KALISPELL, MT--(Marketwire - August 4, 2008) - Semitool, Inc. (NASDAQ: SMTL), a leading
manufacturer of wafer processing equipment for the semiconductor industry,
today reported financial results for its third fiscal quarter ended June
30, 2008.
Revenue increased 44 percent to $67.0 million versus revenue of $46.6
million in the third quarter a year ago. Gross margin was 48 percent
versus 47 percent in the comparable year-ago quarter. Net income increased
to $3.4 million, or $0.11 per share, versus breakeven bottom-line results
in last year's third quarter.
Semitool reported its fifth consecutive quarter of increased bookings,
which improved 33 percent to $67.1 million from $50.6 million in the third
quarter last year. Deferred revenue at the end of the third quarter was
$17.8 million and shipping backlog was $74.9 million, combining for a total
revenue backlog of $92.7 million. Product shipments during the third
quarter were $63.8 million.
Larry Murphy, president and chief operating officer, said, "Our strong
third quarter bookings were fueled by additional market share gains in
Korea and China. We booked more Raiders in these regions during Q3 than we
have sold in the last four years combined. The momentum behind our Asian
growth strategy continues to build, as roughly 67 percent of our third
quarter tool bookings came out of the region. Year-to-date bookings to
Asian customers are up 266 percent versus last year."
"Even with the pullback in capital spending among several major device
manufacturers, our year-to-date net tool bookings are up 66 percent versus
the same period in fiscal 2007," Murphy added. "Demand remains especially
strong for wafer-level packaging and copper plating for memory
applications."
Through nine months, revenue increased to $178.5 million from $168.0
million at the nine-month mark last year. Net income was $4.8 million, or
$0.15 per share, versus $6.7 million, or $0.21 per share, in the comparable
year-ago period.
Cash and cash equivalents at June 30, 2008, were $13.9 million. Total
current assets were $196.0 million and working capital was $134.1 million.
Total shareholders' equity was $175.8 million.
Guidance
Management expects fourth quarter revenue to be in a range of $62 million
to $64 million, which would result in full-year revenue of between $240.5
million and $242.5 million. Fourth quarter earnings per share are expected
to range from $0.05 to $0.07, which would result in full-year EPS of
between $0.20 and $0.22. Fourth quarter shipments are expected to be in a
range of $61 million to $62 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
877-356-3834 (706-679-0445 for international callers) and providing the
passcode 56627575. 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 accessible approximately two hours after the call has ended and will be
available until 11:59 p.m. Eastern on August 6, 2008. The replay can be
accessed by dialing 800-642-1687 (706-645-9291 for international callers)
and entering the passcode 56627575.
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 (i) demand for wafer-level
packaging and copper plating for memory applications and (ii) financial
guidance for the fourth quarter and fiscal year ending September 30, 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 OPERATIONS
(Amounts in Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
June 30, June 30,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- ---------- ---------
Net sales $ 66,973 $ 46,606 $ 178,523 $ 168,045
Cost of sales 34,871 24,497 92,177 86,790
--------- --------- ---------- ---------
Gross profit 32,102 22,109 86,346 81,255
--------- --------- ---------- ---------
Operating expenses:
Selling, general and
administrative 19,206 16,050 57,972 54,380
Research and development 7,917 6,518 21,843 20,265
Downsizing costs -- 677 -- 677
Gain on sale of building -- -- -- (648)
--------- --------- ---------- ---------
Total operating expenses 27,123 23,245 79,815 74,674
--------- --------- ---------- ---------
Income (loss) from operations 4,979 (1,136) 6,531 6,581
Other income (expense), net (274) (372) 632 (111)
--------- --------- ---------- ---------
Income (loss) before income tax 4,705 (1,508) 7,163 6,470
Income tax provision (benefit) 1,271 (1,463) 2,360 (248)
--------- --------- ---------- ---------
Net income (loss) $ 3,434 $ (45) $ 4,803 $ 6,718
========= ========= ========== =========
Earnings per share:
Basic $ 0.11 $ 0.00 $ 0.15 $ 0.21
========= ========= ========== =========
Diluted $ 0.11 $ 0.00 $ 0.15 $ 0.21
========= ========= ========== =========
Weighted average common shares:
Basic 32,437 32,074 32,297 32,015
Diluted 32,602 32,074 32,494 32,478
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
June 30, September 30,
2008 2007
------------ ------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 13,899 $ 16,090
Restricted cash 725 --
Marketable securities 380 --
Trade receivables, net 74,558 56,999
Inventories 89,028 78,017
Prepaid expenses and other current assets 17,457 16,875
------------ ------------
Total current assets 196,047 167,981
Property, plant and equipment, net 47,510 49,148
Other assets, net 8,805 9,200
------------ ------------
Total assets $ 252,362 $ 226,329
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 16,348 $ 12,958
Other current liabilities 45,648 31,654
------------ ------------
Total current liabilities 61,996 44,612
Long-term liabilities 14,603 12,864
------------ ------------
Total liabilities 76,599 57,476
------------ ------------
Shareholders' equity:
Common stock 86,591 83,215
Retained earnings 90,262 86,130
Accumulated other comprehensive loss (1,090) (492)
------------ ------------
Total shareholders' equity 175,763 168,853
------------ ------------
Total liabilities and shareholders'
equity $ 252,362 $ 226,329
============ ============
Contact Information: Contacts:
Semitool, Inc.
Larry Viano
Chief Financial Officer
406.752.2107
Pfeiffer High Investor Relations, Inc.
Geoff High
303.393.7044
www.pfeifferhigh.com