ADE Corporation Announces Fourth-Quarter and Year-end Fiscal 2000 Financial Results.Business/Technology Editors WESTWOOD, Mass.--(BUSINESS WIRE)--June 19, 2000 Company Reports Continued Growth in Revenue and Fifth Consecutive Quarter of Increased Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. 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 reported revenue for the fourth quarter ended April 30, 2000 of $19.9 million compared with $12.2 million for the same quarter a year ago. Net loss was $2.9 million, or $0.21 per share, with 13.5 million weighted average 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. shares outstanding, compared to a net loss of $9.2 million, or $0.71 per share, with 13.1 million weighted average shares outstanding, for the fourth quarter of fiscal 1999. Weighted average shares for the three months ended April 30, 2000 and 1999 exclude stock options outstanding during those periods, as the effect would be antidilutive. For the fiscal year ended April 30, 2000, revenue was $62.5 million, compared with $60.9 million reported for fiscal 1999. Net loss for fiscal 2000 was $20.4 million, or $1.53 per share, compared with a net loss of $24.5 million, or $1.89 per share, for fiscal 1999. Weighted average shares outstanding for fiscal 2000 were 13.4 million compared with 13.0 million in fiscal 1999. Excluding restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other consolidation-related expenses, the net loss for fiscal 2000 was $16.9 million, or $1.27 per share, compared with a net loss of $20.0 million, or $1.54 per share, for fiscal 1999. Weighted average shares for the twelve months ended April 30, 2000 and 1999 exclude stock options outstanding during these periods, as the effect would be antidilutive. "Demand for ADE's advanced 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. and inspection equipment continued to gain momentum during the fourth quarter, resulting in the Company's fourth consecutive quarter of revenue growth and fifth consecutive quarter of increased backlog," stated 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). , ADE's president and chief executive officer. "ADE is just beginning to see top-line benefits flow through from the recovery taking place on the device side of the semiconductor industry," continued Abbe. "Meanwhile, the cost-saving initiatives that the Company instituted during fiscal 2000 are now dropping down to ADE's bottom line. During the industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. over the past two years, ADE made major investments in research and development, focused on allowing the Company 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>. the current 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 ." "An important trend for the Company's future is the eventual shift from 200mm to 300mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. . Interest in ADE's metrology and inspection products continued to strengthen in fiscal 2000, particularly for the Company's 300mm and `bridge' equipment," continued Abbe. "Industry analysts now predict that more than a dozen 300mm device fabs will be in construction by this time next year. This is a positive sign for ADE's business as 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. makers will need to purchase 300mm metrology and inspection equipment so as to be able to provide the wafers allowing these fabs to come online." "In order for ADE to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. fully on the expected ramp-up in demand for both advanced 200mm and 300mm metrology and inspection equipment, we will continue to focus on developing leading-edge products and bringing them into manufacturing in order to provide state-of-the-art production capability that ADE's customers require. Showcased at SemiCon West in July, these tools' high throughputs minimize the cost of ownership for our customers while enabling them to prevent yield degradation DEGRADATION, punishment, ecclesiastical law. A censure by which a clergy man is deprived of his holy orders, which he had as a priest or deacon. as the industry reaches for increasingly finer line widths," continued Abbe. "During fiscal 2000, we weathered the industry downturn while positioning ADE for solid market growth as the wafer industry turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. occurs. We look forward to ramping up production responsive to the accelerating needs of ADE's customers for advanced metrology and inspection equipment as the year progresses," concluded Abbe. 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. . 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. These statements include, but are not limited to, the rebounds in the semiconductor and hard disk markets and the expected growth of ADE when these markets fully recover. 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. Further information on potential factors that could affect ADE Corporation's business is described in the each company's reports on file with the Securities and Exchange Commission, including its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended April 30, 1999. Attached are the Company's condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and balance sheets.
ADE Corporation
Unaudited Consolidated Statement of Income
(In thousands, except per share amounts)
Three months ended Twelve months ended
April 30, April 30,
2000 1999 2000 1999
(Unaudited)
Revenue $ 19,943 $ 12,186 $ 62,506 $ 60,885
Cost of revenue 10,096 10,023 35,475 46,489
Gross profit 9,847 2,163 27,031 14,396
Operating expenses:
Research and development 6,347 5,827 21,884 24,026
Sales and marketing 3,784 3,211 13,002 12,280
General and administrative 2,879 3,598 12,281 11,153
Restructuring charges -- -- -- 2,318
Total operating expenses 13,010 12,636 47,167 49,777
Loss from operations (3,163) (10,473) (20,136) (35,381)
Other income, net 437 485 1,280 2,600
Loss before provision for
(benefit from) income taxes
and equity in net loss
of affiliated companies (2,726) (9,988) (18,856) (32,781)
Provision for (benefit from)
income taxes 100 (1,100) 102 (9,335)
Loss before equity in
net loss of affiliated
companies (2,826) (8,888) (18,958) (23,446)
Equity in net loss of
affiliated companies (50) (329) (1,489) (1,082)
Net loss $ (2,876) $ (9,217) $(20,447) $(24,528)
Net loss per share
Basic $ (0.21) $ (0.71) $ (1.53) $ (1.89)
Diluted $ (0.21) $ (0.71) $ (1.53) $ (1.89)
Weighted average common
and common equivalent
shares outstanding
Basic 13,458 13,065 13,353 12,989
Diluted 13,458 13,065 13,353 12,989
ADE Corporation
Consolidated Balance Sheet
(In thousands)
April 30,
2000 1999
Assets
Cash and cash equivalents $ 35,001 $ 61,278
Accounts receivable, net 14,549 11,843
Inventories 29,968 22,178
Other current assets 5,240 15,426
Total current assets 84,758 110,725
Fixed assets, net 30,724 28,268
Investments 3,331 3,869
Restricted cash 3,705 3,533
Other assets 10,352 7,035
Total assets $132,870 $153,430
Liabilities and Stockholders' Equity
Total current liabilities $ 19,048 $ 20,071
Long-term debt 11,950 12,537
Total stockholders' equity 101,872 120,822
Total liabilities and stockholders' equity $132,870 $153,430
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