Exhibit 99.1
Semitool Announces Fiscal 2004 Third Quarter Results
KALISPELL, Mont.--(BUSINESS WIRE)--July 27, 2004--Semitool, Inc.
(Nasdaq: SMTL) today reported financial results for its fiscal 2004
third quarter ended June 30, 2004.
Revenue for the third quarter totaled $26.6 million, compared to
$25.0 million in the same quarter of the previous fiscal year. Due to
the necessity to defer revenue during the quarter while awaiting final
acceptance on some of the company's newest tools, the company reported
a net loss of $1.8 million or a loss of $0.06 per share compared to a
net loss of $2.3 million or a loss of $0.08 per share, for the same
period a year ago.
Shipments for the third quarter of fiscal 2004 were $41.7 million,
162 percent above the third quarter a year ago, and gross margin for
the third quarter was 51.2 percent. In the same period last year,
gross margin was 47.8 percent. Driving the favorable margins are sales
mix and industry demand, which is resulting in greater capacity
utilization.
Third quarter bookings were $45.6 million. Total bookings for the
first nine months of the fiscal year reached $153 million, compared to
$71 million at the same time a year ago. At the end of the third
quarter, the company's shipping backlog was $55.2 million, and
deferred revenue grew to $34.2 million.
Ray Thompson, president and chief executive officer, said, "This
quarter, our financial results were influenced more by the timing of
customer acceptances than by business activity. Considering the level
of shipments in the third quarter, our encouraging discussions at
Semicon West with customers regarding their 300 mm fab builds and our
anticipated shipments in the next quarter, the remainder of the year
looks good to us."
The company provided guidance for its fiscal 2004 fourth quarter,
saying that shipments are expected to range between $61 and $64
million, and that anticipated revenue should range from $42 to $45
million, with earnings between $0.11 and $0.14 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 5:00 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 general outlook of
our business for the remainder of the fiscal year, the proportion of
shipments in the next quarter that are expected to be related to new
tools and financial guidance for the fiscal 2004 fourth quarter,
including shipments, revenue and earnings. Further, bookings, backlog
and deferred revenue are not necessarily an indication of revenue in
any future period. 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. 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 Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
------------ ------------ ----------- -----------
Net sales $ 26,609 $ 25,041 $ 89,850 $ 90,953
Cost of sales 12,978 13,074 38,292 49,636
------------ ------------ ----------- -----------
Gross profit 13,631 11,967 51,558 41,317
------------ ------------ ----------- -----------
Operating
expenses:
Selling,
general and
administrative 12,400 12,653 35,912 40,343
Research and
development 3,751 3,476 10,812 13,361
------------ ------------ ----------- -----------
Total
operating
expenses 16,151 16,129 46,724 53,704
------------ ------------ ----------- -----------
Income (loss)
from operations (2,520) (4,162) 4,834 (12,387)
Other income
(loss), net (98) 330 (216) 615
------------ ------------ ----------- -----------
Income (loss)
before income
tax (2,618) (3,832) 4,618 (11,772)
Income tax
provision
(benefit) (864) (1,574) 1,524 (4,591)
------------ ------------ ----------- -----------
Net income
(loss) $ (1,754) $ (2,258) $ 3,094 $ (7,181)
============ ============ =========== ===========
Earnings (loss)
per share:
Basic $ (0.06) $ (0.08) $ 0.11 $ (0.25)
============ ============ =========== ===========
Diluted $ (0.06) $ (0.08) $ 0.11 $ (0.25)
============ ============ =========== ===========
Average common
shares:
Basic 28,615 28,438 28,544 28,434
Diluted 28,615 28,438 29,164 28,434
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
June 30, September 30,
2004 2003
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 11,843 $ 23,018
Marketable securities 9,108 4,917
Trade receivables, net 41,270 17,630
Inventories 59,269 32,263
Prepaid expenses and other current
assets 12,413 29,054
------------- -------------
Total current assets 133,903 106,882
Property, plant and equipment, net 26,964 24,923
Other assets, net 7,522 6,969
------------- -------------
Total assets $ 168,389 $ 138,774
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 26,086 $ 13,078
Other current liabilities 33,208 20,696
------------- -------------
Total current liabilities 59,294 33,774
Long-term liabilities 4,151 4,323
------------- -------------
Total liabilities 63,445 38,097
------------- -------------
Shareholders' equity:
Common stock 48,677 47,445
Retained earnings 56,753 53,659
Accumulated other comprehensive loss (486) (427)
------------- -------------
Total shareholders' equity 104,944 100,677
------------- -------------
Total liabilities and
shareholders' equity $ 168,389 $ 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