AG Associates Reports Fourth Quarter and Year-End Results for Fiscal 1997.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Nov. 4, 1997--AG Associates (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 :AGAI AGAI Associazione Guide Alpine Italiane AGAI Army General Administrative Instruction (UK) AGAI Antano Gustaicio Aviacijos Institutas (Lithuania) ), the pioneer and a leading supplier of advanced, single-wafer rapid thermal processing Rapid Thermal Processing (or RTP) refers to a semiconductor manufacturing process which heats silicon wafers to high temperatures (up to 1200 C or greater) on a timescale of several seconds or less. (RTP (1) (Rapid Transport Protocol) The protocol used in IBM's High Performance Routing (HPR) system. (2) (Realtime Transport Protocol) An IP protocol that supports real time transmission of voice and video. ) equipment used in the manufacture 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. (ICs), today reported fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results for fiscal 1997 ended September September: see month. 30, 1997. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter were $16.0 million, compared to $13.4 million in the prior quarter and $8.8 million in the fourth quarter of fiscal 1996. Net loss for the quarter was $351,000, or ($0.06) per share, compared to a net loss of $849,000, or ($0.14) per share, for the prior quarter and a net loss of $1.9 million, or ($0.32) per share, for the same period last year. For the twelve months ended September 30, 1997, net sales were $49.6 million, compared to $71.1 million for the comparable period a year ago. Net loss for the year was $4.7 million, or ($0.78) per share, compared to net income of $2.7 million, or $0.45 per share, for the same period last year. Commenting on the results, AG Associates' Chairman and Chief Executive Officer Dr. Arnon Gat noted, "We continue to see customers moving cautiously to add capacity as demand for logic and dynamic random access memory Dynamic random access memory (DRAM) is a type of random access memory that stores each bit of data in a separate capacitor within an integrated circuit. Since real capacitors leak charge, the information eventually fades unless the capacitor charge is refreshed periodically. (DRAM) devices increases. As a result, bookings for the fourth quarter were relatively soft compared to the previous year; however, we expect to meet our first quarter shipment expectations." Gat added, "Despite this, our fiscal 1997 results do reflect four quarters of improving revenue and progress. Our plan is to continue to heavily invest in research and development to remain competitive in today's marketplace as semiconductor manufacturers begin evaluating the next generation of RTP tools." Key to AG Associates' aggressive R&D effort, the Company announced the first order for its 300 mm RTP system, which is based on the Starfire(TM) 200 mm RTP tool for 0.18-micron applications. During the quarter, the company also announced that it received the 1997 Editors' Choice Best Product Award from Semiconductor International magazine for its Heatpulse(R) 8800 RTP system. One of 20 products selected, Heatpulse 8800 was recognized for enabling chipmakers to achieve advances in both process performance and cost of ownership for today's most advanced 0.25-micron RTP production requirements. Heatpulse 8800 began shipping in February 1996, prior to its introduction in July 1996. AG Associates also announced that it has filed a counter claim in U.S. district court (San Jose) against Applied Materials Applied Materials, Inc. NASDAQ: AMAT (HKSE: 4336 ) is the global leader in nanomanufacturing technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel solar displays, solar Inc. (Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.) for infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. of AG Associates' United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Patent No. 4,331,485, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Method for Heat Treating Semiconductor Material Using High Intensity CW Lamps." In April 1997, Applied Materials filed a complaint against the Company for infringement of certain of its technology. The Company is continuing talks with Applied Materials to resolve Applied Materials' complaint and the Company's cross complaint. Except for historical information, the matters discussed in this news release, including the Company's expectations for first quarter shipments and the Company's research and development investment plans, are 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 certain risks and uncertainties that could cause the actual results to differ materially from those projected, including the timely development and acceptance of new products, pricing, competition, the uncertainties of ongoing negotiations, unpredictability of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risks detailed from time to time in the Company's SEC reports. The Company assumes no obligation to update the forward-looking information in this release. AG Associates is a leading supplier of rapid thermal processing equipment to the worldwide semiconductor industry. Founded in 1981, AG Associates is headquartered in San Jose, Calif., and maintains customer service and support centers in the United States, Europe and Far East to support its global customer base. The company's common stock trades on the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol AGAI. For more information on the company, visit AG Associates at: http://www.agassociates.com on the World Wide Web. -0-
AG ASSOCIATES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
September 30
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1997 1996
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Net sales $ 15,951 $ 8,833
Costs and expenses
Cost of sales 9,189 6,028
Research and development 4,408 4,578
Selling, general and administrative 2,868 1,789
Total costs and expenses 16,465 12,395
Income (loss) from operations (514) (3,562)
Other income, net 75 168
Equity interest -- unconsolidated subsidiary -- 0
Income (loss) before income taxes (439) (3,394)
Provision (credit) for income taxes (88) (1,487)
Net income (loss) $ (351) $ (1,907)
Net income (loss) per share $ (0.06) $ (0.32)
Shares used in per share calculation 6,008 5,907
Twelve Months Ended
September 30
------------------
1997 1996
--------- --------
Net sales $ 49,604 $ 71,089
Costs and expenses
Cost of sales 32,697 39,365
Research and development 14,329 16,653
Selling, general and administrative 9,247 10,204
Total costs and expenses 56,273 66,222
Income (loss) from operations (6,669) 4,867
Other income, net 433 772
Equity interest -- unconsolidated subsidiary -- (1,152)
Income (loss) before income taxes (6,236) 4,487
Provision (credit) for income taxes (1,549) 1,744
Net income (loss) $ (4,687) $ 2,743
Net income (loss) per share $ (0.78) $ 0.45
Shares used in per share calculation 5,981 6,140
AG ASSOCIATES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
Sept. 30, Sept. 30,
1997 1996
--------- ---------
Assets
Cash, equivalents and short-term investments $ 4,157 $11,985
Accounts receivable, net 13,415 8,560
Inventories 11,676 11,668
Income taxes refundable 1,652 1,463
Deferred income tax 2,221 2,859
Prepaid expenses and other current assets 896 462
Total Current Assets 34,017 36,997
Property and equipment, net 8,493 8,210
Deferred income tax 437 645
Total Assets $42,947 $45,852
Liabilities and Shareholders' Equity
Accounts payable $ 6,272 $ 4,669
Accrued liabilities 2,997 2,571
Warranty reserve 1,687 2,440
Current portion of long-term obligations 194 222
Customer advances and deferred revenue -- 245
Total Current Liabilities 11,150 10,147
Capital lease obligations 275 11
Shareholders' equity 31,522 35,694
Total Liabilities and Shareholders' Equity $42,947 $45,852
CONTACT: AG Associates, Inc. Kirk Johnson This article is about the professional boxer. For the shock image, see goatse. Kirk Johnson (born June 29, 1972) is a professional heavyweight boxer from North Preston, Nova Scotia, Canada. , 408/935-2004 or MCA MCA in full Music Corporation of America Entertainment conglomerate. It was founded in Chicago in 1924 by Jules Stein as a talent agency. In the 1960s it bought Decca Records and Universal Pictures, and today it produces films, music, and television shows. , Inc. Marie Labrie, 650/968-8900 |
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