News Release
Mattson Technology Contact | Investor & Media Contact |
Andy Moring, Chief Financial Officer | Laura Guerrant-Oiye, Principal |
Mattson Technology, Inc. | Guerrant Associates |
tel 510-657-5900 | tel 808-882-1467 |
fax 510-492-5930 | lguerrant@guerrantir.com |
andy.moring@mattson.com | |
MATTSON TECHNOLOGY, INC. REPORTS RESULTS
FOR THE FIRST QUARTER 2011
Revenue of $47 Million Marks Company's 8th Consecutive Quarter of Revenue Growth
FREMONT, Calif. - April 27, 2011 - Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the fiscal 2011 first quarter, ended April 3, 2011.
First Quarter 2011 Business Highlights:
- First quarter 2011 revenue of $47.0 million increased 14 percent as compared with fourth quarter 2010, marking Mattson Technology's eighth consecutive quarter of revenue growth.
- First quarter loss from operations excluding interest and other income and expenses and tax benefit adjustments was $5.1 million, an improvement of $2.5 million over results for the fourth quarter of 2010.
- Mattson booked and shipped the largestparadigmE® etch order in the Company's history, placed by a leading semiconductor manufacturer for volume manufacturing of advanced etch applications.
David L. Dutton, Mattson Technology's president and chief executive officer, noted, "Mattson Technology delivered its 8th consecutive quarter of revenue growth with a 14 percent improvement over the fourth quarter of 2010. This growth was driven by a record order and shipment of ourparadigmE etch system, which is now in volume production for DRAM and NAND fabs, and strength from our foundry strip business. In the quarter, we introduced the next-generation SUPREMA XP5 strip system, which delivers up to a 50 percent higher throughput than its predecessor, further extending our strip leadership.
"We are now solidly established in three diverse markets, with a significantly larger served available market as compared with that of the previous cycle. Our new positions in these markets, combined with the expected new fab expansions - the first real expansions since 2007 - set the groundwork for a newly defined Mattson Technology." Dutton concluded, "We have furthered our technology leadership and are well positioned to continue to outpace the industry's growth in 2011."
First Quarter 2011 Financial Results
First quarter net sales of $47.0 million increased 14 percent compared with $41.3 million in the fourth quarter of 2010, and 87 percent, compared with $25.2 million in the first quarter of 2010. Gross margin for the first quarter was 30 percent, consistent with gross margin reported in both the fourth quarter of 2010 and the first quarter of 2010. Operating expenses for the first quarter of $19.0 million declined approximately five percent compared with $19.9 million in the fourth quarter of 2010.
Interest and other expense, net, for the first quarter was an unfavorable $1.5 million, primarily a result of currency adjustments to certain accounts pertaining to the strengthening of the Euro in Mattson Technology's European operations. This result was slightly offset by a benefit from
MATTSON REPORTS 2011 FIRST QUARTER RESULTS | PAGE 2 of 4 |
income taxes of $0.3 million, due to a release of reserves in one of the Company's foreign subsidiaries.
Net loss for the first quarter was $6.3 million, or $0.12 loss per share, compared with a net loss of $7.9 million, or $0.16 loss per share, for the fourth quarter of 2010, and a net loss of $10.8 million, or $0.22 loss per share, for the first quarter of 2010.
Cash, cash equivalents, short-term investments and restricted cash at the end of the first quarter were $24.4 million, compared with $23 million at the end of the fourth quarter of 2010.
Attached to this news release are preliminary unaudited condensed consolidated statements of operations and balance sheets.
