Exhibit 99.1
| Contacts: | | |
|---|
| Semitool, Inc.
Larry Viano, Chief Financial Officer
406.752.2107
lviano@semitool.com | Pfeiffer High Investor Relations, Inc.
Geoff High
303.393.7044
www.pfeifferhigh.com |
Semitool Announces Fiscal First Quarter Financial Results
KALISPELL, MT – Jan. 31, 2008– Semitool, Inc. (NASDAQ: SMTL), a leading manufacturer of wafer processing equipment for the semiconductor industry, today reported financial results for its fiscal first quarter ended December 31, 2007.
Revenue in the quarter was $48.6 million compared with $68.0 million in the comparable quarter a year ago. Gross margin improved to 50 percent versus 48 percent in last year’s first quarter. The company reported a net loss of $0.8 million, or $0.02 per share, versus net income of $5.7 million, or $0.18 per share, in the first quarter last year. The net loss was largely attributable to increased stock-based compensation expense amounting to $0.01 per share, increased costs of foreign operations due to weakness in the dollar, and increased process development support costs associated with Semitool’s sales and marketing achievements in Asia.
First quarter bookings were $63.8 million, a 42 percent increase versus the same period a year ago and the strongest quarterly bookings performance in more than a year. Deferred revenue at the end of the first quarter was $17.3 million and shipping backlog was $72.2 million, combining for a total revenue backlog of $89.5 million. Total shipments in the first quarter were $50.5 million.
Larry Murphy, president and chief operating officer, said, “Our order activity remained strong during the first quarter, with 49 percent of our tool bookings coming from the Asian market. In addition to the success we have achieved with our copper plating and cleaning tools, we are now seeing heightened activity in the advanced packaging sector, where the Raider is addressing the cost and device performance objectives of our customers.”
Ray Thompson, chairman and CEO, said, “In working to continue our market share expansion, we have turned our focus toward the development of next-generation tools and processes that deliver the payback opportunities being demanded by our customers.”
Guidance
Management expects to report revenue for the second quarter of fiscal 2008 in the range of $59 million to $61 million. Second quarter earnings per share are expected to range from $0.06 to $0.08. Shipments for the quarter are expected to range from $60 million to $62 million.
Conference Call Information
Semitool will host an investor conference call today at 5:00 p.m. Eastern. The call can be accessed by dialing 888-713-4213 (617-213-4865 for international callers) and entering the passcode 31670451. A simultaneous webcast will be available via the Internet atwww.semitool.com. Webcast participants should access the website at least 10 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days. An audio replay of the call will be available from 7 p.m. Eastern on January 31, 2008, until 11:59 p.m. Eastern on February 2, 2008, and can be accessed by calling 888-286-8010 (617-801-6888 for international callers) and entering the passcode 62083446.
About Semitool, Inc.
Semitool designs, manufactures and supports highly engineered, multi-chamber single-wafer and batch wet chemical processing equipment used in the fabrication of semiconductor devices. The company’s primary suites of equipment include electrochemical deposition systems for electroplating copper, gold, solder and other metals; surface preparation systems for cleaning, stripping and etching silicon wafers; and wafer transport container cleaning systems. The company’s equipment is used in semiconductor fabrication front-end and back-end processes, including wafer-level packaging.
Headquartered in Kalispell, Montana, Semitool maintains sales and support centers in the United States, Europe and Asia. The company’s stock trades on Nasdaq under the symbol SMTL. For more information, please visit the company’s website atwww.semitool.com.
Semitool is a registered trademark of Semitool, Inc.
