August Technology Announces Third Quarter 2001 Results.Business Editors & Technology Writers MINNEAPOLIS--(BUSINESS WIRE)--Oct. 17, 2001 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. industry, today announced financial results for its third quarter ended September September: see month. 30, 2001. The Company reported revenue of $3.3 million during the quarter, a 64% decrease from the third quarter of 2000, and a 68% decrease from the previous quarter. Gross margin for the quarter was 54.1%, down from 60.9% in the third quarter of 2000. Net loss was $1,378,000, or $0.11 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 net income of $881,000, or $0.07 per diluted share, in the third quarter of 2000. During the first nine months of 2001, revenue was $24.3 million, up 15% over the same period in 2000. Net income, excluding non-recurring charges, was $673,000, down from $934,000 in the first nine 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, were $0.05, compared to $0.08 in 2000. Including the non-recurring charges, diluted earnings per share during the first nine months of 2001 were $0.03. "Despite 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. , the third quarter was the most challenging quarter in the Company's history; and the September 11 disaster made a very difficult economic climate even worse. We believe the next six to nine months will continue to be challenging for both the microelectronics industries and August Technology, and further diminish the ability to make accurate financial projections," stated Jeff O'Dell, August Technology's chairman and chief executive officer. "With this in mind, we currently anticipate that revenues should increase in the fourth quarter so that 2001 revenues will be flat, or modestly down when compared to 2000 revenues. Attaining this level of revenue would likely allow the Company to be close to breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations for the year." O'Dell continued, "Although faced with this slow down, 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:
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 third 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 and archived for replay shortly following the conference call and continuing through October October: see month. 31, 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 projected fourth-quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. financial results, market conditions 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) avoidance of a 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) customer acceptance in the fourth quarter of the Company's new 3Di products that were shipped to them in the third quarter; (iii) meeting the shipment projections for 3Di products in the fourth quarter; and (iv) increased willingness of new and current customers to travel to Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. and other Company destinations to review and test the Company's products for possible purchase. 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information contained in this press release. August Technology Corporation, based in suburban Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , is a leading supplier of automated visual defect defect - bug 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 OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2001 2000 2001 2000
-------- -------- -------- --------
(unaudited) (unaudited)
Net revenues $ 3,253 $ 8,990 $24,312 $21,189
Cost of revenues 1,494 3,519 9,688 8,497
-------- -------- -------- --------
Gross profit 1,759 5,471 14,624 12,692
Selling, general and
administrative expenses 2,691 2,845 8,939 6,906
Research and development
expenses 1,809 1,876 6,149 4,921
Non-recurring expenses - - 432 -
-------- -------- -------- --------
Operating income (loss) (2,741) 750 (896) 865
Interest income 330 527 1,177 591
Interest expense - - - (100)
Other expense - - (17) -
-------- -------- -------- --------
Income (loss) before
provision for (benefit from)
income taxes (2,411) 1,277 264 1,356
Provision for (benefit from)
income taxes (1,033) 396 (124) 422
-------- -------- -------- --------
Net income (loss) $(1,378) $ 881 $ 388 $ 934
======== ======== ======== ========
GAAP per share amounts:
Basic net income (loss)
per share $ (0.11) $ 0.07 $ 0.03 $ 0.09
======== ======== ======== ========
Diluted net income (loss)
per share $ (0.11) $ 0.07 $ 0.03 $ 0.08
======== ======== ======== ========
Net income (loss) and per
share amounts before
non-recurring expenses:
Net income (loss) $(1,378) $ 881 $ 673 $ 934
======== ======== ======== ========
Basic net income (loss)
per share $ (0.11) $ 0.07 $ 0.05 $ 0.09
======== ======== ======== ========
Diluted net income (loss)
per share $ (0.11) $ 0.07 $ 0.05 $ 0.08
======== ======== ======== ========
Weighted average shares
outstanding:
Basic 12,768 12,591 12,698 10,531
Diluted 12,768 13,321 13,314 11,269
AUGUST TECHNOLOGY CORPORATION
SUMMARY BALANCE SHEET DATA
(In thousands)
September 30, December 31,
2001 2000
----------------- -----------------
(unaudited)
Cash and cash equivalents $ 1,083 $ 3,103
Short-term investments 27,090 23,604
Current assets 43,168 42,924
Long-term investments - 2,486
Total assets 47,157 47,897
Current liabilities 3,943 6,052
Total liabilities 4,103 6,212
Shareholders' equity 43,054 41,685
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