KALISPELL, MT--(Marketwire - November 9, 2007) - Semitool, Inc. (
NASDAQ:
SMTL), a leading
manufacturer of wafer processing equipment for the semiconductor industry,
today reported financial results for its fourth quarter and full fiscal
year ended September 30, 2007.
Revenue in the fourth fiscal quarter was $47.2 million versus $65.0 million
in the same quarter a year ago. Gross margin was 43 percent compared with
48 percent in the comparable year-ago quarter. The decline in gross margin
is attributable to a previously announced inventory write off of $3.0
million. The company reported a net loss of $1.5 million, or $0.05 per
share, versus net income of $3.9 million, or $0.12 per share, in the fourth
quarter last year.
Semitool reported continued sequential growth in equipment bookings, which
were $60.2 million, up 19 percent versus third quarter bookings of $50.6
million, and an increase of 59 percent from second quarter bookings of
$37.8 million. Deferred revenue at the end of the fourth quarter was $15.4
million and shipping backlog was $58.9 million, combining for a total
revenue backlog of $74.3 million. Total shipments in the fourth quarter
were $52.1 million.
Larry Murphy, president and chief operating officer, said, "Our bookings
performance during the fourth quarter reflects our successful efforts to
penetrate several major device manufacturers. These customers have
incorporated our Raider platform into their next generation processes of
record, and we are now starting to see a surge of follow-on orders as these
processes are transitioned into production."
"Our focus on the Asian memory market resulted in the addition of two new
front-end-of-line (FEOL) cleaning customers during the quarter," Murphy
added. "There are now four memory fabs utilizing Semitool's Raider
platform for FEOL production processes. As these and other customers
maintain their push toward the production of smaller, more complex devices,
we are optimistic about the opportunities for increased follow-on order
volume."
Murphy said activity within several other end markets also has been
encouraging. "We have received our first order for a tool to be used for
porous silicon formation by a manufacturer of solar devices. With this
initial entry into the solar market, we are discovering the significant
cost and efficiency benefits that our technologies could bring to solar
cell production. We are optimistic that this market could represent a
major long-term growth opportunity for Semitool."
Ray Thompson, chairman and CEO, said, "As our Raider platform gains
additional market share, we continue to enhance its performance
capabilities. Our next generation Raider will launch in January, and will
be capable of processing more than 350 wafers per hour. I am encouraged by
the momentum we have carried into the first quarter and optimistic about
our prospects for growth during 2008 and beyond."
Full year results
For the fiscal year, revenue was $215.2 million versus $243.2 million in
fiscal 2006. Inclusive of the $3.0 million inventory write off, full-year
net income was $5.2 million, or $0.16 per share, versus full-year 2006 net
income of $9.8 million, or $0.31 per share.
At September 30, 2007, Semitool had cash and cash equivalents of $16.1
million versus $17.3 million at the end of fiscal 2006. Total
shareholders' equity grew to $168.9 million from $161.0 million at
September 30, 2006.
Guidance
Management expects to report revenue for the first quarter of fiscal 2008
in the range of $48 million to $50 million. First quarter earnings per
share are expected to range from $0.00 to $0.02. Shipments for the quarter
are expected to range from $49 million to $51 million. Full year revenue
for fiscal 2008 is expected to range from $230 million to $250 million.
Conference Call Information
Semitool will host an investor conference call today at 5:00 p.m. Eastern.
The call can be accessed by dialing 888-679-8037 (617-213-4849 for
international callers) and entering the passcode 19906476. A simultaneous
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 from 7
p.m. Eastern on November 9, 2007, until 11:59 p.m. Eastern on November 13,
2007, and can be accessed by calling 888-286-8010 (617-801-6888 for
international callers) and entering the passcode 99595273.
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 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) a surge in follow-on orders
we are starting to see from major device manufacturers, including memory
customers in Asia, (ii) the potential for the solar market to be a
long-term growth opportunity for the Company, (iii) the anticipated January
launch of our next generation Raider and its ability to process more than
350 wafers per hour, (iv) prospects for growth during 2008 and beyond and
(v) financial guidance for the first quarter and fiscal year 2008. Also,
bookings, deferred revenue, 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, 2006 and subsequent filings with the
SEC. Follow-on orders, growth opportunities in the solar market, launching
new products and the performance of the those products can be adversely
affected by a number of factors, including customers' ultimate preference
for our tools and the tools' performance, the ability to penetrate a new
market, the ability to timely introduce a new product and technological
challenges related to its performance, as well as the general factors
affecting our industry. In addition, many factors can adversely affect
forecasted financial performance, including cancellations and push-outs,
customers' on-site acceptance of our products, unanticipated costs, 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, delays in acceptance and payment
for shipped tools, the company's ability to timely deliver and support its
products, technological changes that affect our ability to compete, the
risks associated with competing on a global basis and possible volatility
in key markets. 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,
-------------------- --------------------
2007 2006 2007 2006
--------- ---------- --------- ---------
Net sales $ 47,175 $ 65,010 $ 215,220 $ 243,218
Cost of sales 26,939 34,048 113,729 130,299
--------- ---------- --------- ---------
Gross profit 20,236 30,962 101,491 112,919
--------- ---------- --------- ---------
Operating expenses:
Selling, general and
administrative 17,369 19,556 71,749 73,624
Research and development 6,815 6,277 27,080 24,525
Downsizing costs -- -- 677 --
Gain on sale of building -- -- (648) --
--------- ---------- --------- ---------
Total operating expenses 24,184 25,833 98,858 98,149
--------- ---------- --------- ---------
Income (loss) from operations (3,948) 5,129 2,633 14,770
Other income (expense), net 817 193 706 (117)
--------- ---------- --------- ---------
Income (loss) before income tax (3,131) 5,322 3,339 14,653
Income tax provision (benefit) (1,644) 1,458 (1,892) 4,817
--------- ---------- --------- ---------
Net income (loss) $ (1,487) $ 3,864 $ 5,231 $ 9,836
========= ========== ========= =========
Earnings (loss) per share:
Basic $ (0.05) $ 0.12 $ 0.16 $ 0.32
========= ========== ========= =========
Diluted $ (0.05) $ 0.12 $ 0.16 $ 0.31
========= ========== ========= =========
Weighted average common shares:
Basic 32,089 31,915 32,034 31,174
Diluted 32,089 32,224 32,450 31,518
SEMITOOL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
September 30, September 30,
2007 2006
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 16,090 $ 17,347
Trade receivables, net 56,999 56,593
Inventories 78,017 90,159
Prepaid expenses and other current assets 16,875 14,314
------------- -------------
Total current assets 167,981 178,413
Property, plant and equipment, net 49,148 44,610
Other assets, net 9,200 9,373
------------- -------------
Total assets $ 226,329 $ 232,396
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 12,958 $ 22,882
Other current liabilities 31,654 40,668
------------- -------------
Total current liabilities 44,612 63,550
Long-term liabilities 12,864 7,822
------------- -------------
Total liabilities 57,476 71,372
------------- -------------
Shareholders' equity:
Common stock 83,215 80,738
Retained earnings 86,130 80,899
Accumulated other comprehensive loss (492) (613)
------------- -------------
Total shareholders' equity 168,853 161,024
------------- -------------
Total liabilities and shareholders'
equity $ 226,329 $ 232,396
============= =============
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