August Technology Announces Record Earnings and Revenue for Third Consecutive Quarter.Business Editors BLOOMINGTON Bloomington. 1 City (1990 pop. 51,972), seat of McLean co., central Ill.; inc. 1839. The economy is based on farming; electrical equipment is also manufactured. , Minn.--(BUSINESS WIRE)--Feb. 14, 2001 Revenue Increases 214% Year-Over-Year and 17% Sequentially August Technology 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 : 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. industry, today announced record revenue and earnings for its fourth quarter and year ended December 31, 2000. The Company announced that revenue increased 214% during the fourth quarter to $10.5 million compared to $3.3 million in the fourth quarter of 1999. Sequential revenue for the quarter increased 17%. Gross margin increased to 60.9% during the fourth quarter, up from 56.9% last year. Fourth quarter net income increased to $938,000, or $0.07 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, compared to a net loss of $594,000, or $0.06 per diluted share, in the fourth quarter of 1999. Excluding a non-recurring expense of $326,000 related to the 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. of the Company's business automation software, net income for the fourth quarter was $1.2 million, or $0.09 per diluted share. "This last year was an outstanding year for August Technology. We went public in June of 2000, raising approximately $40 million in capital. We have invested in people and infrastructure, which has significantly enhanced our opportunities for future growth and profitability. We have also added several key senior management positions and moved to a new facility that better meets our current and future needs," explained Jeff O'Dell, president and chief executive officer. "These resources, along with our ability to respond quickly to our customers' needs and the conditions within the industry, allowed us to grow the top line by 163% and better position the organization for realizing future opportunities." Revenue in 2000 was $31.7 million, an increase of 163% over 1999. Gross margin increased to 60.2% in 2000, from 57.6% in 1999, and gross profit increased 174% to $19.1 million. Net income in 2000 was $1.9 million, or $0.16 per diluted share, compared to a net loss of $132,000, or $0.02 per diluted share, in 1999. Excluding the non-recurring expense of $326,000 related to the write-off of the Company's business automation software, net income in 2000, was $2.1 million, or $0.18 per diluted share. The Company also announced a record 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 $9.6 million as of December 31, 2000, which was 203% above the prior year, 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 1.20 for the year ended December 31, 2000. O'Dell continued, "Clearly, 2001 will be a difficult year for semiconductor equipment manufacturers. This being said, we believe this will be a growth year for August Technology. Our tools are designed to provide cost savings and yield enhancement, which continue to be a priority even during an industry slow down. New 300mm fabs will continue to come online as device manufacturers strive to increase the number of chips per 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. and reduce overall manufacturing costs. We recently introduced a 300mm module to provide automated inspection of 200mm and 300mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. to bridge the transition to this new process. We also believe our bump inspection tools will continue to be in demand by our customers in 2001, especially as we increase our product offering to include 100% 3D bump inspection." "Looking ahead, August Technology will continue to expand into the emerging and evolving markets of micro electro-mechanical systems (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ), optoelectronics See optoelectronic. and photonics photonics, the science and technology based on and concerned with the controlled flow of photons, or light particles. It is the optical equivalent of electronics, and the two technologies coexist in such innovations as optoelectronic integrated circuits. , bumps bumps a term used to describe a variety of papulonodular dermatoses in horses, including 'heat bumps', 'feed bumps', 'protein bumps', 'wheat bumps' and others. No specific disease or etiology has been assigned to the term and veterinary dermatologists wish it would disappear from use. and other interconnects, and non-silicon based semiconductor-like devices. We also continue to see regional business opportunities, especially in Asia and Japan. The infrastructure we have created in 2000 will allow us to better serve these regions and other emerging markets," O'Dell concluded. August Technology will provide a live webcast of its earnings conference call with senior management today at 3:45 p.m. (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ) to discuss fourth quarter and 2000 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 at www.streetfusion.com. 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. A replay of the webcast will also be available at www.augusttech.com shortly following the conference call and will continue through 12:00 p.m. Wednesday, February 21, 2001. 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 that involve risks and uncertainties, including our statements regarding expected product shipment schedules, revenue growth expectations for 2001, and growth or business opportunities in Asia and other evolving markets. 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 a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions, downturns in the semiconductor industry, or any unforeseen difficulties in the development, manufacture or market acceptance of our products. Please refer to additional risk factors stated in August Technology's S-1 Registration Statement 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 defect - bug inspection equipment for the microelectronics industry. The inspection solutions designed, manufactured and marketed by August Technology, including the NSX NSX New Sportscar eXperimental (concept name for Acura vehicle; originally NS-X) NSX Namespace Extension (Windows Shell Programming) NSX N Syndrome NSX Network and Security Experts NSX New Sports Experimental Series for wafer, die and bump inspection, provide microelectronics device manufacturers with quality and process information. August Technology has established service and sales representation in all major semiconductor markets worldwide including the USA, Europe, Japan, Korea, Taiwan, Singapore, Thailand, Malaysia and others. Additional information can be found by visiting August Technology's web site at www.augusttech.com.
