August Technology Announces Second Quarter 2001 Results; Revenue Increases 32% Year-Over-Year.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)--July 25, 2001 August Technology Corporation (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. industry, today announced financial results for its second quarter ended June 30, 2001. The Company reported revenue of $10.2 million during the quarter, a 32% increase from the second quarter of 2000, and a 7% decrease from the previous quarter. Gross margin for the quarter increased to 61.4%, up from 59.8% in the second quarter of 2000. Net income, excluding non-recurring charges, increased to $902,000, 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, up from $505,000, or $0.05 per diluted share, in the second quarter of 2000. Earnings per share, including non-recurring charges, were $0.05 during the second quarter. During the first six months of 2001, revenue was $21.1 million, up 73% over the same period in 2000. Net income, excluding non-recurring charges, increased to $2.1 million, up from $53,000 in the first six months of 2000. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , excluding non-recurring charges, rose to $0.15, compared to $0.01 in 2000. Including the non-recurring charges, diluted earnings per share during the first six months of 2001 were $0.13. "Although we are facing daily challenges similar to the rest of the industry as a result of the severe industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , we are clearly pleased to see the benefits of our market diversification Diversification 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. into industry segments like 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. level bumping Bumping can refer to:
O'Dell continued, "Our continuous release of new features and products has strengthened our ability to secure repeat orders and maintain a strong order win rate worldwide. Specifically, we believe the production release of our new 3Di-8000 tool for high-speed wafer level bump inspection will further strengthen our position as the number one supplier of micro defect inspection equipment to the microelectronics industry." August Technology will provide a live webcast of its earnings conference call with senior management today at 3:30 p.m. (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ) to discuss second quarter 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 or www.streetfusion.com and archived for replay shortly following the conference call and continuing through Wednesday, August 8, 2001. 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 market conditions, growth or business opportunities in evolving markets and the strengthening of our position as the number one supplier of micro defect inspection equipment. 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 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 markets worldwide. The inspection solutions designed, manufactured and marketed by August Technology provide microelectronics device manufacturers with cost saving quality and process information. Additional information can be found by visiting August Technology's web site at www.augusttech.com.
AUGUST TECHNOLOGY CORPORATION
STATEMENTS OF INCOME
(In thousands, except per share amounts)
3 Months Ended 6 Months Ended
June 30, June 30,
--------------- ----------------
2001 2000 2001 2000
------- ------ ------- -------
(unaudited) (unaudited)
Net revenues $10,155 $7,696 $21,059 $12,199
Cost of revenues 3,923 3,094 8,194 4,978
------- ------ ------- -------
Gross profit 6,232 4,602 12,865 7,221
Selling, general and administrative
expenses 3,071 2,218 6,248 4,061
Research and development expenses 2,176 1,858 4,340 3,045
Non-recurring expenses 432 - 432 -
------- ------ ------- -------
Operating income 553 526 1,845 115
Interest income 371 64 847 64
Interest expense - (59) - (100)
Other expense (17) - (17) -
------- ------ ------- -------
Income before provision for income
taxes 907 531 2,675 79
Provision for income taxes 290 26 909 26
------- ------ ------- -------
Net income $617 $505 $1,766 $53
======= ====== ======= =======
GAAP per share amounts:
Basic net income per share $0.05 $0.05 $0.14 $0.01
======= ====== ======= =======
Diluted net income per share $0.05 $0.05 $0.13 $0.01
======= ====== ======= =======
Net income and per share amounts
before non-recurring expenses:
Net income $902 $505 $2,051 $53
======= ====== ======= =======
Basic net income per share $0.07 $0.05 $0.16 $0.01
======= ====== ======= =======
Diluted net income per share $0.07 $0.05 $0.15 $0.01
======= ====== ======= =======
Weighted average shares
outstanding:
Basic 12,687 9,837 12,664 9,501
Diluted 13,301 10,604 13,300 10,250
AUGUST TECHNOLOGY CORPORATION
SUMMARY BALANCE SHEET DATA
(In thousands)
June 30, December 31,
2001 2000
----------- ------------
(unaudited)
Cash and cash equivalents $ 5,438 $ 3,103
Short-term investments 23,194 23,604
Current assets 45,492 42,924
Long-term investments - 2,486
Total assets 48,819 47,897
Current liabilities 4,589 6,052
Total liabilities 4,749 6,212
Shareholders' equity 44,070 41,685
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion