August Technology Reports Record Orders, Revenues and Shipments for Second Quarter 2004.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. -- Company also announces purchase of DMSVision software business extending its capability in Defect Analysis (programming) defect analysis - Using defects as data for continuous quality improvement. Defect analysis generally seeks to classify defects into categories and identify possible causes in order to direct process improvement efforts. Solutions 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, metrology metrology Science of measurement. Measuring a quantity means establishing its ratio to another fixed quantity of the same kind, known as the unit of that kind of quantity. and defect analysis solutions for the microelectronic The miniaturization of electronic circuits. See chip. industries, today reported record revenues of $19.9 million during the second quarter ended June June: see month. 30, 2004, an increase of 21% from the previous quarter and 156% from the second quarter of 2003. Gross margin in the second quarter was 54.4% compared with gross margin of 57.0% last quarter and 54.3% in the second quarter of 2003. Net income increased to $0.12 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 $0.08 per diluted share in the first quarter and a net loss of $0.10 per share in the second quarter of 2003. Other highlights: --Revenues increased for the seventh consecutive quarter. --51% of revenues were derived from systems installed in front-end front-end adj. 1. Of or relating to the initial phase of a project: a front-end investment. 2. Of or relating to the forward parts of a vehicle: a front-end alignment. applications. --Record orders for the front-end AXi Series of advanced macro defect defect - bug inspection systems drove growth in 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. to a record level as of June 30, 2004. --Orders exceeded revenues, resulting in the eighth consecutive quarter that the Company's 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 exceeded parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. . --Shipments increased over last quarter, resulting in an increase of inventory at customer sites under purchase orders, which is expected to be converted to revenues over the next three to six months. --R & D investment increased 14% sequentially in the second quarter as enhanced AXi and 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 systems were introduced at Semicon West. "We are very pleased to report another quarter of significant revenue growth and improved profitability while increasing our investment in the future," commented Jeff O'Dell, August Technology's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our growth, which this quarter included record revenues, shipments, orders and backlog, has been driven primarily by our successful penetration into front-end applications. We continue to offer the broadest line of advanced macro defect inspection systems in the industry, spanning front-end 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. processing through final device manufacturing applications. In addition to our broad inspection solutions, we continue to focus on providing our customers with yield enhancing defect review and analysis solutions. During the second quarter we recorded our first revenues from the VersaScope, an advanced defect review solution introduced earlier this year. Yesterday, we completed the acquisition of the DMSVision software business from Inspex, Inc. This third generation defect data management software will extend and enhance our product characterization A rather long and fancy word for analyzing a system or process and measuring its "characteristics." For example, a Web characterization would yield the number of current sites on the Web, types of sites, annual growth, etc. solutions to allow our customers to collect and analyze process information from a broad range of applications from front-end wafer processing through final manufacturing as well as correlating defect information captured from the front, edge and back of a wafer." O'Dell concluded, "We believe growing interest in our proven solutions, along with our record backlog, supports our expectation for further sequential One after the other in some consecutive order such as by name or number. revenue growth of 5 -15% in the third quarter of 2004. We also expect to continue to improve profitability while increasing research and development investment in leading-edge defect inspection and review solutions to support our customers as they advance their device manufacturing capability." August Technology will provide a live conference call with senior management, today at 10:00 a.m. Central Time to discuss second quarter 2004 financial performance. If you would like to participate, please call 913-981-4904 prior to the 10:00 a.m. start time and use participant code 295860. A webcast of the conference call will also 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 call and continuing through August 11, 2004. To listen to the call live, 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. About the Company: August Technology's automated inspection, metrology and defect analysis solutions provide critical product and process enhancing information, which enable microelectronic device manufacturers to drive down costs and time to market. 