KALISPELL, MT--(Marketwire - April 24, 2008) - Semitool, Inc. (
NASDAQ:
SMTL), a leading
manufacturer of wafer processing equipment for the semiconductor industry,
today reported financial results for its second fiscal quarter ended March
31, 2008.
Second quarter revenue increased 18 percent to $63.0 million versus revenue
of $53.5 million in the second quarter a year ago. Gross margin was 48
percent versus 49 percent in the comparable year-ago quarter. Net income
doubled to $2.1 million, or $0.07 per share, versus $1.1 million, or $0.03
per share, in last year's second quarter.
Bookings, which increased for the fourth consecutive quarter, were $66.2
million, up 75 percent from $37.8 million in the second quarter a year ago.
Deferred revenue at the end of the quarter was $21.2 million and shipping
backlog was $71.6 million, combining for a total revenue backlog of $92.8
million. Product shipments during the second quarter, which included 20
Raider tools, were $66.8 million, above management's prior forecast range
of $60 million to $62 million.
Larry Murphy, president and chief operating officer, said, "Fifty-nine
percent of our bookings during the first half of the year came from Asia,
and market share gains in Japan and Korea are just beginning. We recently
shipped our second and third Raiders to a Korean device manufacturer that
ranks as one of the largest capital spenders in our industry. Follow-on
orders from this manufacturer have been received, and we are optimistic
about what this and other new customer relationships represent to
Semitool."
Through the first six months of fiscal 2008, revenue was $111.6 million
versus revenue of $121.4 million in the same period a year ago. Net income
was $1.4 million, or $0.04 per share, versus $6.8 million, or $0.21 per
share, at the six-month mark last year.
Cash, cash equivalents and marketable securities were $13.0 million at the
end of the second quarter, while total current assets were $200.2 million
and working capital was $129.1 million. Total shareholders' equity was
$171.2 million.
Guidance
Management expects third quarter revenue to be in the range of $64 million
to $67 million, and third quarter earnings per share are expected to be
between $0.09 and $0.11. Third quarter shipments are expected to be in a
range of $65 million to $68 million. Management reaffirmed its prior
full-year revenue forecast of between $230 million and $250 million.
Conference Call Information
Semitool will host an investor conference call and simultaneous webcast
today at 5:00 p.m. Eastern. The call can be accessed by dialing
888-680-0878 (617-213-4855 for international callers) and entering the
passcode 71349442. The webcast will be available via the Internet at
www.semitool.com. Webcast participants should access the website at least
10 minutes early to register and download any necessary audio software. A
replay of the webcast will be available for 90 days. An audio replay will
be available until 11:59 p.m. Eastern on April 26, 2008, and can be
accessed by calling 888-286-8010 (617-801-6888 for international callers)
and entering the passcode 86370009.
About Semitool, Inc.
Semitool designs, manufactures and supports highly engineered,
multi-chamber single-wafer and batch wet chemical processing equipment used
in the fabrication of semiconductor devices. The company's primary suites
of equipment include electrochemical deposition systems for electroplating
copper, gold, solder and other metals; surface preparation systems for
cleaning, stripping and etching silicon wafers; and wafer transport
container cleaning systems. The company's equipment is used in
semiconductor fabrication front-end and back-end processes, including
wafer-level packaging.
Headquartered in Kalispell, Montana, Semitool maintains sales and support
centers in the United States, Europe and Asia. The company's stock trades
on Nasdaq under the symbol SMTL. For more information, please visit the
company's website at
www.semitool.com.
Semitool is a registered trademark of Semitool, Inc.
Safe Harbor Statement
The matters discussed in this news release include forward-looking
statements, including statements related to our market share gains and
follow-on orders in the Asian market and financial guidance for the third
quarter of fiscal 2008. Also, bookings, deferred revenue, shipping
backlog, revenue backlog and product shipments are not necessarily an
indication of revenue in any future period. These forward-looking
statements are based on management's assumptions, estimates and projections
as of the date hereof and are subject to risks and uncertainties that are
discussed in our filings with the U.S. Securities and Exchange Commission
(SEC), including our Annual Report on Form
10-K for the fiscal year ended September 30, 2007 and subsequent filings
with the SEC. Many factors can adversely affect forecasted financial
performance, including cancellations and push-outs, customers' on-site
acceptance of our products, unanticipated costs, as well as a number of
other risk factors described in our Form 10-K. Our business in general is
subject to risks that can cause actual results to differ materially from
those anticipated in our forward-looking statements, including, without
limitation, demand being adversely affected by the cyclicality in the
semiconductor industry, delays in acceptance and payment for shipped tools,
the company's ability to timely deliver and support its products,
technological changes that affect our ability to compete, the risks
associated with competing on a global basis and possible volatility in key
markets, including Asia. We assume no obligation to update forward-looking
statements that become untrue because of subsequent events.
SEMITOOL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
March 31, March 31,
-------------------- --------------------
2008 2007 2008 2007
---------- --------- ---------- ---------
Net sales $ 62,958 $ 53,474 $ 111,550 $ 121,439
Cost of sales 32,886 27,093 57,306 62,293
---------- --------- ---------- ---------
Gross profit 30,072 26,381 54,244 59,146
---------- --------- ---------- ---------
Operating expenses:
Selling, general and
administrative 20,070 18,721 38,766 38,330
Research and development 6,947 7,266 13,926 13,747
Gain on sale of building -- -- -- (648)
---------- --------- ---------- ---------
Total operating expenses 27,017 25,987 52,692 51,429
---------- --------- ---------- ---------
Income from operations 3,055 394 1,552 7,717
Other income, net 459 6 906 261
---------- --------- ---------- ---------
Income before income tax 3,514 400 2,458 7,978
Income tax provision (benefit) 1,369 (670) 1,089 1,215
---------- --------- ---------- ---------
Net income $ 2,145 $ 1,070 $ 1,369 $ 6,763
========== ========= ========== =========
Earnings per share:
Basic $ 0.07 $ 0.03 $ 0.04 $ 0.21
========== ========= ========== =========
Diluted $ 0.07 $ 0.03 $ 0.04 $ 0.21
========== ========= ========== =========
Weighted average common shares:
Basic 32,300 32,016 32,227 31,985
Diluted 32,481 32,539 32,445 32,510
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
March 31, September 30,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 12,589 $ 16,090
Marketable securities 380 --
Trade receivables, net 83,323 56,999
Inventories 87,044 78,017
Prepaid expenses and other current assets 16,883 16,875
------------ ------------
Total current assets 200,219 167,981
Property, plant and equipment, net 48,260 49,148
Other assets, net 8,917 9,200
------------ ------------
Total assets $ 257,396 $ 226,329
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 20,286 $ 12,958
Other current liabilities 50,812 31,654
------------ ------------
Total current liabilities 71,098 44,612
Long-term liabilities 15,055 12,864
------------ ------------
Total liabilities 86,153 57,476
------------ ------------
Shareholders' equity:
Common stock 85,763 83,215
Retained earnings 86,828 86,130
Accumulated other comprehensive loss (1,348) (492)
------------ ------------
Total shareholders' equity 171,243 168,853
------------ ------------
Total liabilities and shareholders'
equity $ 257,396 $ 226,329
============ ============
Contact Information: Contacts:
Semitool, Inc.
Larry Viano
Chief Financial Officer
406.752.2107
www.pfeifferhigh.com
Pfeiffer High Investor Relations, Inc.
Geoff High
303.393.7044