ASTeX Announces Fiscal 1997 First Quarter Revenues and Earnings.WOBURN Woburn, village, England Woburn (w  `bərn), village, Bedfordshire, S central England. , Mass.--(BUSINESS WIRE)--October 24, 1996--Applied Science
and Technology, Inc. ("ASTeX") (Nasdaq:ASTX) today reported
record results for the fiscal 1997 first quarter ended September September: see month. 28,
1996.Total revenues for the first quarter increased 75% to $9.86 million, versus $5.64 million reported in the first quarter of fiscal 1996. Net earnings for the quarter rose 4.5% to $311,915 or $0.07 per share, compared to $298,520, or $0.07 per share, for the comparable first quarter of fiscal 1996. Weighted average common shares outstanding for the quarter increased by 416,877 shares to 4,489,288, of which 328,662 were associated with the acquisition of Ehrhorn Technological Operations (ETO ETO abbr. European theater of operations ), acquired at the end of the second quarter of fiscal 1996. Dr. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Post, President and Chief Executive Officer, stated, "We can attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. our strong results for the first quarter of fiscal 1997 to continued demand for our ozone ozone (ō`zōn), an allotropic form of the chemical element oxygen (see allotropy). Pure ozone is an unstable, faintly bluish gas with a characteristic fresh, penetrating odor. The gas has a density of 2.144 grams per liter at STP. generators and systems, which increased 50% to $2.7 million for the quarter versus $1.8 million for the same period last year. Our results also reflect the addition of ETO, which contributed $2.8 million, or 28% of total revenues from sales of medical products. While ETO contributed $3.5 million, or 36% of ASTeX total revenues in the quarter and was profitable, they were dilutive to earnings, which is consistent with the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. that the Company took in the fourth quarter of fiscal 1996. Without ETO, earnings per share would have been $0.11 for the quarter. As previously announced, sales for the first quarter were sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen lower than reported in the fourth quarter of fiscal 1996. However, on a year-to-year first quarter comparison, gross profit increased 80% to $3.8 million, and earnings from operations increased 131% to $0.5 million for the quarter, a result of successful company-wide cost reduction programs." "To support our future growth, we continue to make significant investments in research and development, which increased 127% to $1.67 million, or 17% of total revenues for the quarter, compared to $0.74 million, or 13% of total revenues for the comparable period last year. Outcomes of this investment will be new product introductions, such as our advanced compact integrated microwave plasma Microwaves, being high frequency electromagnetic radiation in the GHz range, are capable of exciting electrode-less gas discharges. Microwave-excited plasmas have two appealing properties: If applied in surface-wave-sustained mode, they are especially well suited to generate source. This product will be used for photoresist A film used in photolithography that temporarily holds the pattern of a circuit path or microscopic element of a chip. When exposed to light, it hardens and is resistant to the acid bath that washes away the unexposed areas. Not to be confused with photoresistor. stripping by leading semiconductor capital equipment manufacturers (SCEMs), and is expected to go into production in the second half of fiscal 1997." Dr. Post concluded, "While there has been softness in the demand for semiconductor products, we remain encouraged by the growth and acceptance of our advanced product technologies at leading SCEMs. Specifically, these new technologies are opening doors of opportunity for the Company in the Far East. We will continue to invest in new products to enhance the efficiency and productivity of the manufacturing process and seek out strategic acquisitions which will broaden our technology and existing product offerings. To leverage the cyclicality of the semiconductor market, we seek to grow our presence in a wide variety of markets, including CVD CVD Cardiovascular disease, see there diamond and the medical industries, and are well positioned to be a dominant supplier in each of the markets we serve." ASTeX is a leading provider of innovative production technology through delivery of components and systems for semiconductor, medical, and CVD diamond applications. ASTeX markets its systems to producers of CVD diamond, while its microwave and RF power generators, plasma sources Plasma sources generate plasmas. Excitation of a plasma requires partial