August Technology Bookings Rise as Company Announces First Quarter 2002 Financial Results Slightly Better than Expected.Business Editors BLOOMINGTON, Minn.--(BUSINESS WIRE)--April 17, 2002 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 microelectronic The miniaturization of electronic circuits. See chip. industries, today announced results for its first quarter ended March 31, 2002. The Company reported revenue of $5.5 million during the quarter, an increase of 1% from the previous quarter and a 49% decrease from the first quarter of 2001. As stated in its February 13, 2002 earnings release, the Company had previously expected revenues for the first quarter to be modestly down from the preceding quarter. Gross margin for the quarter was 57.1%, compared to 57.0% in the previous quarter, and down from 60.8% in the first quarter of 2001. Net loss was $804,000, or $0.06 per share, compared to net income of $1.2 million, or $0.09 per share, in the first quarter of 2001. The Company also noted that its three month 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 continues to increase and was above 1.10 at March 31, 2002. "We are starting to see increasing signs of life in some of the markets we serve, even though the industry continues to send mixed signals. Specifically, pre-order activity has improved for applications in 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. , data storage, optoelectronics See optoelectronic. and biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. markets, with further strength in advanced packaging (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 bump) inspection applications," explained Jeff O'Dell, August Technology's chairman and chief executive officer. "Our recent announcement on the shipment of our 50th bump inspection tool highlights this activity and underscores our continued leadership in wafer level bump applications. Overall, we believe our 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 a variety of microelectronic markets creates broader opportunity for our inspection technology solutions." "In addition to our growth from direct sales activity, we also continue to seek out new business development opportunities in terms of alliances, licensing and acquisitions," O'Dell continued. "We fully understand that our customers demand world-class products and services that solve real problems, and we work every day to grow and position the Company to meet and exceed these demands." O'Dell concluded, "As we look out over the next few quarters and see some potential improvement in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , we believe our second quarter may show double-digit percentage revenue growth and 2002 will be a modest growth year for August Technology. There is no question that device manufacturers will continue searching for ways to bring their products to market more quickly, and at a lower cost. August Technology's automated inspection tools and data analysis software specifically address these needs, and are the backdrop Backdrop may 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 first quarter financial performance. The webcast will be available live via the Internet on August Technology's web site at www.augusttech.com and archived for replay shortly following the conference call and continuing through April 24, 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 second 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) 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) pre-order sales activities not resulting in orders; (iii) possible failure to meet the revenue projections for inspection products in the second quarter; and (iv) lack of customer acceptance in the second quarter of the Company's new 3Di products that were or are planned to be shipped to them. 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 defect - bug inspection equipment for the microelectronic industries and has established service and sales representation in all major microelectronic manufacturing markets worldwide. The inspection solutions designed, manufactured and marketed by August Technology provide microelectronic 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) and is an active member of the Die Products Consortium (DPC DPC Department of Premier and Cabinet (Victoria, Australia) DPC Dutch Power Cows DPC Deferred Procedure Calls (Microsoft Windows NT 4. ). Additional information can be found by visiting August Technology's web site at www.augusttech.com.
AUGUST TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended March 31,
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2002 2001
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(unaudited)
Net revenues $ 5,510 $ 10,904
Cost of revenues 2,364 4,271
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Gross profit 3,146 6,633
Selling, general and administrative expenses 2,826 3,177
Research and development expenses 2,135 2,164
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Operating income (loss) (1,815) 1,292
Interest income 208 476
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Income (loss) before provision for (benefit
from) income taxes (1,607) 1,768
Provision for (benefit from) income taxes (804) 619
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Net income (loss) $ (803) $ 1,149
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Net income (loss) per share:
Basic $ (0.06) $ 0.09
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Diluted $ (0.06) $ 0.09
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Weighted average shares outstanding:
Basic 12,845 12,640
Diluted 12,845 13,290
AUGUST TECHNOLOGY CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In thousands)
March 31, December 31,
2002 2001
------------ --------------
(unaudited)
Cash and cash equivalents $ 1,033 $ 1,523
Short-term investments 21,340 23,196
Current assets 38,895 41,678
Long-term investments 3,681 1,138
Total assets 46,889 47,155
Current liabilities 4,349 4,507
Total liabilities 4,468 4,632
Shareholders' equity 42,421 42,523
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