SOURCE: Mattson Technology, Inc.

Mattson Technology, Inc.

October 29, 2015 16:10 ET

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

FREMONT, CA--(Marketwired - October 29, 2015) - Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the third quarter ended September 27, 2015.

Business Highlights:

  • Net revenue for the third quarter of 2015 of $38.9 million was in-line with previously issued guidance.
  • Gross margin in the third quarter of 2015 was in-line with previously issued guidance at 35 percent.
  • Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share, and exceeded previously issued guidance and represented the ninth consecutive profitable quarter on a non-GAAP basis.

"In spite of challenging industry conditions, I am pleased with our ability to achieve top line results at the high end of expectations," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Further, our flexibility in managing our cost structure to align with changes in industry demand, without sacrificing our focus on our customers' success, enabled us to exceed our own expectations for profitability."

Third Quarter 2015 Financial Results

Net revenue for the third quarter of 2015 was $38.9 million, a decrease of $4.4 million or 10 percent, as compared to net revenue of $43.3 million in the second quarter of 2015, and up slightly from net revenue of $38.4 million reported in the third quarter of 2014.

Gross margin in the third quarter of 2015 was 35 percent, a decrease of 2 percentage points as compared to the second quarter of 2015, and a 1 percentage point improvement compared to 34 percent gross margin in the third quarter of 2014.

Total operating expense was $11.8 million in the third quarter of 2015, a decrease of $1.5 million or 11 percent, as compared to operating expense of $13.3 million in the second quarter of 2015, and a decrease of $0.6 million or 5 percent, as compared to total operating expense of $12.5 million in the third quarter of 2014. Excluding restructuring charges of $0.3 million in the third quarter of 2014, non-GAAP operating expense was $12.2 million.

Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share. This compares to net income of $2.6 million, or $0.03 per diluted share, in the second quarter of 2015, and net income of $0.5 million, or $0.01 per diluted share, in the third quarter of 2014. Due to the immateriality of restructuring and other charges in the third quarter of 2014, and the absence of restructuring and other charges in the second and third quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.

Conference Call

On Thursday, October 29, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 third quarter financial results, current business conditions, the near-term business outlook and guidance for the fourth 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 (970) 315-0417.

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 second or third quarters of 2015, and restructuring and other charges in the third quarter of 2014 were $0.3 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   Nine Months Ended
  September 27,
 2015
  June 28,
 2015
  September 28,
 2014
  September 27,
 2015
  September 28,
 2014
Net revenue $ 38,894     $ 43,334     $ 38,430     $ 140,482     $ 123,657  
Cost of goods sold  25,347      27,315      25,432      89,522      82,717  
 Gross margin  13,547      16,019      12,998      50,960      40,940  
Operating expenses:                       
 Research, development and engineering  4,033      5,184      4,849      14,467      13,819  
 Selling, general and administrative  7,812      8,158      7,302      24,811      21,413  
 Restructuring and other charges  -      -      301      -      412  
  Total operating expenses  11,845      13,342      12,452      39,278      35,644  
Income from operations  1,702      2,677      546      11,682      5,296  
Interest and other income (expense), net  540      (18 )    101      105      (109 )
Income before income taxes  2,242      2,659      647      11,787      5,187  
Provision for income taxes  219      78      110      878      269  
Net income $ 2,023     $ 2,581     $ 537     $ 10,909     $ 4,918  
Net income per share:                       
 Basic $ 0.03     $ 0.03     $ 0.01     $ 0.15     $ 0.07  
 Diluted $ 0.03     $ 0.03     $ 0.01     $ 0.14     $ 0.07  
Shares used in computing net income per share:                       
 Basic  75,129      74,920      73,731      74,785      71,215  
 Diluted  76,546      77,019      75,023      76,849      72,637  
                     
 
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
       
  September 27,
 2015
  December 31,
 2014
ASSETS
Current assets:        
Cash and cash equivalents $ 36,699     $ 22,760  
Accounts receivable, net  23,826      33,578  
Advance billings  2,852      4,653  
Inventories  42,611      40,579  
Prepaid expenses and other current assets  6,122      9,767  
 Total current assets  112,110      111,337  
Property and equipment, net  8,754      7,534  
Restricted cash  1,811      1,993  
Other assets  500      623  
 Total assets $ 123,175     $ 121,487  
         
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:        
Accounts payable $ 13,706     $ 22,434  
Accrued compensation and benefits  6,197      4,601  
Deferred revenues, current  6,757      9,110  
Other current liabilities  6,038      6,630  
 Total current liabilities  32,698      42,775  
Deferred revenues, non-current  552      1,160  
Other liabilities  2,477      2,442  
 Total liabilities  35,727      46,377  
Stockholders' equity  87,448      75,110  
  Total liabilities and stockholders' equity $ 123,175     $ 121,487  
         
      

Contact Information

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