August Technology Announces Fourth Quarter and Year End 2001 Financial Results.Business Editors BLOOMINGTON, Minn.--(BUSINESS WIRE)--Feb. 13, 2002 August Technology Corp. (Nasdaq:AUGT), a leading provider of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. inspection solutions for the microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. industries, today announced results for its fourth quarter and year ended December 31, 2001. The Company reported revenue of $5.5 million during the quarter, a 68% increase from the previous quarter and a 48% decrease from the fourth quarter of 2000. Gross margin for the quarter was 57.0%, up from 54.1% in the previous quarter, and down from 60.9% in the fourth quarter of 2000. Excluding non-recurring charges, net loss was $642,000, or $0.05 per share, compared to net income of $1.2 million, or $0.09 per share, in the fourth quarter of 2000. Including the non-recurring charges, net loss per share was $0.06, compared to earnings per share of $0.07 in 2000. Revenue in 2001 was $29.8 million, a decrease of 6% from 2000. Gross margin in 2001 was 59.6%, compared to 60.2% in 2000. Excluding non-recurring charges, net income was $31,000, or $0.00 per share, compared to $2.1 million, or $0.18 per share, in 2000. Including the non-recurring charges, net loss per share was $0.03, compared to earnings per share of $0.16 in 2000. "Given the challenges of the past year, August Technology is pleased to report a number of positive highlights for 2001, including solid revenue performance year-over-year relative to the semiconductor equipment industry. Defect defect - bug inspection tools continue to provide device manufacturers with cost savings and yield enhancements, which remain a priority even during an industry slow down," explained Jeff O'Dell, chief executive officer. "We're also pleased to have maintained strong gross margins in 2001. In addition, we have been successful at systematically reducing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. throughout the year. Also we are proud to have been named to the Russell 3000 and 2000 Indexes." The Company also announced a 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. of $5.2 million on December 31, 2001, and a book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 0.85 for the year ended December 31, 2001. "2001 was a positioning year for August Technology as we were able to take advantage of the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. to successfully implement our Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. system, enabling our employees around the world to work more efficiently and effectively through a single source of business information. We also opened an office in Taiwan to provide our customers in that region with direct sales, service and applications support. Two significant new products were launched in 2001: (i) YieldPilot(TM), a software-based data analysis tool which provides detailed information on process defects to improve yields; and (ii) the 3Di-8000, which combines both two-dimensional and three-dimensional bump and 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. inspection in a single system, employing our revolutionary Rapid Confocal confocal see confocal microscopy. Sensor technology." O'Dell continued, "An Engineering Services Group was created in order to dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. resources to customizing standard August Technology solutions to satisfy special customer requirements. Phase one of our web-based service support (clickService(TM)) was also introduced to reduce the need for onsite support, increasing system uptime by enabling August Technology service engineers to remotely access systems in the field and immediately identify and resolve issues. "We continue to believe that challenges will persist for both the microelectronics industries and August Technology in the first half of 2002, though visibility should begin to improve throughout the second half of the year. Keeping this in mind, we currently anticipate first quarter revenues to be modestly down when compared to fourth quarter 2001, although we believe that our overall 2002 revenue growth will again outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, that of the semiconductor equipment sector as a whole. We will continue to expand and invest into the evolving markets of advanced packaging (including wafer level bumping Bumping can refer to:
A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. that will drive our future growth," O'Dell concluded. August Technology will provide a live webcast of its earnings conference call with senior management, today at 3:30 p.m. CT to discuss fourth quarter and 2001 year-end financial performance. The webcast will be available live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on August Technology's web site at www.augusttech.com and archived for replay shortly following the conference call and continuing through February 20, 2002. To listen to the call, visit the web site at least fifteen minutes beforehand to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. 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. : This release contains forward-looking statements regarding projected first quarter and fiscal year 2002 revenues, improved market conditions in the second half of 2002, and acceptance of new visual inspection solutions. These forward-looking statements involve risks and uncertainties which may cause actual results to differ from those set forth in the forward-looking statements, including, but not limited to: (i) further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions and in the semiconductor industry; (ii) lack of customer acceptance in the first quarter of the Company's new 3Di products that were shipped to them in late 2001; and (iii) possible failure to meet the revenue projections for 3Di products in the first quarter. Please refer to additional risk factors stated in August Technology's 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. filed with the Securities and Exchange Commission. August Technology does not assume any obligation to update the forward-looking information contained in this press release. August Technology Corporation, based in Bloomington, Minnesota Bloomington is a city in Hennepin County, Minnesota, and a southern suburb of Minneapolis. As of 2005, it had a population of 84,347, making it the largest Twin Cities suburb, and the fifth largest city in the state[1]. , is a leading supplier of automated visual defect inspection equipment for the microelectronics industry and has established service and sales representation in all major microelectronics manufacturing markets worldwide. The inspection solutions designed, manufactured and marketed by August Technology provide microelectronic The miniaturization of electronic circuits. See chip. device manufacturers with cost-saving quality and process information. August Technology is a founding member of the Advanced Packaging and Interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. Alliance (APiA). Additional information can be found by visiting August Technology's web site at www.augusttech.com.