Conference Call
On Wednesday, April 27, 2011, at 2:30 PM Pacific Time (5:30 PM Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2011 first quarter financial results, current business conditions, the near-term business outlook and guidance for the second quarter of 2011. The conference call will be simultaneously webcast atwww.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 also will 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. 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: Company expectations with respect to continued growth of its business; growth of the industry and the size of the Company's served available market; 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 cash position overall, especially as a result of payments made for inventory and the related collections upon shipment of such inventory; end-user demand for semiconductors, including the growing mobility electronics industry; customer demand for semiconductor manufacturing equipment, including as a result of Greenfield fab plans; the Company's ability to timely manufacture, deliver and support ordered products; the Company's ability to bring new products to market, to gain market share with such products and the overall mix of the Company's 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. 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 2011 FIRST QUARTER RESULTS | PAGE 3 of 4 |
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
| | | Three Months Ended
|
| | | April 3, | | December 31, | | March 28, |
| | | 2011
| | 2010
| | 2010
|
| | | | | | | |
| Net sales | | $ 47,049 | | $ 41,259 | | $ 25,195 |
| Cost of sales | | 33,105
| | 28,922
| | 17,433
|
| Gross profit | | 13,944
| | 12,337
| | 7,762
|
| Operating expenses: | | | | | | |
| Research, development and engineering | | 6,515 | | 7,391 | | 6,406 |
| Selling, general and administrative | | 12,575 | | 12,576 | | 12,373 |
| Restructuring charges | | (65)
| | (50)
| | 16
|
| Total operating expenses | | 19,025
| | 19,917
| | 18,795
|
| Loss from operations | | (5,081) | | (7,580) | | (11,033) |
| Interest and other income (expense), net | | (1,527)
| | (343)
| | 456
|
| Loss before income taxes | | (6,608) | | (7,923) | | (10,577) |
| Provision for (benefit from) income taxes | | (334)
| | (22)
| | 179
|
| Net loss | | $ (6,274)
| | $ (7,901)
| | $ (10,756)
|
| Net loss per share: | | | | | | |
| Basic and Diluted | | $ (0.12) | | $ (0.16) | | $ (0.22) |
| Shares used in computing net loss per share: | | | | | | |
| Basic and Diluted | | 50,287 | | 50,153 | | 49,984 |
MATTSON REPORTS 2011 FIRST QUARTER RESULTS | PAGE 4 of 4 |
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| | | April 3, | | December 31, |
| | | 2011 | | 2010 |
| | | (unaudited)
| | (1)
|
| | | | | |
| ASSETS | | | | |
| | | | | |
| Current assets: | | | | |
| Cash, cash equivalents and short-term investments | | $ 20,405 | | $ 19,014 |
| Restricted cash | | 4,028 | | 4,026 |
| Accounts receivable, net | | 18,039 | | 24,127 |
| Advance billings | | 4,810 | | 3,177 |
| Inventories | | 34,201 | | 34,673 |
| Prepaid expenses and other assets | | 4,701
| | 5,770
|
| Total current assets | | 86,184 | | 90,787 |
| Property and equipment, net | | 13,798 | | 15,011 |
| Other assets | | 5,700
| | 5,826
|
| Total assets | | $ 105,682
| | $ 111,624
|
| | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current liabilities: | | | | |
| Accounts payable | | $ 14,909 | | $ 20,860 |
| Accrued liabilities | | 16,051 | | 13,452 |
| Deferred revenue | | 6,746
| | 5,349
|
| Total current liabilities | | 37,706 | | 39,661 |
| | | | | |
| Income taxes payable, non-current | | 4,028 | | 4,287 |
| Other liabilities | | 4,987
| | 5,021
|
| Total liabilities | | 46,721
| | 48,969
|
| | | | | |
| Stockholders' equity: | | | | |
| Common stock | | 54 | | 54 |
| Additional paid-in capital | | 635,694 | | 634,944 |
| Accumulated other comprehensive income | | 22,037 | | 20,207 |
| Treasury stock | | (37,986) | | (37,986) |
| Accumulated deficit | | (560,838)
| | (554,564)
|
| Total stockholders' equity | | 58,961
| | 62,655
|
| Total liabilities and stockholders' equity | | $ 105,682
| | $ 111,624
|
| | | | | |
| (1) Derived from audited financial statements | | | | |
