Exhibit 99.1
Semitool Announces Fiscal 2004 Second Quarter Results;
Bookings at $67 Million Up 66% Over Previous Quarter
KALISPELL, Mont.--(BUSINESS WIRE)--April 27, 2004--Semitool, Inc.
(Nasdaq: SMTL) today reported financial results for its fiscal 2004
second quarter ended March 31, 2004. Revenue for the second quarter
totaled $34.6 million, compared to $35.6 million in the same quarter
of the previous fiscal year. The company reported second quarter net
income for fiscal 2004 of $4.1 million, or $0.14 per share, compared
with a net loss of $2.5 million, or a loss of $0.09 per share, for the
same period a year ago. Reported revenue, shipments and bookings for
the quarter include $7.5 million received as a license initiation fee
from Applied Materials, Inc. (Nasdaq: AMAT) in February.
Gross margin for the second quarter was 64.5 percent, including
the license initiation fee revenue, and 54.7 percent exclusive of that
fee. In the same period last year, gross margin was 45.7 percent.
Driving the favorable margins are industry demand which is resulting
in greater capacity utilization of the company's manufacturing
facilities, a sales mix weighted toward the company's new single-wafer
Raider tools and strong sales of spare parts and service.
Second quarter bookings were $67.0 million, compared to $40.4
million in the first quarter of this fiscal year. Shipments for the
second quarter of fiscal 2004 were $45.1 million, almost 70 percent
above the previous quarter. At the end of the second quarter, the
company's shipping backlog was $51.4 million, and deferred revenue was
$19.1 million.
Ray Thompson, president and chief executive officer, said, "Our
increase in order activity is primarily directed at our Raider
platform, and that activity is driving our future. Nearly 75 percent
of our current backlog is for tools on the Raider platform, which
incorporates a broad portfolio of cleaning and plating applications.
The industry is clearly moving to single-wafer technology for 300mm
production, and we are moving with it."
The company provided guidance for its fiscal 2004 third quarter,
saying that shipments are expected to range between $39 and $42
million, and that anticipated revenue should range from $33 to $36
million, with earnings between $0.02 and $0.05 per share. Since a
greater proportion of shipments are expected to be related to new
tools, revenue recognition requirements mandate that the revenue
amounts will be deferred until customer acceptance.
Semitool will hold a conference call, broadcast via the Internet,
at 4:30 p.m. Eastern time today to discuss the company's operating
results and its outlook. Access to the call is available through the
Semitool website at www.semitool.com, and replays will be available at
that location for two weeks.
Safe Harbor Statement
The matters discussed in this news release include forward-looking
statements, including statements relating to the continued improvement
in industry demand and in order activity, the industry moving to
single-wafer technology for 300mm production and our participation in
such 300mm sales, the timing of customer acceptances for current
shipments and the positive effect of such shipments on the company's
future revenue stream, and guidance for the fiscal 2004 third quarter
(including shipments in the range of $39 to $42 million, anticipated
revenue in the fiscal 2004 third quarter of $33 to $36 million, and
earnings per share in the range of $0.02 to $0.05 per share). Further,
backlog is not necessarily an indication of revenue in any future
period or future sales of any specific tool. These forward-looking
statements are based on management's estimates, projections and
assumptions 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, including our most recent Annual
Report on Form 10-K for the year ended September 30, 2003. Our
business in general is subject to material differences from those
projected in such forward-looking statements, including but not
limited to, the cyclicality in the semiconductor industry, rapid
technological change, the introduction of competing products and
technologies, and market non-acceptance of Semitool's new products and
technologies, and new applications for existing products. Actual
results can differ materially from those anticipated in our
forward-looking statements. We assume no obligation to update
forward-looking statements that become untrue because of subsequent
events.
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 the Nasdaq National Market under the symbol SMTL. For
more information, please visit the company's website at
www.semitool.com.
Semitool is a registered trademark of Semitool, Inc.
SEMITOOL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Per Share Amounts)
(Unaudited)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2004 2003 2004 2003
--------- --------- --------- ---------
Net sales $ 34,606 $ 35,621 $ 63,241 $ 65,912
Cost of sales 12,285 19,345 25,314 36,562
--------- --------- --------- ---------
Gross profit 22,321 16,276 37,927 29,350
--------- --------- --------- ---------
Operating expenses:
Selling, general
and administrative 12,380 15,265 23,512 27,690
Research and
development 3,660 4,945 7,061 9,885
--------- --------- --------- ---------
Total operating
expenses 16,040 20,210 30,573 37,575
--------- --------- --------- ---------
Income (loss) from
operations 6,281 (3,934) 7,354 (8,225)
Other income (loss),
net (146) (135) (118) 285
--------- --------- --------- ---------
Income (loss) before
income tax 6,135 (4,069) 7,236 (7,940)
Income tax provision
(benefit) 2,025 (1,546) 2,388 (3,017)
--------- --------- --------- ---------
Net income (loss) $ 4,110 $ (2,523) $ 4,848 $ (4,923)
========= ========= ========= =========
Earnings (loss) per
share:
Basic $ 0.14 $ (0.09) $ 0.17 $ (0.17)
========= ========= ========= =========
Diluted $ 0.14 $ (0.09) $ 0.17 $ (0.17)
========= ========= ========= =========
Average common shares:
Basic 28,552 28,435 28,509 28,431
Diluted 29,186 28,435 29,095 28,431
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
March September
31, 30,
2004 2003
-------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 20,756 $ 23,018
Marketable securities 9,046 4,917
Trade receivables, net 29,485 17,630
Inventories 47,891 32,263
Prepaid expenses and other current assets 12,904 29,054
-------- ---------
Total current assets 120,082 106,882
Property, plant and equipment, net 26,647 24,923
Other assets, net 7,121 6,969
-------- ---------
Total assets $ 153,850 $ 138,774
======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 19,056 $ 13,078
Other current liabilities 24,435 20,696
-------- ---------
Total current liabilities 43,491 33,774
Long-term liabilities 4,208 4,323
-------- ---------
Total liabilities 47,699 38,097
-------- ---------
Shareholders' equity:
Common stock 48,258 47,445
Retained earnings 58,507 53,659
Accumulated other comprehensive loss (614) (427)
-------- ---------
Total shareholders' equity 106,151 100,677
-------- ---------
Total liabilities and shareholders'
equity $ 153,850 $ 138,774
======== =========
CONTACT: Semitool, Inc.
Larry Viano, 406-752-2107
lviano@semitool.com
or
Investor Relations Partners, Inc.
Shellie Roth, 973-535-8389
roth@irpartners.com