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Business Highlights:
"We solidified our new product positions in 2011," noted
"In 2011, we made great strides in our strategic plan to expand RTP into the logic/foundry market. Our Millios™ has become the process tool of choice at advanced nodes at three major foundry/logic customers, and our Helios® XP exited 2011 with full production acceptance at three major foundry customers. While 2011 primarily remained an investment year for
Fourth Quarter and 2011 Financial Results
Working capital at the end of the fourth quarter was
Fourth quarter net sales of
The sequential decline in operating expenses and the restructuring charges incurred during the fourth quarter were in connection with the Company's cost reduction program. The restructuring charges represented costs incurred to amend a facility lease to reduce the overall commitment by
Net loss for the fourth quarter was
For the year 2011, net sales of
Net loss for the year was
Attached to this news release are unaudited condensed consolidated statements of operations and balance sheets. The Company noted that certain prior period amounts have been reclassified to conform to the reporting in the current period financial statements. Specifically, in the fourth quarter of 2010, the twelve months ended
Conference Call
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements regarding the Company's future prospects and plans, including, but not limited to: potential future net sales, profit, cash flow, cash position and other financial results, future customer demand and industry and economic conditions, Company strategies and the market opportunity and acceptance of Company products in various customer markets. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: Company expectations with respect to continued growth of its business; growth of the industry and the size of the Company's served available market; the timing of significant customer orders for the Company's products; customer acceptance of delivered products and the Company's ability to
collect amounts due upon shipment and upon acceptance; the Company's cash position overall, especially as a result of payments made for inventory and the related collections upon shipment of such inventory; end-user demand for semiconductors, including the growing mobility electronics industry; customer demand for semiconductor manufacturing equipment, including as a result of Greenfield fab plans; the Company's ability to timely manufacture, deliver and support ordered products; the Company's ability to bring new products to market, to gain market share with such products and the overall mix of the Company's products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company's competitors; the Company's ability to align its cost structure with market conditions; and other
risks and uncertainties described in the Company's Forms 10-K, 10-Q and other filings with the
About
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
-------------------------- --------------------------
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
------------ ------------ ------------ ------------
Net sales $ 41,694 $ 41,259 $ 184,947 $ 138,336
Cost of sales 27,827 30,153 128,699 98,952
------------ ------------ ------------ ------------
Gross profit 13,867 11,106 56,248 39,384
------------ ------------ ------------ ------------
Operating expenses:
Research,
development and
engineering 6,296 7,391 26,189 27,791
Selling, general
and
administrative 10,601 11,345 44,720 44,902
Restructuring
charges 1,786 (50) 1,889 (114)
------------ ------------ ------------ ------------
Total operating
expenses 18,683 18,686 72,798 72,579
------------ ------------ ------------ ------------
Loss from operations (4,816) (7,580) (16,550) (33,195)
Interest and other
income (expense),
net 2,136 (343) 270 113
------------ ------------ ------------ ------------
Loss before income
taxes (2,680) (7,923) (16,280) (33,082)
Provision for
(benefit from)
income taxes 1,494 (22) 1,670 321
------------ ------------ ------------ ------------
Net loss $ (4,174) $ (7,901) $ (17,950) $ (33,403)
============ ============ ============ ============
Net loss per share:
Basic and
Diluted $ (0.07) $ (0.16) $ (0.32) $ (0.67)
Shares used in
computing net loss
per share:
Basic and
Diluted 58,276 50,153 55,299 50,073
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2011 2010
(unaudited) (1)
---------------- ----------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 31,073 $ 19,014
Restricted cash 1,877 4,026
Accounts receivable, net 25,278 24,127
Advance billings 5,071 3,177
Inventories 29,203 34,673
Prepaid expenses and other assets 9,024 5,770
---------------- ----------------
Total current assets 101,526 90,787
Property and equipment, net 10,552 15,011
Other assets 1,765 5,826
---------------- ----------------
Total assets $ 113,843 $ 111,624
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,785 $ 20,860
Accrued liabilities 16,447 13,452
Deferred revenue 12,117 5,349
---------------- ----------------
Total current liabilities 45,349 39,661
Income taxes payable, non-current 1,312 4,287
Other liabilities 7,037 5,021
---------------- ----------------
Total liabilities 53,698 48,969
---------------- ----------------
Stockholders' equity:
Common stock 62 54
Additional paid-in capital 650,111 634,944
Accumulated other comprehensive income 20,472 20,207
Treasury stock (37,986) (37,986)
Accumulated deficit (572,514) (554,564)
---------------- ----------------
Total stockholders' equity 60,145 62,655
---------------- ----------------
Total liabilities and
stockholders' equity $ 113,843 $ 111,624
================ ================
(1) Derived from audited financial statements
Mattson Technology ContactJ. Michael Dodson Chief Financial OfficerMattson Technology, Inc. tel 510-657-5900 fax 510-492-5963 Investor & Media ContactLaura Guerrant-Oiye PrincipalGuerrant Associates tel 808-882-1467 lguerrant@guerrantir.com
Source:
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