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2012 First Quarter Financial Highlights:
First Quarter 2012 Financial Results
First quarter 2012 net sales of
Total operating expenses were
Net loss for the first quarter of 2012 was
Operating expenses excluding restructuring charges were
Working capital at the end of the first quarter was
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; 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
-------------------------------------------
April 1, December 31, April 3,
2012 2011 2011 (1)
------------- ------------- -------------
Net sales $ 50,504 $ 41,694 $ 47,049
Cost of sales 33,570 27,827 34,168
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Gross profit 16,934 13,867 12,881
------------- ------------- -------------
Operating expenses:
Research, development and
engineering 6,630 6,296 6,515
Selling, general and
administrative 10,867 10,601 11,512
Restructuring charges 720 1,786 (65)
------------- ------------- -------------
Total operating expenses 18,217 18,683 17,962
------------- ------------- -------------
Loss from operations (1,283) (4,816) (5,081)
Interest and other income
(expense), net 413 2,136 (1,527)
------------- ------------- -------------
Loss before income taxes (870) (2,680) (6,608)
Provision for (benefit from)
income taxes 249 1,494 (334)
------------- ------------- -------------
Net loss $ (1,119) $ (4,174) $ (6,274)
============= ============= =============
Net loss per share:
Basic and Diluted $ (0.02) $ (0.07) $ (0.12)
Shares used in computing net
loss per share:
Basic and Diluted 58,420 58,276 50,287
(1) Includes the reclassification of costs related to our spare parts
business from selling, general and administrative expense to cost of sales
as they are more appropriately associated with revenue generating
activities.
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 1, December 31,
2012 2011
(unaudited) (1)
------------- -------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 35,558 $ 31,073
Restricted cash-current 1,877 1,877
Accounts receivable, net 19,870 25,278
Advance billings 4,318 5,071
Inventories 30,816 29,203
Prepaid expenses and other assets 7,005 9,024
------------- -------------
Total current assets 99,444 101,526
Property and equipment, net 10,352 10,552
Other assets 1,611 1,765
------------- -------------
Total assets $ 111,407 $ 113,843
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,331 $ 16,785
Accrued liabilities 15,703 16,447
Deferred revenue 9,582 12,117
------------- -------------
Total current liabilities 43,616 45,349
Income taxes payable, non-current 1,350 1,312
Other liabilities 6,763 7,037
------------- -------------
Total liabilities 51,729 53,698
------------- -------------
Stockholders' equity:
Common stock 63 63
Additional paid-in capital 650,643 650,110
Accumulated other comprehensive income 20,591 20,472
Treasury stock (37,986) (37,986)
Accumulated deficit (573,633) (572,514)
------------- -------------
Total stockholders' equity 59,678 60,145
------------- -------------
Total liabilities and stockholders'
equity $ 111,407 $ 113,843
============= =============
(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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