SOURCE: Mattson Technology, Inc.

Mattson Technology, Inc.

July 30, 2015 16:15 ET

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

FREMONT, CA--(Marketwired - July 30, 2015) - Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter ended June 28, 2015.

Business Highlights:

  • Net revenue for the second quarter of 2015 was in-line with previously issued guidance at $43.3 million.
  • Gross margin in the second quarter of 2015 was 37 percent, essentially flat with the first quarter of 2015 and in-line with previously issued guidance.
  • Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share, representing the eighth consecutive profitable quarter on a non-GAAP basis.

"I am proud of our success with the continued collaboration with our customers on meeting their technological challenges in manufacturing leading edge devices," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "The collaboration with our customers is evidenced, in part, from recent announcements regarding shipments of our Millios system in each of the last six quarters, the release of our Suprema™ XP for high volume production at multiple memory fabrication facilities and the shipment of our 100thplasma etch system."

Second Quarter 2015 Financial Results

Net revenue for the second quarter of 2015 was $43.3 million, a decrease of $14.9 million or 26 percent, as compared to net revenue of $58.3 million in the first quarter of 2015, and up slightly from net revenue of $42.0 million reported in the second quarter of 2014.

Gross margin in the second quarter of 2015 was 37 percent, essentially flat as compared to the first quarter of 2015, and a 5 percentage point improvement compared to 32 percent gross margin in the second quarter of 2014.

Total operating expense was $13.3 million in the second quarter of 2015, a decrease of $0.7 million or 5 percent, as compared to operating expense of $14.1 million in the first quarter of 2015, and an increase of $2.1 million or 19 percent, as compared to total operating expense of $11.2 million in the second quarter of 2014. Excluding restructuring charges of $0.1 million in the second quarter of 2014, non-GAAP operating expense was $11.1 million.

Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share. This compares to net income of $6.3 million, or $0.08 per diluted share, in the first quarter of 2015, and net income of $1.9 million, or $0.03 per diluted share, in the second quarter of 2014. Due to the immateriality of restructuring and other charges in the second quarter of 2014, and the absence of restructuring and other charges in the first and second quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.

Conference Call

On Thursday, July 30, 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 second quarter financial results, current business conditions, the near-term business outlook and guidance for the third 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. 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 or second quarters of 2015, and restructuring and other charges in the second quarter of 2014 were $0.1 million.

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   Six Months Ended
  June 28,
 2015
  March 29,
 2015
  June 29,
 2014
  June 28,
 2015
  June 29,
 2014
 Net revenue $ 43,334     $ 58,254     $ 42,029     $ 101,588     $ 85,227  
 Cost of goods sold 27,315      36,860      28,733      64,175      57,285  
   Gross margin 16,019      21,394      13,296      37,413      27,942  
 Operating expenses:                      
  Research, development and engineering 5,184      5,250      4,446      10,434      8,970  
  Selling, general and administrative 8,158      8,841      6,690      16,999      14,111  
  Restructuring and other charges -      -      111      -      111  
    Total operating expenses 13,342      14,091      11,247      27,433      23,192  
 Income from operations 2,677      7,303      2,049      9,980      4,750  
 Interest and other income (expense), net (18 )    (477 )    (163 )    (495 )    (210 )
 Income before income taxes 2,659      6,826      1,886      9,485      4,540  
 Provision for (benefit from) income taxes 78      521      (30 )    599      159  
 Net income $ 2,581     $ 6,305     $ 1,916     $ 8,886     $ 4,381  
 Net income per share:                      
  Basic $ 0.03     $ 0.08     $ 0.03     $ 0.12     $ 0.06  
  Diluted $ 0.03     $ 0.08     $ 0.03     $ 0.12     $ 0.06  
 Shares used in computing net income per share:                      
  Basic 74,920      74,700      73,532      74,611      69,943  
  Diluted 77,019      77,265      74,679      76,973      71,405  
                     
                     
                     

MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)

       
  June 28,
 2015
  December 31,
 2014
ASSETS
Current assets:      
Cash and cash equivalents $ 30,863   $ 22,760
Accounts receivable, net 26,294    33,578
Advance billings 3,329    4,653
Inventories 42,768    40,579
Prepaid expenses and other current assets 7,515    9,767
 Total current assets 110,769    111,337
Property and equipment, net 9,587    7,534
Restricted cash 1,979    1,993
Other assets 530    623
  Total assets $ 122,865   $ 121,487
        
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:       
Accounts payable $ 13,128   $ 22,434
Accrued compensation and benefits 7,017    4,601
Deferred revenues, current 7,371    9,110
Other current liabilities 6,739    6,630
 Total current liabilities 34,255    42,775
Deferred revenues, non-current 755    1,160
Other liabilities 2,504    2,442
 Total liabilities 37,514    46,377
Stockholders' equity 85,351    75,110
  Total liabilities and stockholders' equity $ 122,865   $ 121,487
        

Contact Information

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