KALISPELL, MT--(Marketwire - November 5, 2009) - Semitool, Inc. (
NASDAQ:
SMTL), a leading
manufacturer of wafer processing equipment for the semiconductor industry,
today reported financial results for its fourth fiscal quarter ended
September 30, 2009.
Fourth quarter revenue was $47.1 million versus $31.8 million in this
year's third quarter and $60.1 million in the fourth quarter last year.
Gross margin was 42 percent versus 45 percent in the third quarter and 52
percent in the comparable year-ago quarter. Net income increased to $2.2
million, or $0.07 per share, compared with a net loss of $1.6 million, or
$0.05 per share, in the third quarter and net income of $1.2 million, or
$0.04 per share, in last year's fourth quarter. The net income increase
versus the comparable year-ago quarter was primarily the result of the
company's expense reduction efforts, which drove down operating costs by 42
percent from fourth quarter fiscal 2008 levels.
Fourth quarter bookings were $71.7 million, up 120 percent from this year's
third quarter, and an increase of 102 percent versus the fourth quarter a
year ago. Deferred revenue at the end of the quarter was $4.8 million and
shipping backlog was $69.8 million, combining for a total revenue backlog
of $74.6 million. Product shipments during the quarter were $47.5 million.
"The fourth quarter represented our strongest equipment bookings period in
more than three years, and was the third best quarter in Semitool history,"
said Larry Murphy, president and chief operating officer. "Approximately
90 percent of fourth quarter tool bookings were follow-on orders, which
illustrates the progress we made during the recent downturn at capturing
new process-of-record opportunities and expanding our market share in Asia.
Fourth quarter demand for copper ECD and advanced packaging tools was
particularly strong, and we experienced a marked increase in orders for our
legacy batch tools."
"We also received our first high-volume production tool order from the
solar cell industry," Murphy added. "The growing strength of our core
business combined with our early successes in emerging end markets has
given us added confidence about our future prospects."
Full Year Results
For the full fiscal year, revenue was $139.0 million versus revenue of
$238.6 million in fiscal 2008. Net loss was $11.4 million, or $0.35 per
share, versus net income of $6.0 million, or $0.19 per share, last year.
At September 30, 2009, Semitool had cash and cash equivalents of $44.6
million, working capital of $125.4 million and total shareholders' equity
of $169.4 million.
Guidance
Management expects to report revenue for the first quarter of fiscal 2010
in the range of $47 million to $50 million. First quarter net income per
share is expected to range from $0.07 to $0.09. Shipments for the quarter
are expected to range from $47 million to $50 million. For fiscal 2010,
management expects to report revenue in a range of between $190 million to
$210 million.
Conference Call Information
Semitool will host an investor conference call and simultaneous webcast
today at 5:00 p.m. Eastern. The call can be accessed by dialing
877-356-3834 (706-679-0445 for international callers) and entering the
passcode 38345425. The webcast will be available via the Internet at
www.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 will
be available until 11:59 p.m. Eastern on November 7, 2009, and can be
accessed by calling 800-642-1687 (706-645-9291 for international callers)
and entering the passcode 38345425.
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; and surface preparation systems for
cleaning, stripping and etching silicon wafers. The company's equipment is
used in semiconductor fabrication front-end and back-end processes,
including wafer-level packaging and through-silicon via. The company's
products also are used in solar cell (PV) production applications.
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 at
www.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) the growing strength of our
core business combined with our early successes in emerging end markets
giving us added confidence about our future prospects and (ii) the
financial guidance for the first quarter and fiscal year 2010. Also,
bookings, deferred revenue, shipping backlog, 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, 2008 and
subsequent filings with the SEC. Capturing new process-of-record
opportunities, expanding our market share and continued success in emerging
end markets can be adversely affected by a number of factors, including
customers' preference for our tools and the tools' performance, changes in
technologies that affect our ability to compete and the world economic
slowdown. In addition, many factors can adversely affect forecasted
financial performance, including cancellations and push-outs, delays in
acceptance and payment for shipped tools, unanticipated costs, the
financial health of our customers, 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, the company's ability to timely deliver and support
its products, the risks associated with competing on a global basis and
possible volatility in key markets such as Asia. We assume no obligation to
update forward-looking statements that become untrue because of subsequent
events.
SEMITOOL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands, Except Per Share Amounts)
Three Months Ended Fiscal Year Ended
September 30, September 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Net sales $ 47,053 $ 60,081 $ 139,040 $ 238,604
Cost of sales 27,159 29,032 79,952 121,209
--------- --------- --------- ---------
Gross profit 19,894 31,049 59,088 117,395
--------- --------- --------- ---------
Operating expenses:
Selling, general and
administrative 10,570 18,957 50,271 76,929
Research and development 5,462 8,597 25,563 30,440
Downsizing costs 17 -- 2,566 --
Gain on sale of assets -- -- (405) --
--------- --------- --------- ---------
Total operating expenses 16,049 27,554 77,995 107,369
--------- --------- --------- ---------
Income (loss) from operations 3,845 3,495 (18,907) 10,026
Other expense net (338) (1,675) (1,082) (1,043)
--------- --------- --------- ---------
Income (loss) before income tax 3,507 1,820 (19,989) 8,983
Income tax provision (benefit) 1,285 586 (8,561) 2,946
--------- --------- --------- ---------
Net income (loss) $ 2,222 $ 1,234 $ (11,428) $ 6,037
========= ========= ========= =========
Earnings (loss) per share:
Basic $ 0.07 $ 0.04 $ (0.35) $ 0.19
========= ========= ========= =========
Diluted $ 0.07 $ 0.04 $ (0.35) $ 0.19
========= ========= ========= =========
Weighted average common shares:
Basic 32,567 32,494 32,555 32,347
Diluted 32,646 32,652 32,555 32,534
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
September 30, September 30,
2009 2008
------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 44,642 $ 12,441
Marketable securities -- 380
Trade receivables, net 44,266 73,695
Inventories 65,810 88,773
Prepaid expenses and other current assets 18,491 19,018
------------- ------------
Total current assets 173,209 194,307
Property, plant and equipment, net 43,255 49,909
Other assets, net 14,550 8,596
------------- ------------
Total assets $ 231,014 $ 252,812
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 10,876 $ 19,007
Note payable to bank 15,000 3,215
Other current liabilities 21,974 36,570
------------- ------------
Total current liabilities 47,850 58,792
Long-term liabilities 13,794 15,663
------------- ------------
Total liabilities 61,644 74,455
------------- ------------
Shareholders' equity:
Common stock 88,397 87,293
Retained earnings 80,068 91,496
Accumulated other comprehensive income
(loss) 905 (432)
------------- ------------
Total shareholders' equity 169,370 178,357
------------- ------------
Total liabilities and shareholders'
equity $ 231,014 $ 252,812
============= ============
Contact Information: Contacts:
Semitool, Inc.
Larry Viano
Chief Financial Officer
406.752.2107
Pfeiffer High Investor Relations, Inc.
Geoff High
303.393.7044
www.pfeifferhigh.com