For the second quarter of fiscal 2004, Ultratech reported net sales of $22.5 million compared to $24.8 million during the second quarter of 2003. Ultratech's net loss for the second quarter of 2004 was $2.3 million or $0.10 per share (diluted) compared to net income of $2.0 million or $0.09 per share (diluted) for the same quarter last year.
“The second quarter results were primarily impacted by the timing of certain shipments and the corresponding delays in installation of certain of our tools. However, our advanced packaging customers reached higher utilization rates resulting in growth to the company's backlog.”
For the first six months of 2004, Ultratech reported net sales of $49.1 million compared to net sales of $46.8 million in the first six months of 2003. Ultratech posted a net loss of $1.7 million or $0.07 per share (diluted) during the first half of 2004, compared to net income of $1.0 million or $0.05 per share (diluted) during the first half of 2003.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer stated, "The second quarter results were primarily impacted by the timing of certain shipments and the corresponding delays in installation of certain of our tools. However, our advanced packaging customers reached higher utilization rates resulting in growth to the company's backlog.
"During the quarter, Ultratech continued to make strides in the laser processing area resulting in additional bookings," continued Zafiropoulo. "We believe our laser processing products will enable our customers to speed their time-to-market for the most aggressive thermal process requirements for multiple device generations."
At July 3, 2004, Ultratech had $161 million in cash, cash equivalents and short-term investments and a current ratio of 6.5:1. Working capital was $170 million and stockholders' equity was $8.01 per share based on 23,705,000 shares outstanding on July 3, 2004.
Conference Call Information
The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time/8:00 a.m. Pacific Time on Thursday, July 22, 2004. To listen to the call over the Internet or to obtain telephone dial-in information for the call, please go to Ultratech's Web site at www.ultratech.com.
If you are unable to attend the live conference call, a replay will be available on Ultratech's Web site. If you do not have Internet access a replay of the call will be available by dialing 800-642-1687, or 706-645-9291 for international participants, and entering access code 6690016.
Profile
About Ultratech: Ultratech Inc. (Nasdaq:UTEK) designs, manufactures and markets photolithography equipment used worldwide in the fabrication of semiconductor and nanotechnology devices, and has expanded its technology scope in pioneering laser processing technology for IC manufacturing. Founded in 1979, Ultratech is a market leader in gold and solder bump lithography. Its products are designed to substantially reduce the cost of ownership for manufacturers in the electronics industry. The company's home page on the World Wide Web is located at www.ultratech.com.
Certain of the statements contained herein may be considered forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, such as lengthy and costly development cycles for advanced lithography and laser-processing technologies and applications; integration, development and associated expenses of the laser processing operation; delays, deferrals and cancellations of orders by customers; high degree of industry competition; pricing pressures and product discounts; changes in pricing by Ultratech, its competitors or suppliers; intellectual property matters; cyclicality in the semiconductor and nanotechnology industries; customer concentration; market acceptance of new products and enhanced versions of Ultratech's existing products; international sales; lengthy sales cycles, including the timing of system installations and acceptances; changes to financial accounting standards; expiration of licensing arrangements, and the resulting adverse impact on Ultratech's licensing revenues; timing of new product announcements and releases by Ultratech or its competitors; ability to volume produce systems and meet customer requirements; mix of products sold; rapid technological change and the importance of timely product introductions; dependence on new product introductions and commercial success of any new products; outcome of litigation; sole or limited sources of supply; manufacturing variances and production levels; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; inventory obsolescence; asset impairment; ability and resulting costs to attract or retain sufficient personnel to achieve Ultratech's targets for a particular period; dilutive effect of employee stock option grants on net income per share, which is largely dependent upon Ultratech achieving and maintaining profitability and the market price of Ultratech's stock; effects of certain anti-takeover provisions; future acquisitions; volatility of stock price; business interruptions due to natural disasters or utility failures; environmental regulations; and any adverse effects of terrorist attacks in the United States or elsewhere, or government responses thereto, or military actions in Iraq, Afghanistan and elsewhere, on the economy, in general, or on Ultratech's business in particular. Such risks and uncertainties are described in Ultratech's SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2003, and its Quarterly Report on Form 10-Q filed for the quarter ended April 3, 2004.
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
July 3, Dec. 31,
(In thousands ) 2004 2003(a)
---------------------------------------------- ----------- ----------
ASSETS (Unaudited)
Current assets:
--------------
Cash, cash equivalents, and
short-term investments $160,526 $165,902
Accounts receivable 14,911 9,398
Inventories 23,626 19,037
Income taxes receivable -- 349
Prepaid expenses and other
current assets 1,968 2,099
---------------------------------------------- ----------- ----------
Total current assets 201,031 196,785
Equipment and leasehold
improvements, net 17,833 18,481
Intangible assets, net 286 476
Demonstration inventories, net 3,606 3,071
Other assets 2,388 1,935
---------------------------------------------- ----------- ----------
Total assets $225,144 $220,748
============================================== =========== ==========
---------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
-------------------
Notes payable $5,300 $2,564
Accounts payable 10,296 7,729
Deferred product and services income 3,541 1,088
Deferred license income 2,896 4,752
Other current liabilities 8,664 10,151
---------------------------------------------- ----------- ----------
Total current liabilities 30,697 26,284
Other liabilities 4,488 3,725
Stockholders' equity 189,959 190,739
---------------------------------------------- ----------- ----------
Total liabilities and stockholders' equity $225,144 $220,748
============================================== =========== ==========
(a) The balance sheet as of December 31, 2003, had been derived from
the audited financial statements at that date.
ULTRATECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
-------------------- --------------------
(In thousands, except per July 3, June 28, July 3, June 28,
share amounts) 2004 2003 2004 2003
-------------------------- --------- ---------- --------- ----------
Total net sales(a) $22,497 $24,764 $49,108 $46,764
Total cost of sales 12,324 12,940 25,875 26,806
-------------------------- --------- ---------- --------- ----------
Gross profit 10,173 11,824 23,233 19,958
Operating expenses:
-------------------
Research, development,
and engineering 6,248 5,583 12,458 10,174
Amortization of
intangible assets 95 95 190 190
Selling, general, and
administrative 7,160 5,160 14,247 10,266
Restructure of
operations -- (114) -- (114)
--------- ---------- --------- ----------
Operating income (loss) (3,330) 1,100 (3,662) (558)
Interest expense (20) (57) (55) (123)
Interest and other
income, net 857 1,121 1,816 2,172
-------------------------- --------- ---------- --------- ----------
Income (loss) before tax (2,493) 2,164 (1,901) 1,491
Income taxes (benefit) (227) 135 (162) 445
-------------------------- --------- ---------- --------- ----------
Net income (loss) ($2,266) $2,029 ($1,739) $1,046
-------------------------- --------- ---------- --------- ----------
Earnings per share-basic:
------------------------
Net income (loss) ($0.10) $0.09 ($0.07) $0.05
Number of shares used in
per share calculations --
basic 23,705 22,783 23,675 22,743
Earnings per share --
diluted:
--------------------------
Net income (loss) ($0.10) $0.09 ($0.07) $0.05
Number of shares used in
per share calculations --
diluted 23,705 23,381 23,675 23,030
-------------------------- --------- ---------- --------- ----------
(a)Systems Sales $15,977 $18,881 $36,419 $34,751
Parts Sales 2,713 2,325 5,061 5,091
Service Sales 2,879 2,630 5,772 5,066
License Sales 928 928 1,856 1,856
-------------------------- --------- ---------- --------- ----------
Total Sales $22,497 $24,764 $49,108 $46,764
-------------------------- --------- ---------- --------- ----------
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