KALISPELL, MT--(Marketwire - November 11, 2008) - Semitool, Inc. (
NASDAQ:
SMTL), a leading
manufacturer of wafer processing equipment for the semiconductor industry,
today reported financial results for its fourth quarter and full fiscal
year ended September 30, 2008.
Fourth quarter revenue increased 27 percent to $60.1 million from $47.2
million in last year's fourth quarter. Gross margin was 52 percent
compared with 43 percent in the comparable year-ago quarter. Gross margin
in last year's fourth quarter was impacted by a $3.0 million write off of
inventory.
Net income was $1.2 million, or $0.04 per share, versus a net loss of $1.5
million, or $0.05 per share, in the fourth quarter last year. This year's
fourth quarter earnings were impacted by a $900,000, or $0.02 per share,
non-cash write down on the value of the common stock of Aviza Technology,
Inc., which was received during fiscal 2008 in exchange for certain thermal
assets.
Gross bookings of $50.3 million were impacted by the cancellation of a
large order related to a proposed GaAs fab in China that was halted. Net
bookings were $35.5 million versus $60.2 million in last year's fourth
quarter. Deferred revenue at the end of the fourth quarter was $13.6
million and shipping backlog was $54.5 million, combining for a total
revenue backlog of $68.1 million. Total shipments in the fourth quarter
were $55.9 million.
"Our double-digit revenue and earnings growth during fiscal 2008 was
achieved in spite of the headwinds that have impacted our industry over the
past several quarters," said Larry Murphy, president and chief operating
officer. "In line with the continued reduction in capital spending
throughout our customer base, we have taken action to eliminate
approximately $2.5 million in expenses during the first fiscal quarter of
2009. These cuts will provide approximately $6.0 million in quarterly
savings on an ongoing basis."
"We have maintained a strong working capital position and continue to
expand our presence within many of the world's leading device
manufacturers," Murphy added. "We are focused on a number of growth
opportunities, and recently received purchase orders from two different
memory manufacturers employing our new Thru-Silicon-Via technologies. We
also have shipped a development tool to a major logic manufacturer that is
evaluating the Raider for front-end-of-line cleaning applications. In
addition, a long-standing key customer is expected to commence work on its
new foundry company in early 2009, and we anticipate significant
participation in this new business opportunity. We believe Semitool is
well positioned to weather current industry conditions and capture
additional market share as spending levels improve."
Full year results
For the full fiscal year, revenue was $238.6 million up 11 percent from
$215.2 million in fiscal 2007. Net income increased 15 percent to $6.0
million, or $0.19 per share, versus net income of $5.2 million, or $0.16
per share, last year.
At September 30, 2008, Semitool had cash and cash equivalents of $12.8
million, working capital of $135.5 million and total shareholders' equity
of $178.4 million. Since the close of its fiscal year, the Company has
collected a significant portion of its year-end receivables, which has
increased Semitool's cash balance to approximately $22 million as of today.
Guidance
Management expects to report revenue for the first quarter of fiscal 2009
in the range of $42 million to $47 million. First quarter loss per share
is expected to range from $0.04 to $0.07. Shipments for the quarter are
expected to range from $52 million to $54 million. Full year revenue for
fiscal 2009 is expected to range from $170 million to $220 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 68997990. 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 Nov. 13, 2008. The replay can be
accessed by dialing 800-642-1687 (706-645-9291 for international callers)
and entering the passcode 68997990.
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) cost savings projections,
(ii) market share and growth opportunities, (iii) expectations of greater
capital spending by a certain key customer and our deriving sales from this
spending, (iv) the Company's ability to weather current industry conditions
and (v) financial guidance for the first quarter and fiscal year ending
September 30, 2009. 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
these forward-looking statements and forecasted financial performance,
including the recent worldwide economic turmoil, cancellations and
push-outs, customers' on-site acceptance of our products, unanticipated
costs (including restructuring 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 Fiscal Year Ended
September 30, September 30,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Net sales $ 60,081 $ 47,175 $ 238,604 $ 215,220
Cost of sales 29,032 26,939 121,209 113,729
--------- --------- --------- ---------
Gross profit 31,049 20,236 117,395 101,491
--------- --------- --------- ---------
Operating expenses:
Selling, general and
administrative 18,957 17,369 76,929 71,749
Research and development 8,597 6,815 30,440 27,080
Downsizing costs -- -- -- 677
Gain on sale of building -- -- -- (648)
--------- --------- --------- ---------
Total operating expenses 27,554 24,184 107,369 98,858
--------- --------- --------- ---------
Income (loss) from operations 3,495 (3,948) 10,026 2,633
Other income (expense), net (1,675) 817 (1,043) 706
--------- --------- --------- ---------
Income (loss) before income tax 1,820 (3,131) 8,983 3,339
Income tax provision (benefit) 586 (1,644) 2,946 (1,892)
--------- --------- --------- ---------
Net income (loss) $ 1,234 $ (1,487) $ 6,037 $ 5,231
========= ========= ========= =========
Earnings (loss) per share:
Basic $ 0.04 $ (0.05) $ 0.19 $ 0.16
========= ========= ========= =========
Diluted $ 0.04 $ (0.05) $ 0.19 $ 0.16
========= ========= ========= =========
Weighted average common shares:
Basic 32,494 32,089 32,347 32,034
Diluted 32,652 32,089 32,534 32,450
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
September 30, September 30,
2008 2007
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 12,821 $ 16,090
Trade receivables, net 73,695 56,999
Inventories 88,773 78,017
Prepaid expenses and other current assets 19,018 16,875
------------- -------------
Total current assets 194,307 167,981
Property, plant and equipment, net 49,909 49,148
Other assets, net 8,596 9,200
------------- -------------
Total assets $ 252,812 $ 226,329
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 19,007 $ 12,958
Other current liabilities 39,785 31,654
------------- -------------
Total current liabilities 58,792 44,612
Long-term liabilities 15,663 12,864
------------- -------------
Total liabilities 74,455 57,476
------------- -------------
Shareholders' equity:
Common stock 87,293 83,215
Retained earnings 91,496 86,130
Accumulated other comprehensive loss (432) (492)
------------- -------------
Total shareholders' equity 178,357 168,853
------------- -------------
Total liabilities and shareholders'
equity $ 252,812 $ 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