CFM Announces Fiscal 2000 Second Quarter Results; Net Results In-Line with Preliminary Announcement.Business & Technology Editors EXTON Exton is the name of a number of settlements: In the United Kingdom:
CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. Technologies, Inc. (Nasdaq:CFMT CFMT Community Foundation of Middle Tennessee CFMT Canada’s First Multicultural Television CFMT Ceinwen Faulkner Memorial Trust CFMT Cooperative Fusion Machine Translation ) today reported final financial results for the second quarter of fiscal 2000 ended April 30, 2000. The Company reported preliminary financial results on May 17, 2000. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second fiscal quarter increased 79% to $12.0 million from $6.7 million in the prior year period but decreased slightly from $12.7 million in the first quarter. On a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis, the Company had a loss of $3.9 million in the second fiscal quarter compared to a loss of $4.2 million in the year-ago period. This pre-tax loss included a charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.9 million as a result of the decision by a customer to return a tool. The Company reported a net loss for the second quarter of $16.5 million or ($2.09) 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 $2.8 million or $(0.35) per diluted share in the prior year period and a net loss of $2.3 million, or $ (0.29) per diluted share in the first fiscal quarter. During the quarter, the Company recorded a valuation allowance against its deferred tax assets in the amount of $12.6 million, or $1.60 per diluted share. The Company believes the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of the deferred tax assets is uncertain based on currently available information. Gross margin for the second quarter of fiscal 2000 was 34.5%, compared to 38.8% in the previous quarter and 36.5% in the year ago period. The reduction in gross margin was a result of the returned tool, absent which, reported gross margin would have been 39.3%. "CFM has developed a strong portfolio of proprietary tools that align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the Company with emerging trends in the semiconductor industry, including copper and 300 mm," said Roger Carolin Car´o`lin n. 1. A former gold coin of Germany worth nearly five dollars; also, a gold coin of Sweden worth nearly five dollars. , President and Chief Executive Officer. "The high caliber of our products and support are well recognized in the marketplace, and sales quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. and discussion levels confirm that customer interest is strong. Although we did not make as much progress as we had hoped during this quarter, we remain confident that CFM is on course to participate in the semiconductor industry's recovery over the coming quarters." Research, development and engineering expenses in the fiscal 2000 second quarter were $2.2 million, compared to $2.5 million in the previous quarter and $2.7 million in the prior year period. The Company anticipates that RD&E spending in the coming quarters will continue at these levels. Selling, general and administrative expenses for the second quarter of 2000 were $6.1 million, compared to $6.2 million in the first quarter of fiscal 2000 and $4.4 million in the prior year period. Patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. costs for the quarter were approximately $1.4 million and are anticipated to decline somewhat in the third fiscal quarter. Customer orders for the second quarter totaled $8.6 million and 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. at quarter end was $8.8 million. Orders from the U.S. accounted for 55% of total orders, with the balance coming from Asia (42%) and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). (3%). It has been the experience of the Company that neither the
backlog nor the pattern of receipt of orders is necessarily indicative indicative: see mood. of future orders or revenues.The discussion above regarding the Company's expectation of future sales, gross margins, research, development and engineering expenses, patent litigation expenses, backlog and order activity includes certain 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. on these subjects. As such, actual results may vary materially from such expectations. Factors which could cause actual results to differ from expectations include variations in the level of orders, which can be affected by general economic conditions including the current economic and financial conditions in Asia; the timing of the recovery in the semiconductor industry, difficulties or delays in product functionality or performance, the timing of future product releases, failure to respond adequately to either changes in technology or customer preferences, risks of nonpayment Non`pay´ment n. 1. Neglect or failure to pay. Noun 1. nonpayment - act of failing to meet a financial obligation nonremittal, default failure - an act that fails; "his failure to pass the test" of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , changes in budgeted costs or failure to realize a successful outcome to pending patent litigation. CFM Technologies, Inc. is a leading manufacturer of advanced cleaning equipment for the semiconductor industry. Its systems provide superior contamination control Procedures to avoid, reduce, remove, or render harmless (temporarily or permanently) nuclear, biological, and chemical contamination for the purpose of maintaining or enhancing the efficient conduct of military operations. and processing capabilities using a totally enclosed en·close also in·close tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. processing chamber. Watermarks and other drying defects are eliminated through CFM's Direct-Displace(TM) IPA IPA - International Phonetic Alphabet vapor vapor /va·por/ (va´por) pl. vapo´res, vapors [L.] 1. steam, gas, or exhalation. 2. an atmospheric dispersion of a substance that in its normal state is liquid or solid. drying technology. CFM historically has invested in technical innovations to lower cost of ownership.
CFM TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
-------------------------- ------------------
2000 1999 2000 1999
----------- -------------- --------- -------
Net sales $ 12,019 $ 6,724 $ 24,725 $12,776
Cost of sales 7,870 4,268 15,650 9,105
---------- -------------- --------- --------
Gross profit 4,149 2,456 9,075 3,671
---------- -------------- --------- --------
Operating expenses:
Research, development
and engineering 2,172 2,711 4,669 5,182
Selling, general and
administrative 6,052 4,365 12,221 7,917
---------- -------------- --------- --------
Total operating
expenses 8,224 7,076 16,890 13,099
---------- -------------- --------- --------
Operating loss (4,075) (4,620) (7,815) (9,428)
Interest expense
(income), net (150) (397) (416) (823)
---------- -------------- --------- --------
Loss before income
taxes (3,925) (4,223) (7,399) (8,605)
Income tax provision
(benefit) 12,578 (1,436) 11,397 (2,926)
---------- -------------- --------- --------
Net loss $(16,503) $ (2,787) $(18,796) $(5,679)
========== ============== ========= ========
Net loss per common share:
Basic $(2.09) $(0.35) $(2.39) $(0.72)
========== ============== ========= ========
Diluted $(2.09) $(0.35) $(2.39) $(0.72)
========== ============== ========= ========
Shares used in computing
net loss per common share:
Basic 7,884 7,857 7,866 7,860
========== ============== ========= ========
Diluted 7,884 7,857 7,866 7,860
========== ============== ========= ========
CFM TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
April 30, October 31,
2000 1999
----------------- ------------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,767 $ 13,967
Short-term investments 4,756 10,249
Accounts receivable 17,295 14,826
Inventories 17,596 17,039
Prepaid expenses and other 1,067 2,754
----------------- ------------------
Total current assets 48,481 58,835
----------------- ------------------
Net property, plant and equipment 13,407 13,537
Other assets 330 9,714
----------------- ------------------
Total assets $ 62,218 $ 82,086
================= ==================
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 580 $ 589
Accounts payable 2,702 3,930
Accrued expenses 9,285 9,246
----------------- ------------------
Total current liabilities 12,567 13,765
----------------- ------------------
Long-term debt 1,369 1,628
----------------- ------------------
Total liabilities 13,936 15,393
----------------- ------------------
Shareholders' equity:
Common stock 81,765 81,495
Treasury stock, at cost (1,561) (1,858)
Deferred compensation (133) (23)
Retained deficit (31,789) (12,921)
----------------- ------------------
Total shareholders'
equity 48,282 66,693
----------------- ------------------
Total liabilities
and shareholders'
equity $ 62,218 $ 89,086
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