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]. , 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 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. 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 third quarter 2004 revenue growth of 5-15%, improved profitability, the increase of inventory at customer sites which we expect to convert to revenues over the next three to six months, potential customer and market interest in our tools, expectations that our products will drive down customer costs and time to market, and impact of DMSVision. 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) no continuing improvement, or a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions and in the semiconductor and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. microelectronic industries; (ii) pre-order 1. (graph theory) pre-order - traversal. 2. (theory) pre-order - A relation R is a pre-order if it is reflexive (x R x) and transitive (x R y R z => x R z). If it is also antisymmetric (x R y R x => x = y) then it is a partial ordering. sales activities not resulting in orders, or customers delaying or canceling orders in backlog; (iii) loss of potential sales to competitors based on pricing, product features or other factors; (iv) lack of customer acceptance in the upcoming quarters of the Company's newer products including the AXi Series, E20, NSX-105 or VersaScope that were or are planned to be shipped to them; (v) failure of our recently completed and current product development efforts to meet customer needs and expectations including driving down their costs and time-to-market; and (vi) unanticipated costs and expenses which increase operating costs operating costs npl → gastos mpl operacionales . 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 SEC on March 1, 2004. 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
----------------- -----------------
2004 2003 2004 2003
-------- -------- -------- --------
Net revenues $19,855 $7,757 $36,255 $14,320
Cost of revenues 9,059 3,548 16,117 6,503
-------- -------- -------- --------
Gross profit 10,796 4,209 20,138 7,817
Selling, general and administrative
expenses 5,390 3,213 10,579 6,420
Research and development expenses 3,322 2,434 6,230 5,202
-------- -------- -------- --------
Operating income (loss) 2,084 (1,438) 3,329 (3,805)
Interest income 189 78 390 176
-------- -------- -------- --------
Income (loss) before provision for
income taxes 2,273 (1,360) 3,719 (3,629)
Provision for income taxes (1) 100 - 100 -
-------- -------- -------- --------
Net income (loss) $2,173 $(1,360) $3,619 $(3,629)
======== ======== ======== ========
Net income (loss) per share:
Basic $0.12 $(0.10) $0.20 $(0.27)
Diluted $0.12 $(0.10) $0.20 $(0.27)
Weighted average shares
outstanding:
Basic 17,778 13,352 17,700 13,255
Diluted 18,349 13,352 18,421 13,255
(1) Due to the level of historical operating losses, the Company began
to record a valuation allowance against deferred tax assets in the
second quarter of 2002, and continues to do so at June 30, 2004. As a
result, we did not reflect a provision for income taxes during the
three and six months ended June 30, 2003, and have recorded a
provision for income taxes of $100 during the three and six months
ended June 30, 2004 primarily to reflect alternative minimum tax owed
on our pretax income.
AUGUST TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, December 31,
2004 2003
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $1,592 $10,027
Short-term marketable securities 44,888 43,528
Accounts receivable, net 15,200 4,094
Inventories 18,699 11,651
Inventories at customers under purchase
orders 5,072 2,293
Prepaid expenses and other current
assets 2,035 1,631
------------ ------------
Total current assets 87,486 73,224
Property and equipment, net 4,798 3,141
Long-term marketable securities 5,980 10,295
Purchased technology, net 1,013 1,179
Goodwill 498 498
Other assets 648 610
------------ ------------
Total assets $100,423 $88,947
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,629 $5,409
Accrued compensation 1,842 1,146
Accrued liabilities 1,368 1,414
Customer deposits & deferred revenue 5,463 2,436
------------ ------------
Total current liabilities 16,302 10,405
Other non-current liabilities 118 65
------------ ------------
Total liabilities 16,420 10,470
------------ ------------
Shareholders' equity:
Common stock, no par value 90,076 88,086
Undesignated capital stock, no par value - -
Deferred compensation related to stock
options (24) (49)
Accumulated deficit (5,959) (9,578)
Accumulated other comprehensive income (90) 18
------------ ------------
Total shareholders' equity 84,003 78,477
------------ ------------
Total liabilities and
shareholders' equity $100,423 $88,947
============ ============
Total cash and marketable securities $52,460 $63,850
AUGUST TECHNOLOGY CORPORATION
SELECTED CONSOLIDATED STATEMENT OF CASH FLOWS DATA
(In thousands)
(Unaudited)
Six Months Ended
June 30,
-------------------
2004 2003
--------- ---------
Cash flows from operating activities $(10,718) $3,249
Cash flows from investing activities 308 (3,810)
Cash flows from financing activities 1,988 176
Effect of exchange rates on cash and cash
equivalents (13) 2
--------- ---------
Net decrease in cash and cash equivalents $(8,435) $(383)
========= =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion