News Release
Mattson Technology Contact | Investor & Media Contact |
Andy Moring | Laura Guerrant-Oiye |
Mattson Technology, Inc. | Guerrant Associates |
tel 510-657-5900 | tel 808-882-1467 |
fax 510-492-5963 | lguerrant@guerrantir.com |
andy.moring@mattson.com | |
MATTSON TECHNOLOGY, INC. REPORTS RESULTS
FOR THE THIRD QUARTER 2010
FREMONT, Calif. - October 20, 2010 - Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the third quarter ended September 26, 2010.
Recent Business Highlights:
- Revenues increased sequentially 24 percent over the second quarter of 2010
- Cash, cash equivalents and short-term investments grew from the second quarter
- Rapid Thermal Process (RTP) shipments made to a foundry customer and continued etch shipments underscore the Company's growth strategy
Third Quarter 2010 Financial Results
Net sales for the third quarter were $39.8 million, compared with $32.1 million in the second quarter. Gross margin for the third quarter was $14.5 million or 37 percent, compared with $9.9 million or 31 percent for the second quarter.
Operating expenses for the third quarter were $19.5 million, virtually flat compared with the second quarter.
Net loss for the third quarter was $6.4 million, or $0.13 loss per share, compared with a net loss of $8.4 million, or $0.17 loss per share, for the second quarter.
Cash, cash equivalents, short-term investments and restricted cash at the end of the third quarter were $45.3 million, compared with $42.5 million at the end of the second quarter.
David L. Dutton, Mattson Technology's president and chief executive officer, noted, "We have had several significant accomplishments that highlight the continued success of our growth strategy. Most notably, we are making significant advancements in etch. During the third quarter we shipped a number of our paradigmE® etch systems for use in volume production, and we expect that etch will continue to make significant contributions to the Company.
"The Suprema®photoresist strip system continues to gain position as evidenced by the multiple wins we have announced. Additionally we shipped multiple Helios® XP systems into the foundry market, which represents a new market for our RTP division." Mr. Dutton concluded, "As we look to the future, Mattson Technology is now a broader-based company, showing continued growth and positioned to generate increasing revenue and profitability."
Attached to this news release are preliminary unaudited condensed consolidated statements of operations and balance sheets.
Conference Call
On Wednesday, October 20, 2010, at 3:00 PM Pacific Time (6:00 PM Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2010 third quarter financial results, current business conditions, the near-term business outlook and guidance for the fourth quarter of 2010. The conference call will be simultaneously webcast at
- More -
MATTSON REPORTS 2010 THIRD QUARTER RESULTS | PAGE 2 of 4 |
www.mattson.com under the "Investors" section. In addition to the live webcast, a replay will be available to the public on the Mattson Technology website for one week following the live broadcast. To access the live conference call, please dial (970) 315-0417.
Mattson will also webcast a slide presentation in conjunction with the conference call, which can also be accessed atwww.mattson.com under the "Investors" section.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements regarding the Company's future prospects and plans, including, but not limited to: potential future revenue, profit, cash flow, cash position and other financial results, future customer demand and industry and economic conditions, Company strategies, and the market opportunity and acceptance of Company products in various customer markets. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: end-user demand for semiconductors and the semiconductor industry cycle; customer demand for semiconductor manufacturing equipment; the timing of significant customer orders for the Company's products; customer acceptance of delivered products and the Company's ability to collect amounts due upon shipment and upon acceptance; the Company's ability to timely manufacture, deliver and support ordered products; the Company's ability to bring new products to market and to gain market share with such products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company's competitors; the Company's ability to align its cost structure with market conditions; and other risks and uncertainties described in the Company's Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. Results for the current quarter are preliminary and subject to adjustment. The Company assumes no obligation to update the information provided in this news release.
About Mattson Technology, Inc.
Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Rapid Thermal Processing and Etch. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON/(510) 657-5900. Internet: www.mattson.com.
MATTSON REPORTS 2010 THIRD QUARTER RESULTS | PAGE 3 of 4 |
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
| | | Three Months Ended
| | Nine Months Ended
|
| | | September 26, | | September 27, | | September 26, | | September 27, |
| | | 2010
| | 2009
| | 2010
| | 2009
|
| | | | | | | | | |
| Net sales | | $ 39,762 | | $ 11,187 | | $ 97,077 | | $ 24,827 |
| Cost of sales | | 25,248
| | 8,722
| | 64,875
| | 31,886
|
| Gross margin | | 14,514
| | 2,465
| | 32,202
| | (7,059)
|
| Operating expenses: | | | | | | | | |
| Research, development and engineering | | 6,935 | | 5,818 | | 20,400 | | 19,277 |
| Selling, general and administrative | | 12,550 | | 11,611 | | 37,481 | | 35,970 |
| Restructuring charges | | 13
| | 1,738
| | (64)
| | 2,556
|
| Total operating expenses | | 19,498
| | 19,167
| | 57,817
| | 57,803
|
| Loss from operations | | (4,984) | | (16,702) | | (25,615) | | (64,862) |
| Interest and other income (expense), net | | (1,425)
| | (248)
| | 456
| | 1,205
|
| Loss before income taxes | | (6,409) | | (16,950) | | (25,159) | | (63,657) |
| Provision for (benefit from) income taxes | | (43)
| | (8,393)
| | 343
| | (7,977)
|
| Net loss | | $ (6,366)
| | $ (8,557)
| | $ (25,502)
| | $ (55,680)
|
| Net loss per share: | | | | | | | | |
| Basic and Diluted | | $ (0.13) | | $ (0.17) | | $ (0.51) | | $ (1.12) |
| Shares used in computing net loss per share: | | | | | | | | |
| Basic and Diluted | | 50,094 | | 49,884 | | 50,044 | | 49,795 |
MATTSON REPORTS 2010 THIRD QUARTER RESULTS | PAGE 4 of 4 |
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| | | September 26, | | December 31, |
| | | 2010 | | 2009 |
| | | (unaudited)
| | (1)
|
| | | | | |
| ASSETS | | | | |
| | | | | |
| Current assets: | | | | |
| Cash, cash equivalents and short-term investments | | $ 41,236 | | $ 58,435 |
| Restricted cash | | 4,018 | | 2,000 |
| Accounts receivable, net | | 14,113 | | 10,420 |
| Advance billings | | 3,102 | | 905 |
| Inventories | | 28,155 | | 25,804 |
| Prepaid expenses and other assets | | 5,836
| | 5,848
|
| Total current assets | | 96,460 | | 103,412 |
| Property and equipment, net | | 15,763 | | 21,643 |
| Intangibles, net | | 1,063 | | 1,250 |
| Other assets | | 5,878
| | 6,768
|
| Total assets | | $ 119,164
| | $ 133,073
|
| | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current liabilities: | | | | |
| Accounts payable | | $ 15,375 | | $ 7,514 |
| Accrued liabilities | | 18,388 | | 18,293 |
| Deferred revenue | | 5,863
| | 2,150
|
| Total current liabilities | | 39,626 | | 27,957 |
| | | | | |
| Income taxes payable, non-current | | 4,496 | | 4,458 |
| Other liabilities | | 5,066
| | 5,952
|
| Total liabilities | | 49,188
| | 38,367
|
| | | | | |
| Stockholders' equity: | | | | |
| Common stock | | 54 | | 54 |
| Additional paid-in capital | | 633,935 | | 631,785 |
| Accumulated other comprehensive income | | 20,636 | | 22,014 |
| Treasury stock | | (37,986) | | (37,986) |
| Accumulated deficit | | (546,663)
| | (521,161)
|
| Total stockholders' equity | | 69,976
| | 94,706
|
| Total liabilities and stockholders' equity | | $ 119,164
| | $ 133,073
|
| | | | | |
| (1) Derived from audited financial statements | | | | |
