EXHIBIT 99.1
News Release
|
| |
| | Mattson Technology Contact |
| | J. Michael Dodson |
| | Mattson Technology, Inc. |
| | tel 1-510-657-5900 |
| | fax 1-510-492-5963 |
MATTSON TECHNOLOGY, INC. REPORTS RESULTS FOR
THE THIRD QUARTER OF 2015
FREMONT, Calif. - OCTOBER 29, 2015 - 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 27, 2015.
Business Highlights:
| |
| • | Net revenue for the third quarter of 2015 of $38.9 million was in-line with previously issued guidance. |
| |
| • | Gross margin in the third quarter of 2015 was in-line with previously issued guidance at 35 percent. |
| |
| • | Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share, and exceeded previously issued guidance and represented the ninth consecutive profitable quarter on a non-GAAP basis. |
“In spite of challenging industry conditions, I am pleased with our ability to achieve top line results at the high end of expectations," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Further, our flexibility in managing our cost structure to align with changes in industry demand, without sacrificing our focus on our customers' success, enabled us to exceed our own expectations for profitability."
Third Quarter 2015 Financial Results
Net revenue for the third quarter of 2015 was $38.9 million, a decrease of $4.4 million or 10 percent, as compared to net revenue of $43.3 million in the second quarter of 2015, and up slightly from net revenue of $38.4 million reported in the third quarter of 2014.
Gross margin in the third quarter of 2015 was 35 percent, a decrease of 2 percentage points as compared to the second quarter of 2015, and a 1 percentage point improvement compared to 34 percent gross margin in the third quarter of 2014.
Total operating expense was $11.8 million in the third quarter of 2015, a decrease of $1.5 million or 11 percent, as compared to operating expense of $13.3 million in the second quarter of 2015, and a decrease of $0.6 million or 5 percent, as compared to total operating expense of $12.5 million in the third quarter of 2014. Excluding restructuring charges of $0.3 million in the third quarter of 2014, non-GAAP operating expense was $12.2 million.
Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share. This compares to net income of $2.6
million, or $0.03 per diluted share, in the second quarter of 2015, and net income of $0.5 million, or $0.01 per diluted share, in the third quarter of 2014. Due to the immateriality of restructuring and other charges in the third quarter of 2014, and the absence of restructuring and other charges in the second and third quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Conference Call
On Thursday, October 29, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 third quarter financial results, current business conditions, the near-term business outlook and guidance for the fourth quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the "Investors" section. To access the live conference call, please dial (970) 315-0417.
Use of Non-GAAP Measures
In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this press release contains certain non-GAAP financial measures. The Company's non-GAAP results for total operating expenses and net income per share exclude amounts listed as restructuring and other charges. Management uses non-GAAP operating expenses and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. The Company did not have any restructuring and other charges during the second or third quarters of 2015, and restructuring and other charges in the third quarter of 2014 were $0.3 million.
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, Etch, Rapid Thermal Processing and Millisecond Anneal. 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 TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
|
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 27,
2015 | | June 28,
2015 | | September 28,
2014 | | September 27,
2015 | | September 28,
2014 |
| Net revenue | $ | 38,894 |
| | $ | 43,334 |
| | $ | 38,430 |
| | $ | 140,482 |
| | $ | 123,657 |
|
| Cost of goods sold | 25,347 |
| | 27,315 |
| | 25,432 |
| | 89,522 |
| | 82,717 |
|
| Gross margin | 13,547 |
| | 16,019 |
| | 12,998 |
| | 50,960 |
| | 40,940 |
|
| Operating expenses: | |
| | | | | | | | |
| Research, development and engineering | 4,033 |
| | 5,184 |
| | 4,849 |
| | 14,467 |
| | 13,819 |
|
| Selling, general and administrative | 7,812 |
| | 8,158 |
| | 7,302 |
| | 24,811 |
| | 21,413 |
|
| Restructuring and other charges | — |
| | — |
| | 301 |
| | — |
| | 412 |
|
| Total operating expenses | 11,845 |
| | 13,342 |
| | 12,452 |
| | 39,278 |
| | 35,644 |
|
| Income from operations | 1,702 |
| | 2,677 |
| | 546 |
| | 11,682 |
| | 5,296 |
|
| Interest and other income (expense), net | 540 |
| | (18 | ) | | 101 |
| | 105 |
| | (109 | ) |
| Income before income taxes | 2,242 |
| | 2,659 |
| | 647 |
| | 11,787 |
| | 5,187 |
|
| Provision for income taxes | 219 |
| | 78 |
| | 110 |
| | 878 |
| | 269 |
|
| Net income | $ | 2,023 |
| | $ | 2,581 |
| | $ | 537 |
| | $ | 10,909 |
| | $ | 4,918 |
|
| Net income per share: | |
| | |
| | |
| | | | |
| Basic | $ | 0.03 |
| | $ | 0.03 |
| | $ | 0.01 |
| | $ | 0.15 |
| | $ | 0.07 |
|
| Diluted | $ | 0.03 |
| | $ | 0.03 |
| | $ | 0.01 |
| | $ | 0.14 |
| | $ | 0.07 |
|
| Shares used in computing net income per share: | |
| | |
| | |
| | | | |
| Basic | 75,129 |
| | 74,920 |
| | 73,731 |
| | 74,785 |
| | 71,215 |
|
| Diluted | 76,546 |
| | 77,019 |
| | 75,023 |
| | 76,849 |
| | 72,637 |
|
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
|
| | | | | | | |
| | September 27,
2015 | | December 31,
2014 |
| ASSETS |
| Current assets: | |
| | |
|
| Cash and cash equivalents | $ | 36,699 |
| | $ | 22,760 |
|
| Accounts receivable, net | 23,826 |
| | 33,578 |
|
| Advance billings | 2,852 |
| | 4,653 |
|
| Inventories | 42,611 |
| | 40,579 |
|
| Prepaid expenses and other current assets | 6,122 |
| | 9,767 |
|
| Total current assets | 112,110 |
| | 111,337 |
|
| Property and equipment, net | 8,754 |
| | 7,534 |
|
| Restricted cash | 1,811 |
| | 1,993 |
|
| Other assets | 500 |
| | 623 |
|
| Total assets | $ | 123,175 |
| | $ | 121,487 |
|
| | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current liabilities: | |
| | |
|
| Accounts payable | $ | 13,706 |
| | $ | 22,434 |
|
| Accrued compensation and benefits | 6,197 |
| | 4,601 |
|
| Deferred revenues, current | 6,757 |
| | 9,110 |
|
| Other current liabilities | 6,038 |
| | 6,630 |
|
| Total current liabilities | 32,698 |
| | 42,775 |
|
| Deferred revenues, non-current | 552 |
| | 1,160 |
|
| Other liabilities | 2,477 |
| | 2,442 |
|
| Total liabilities | 35,727 |
| | 46,377 |
|
| Stockholders' equity | 87,448 |
| | 75,110 |
|
| Total liabilities and stockholders' equity | $ | 123,175 |
| | $ | 121,487 |
|
| | | | |