Safe Harbor Statement
The matters discussed in this news release include forward-looking statements, including statements related to (i) heightened activity in the advanced packaging sector, (ii) the development of next-generation tools and processes and (iii) financial guidance for the second quarter of fiscal 2008. Also, bookings, deferred revenue, revenue backlog and product shipments are not necessarily an indication of revenue in any future period. These forward-looking statements are based on management’s assumptions, estimates and projections as of the date hereof and are subject to risks and uncertainties that are discussed in our filings with the U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and subsequent filings with the SEC. Growth opportunities in the advanced packaging sector and launching new products can be adversely affected by a number of factors, including customers’ ultimate preference for our tools and the tools’ performance, the ability to capture market share, the ability to timely introduce a new product and technological challenges related to its performance, as well as the general factors affecting our industry. In addition, many factors can adversely affect forecasted financial performance, including cancellations and push-outs, customers’ on-site acceptance of our products, unanticipated costs, as well as a number of other risk factors described in our Form 10-K. Our business in general is subject to risks that can cause actual results to differ materially from those anticipated in our forward-looking statements, including, without limitation, demand being adversely affected by the cyclicality in the semiconductor industry, delays in acceptance and payment for shipped tools, the company’s ability to timely deliver and support its products, technological changes that affect our ability to compete, the risks associated with competing on a global basis and possible volatility in key markets. We assume no obligation to update forward-looking statements that become untrue because of subsequent events.
(Financial tables follow)
SEMITOOL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Per Share Amounts)
(Unaudited)
| Three Months
Ended
December 31,
2007
| | Three Months
Ended
December 31,
2006
| |
|---|
Net sales | | | $ | 48,592 | | $ | 67,965 | |
| Cost of sales | | | | 24,420 | | | 35,200 | |
|
| |
| |
| Gross profit | | | | 24,172 | | | 32,765 | |
|
| |
| |
Operating expenses: | | |
| Selling, general and administrative | | | | 18,696 | | | 19,609 | |
| Research and development | | | | 6,979 | | | 6,481 | |
| Gain on sale of building | | | | -- | | | (648 | ) |
|
| |
| |
| Total operating expenses | | | | 25,675 | | | 25,442 | |
|
| |
| |
Income (loss) from operations | | | | (1,503 | ) | | 7,323 | |
| Other income, net | | | | 447 | | | 255 | |
|
| |
| |
| Income (loss) before income tax | | | | (1,056 | ) | | 7,578 | |
| Income tax provision (benefit) | | | | (280 | ) | | 1,885 | |
|
| |
| |
Net income (loss) | | | $ | (776 | ) | $ | 5,693 | |
|
| |
| |
Earnings (loss) per share: | | |
| Basic | | | $ | (0.02 | ) | $ | 0.18 | |
|
| |
| |
| Diluted | | | $ | (0.02 | ) | $ | 0.18 | |
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Weighted average common shares: | | |
| Basic | | | | 32,155 | | | 31,956 | |
| Diluted | | | | 32,155 | | | 32,500 | |
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
| December 31,
2007
| | September 30,
2007
| |
|---|
| ASSETS | | |
|---|
Current assets: | | | | | | | | |
| Cash and cash equivalents | | | $ | 12,389 | | $ | 16,090 | |
| Marketable securities | | | | 1,280 | | | -- | |
| Trade receivables, net | | | | 66,213 | | | 56,999 | |
| Inventories | | | | 82,754 | | | 78,017 | |
| Prepaid expenses and other current assets | | | | 18,390 | | | 16,875 | |
|
| |
| |
| Total current assets | | | | 181,026 | | | 167,981 | |
| Property, plant and equipment, net | | | | 48,007 | | | 49,148 | |
| Other assets, net | | | | 9,004 | | | 9,200 | |
|
| |
| |
| Total assets | | | $ | 238,037 | | $ | 226,329 | |
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| |
| |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | |
|---|
Current liabilities: | | | | | | | | |
| Trade accounts payable | | | $ | 18,418 | | $ | 12,958 | |
| Other current liabilities | | | | 35,618 | | | 31,654 | |
|
| |
| |
| Total current liabilities | | | | 54,036 | | | 44,612 | |
| Long-term liabilities | | | | 15,116 | | | 12,864 | |
|
| |
| |
| Total liabilities | | | | 69,152 | | | 57,476 | |
|
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| |
Shareholders' equity: | | |
| Common stock | | | | 84,687 | | | 83,215 | |
| Retained earnings | | | | 84,683 | | | 86,130 | |
| Accumulated other comprehensive loss | | | | (485 | ) | | (492 | ) |
|
| |
| |
| Total shareholders' equity | | | | 168,885 | | | 168,853 | |
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| |
| |
| Total liabilities and shareholders' equity | | | $ | 238,037 | | $ | 226,329 | |
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