ADE Corporation Announces First Quarter Fiscal 2000 Financial Results.WESTWOOD, Mass.--(BUSINESS WIRE)--Aug. 30, 1999-- ADE Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADEX ADEX Athens Derivatives Exchange (Athens, Greece) ADEX Air Defense Exercise ADEX Advertisement Expenditure ADEX Asociaciã³n de Exportadores (Peru) ) today announced revenue of $12.4 million for the first quarter of fiscal 2000 ended July 31, 1999, compared with $24.0 million reported for the first quarter of fiscal 1999. Net loss for the first quarter of fiscal 2000 was $7.2 million, or $0.54 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $0.8 million, or $0.06 per diluted share, for the year-earlier quarter, with weighted average shares outstanding during the comparable periods of 13.2 million and 12.9 million, respectively. Weighted average shares for the three months ended July 31, 1999 and 1998 exclude stock options outstanding during the period as the effect would be antidilutive. The net loss for the first quarter of fiscal 2000 includes a $1.5 million charge, or $0.11 per share, for costs associated with the previously announced consolidation of ADE's Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. operations into other Company facilities. The Company expects to incur additional charges in future quarters as a result of the consolidation, which has not been completed. Gross margin for the three months ended July 31, 1999 decreased to 40% from 44% in the prior year, primarily due to lower sales volume of products, industry pricing pressure, and increased costs related to the Company's expanded worldwide customer service organization. ADE President and Chief Executive Officer Robert Abbe Robert Abbe (1851 - 1928), was an American surgeon and pioneer radiologist in New York City. He was born April 13, 1851, at New York City and educated at the College of the City of New York (S.B., 1871) and Columbia University (M.D., 1874). stated, "We are very encouraged by the customer interest we are experiencing in our markets and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will be able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. long-term market trends. Although visibility remains cloudy cloudy (clou´de) 1. murky; turbid; not transparent. 2. marked by indistinct streaks. as to when the industry rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective will have a positive effect on ADE's financial performance, recent order activity might be a signal that the market is beginning to build momentum. For the second sequential quarter we have seen an increase in backlog, to $24.1 million from $20.6 million at April 30, 1999." "During the quarter, we were pleased to introduce several significant new products at Semicon West, the major semiconductor equipment trade show," continued Abbe. "These products include the E-Squared advanced flatness tool for 200mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , the NanoMapper(TM) for measurement of nanotopology on the wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. surface, the UltraGage(R) 9530, the first tool developed by ADE specifically for device manufacturers and the EpiScan(TM) 3000 tool for the measurement of 300mm epitaxial wafers. The Company also introduced a number of software tools designed to extend the value of ADE products to our customers. This software included Device Toolbox See toolkit and toolbar. (TM) for enhanced analytic capabilities at device fabs and Wafer Analyzer analyzer /ana·ly·zer/ (an´ah-li?zer) 1. a Nicol prism attached to a polarizing apparatus which extinguishes the ray of light polarized by the polarizer. 2. (TM), which allows process engineers to better analyze critical measurement data that they collect during the wafer manufacturing process." "While there are some concerns about the overall health of the data storage industry, we are encouraged by the interest shown by our customers in our newest products. Our metrology metrology Science of measurement. Measuring a quantity means establishing its ratio to another fixed quantity of the same kind, known as the unit of that kind of quantity. products are used to improve yields, particularly in the new GMR (Giant Magnetoresistance) See magnetoresistance. recording technology. Given the current low yields being experienced by our customers, demand for ADE tools has been improving." "In May our ADE Phase Shift, Inc. subsidiary began operations in its new 60,000 square foot facility in Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] . This facility will provide significantly increased research and manufacturing capabilities. The previously mentioned NanoMapper was developed by ADE Phase Shift using its proprietary interferometric technology and is being manufactured in Tucson." Concluded Abbe, "With momentum beginning to build for an eventual industry turnaround, we continue to advance our technology capabilities through internal development and strategic acquisitions. We believe these initiatives will enhance ADE's position as the supplier of choice when our customers begin to make production purchases of metrology and inspection equipment." This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to our visibility and long-term trends in the industry, demand for the Company's products, further increases in backlog and the ability of the Company to develop and manufacture products that meet customer needs within the timeframes required by customers. ADE Corporation is a leading supplier of metrology and inspection systems for the silicon wafer and data storage industries. The Company's systems analyze and report product quality at critical manufacturing process steps and provide quality certification data that is relied upon by semiconductor and data storage manufacturers. The Company's systems also are used in the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. . -0-
ADE CORPORATION
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three months ended
July 31,
1999 1998
Revenue $ 12,362 $ 24,028
Cost of revenue 7,249 13,457
Gross profit 5,113 10,571
Operating expenses:
Research and development 5,556 6,652
Marketing and sales 2,717 3,122
General and administrative 3,560 2,878
Total operating expenses 11,833 12,652
Loss from operations (6,720) (2,081)
Interest income, net 148 761
Loss before benefit from income
taxes and equity in net loss
of affiliated companies (6,572) (1,320)
Benefit from income taxes 0 (514)
Loss before equity in net loss
of affiliated companies (6,572) (806)
Equity in net loss of affiliated
companies (614) (7)
Net loss $ (7,186) $ (813)
Basic loss per share $(0.54) $(0.06)
Diluted loss per share $(0.54) $(0.06)
Weighted average shares
outstanding - basic 13,198 12,923
Weighted average shares
outstanding - diluted 13,198 12,923
ADE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
July 31, 1999 April 30, 1999
(unaudited)
Assets
Cash and cash equivalents $ 49,758 $ 61,278
Accounts receivable, net 11,934 11,843
Inventories 23,435 22,178
Other current assets 14,854 15,426
Total current assets 99,981 110,725
Fixed assets, net 29,259 28,268
Investments 3,403 3,869
Restricted cash 3,483 3,533
Other assets 7,718 7,035
Total assets $143,844 $153,430
Liabilities and Stockholders' Equity
Total current liabilities $ 17,516 $ 20,071
Long-term debt 12,379 12,537
Total stockholders' equity 113,949 120,822
Total liabilities and stockholders'
equity $143,844 $153,430
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