AUGUST TECHNOLOGY CORPORATION
STATEMENTS OF OPERATIONS
Three Months Ended December 31, Year Ended December 31,
------------------------------ -----------------------
2000 2000 1999 1999
------------ ---------- ----------- ------------
(unaudited)
Net revenues $10,476,265 $3,334,633 $31,665,748 $12,057,822
Cost of revenues 4,096,673 1,435,959 12,594,117 5,109,770
------------ ---------- ----------- ------------
Gross profit 6,379,592 1,898,674 19,071,631 6,948,052
Selling, general
and administrative
expenses 3,193,873 1,718,137 10,099,768 4,737,443
Research and
development
expenses 2,024,065 850,140 6,945,041 2,318,224
Non-recurring
expense 325,808 - 325,808 -
------------ ---------- ----------- ------------
Operating income
(loss) 835,846 (669,603) 1,701,014 (107,615)
Interest expense - (4,398) (100,132) (43,141)
Interest income 486,530 1,178 1,077,968 1,263
------------ ----------- ----------- ------------
Income (loss)
before
provision for
(benefit from)
income taxes 1,322,376 (672,823) 2,678,850 (149,493)
Provision for
(benefit from)
income taxes 384,492 (78,731) 806,589 (17,500)
------------ ----------- ---------- ------------
Net income (loss) $937,884 $(594,092) $1,872,261 $(131,993)
============ =========== ========== ============
GAAP per
share amounts:
Basic net income
(loss) per share $0.07 $(0.06) $0.17 $(0.02)
============ =========== ========== ============
Diluted net income
(loss) per share $0.07 $(0.06) $0.16 $(0.02)
============ =========== ========== ============
Net income (loss)
and per share
amounts before
non-recurring
expense:
Net income
(loss) $1,168,961 $(594,092) $2,099,970 $(131,993)
============ =========== ========== ============
Basic net income
(loss)
per share $0.09 $(0.06) $0.19 $(0.02)
============ =========== ========== ============
Diluted net income
(loss)
per share $0.09 $(0.06) $0.18 $(0.02)
============ =========== ========== ============
Weighted average
shares outstanding:
Basic 12,605,130 9,147,559 11,049,395 8,687,567
Diluted 13,292,488 9,147,559 11,769,858 8,687,567
AUGUST TECHNOLOGY CORPORATION
SUMMARY BALANCE SHEET DATA
December 31,
---------------------------------
2000 1999
-------------- ---------------
Cash and cash equivalents $3,102,678 $ -
Short-term investments 21,523,138 -
Current assets 40,842,948 5,754,912
Long-term investments 4,566,976 -
Total assets 47,897,052 6,676,454
Current liabilities 6,051,811 3,261,176
Total liabilities 6,212,083 3,329,424
Shareholders' equity 41,684,969 3,347,030
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