Exhibit 99.1
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| For more information contact: |
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| Roger E. Gower, President/C.E.O. | |
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| (651) 697-4000 | |
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| Michelle Sprunck, Investor Relations | |
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| (651) 697-4026 | |
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MCT REPORTS FIRST QUARTER 2006 RESULTS
St. Paul, Minnesota. (April 24, 2006) — Micro Component Technology, Inc. (OTC Bulletin Board: MCTI) today reported results for its first quarter ended April 1, 2006. Net sales for the first quarter 2006 were $2.4 million, an increase of 21% from net sales of $2.0 million for the first quarter 2005 and up 21% from the fourth quarter of 2005. Net loss was $1.1 million, or $0.04 per share in the first quarter 2006, compared to net loss of $1.1 million or $0.04 per share in the comparable prior year period. First quarter loss includes a $414K write-off associated with the Laurus refinancing.
MCT’s President, Chairman and Chief Executive Officer, Roger E. Gower, commented, “It is exciting to have experienced steadily increasing sales over the last four quarters. However, more importantly, in this quarter, our bookings in Tapestryâ Solutions exceeded the total of our system shipments in 2005 as a mix of new and old customers began ordering in multiple quantities. It is obvious that many of our existing customers have experienced major cost savings in their existing installations. Our financial performance displayed strength with gross margins exceeding 50% and the loss from operations of $269K is significantly less than the loss from operations of $816K experienced a year ago in the first quarter of 2005. Our quoting and booking activity continues strong,” 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, SmartSortä, and SmartTrakä, which are 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.
MCT, Inc. (First Quarter 2006) - Page Two
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 a flattening or renewed 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, 2005.
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MCT, Inc. (First Quarter 2006) - Page Three
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
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| Three months ended |
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| April 1, |
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| March 26, |
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| 2006 |
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| 2005 |
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Net sales |
| $ | 2,375 |
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| $ | 1,960 |
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Cost of sales |
| 1,181 |
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| 1,057 |
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Gross profit |
| 1,194 |
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| 903 |
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Gross margin |
| 50.3 | % |
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| 46.1 | % | ||
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Selling, general and administrative |
| 945 |
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| 1,131 |
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Research and development cost |
| 518 |
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| 588 |
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Total operating expenses |
| 1,463 |
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| 1,719 |
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Operating income (loss) |
| (269 | ) |
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| (816 | ) | ||
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Interest and other |
| (814 | ) |
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| (237 | ) | ||
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Net income (loss) |
| $ | (1,083 | ) |
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| $ | (1,053 | ) |
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Net income (loss) per share — basic and diluted |
| $ | (0.04 | ) |
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| $ | (0.04 | ) |
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Weighted average shares outstanding: |
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Basic |
| 27,225 |
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| 25,567 |
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Diluted |
| 27,225 |
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| 25,567 |
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Condensed Consolidated Balance Sheets (Unaudited) |
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(In thousands) |
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| April 1, |
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| Dec. 31, |
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| 2006 |
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| 2005 |
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Assets |
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Current assets |
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Cash and cash equivalents |
| $ | 299 |
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| $ | 77 |
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Accounts receivable, net |
| 2,016 |
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| 1,661 |
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Inventories, net |
| 2,423 |
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| 2,194 |
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Other current assets |
| 147 |
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| 169 |
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Total current assets |
| 4,885 |
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| 4,101 |
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Property, net |
| 130 |
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| 148 |
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Debt issue costs and other, net |
| 391 |
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| 297 |
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Total assets |
| $ | 5,406 |
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| $ | 4,546 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities |
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Accounts payable |
| $ | 783 |
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| $ | 425 |
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Bank line of credit |
| 2,596 |
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| 2,630 |
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Accrued liabilities |
| 1,041 |
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| 1,101 |
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Current portions of long-term obligations |
| 3,862 |
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| 133 |
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Total current liabilities |
| 8,282 |
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| 4,289 |
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Long-term debt |
| 4,242 |
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| 3,683 |
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10% senior subordinated convertible debt |
| — |
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| 3,630 |
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Total stockholders’ deficit |
| (7,118 | ) |
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| (7,056 | ) | ||
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Total liabilities and stockholders’ deficit |
| $ | 5,406 |
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| $ | 4,546 |
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