AUGUST TECHNOLOGY CORPORATION
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months
Ended Year Ended
December 31, December 31,
--------------- ------------------
2001 2000 2001 2000
------- ------- -------- --------
(unaudited)
Net revenues $5,472 $10,477 $29,784 $31,666
Cost of revenues 2,351 4,097 12,039 12,594
------- ------- -------- --------
Gross profit 3,121 6,380 17,745 19,072
Selling, general and administrative
expenses 2,861 3,194 11,800 10,100
Research and development expenses 1,791 2,025 7,940 6,945
Non-recurring expenses (1) 147 326 579 326
------- ------- -------- --------
Operating income (loss) (1,678) 835 (2,574) 1,701
Interest income 250 487 1,427 1,078
Interest expense - - - (100)
Other expense - - (17) -
------- ------- -------- --------
Income (loss) before provision for
(benefit from) income taxes (1,428) 1,322 (1,164) 2,679
Provision for (benefit from) income
taxes (689) 385 (813) 807
------- ------- -------- --------
Net income (loss) $ (739) $ 937 $ (351) $ 1,872
======= ======= ======== ========
GAAP per share amounts:
Basic net income (loss) per share $(0.06) $ 0.07 $ (0.03) $ 0.17
======= ======= ======== ========
Diluted net income (loss) per
share $(0.06) $ 0.07 $ (0.03) $ 0.16
======= ======= ======== ========
Net income (loss) and per share
amounts before non-recurring
expenses:
Net income (loss) $ (642) $ 1,168 $ 31 $ 2,100
======= ======= ======== ========
Basic net income (loss) per share $(0.05) $ 0.09 $ 0.00 $ 0.19
======= ======= ======== ========
Diluted net income (loss) per
share $(0.05) $ 0.09 $ 0.00 $ 0.18
======= ======= ======== ========
Weighted average shares outstanding
used in computing GAAP per share
amounts:
Basic 12,795 12,605 12,723 11,049
Diluted 12,795 13,292 12,723 11,770
Weighted average shares outstanding
used in computing per share amounts
before non-recurring expenses:
Basic 12,795 12,605 12,723 11,049
Diluted 12,795 13,292 13,306 11,770
(1) Non-recurring expenses include: (i) for the three months ended
December 31, 2001 $147 of employee severance costs; (ii) for the year
ended December 31, 2001 $231 of employee serverance costs and $348 of
distributor termination costs; and (iii) for the three months and year
ended December 31, 2000 $326 for the write-off of business automation
software.
AUGUST TECHNOLOGY CORPORATION
SUMMARY BALANCE SHEET DATA
(In thousands)
December 31, December 31,
2001 2000
--------------- ---------------
Cash and cash equivalents $ 1,523 $ 3,103
Short-term investments 23,196 23,604
Current assets 41,678 42,924
Long-term investments 1,138 2,486
Total assets 47,155 47,897
Current liabilities 4,507 6,052
Total liabilities 4,632 6,212
Shareholders' equity 42,523 41,685
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