August Technology Announces Strong First Quarter Revenue.Business Editors & Technology Writers BLOOMINGTON, Minn.--(BUSINESS WIRE)--April 18, 2001 Revenue Increases 142% Year-Over-Year and 4% 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 for its first quarter ended March 31, 2001. The Company announced that revenue increased 142% during the first quarter to $10.9 million compared to $4.5 million in the first quarter of 2000. Sequential revenue for the quarter increased 4%. Gross margin increased to 60.8% during the first quarter, up from 58.1% last year. First quarter net income increased to $1.1 million, or $0.09 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 $451,000, or $0.05 per diluted share, in the first quarter of 2000. "We are pleased with the first quarter results as we experienced continued interest in our 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 of automated defect inspection systems from a diverse group of customers. Geographically, both Japan and the 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. were particularly active in the first quarter of 2001, primarily in the 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. bumping Bumping can refer to:
O'Dell continued, "August Technology's automated inspection solutions specifically address the needs for yield enhancement, quality improvement, and the development of new processes. Our customers focus on these cost reduction and time to market issues particularly during industry downturns. Although the outlook for capital equipment in general looks weak, we remain bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish on the long-term consumption of technology. Our customers become profitable by getting to market quickly with quality devices that provide end users with unique and useful products. It is our intent to continue analyzing our markets and understanding our customers in order to provide them with the tools they need to be successful. "Despite August Technology's recent strong performance, we are proactively focusing on all revenue enhancing opportunities; reducing our cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold through engineering designs and strategic supplier partnerships; and proactively managing 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. . During the first quarter our efforts to control costs included a reduction in the number of temporary and contract staff, cutting discretionary spending and overtime, and a 10% salary reduction for all executives. We plan to continue to implement additional cost-cutting measures which do not diminish our ability to continue providing complete solutions to new and evolving microelectronics markets," O'Dell concluded. 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 first quarter financial performance. The webcast will be available live via the Internet 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 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, April 25, 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 market conditions. 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 and 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. The inspection solutions designed, manufactured and marketed by August Technology, including the NSX 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 microelectronics 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
(In thousands, except per share amounts)
Three Months Ended March 31,
--------------------------------
2001 2000
--------------- --------------
(unaudited)
Net revenues $ 10,904 $ 4,503
Cost of revenues 4,271 1,884
--------------- --------------
Gross profit 6,633 2,619
Selling, general and administrative
expenses 3,177 1,843
Research and development expenses 2,164 1,186
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Operating income (loss) 1,292 (410)
Interest expense - (41)
Interest income 476 -
--------------- --------------
Income (loss) before provision for
income taxes 1,768 (451)
Provision for income taxes 619 -
--------------- --------------
Net income (loss) $ 1,149 $ (451)
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Per share amounts:
Basic net income (loss) per share $ 0.09 $ (0.05)
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Diluted net income (loss) per
share $ 0.09 $ (0.05)
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Weighted average shares outstanding:
Basic 12,640 9,165
Diluted 13,290 9,165
AUGUST TECHNOLOGY CORPORATION
SUMMARY BALANCE SHEET DATA
(In thousands)
March 31, December 31,
2001 2000
--------------- --------------
(unaudited)
Cash and cash equivalents $ 7,123 $ 3,103
Short-term investments 21,876 23,604
Current assets 44,328 42,924
Long-term investments 1,996 2,486
Total assets 49,465 47,897
Current liabilities 6,383 6,052
Total liabilities 6,543 6,212
Shareholders' equity 42,922 41,685
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