Exhibit 99.1
| For more information contact: |
| Roger E. Gower, President/C.E.O. |
| (651) 697-4000 |
| Michelle Sprunck, Investor Relations |
| (651) 697-4026 |
MCT REPORTS FIRST QUARTER 2003 RESULTS
St. Paul, Minnesota. (April 30, 2003) — Micro Component Technology, Inc. (OTC Bulletin Board: MCTI) today reported results for its first quarter ended March 29, 2003. Net sales for the first quarter 2003 were $2.2 million, a decrease of 36% from sales of $3.5 million for the first quarter 2002. The net loss was $1.5 million, or $0.10 per share in the first quarter 2003, compared to $2.9 million or $0.20 in the comparable prior year period.
MCT’s President, Chairman and Chief Executive Officer, Roger E. Gower, commented, “We were pleased to see the impact of the significant reduction in our expenses during the quarter as our losses were reduced by approximately 50% compared to the first quarter in 2002. In addition, we expect to realize further reductions from actions taken in the first quarter, which included further work force reductions, associated with the completion of the transfer of our manufacturing operations to Malaysia. “
“Our customers continue to experience significant cost improvements through the use of our Tapestryâ products and the subsequent removal of their previous handlers. We certainly look forward to a market upturn and believe that our leadership position in strip handling solutions provides us with an excellent platform for revenue and earnings growth as the upturn occurs in the future. Although there are some indications of improvement in the market conditions this quarter, we will, in the short term, continue to diligently examine all opportunities for cost reduction and obtaining additional financing,” concluded Gower.
MCT is a leading manufacturer of test handling and automation solutions satisfying the complete range of handling requirements of the global semiconductor industry. MCT has recently introduced several new products under its Smart Solutionsä line of automation products, including Tapestryâ, SmartMarkä, and SmartSortä, designed to automate the back-end of the semiconductor manufacturing process. MCT believes it has the largest installed IC test handler base of any manufacturer, with over 11,000 units worldwide. MCT is headquartered in St. Paul, Minnesota, with its core manufacturing operation in Penang, Malaysia. MCT is traded on the OTC Bulletin Board under the symbol MCTI.
For more information on the Company, visit its web site at http://www.mct.com
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the timely development and acceptance of new products, the impact of competitive products and pricing, the impact on cash and results of operations from the continued downturn in the semiconductor capital equipment market, the need for additional financing, and the other factors detailed from time to time in the Company’s SEC reports, including but not limited to the discussion in the Risk Factors and Management’s Discussion & Analysis included in Form 10-K for the year ended December 31, 2002.
# # #
2
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
|
| Three months ended |
| ||||
|
| March 29, |
| March 30, |
| ||
|
|
|
|
|
| ||
Net sales | $ | 2,200 | $ | 3,463 | |||
Cost of sales |
| 1,476 |
| 2,187 |
| ||
Gross profit | 724 | 1,276 | |||||
Gross margin |
| 32.9 | % | 36.8 | % | ||
|
|
|
|
|
| ||
Selling, general and administrative |
| 1,333 |
| 2,266 |
| ||
Research and development cost |
| 734 |
| 1,306 |
| ||
Restructuring charge |
| 19 |
| 323 |
| ||
Total operating expenses |
| 2,086 |
| 3,895 |
| ||
|
|
|
|
|
| ||
Operating loss |
| (1,362 | ) | (2,619 | ) | ||
|
|
|
|
|
| ||
Interest and other |
| (129 | ) | (248 | ) | ||
|
|
|
|
|
| ||
Net loss |
| $ | (1,491 | ) | $ | (2,867 | ) |
|
|
|
|
|
| ||
Net loss per share – basic and diluted |
| $ | (0.10 | ) | $ | (0.20 | ) |
|
|
|
|
|
| ||
Weighted average shares outstanding, basic and diluted |
| 14,871 |
| 14,077 |
|
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
|
| March 29, |
| Dec. 31, |
| ||
Assets |
|
|
|
|
| ||
Current assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 363 |
| $ | 1,560 |
|
Accounts receivable, net |
| 2,211 |
| 786 |
| ||
Inventories, net |
| 3,813 |
| 3,850 |
| ||
Other current assets |
| 261 |
| 212 |
| ||
Total current assets |
| 6,648 |
| 6,408 |
| ||
|
|
|
|
|
| ||
Property, net |
| 491 |
| 605 |
| ||
|
|
|
|
|
| ||
Debt issue costs and other, net |
| 691 |
| 740 |
| ||
|
|
|
|
|
| ||
Total assets |
| $ | 7,830 |
| $ | 7,753 |
|
|
|
|
|
|
| ||
Liabilities and Stockholders’ Deficit |
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Accounts payable |
| $ | 1,655 |
| $ | 1,010 |
|
Accrued liabilities |
| 1,985 |
| 2,266 |
| ||
Deferred revenue in excess of costs incurred |
| 214 |
| 48 |
| ||
Accrued restructuring costs |
| 99 |
| 194 |
| ||
Current portion long-term debt |
| 18 |
| 29 |
| ||
Total current liabilities |
| 3,971 |
| 3,547 |
| ||
|
|
|
|
|
| ||
10% senior subordinated convertible debt |
| 10,000 |
| 10,000 |
| ||
|
|
|
|
|
| ||
Total stockholders’ deficit |
| (6,141 | ) | (5,794 | ) | ||
|
|
|
|
|
| ||
Total liabilities and stockholders’ deficit |
| $ | 7,830 |
| $ | 7,753 |
|
3