ADE Corporation Announces Increasing Earnings and Revenues in Third Quarter Fiscal 2001; Company Increases Backlog for Eighth Consecutive Quarter; Sees Growing Demand for 300mm Products.Business/Technology Editors WESTWOOD Westwood. 1 Residential town (1990 pop. 12,557), Norfolk co., E Mass., in the greater Boston area; settled 1640, inc. 1897. It has several early 18th-century buildings. 2 Residential borough (1990 pop. 10,446), Bergen co., NE N.J. , Mass.--(BUSINESS WIRE)--Feb. 27, 2001 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 its financial results for the third fiscal quarter ended January January: see month. 31, 2001. Revenues increased 70 percent to $28.1 million, compared with $16.6 million for the same quarter a year ago. Net income was $1.7 million, or $0.13 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, with 13.7 million weighted average diluted shares outstanding. This compares with a net loss of $4.5 million, or $0.34 per share, with 13.4 million weighted average basic and diluted shares outstanding for the third quarter of fiscal 2000. 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. also continued to increase, reaching a level of $54.5 million at the end of the third quarter of fiscal 2001. "In addition to reporting solid top- top- pref. Variant of topo-. and bottom-line financial results for the third quarter of fiscal 2001, we are encouraged that the Company continued to experience increasing demand for ADE's most advanced 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. 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," said 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). . For the first nine months of fiscal 2001, ADE reported revenue of $74.0 million, compared with revenue of $42.6 million in the first nine months of fiscal 2000. For the first nine months of fiscal 2001, the Company reported net income of $1.0 million, or $0.07 per diluted share, with 13.8 million weighted average diluted shares outstanding. This compares with a net loss of $17.6 million, or $1.32 per share, with 13.3 million weighted average basic and diluted shares outstanding, in the corresponding period of the previous year. Weighted average shares for the nine months ended January 31, 2000 exclude stock options outstanding during this period, as the effect would be antidilutive antidilutive Of or relating to the conversion of convertible securities into common stock when such conversion would result in an increase in diluted earnings per share or a decrease in diluted loss per share. . "During the third fiscal quarter, 200mm wafer prices continued to increase gradually, but remain only slightly above break-even levels. However, demand for advanced 200mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. has temporarily come into balance with supply. Although wafer makers continue to buy advanced 200mm equipment on a technology-driven basis, they are increasingly turning their attention to advanced 300mm investments, where their margins are higher. In recent months, several leading device manufacturers have announced plans to install significant 300mm capacity, leading to increased demand for ADE's 300mm equipment." "Japanese wafer makers appear to be among the most aggressive in the 300mm area and, based on the growing perception that demand will outstrip out·strip tr.v. out·stripped, out·strip·ping, out·strips 1. To leave behind; outrun. 2. To exceed or surpass: "Material development outstripped human development" supply over the next couple of years, have recently indicated that they will be making major investments in 300mm wafer capacity in calendar 2001 and 2002. We will gain greater visibility into Japanese manufacturers' spending priorities once they finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... budgets this March. Given these signs, we believe that ADE's 300mm product suite and dominant market position should allow us 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>. these trends, particularly in the coming year," Abbe stated. FORWARD-LOOKING GUIDANCE "Indications are that commitments to 300mm wafer fabs are turning into reality and that these projects are ramping up faster than most industry experts had anticipated. ADE expects to benefit from accelerating requirements for the Company's 300mm metrology and inspection equipment in future quarters," stated Abbe. Based on the information that ADE has today, the Company anticipates that the following pre-SAB 101 guidance is applicable for the fourth quarter of fiscal 2001: --Gross margins in the range of 49% to 51%; --Revenues in the range of $29 million to $31 million; and --Earnings per diluted share in the range of $0.14 to $0.16. "Looking forward, ADE's key priority will be to fully capitalize on the increased demand for its advanced wafer inspection and metrology products by leveraging its formidable research and development capabilities into a pipeline of state-of-the art products that meet customers' increasingly stringent needs. In addition, we will focus strategically on building ADE's presence in related global markets that offer the greatest growth potential over the next several years," Abbe concluded. 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. Those statements that make reference to the Company's expectations, predictions and anticipations should be considered forward-looking statements. These statements include, but are not limited to, trends relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the semiconductor market, the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of 300mm capacity and related profit margins, the success of ADE's product development efforts, international economic conditions, and financial projections for the fourth quarter of fiscal 2001. These statements involve risks and uncertainties including those associated with the strength of the semiconductor and hard disk markets, wafer pricing and wafer demand, the results of its product development efforts, the success of ADE's product offerings to meet customer needs within the timeframes required by customers in these markets, further increases in backlog, our visibility, and the Company's predictions of future financial outcomes. Further information on potential factors that could affect ADE Corporation's business is described in the 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 fiscal year ended April 30, 2000. About ADE Corporation 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. . To learn more about ADE, visit the Company's Web site at www.ade.com.
ADE CORPORATION
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share date)
Three months ended Nine months ended
January 31, January 31,
2001 2000 2001 2000
Revenue $28,130 $16,576 $73,991 $42,563
Cost of revenue 14,133 9,225 37,224 25,379
Gross profit 13,997 7,351 36,767 17,184
Operating expenses:
Research and development 5,731 5,411 16,062 15,538
Marketing and sales 3,508 3,134 12,054 9,218
General and administrative 3,203 2,964 8,054 9,402
Total operating expenses 12,442 11,509 36,170 34,158
Income (loss) from operations 1,555 (4,158) 597 (16,974)
Interest income, net 281 318 947 841
Income (loss) before
provision for income taxes
and equity in net loss of
affiliated companies 1,836 (3,840) 1,544 (16,133)
Provision for income taxes 47 -- 111 --
Income (loss) before equity
in net loss of affiliated
companies 1,789 (3,840) 1,433 (16,133)
Equity in net loss of
affiliated companies (61) (676) (479) (1,438)
Net income (loss) $1,728 $(4,516) $954 $(17,571)
Basic earnings (loss)
per share $0.13 $(0.34) $0.07 $(1.32)
Diluted earnings (loss)
per share $0.13 $(0.34) $0.07 $(1.32)
Weighted average shares
outstanding - basic 13,511 13,403 13,498 13,319
Weighted average shares
outstanding - diluted 13,748 13,403 13,768 13,319
ADE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
January 31, 2001 April 30, 2000
Assets
Cash and cash equivalents $ 29,960 $ 35,001
Accounts receivable, net 23,029 14,549
Inventories 37,336 29,968
Other current assets 7,614 5,240
Total current assets 97,939 84,758
Fixed assets, net 29,126 30,724
Investments 3,237 3,331
Restricted cash 3,675 3,705
Other assets 8,283 10,352
Total assets $ 142,260 $ 132,870
Liabilities and Stockholders' Equity
Total current liabilities $ 27,339 $ 19,048
Long-term debt 11,493 11,950
Total stockholders' equity 103,428 101,872
Total liabilities and
stockholders' equity $ 142,260 $ 132,870
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