaudited results for the
three-month period ended March 31, 1998.
Ultratech's net sales for the first quarter ended March 31, 1998 were $27.8 million
versus $38.7 million for the first quarter of 1997. Net income was $361,000 or
$0.02 per share (diluted) for the first quarter of 1998, compared to $4.5 million
or $0.21 (diluted) for the same period of 1997. Last year's first quarter results
included a one-time charge of approximately $3.6 million or $0.12 per share for
in-process research and development associated with the acquisition of the assets
of Lepton Inc. by the company's UltraBeam subsidiary.
Arthur W. Zafiropoulo, Ultratech's Chairman, President and Chief Executive
Officer, stated, ''The semiconductor and storage memory businesses are going through
a difficult period. Demand and capacity issues have created an unfavorable
balance and the Asian crisis is exacerbating this problem. Ultratech's revenue
downturn was primarily attributable to these issues.''
''While our results reflect the difficult environment in which we are operating
today, continued R&D investments are designed to enhance our long-term growth
potential,'' Zafiropoulo continued. ''One of our challenges is to balance
the need for near-term expense controls with long-term investments in our future.
We are maintaining our commitment to research and development, not only for
our advanced technology divisions, UltraBeam and Verdant, but also to ensure our
competitive position in all our product lines.''
At March 31, 1998, Ultratech Stepper had $159 million in cash, cash equivalents
and short-term investments and a current ratio of 8.3:1. Working capital was
$221 million and stockholders' equity was $12.71 per share based on total shares
outstanding on March 31, 1998.
ULTRATECH STEPPER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended
Mar. 31, Mar. 31,
1998 1997
(In thousands, except per share amounts)
Net sales $27,782 $38,733
Cost of sales 15,918 17,700
Gross profit 11,864 21,033
Operating expenses:
Research, development, and
engineering 7,173 6,220
Selling, general, and
administrative 6,476 6,278
Acquired in-process research
and development 0 3,619
Operating income (loss) (1,785) 4,916
Other income 1,676 1,654
Income (loss) before income taxes (109) 6,570
Income taxes (benefit) (470) 2,037
Net income $ 361 $4,533
Net income per share - basic $ 0.02 $ 0.22
Number of shares used in
per share
calculations -basic 20,833 20,371
Net income per share - diluted $ 0.02 $ 0.21
Number of shares used in
per share
calculations -diluted 21,697 21,526
Note:
The Company' first fiscal quarter ended on April 4, 1998 and April
5, 1997. For convenience of presentation, the Company's financial
statements have been shown as ending March 31, 1998 and March 31,
1997.
Andrew |
