Ultratech Announces First Quarter 2014 Results
For the first quarter of fiscal 2014,
"Our revenues for the first quarter of 2014 increased 32 percent
sequentially, driven by both our advanced packaging and high-brightness
LED businesses," stated
At
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, April 24, 2014. To listen to the call, dial 877/941-1428 (toll free) or 480/629-9665 (international) 10 minutes prior to the start time. The passcode is 4678234. A live webcast will also be available on the Investor Relations section of Ultratech's website at http://ir.ultratech.com. A replay of the call will be available at the same location or by dialing 800/406-7325 and entering access code 4678234.
Safe Harbor
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can generally be identified by words such as "anticipates,"
"expects," "remains," "thinks," "intends," "believes," "estimates," and
similar expressions and include management's current expectation of its
longer term prospects for success. These forward-looking statements are
based on our current expectations, estimates, assumptions and
projections about our business and industry, and the markets and
customers we serve, and they are subject to numerous risks and
uncertainties that may cause these forward-looking statements to be
inaccurate. Such risks and uncertainties include the timing and possible
delays, deferrals and cancellations of orders by customers; quarterly
revenue fluctuations; industry and sector cyclicality, instability and
unpredictability; market demand for consumer devices utilizing
semiconductors produced by our clients; our ability to manage costs; new
product introductions, market acceptance of new products and enhanced
versions of our existing products; reliability and technical acceptance
of our products; our lengthy sales cycles, and the timing of system
installations and acceptances; lengthy and costly development cycles for
laser-processing and lithography technologies and applications;
competition and consolidation in the markets we serve; improvements,
including in cost and technical features, of competitors' products;
rapid technological change; pricing pressures and product discounts; our
ability to collect receivables; customer and product concentration and
lack of product revenue diversification; inventory obsolescence; general
economic, financial market and political conditions and other factors
outside of our control; domestic and international tax policies;
cybersecurity threats in
About
(UTEK-F)
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (UNAUDITED) | ||||||||||||
| Three Months Ended | ||||||||||||
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| (In thousands, except per share amounts) | 2014 | 2013 | ||||||||||
| Total net sales* | $ | 31,609 | $ | 60,646 | ||||||||
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Cost of sales: |
||||||||||||
| Cost of products sold | 15,448 | 24,540 | ||||||||||
| Cost of services | 3,169 | 2,813 | ||||||||||
| Total cost of sales | 18,617 | 27,353 | ||||||||||
| Gross profit | 12,992 | 33,293 | ||||||||||
|
Operating expenses: |
||||||||||||
| Research, development and engineering | 8,214 | 8,396 | ||||||||||
| Selling, general, and administrative | 11,966 | 11,821 | ||||||||||
| Operating income (loss) | (7,188 | ) | 13,076 | |||||||||
| Interest expense | (2 | ) | (24 | ) | ||||||||
| Interest and other (expense) income, net | 317 | 120 | ||||||||||
| Income (loss) before income taxes | (6,873 | ) | 13,172 | |||||||||
| Provision (benefit) for income taxes | 98 | (520 | ) | |||||||||
| Net income (loss) | $ | (6,971 | ) | $ | 13,692 | |||||||
|
Earnings per share - basic: |
||||||||||||
| Net income (loss) | $ | (0.25 | ) | $ | 0.50 | |||||||
| Number of shares used in per share calculations - basic | 28,144 | 27,571 | ||||||||||
|
Earnings per share - diluted: |
||||||||||||
| Net income (loss) | $ | (0.25 | ) | $ | 0.48 | |||||||
| Number of shares used in per share calculations - diluted | 28,144 | 28,563 | ||||||||||
| * Systems sales | $ | 22,704 | $ | 50,175 | ||||||||
| Parts sales | 4,862 | 6,390 | ||||||||||
| Service sales | 3,943 | 4,081 | ||||||||||
| License sales | 100 | - | ||||||||||
| Total sales | $ | 31,609 | $ | 60,646 | ||||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
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| (In thousands ) | 2014 | 2013* | |||||||||||
| ASSETS | (Unaudited) | ||||||||||||
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Current assets: |
|||||||||||||
| Cash, cash equivalents and short-term investments | $ | 290,573 | $ | 297,035 | |||||||||
| Accounts receivable | 31,479 | 34,441 | |||||||||||
| Inventories, net | 47,809 | 47,784 | |||||||||||
| Prepaid expenses and other current assets | 5,599 | 5,498 | |||||||||||
| Total current assets | 375,460 | 384,758 | |||||||||||
| Equipment and leasehold improvements, net | 21,272 | 21,811 | |||||||||||
| Intangibles assets, net | 15,298 | 15,735 | |||||||||||
| Other assets | 12,583 | 11,860 | |||||||||||
| Total assets | $ | 424,613 | $ | 434,164 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
|
Current liabilities: |
|||||||||||||
| Notes payable | $ | 5,120 | $ | 5,120 | |||||||||
| Accounts payable | 8,528 | 8,914 | |||||||||||
| Deferred product and service income | 6,308 | 6,574 | |||||||||||
| Other current liabilities | 11,504 | 15,095 | |||||||||||
| Total current liabilities | 31,460 | 35,703 | |||||||||||
| Other liabilities | 11,973 | 11,923 | |||||||||||
| Stockholders' equity | 381,180 | 386,538 | |||||||||||
| Total liabilities and stockholders' equity | $ | 424,613 | $ | 434,164 | |||||||||
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* The balance sheet as of |
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Senior Vice
President and CFO
or
Investor Relations Contact:
suzanne@blueshirtgroup.com
melanie@blueshirtgroup.com
Source:
News Provided by Acquire Media