ionisation of neutral atoms and/or molecules of a medium. There are several ways to cause ionisation: collisions of energetic particles, strong electric fields acting on bond electrons, or ionising and ozone generators and subsystems are marketed to the world's leading semiconductor and medical capital equipment manufacturers. Typical semiconductor applications include manufacture of leading edge devices such as Pentium Pentium Family of microprocessors developed by Intel Corp. Introduced in 1993 as the successor to Intel's 80486 microprocessor, the Pentium contained two processors on a single chip and about 3.3 million transistors. and PowerPC A family of RISC-based CPU chips developed by IBM, Motorola and Apple that are based on IBM's POWER chip architecture. The PowerPC family supports a wide range of computing devices from handheld machines to supercomputers. chips, while medical applications include diagnostic imaging and sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). . "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
APPLIED SCIENCE AND TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 28, September 30,
1996 1995
(Unaudited) (Unaudited)
Product sales, net $8,822,457 $5,087,837
Research contract revenue 259,916 207,621
Other revenue 777,967 343,957
Total revenue $9,860,340 $5,639,415
Cost of sales and revenue:
Product sales and
other revenue 5,927,383 3,449,655
Research contracts 119,543 66,412
Total cost
of sales and revenue 6,046,926 3,516,067
Gross profit 3,813,414 2,123,348
Operating expenses:
Research and development
expenses 1,669,430 736,032
Selling expenses 765,963 532,990
General and administrative
expenses 842,325 622,034
Total operating expenses 3,277,718 1,891,056
Earnings from operations 535,696 232,292
Other expense (income):
Interest expense 152,200 -
Interest income (115,217) (200,837)
Other expense 3,798 4,609
Total other (income)
expense 40,781 (196,228)
Earnings before
income taxes 494,915 428,520
Income tax expense 183,000 130,000
Net earnings $ 311,915 $ 298,520
Net earnings per share $ 0.07 $ 0.07
Weighted average common
shares outstanding 4,489,288 4,072,411
-0-
APPLIED SCIENCE AND TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Assets September 28, June 29,
1996 1996
(Unaudited)
Current assets:
Cash and cash equivalents $4,393,647 $5,182,294
Short-term investments 996,259 1,990,962
Accounts receivable, trade, net 7,545,287 8,921,890
Inventories 9,234,939 8,734,401
Prepaid expenses and other assets 337,152 276,848
Deferred income taxes 969,741 969,741
Total current assets 23,477,025 26,076,136
Property, plant and equipment:
Land 473,000 473,000
Building and improvements 1,619,007 1,606,947
Equipment 7,034,500 7,068,802
Furniture and fixtures 536,639 543,860
Leasehold improvements 1,458,390 1,455,977
11,121,536 11,148,586
Less accumulated depreciation and
amortization (3,828,531) (3,458,407)
Net property and equipment 7,293,005 7,690,179
Other assets:
Patents, net 161,878 141,525
Other 258,459 262,224
Long-term investments 1,300,271 ---
Note receivable 161,283 191,362
Total other assets 1,881,891 595,111
$32,651,921 $34,361,426
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt 1,625,201 1,624,641
Accounts payable 1,904,253 2,564,149
Accrued expenses 796,933 820,030
Accrued compensation expense and
related costs 646,994 1,428,759
Accrued income tax expense 93,459 173,179
Commissions payable and customer
advances 181,769 248,836
Total current liabilities 5,248,609 6,859,594
Long term debt, less current maturities 5,758,581 6,169,517
Deferred income taxes 36,507 36,507
Total liabilities 11,043,697 13,065,618
Stockholders' equity:
Common stock 44,485 44,484
Additional paid-in capital 26,690,607 26,690,108
Retained earnings (accumulated deficit) (4,893,542) (5,205,458)
Less: Notes receivable for common
stock purchases (233,326) (233,326)
Total stockholders' equity 21,608,224 21,295,808
$32,651,921 $34,361,426
CONTACT: Applied Science and Technology, Inc. John Tarrh Senior Vice President and Chief Financial Officer (617) 937-5135 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Morgen-Walke Associates, Inc. Donna N. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , APR/Sue Yeoh Yeoh is the transliteration of the Hokkien (Min Nan) surname which shares the same Chinese character as the Mandarin surname Yang. See the Yang entry for the history of the name. Famous people with the surname "Yeoh" include:
(212) 850-5600 or Press Contact: Morgen-Walke Associates, Inc. Lee Foley fo·ley n. 1. A technical process by which sounds are created or altered for use in a film, video, or other electronically produced work. 2. A person who creates or alters sounds using this process. (212) 850-5600 |
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