SOURCE: Mattson Technology, Inc.

Mattson Technology, Inc.

April 23, 2015 16:15 ET

Mattson Technology, Inc. Reports Results for the First Quarter of 2015

FREMONT, CA--(Marketwired - April 23, 2015) - Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the first quarter ended March 29, 2015.

Business Highlights:

  • Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014.
  • Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to a gross margin of 33 percent in the fourth quarter of 2014, and a 3 percentage point improvement compared to a gross margin of 34 percent in the first quarter of 2014.
  • Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014.

"I am pleased with our results this quarter and the continued discipline in executing our strategy," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Not only do the financial results for the first quarter of 2015 represent the seventh consecutive profitable quarter on a non-GAAP basis, but the results also mark revenue and net income levels not achieved by the Company since 2007."

First Quarter 2015 Financial Results

Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014.

Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to 33 percent gross margin in the fourth quarter of 2014, and a 3 percentage point improvement compared to 34 percent gross margin in the first quarter of 2014.

Total operating expense was $14.1 million in the first quarter of 2015, an increase of $1.0 million or 8 percent, as compared to operating expense of $13.1 million in the fourth quarter of 2014, and an increase of $2.1 million or 18 percent, as compared to total operating expense of $11.9 million in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP operating expense in these periods.

Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.

Conference Call

On Thursday, April 23, 2015, at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 first quarter financial results, current business conditions, the near-term business outlook and guidance for the second quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the "Investors" section. To access the live conference call, please dial (877) 430-4657.

Use of Non-GAAP Measures

In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this press release contains certain non-GAAP financial measures. The Company's non-GAAP results for total operating expenses and net income per share exclude amounts listed as restructuring and other charges in the accompanying tables. Management uses non-GAAP operating expenses and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. The Company did not have any restructuring and other charges during the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014.

About Mattson Technology, Inc.

Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Etch, Rapid Thermal Processing and Millisecond Anneal. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON / (510) 657-5900. Internet: www.mattson.com.

 
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
 
   Three Months Ended
   March 29,
 2015
 December 31,
 2014
 March 30,
 2014
Net revenue  $ 58,254    $ 54,747  $ 43,198  
Cost of goods sold   36,860     36,870   28,552  
 Gross margin   21,394     17,877   14,646  
Operating expenses:            
 Research, development and engineering   5,250     5,607   4,524  
 Selling, general and administrative   8,841     7,453   7,421  
  Total operating expenses   14,091     13,060   11,945  
Income from operations   7,303     4,817   2,701  
Interest and other income (expense), net   (477 )   216   (47 )
Income before income taxes   6,826     5,033   2,654  
Provision for income taxes   521     70   189  
Net income  $ 6,305    $ 4,963  $ 2,465  
Net income per share:            
 Basic  $ 0.08    $ 0.07  $ 0.04  
 Diluted  $ 0.08    $ 0.07  $ 0.04  
Shares used in computing net income per share:            
 Basic   74,670     73,861   66,275  
 Diluted   77,265     75,486   67,971  
             
 
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
   March 29,
 2015
 December 31,
 2014
ASSETS
Current assets:        
Cash and cash equivalents  $ 26,446  $ 22,760
Accounts receivable, net   38,216   33,578
Advance billings   4,388   4,653
Inventories   38,174   40,579
Prepaid expenses and other current assets   9,188   9,767
 Total current assets   116,412   111,337
Property and equipment, net   9,248   7,534
Restricted cash   1,974   1,993
Other assets   548   623
  Total assets  $ 128,182  $ 121,487
         
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:        
Accounts payable  $ 21,844  $ 22,434
Accrued compensation and benefits   5,112   4,601
Deferred revenues, current   9,213   9,110
Other current liabilities   6,939   6,630
 Total current liabilities   43,108   42,775
Deferred revenues, non-current   957   1,160
Other liabilities   2,494   2,442
 Total liabilities   46,559   46,377
Stockholders' equity   81,623   75,110
  Total liabilities and stockholders' equity  $ 128,182  $ 121,487
         

Contact Information

  • Mattson Technology
    Investor Contact
     
    J. Michael Dodson 
    tel   1-510-657-5900 
    fax  1-510-492-5963