CFM Announces Fiscal Third Quarter Results; Net Sales Increase 35%.Business Editors EXTON, Pa.--(BUSINESS WIRE)--Aug. 22, 2000 CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. Technologies, Inc. (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 :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 financial results for the third fiscal quarter and nine months ended July 31, 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 third quarter of fiscal 2000 increased 34.6% to $13.0 million, up from $9.6 million in the same period in fiscal 1999 and 7.8% over fiscal second quarter 2000 net sales of $12.0 million. The Company reported a net loss for the third fiscal quarter of $3.6 million, or ($0.46) 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 $2.3 million, or $(0.29) per diluted share, in the third quarter of fiscal 1999. The fiscal 1999 net loss was reduced by a tax benefit of $0.15 per diluted share. No tax benefit was taken in fiscal 2000. The net loss in the second quarter of fiscal 2000 was $16.5 million, or ($2.09) per diluted share which net loss included a valuation allowance against deferred tax assets in the amount of $12.6 million or ($1.60) per diluted share. On June 28, the Company announced that CFM and Mattson Technology entered into a merger agreement and that Mattson entered into an agreement to acquire part of STEAG Electronic Systems AG's Semiconductor Equipment Division in a related transaction. "We're very excited about the strong, positive customer reaction to news of the merger," said Roger Carolin, CFM's President 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. , who is expected to serve as President of Mattson's Wet Process Division following the merger. "Our integration efforts to date have been very encouraging. The Steag and CFM teams are working well together on developing a tightly coupled See tight coupling. plan to be executed immediately upon closing. Based on our discussions to date, we are confident that we can quickly weld the two groups into a highly competitive business unit that will deliver a full complement of advanced products, high customer satisfaction, and significant operational cost savings. We are looking forward to serving a combined customer base that will be significantly larger than either company currently serves individually." Orders for the third quarter of fiscal 2000 totaled $14.0 million, increasing 64% over the previous quarter and 10% over the same period in fiscal 1999. Backlog increased to $9.7 million. Orders from the US accounted for 80% of total orders; Asia accounted for 18% of orders with the remainder coming from Europe. During the third quarter, CFM received multiple orders for its OMNI OMNI Omnidirectional OMNI Organising Medical Networked Information OMNI Opportunities for Micronutrient Interventions Project OMNI Operating Missions as a Node on the Internet (NASA networking project) (TM) semiconductor 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 systems. Two tools were ordered by a major US chip manufacturer that will use the tools to meet increased capacity needs and complement already installed CFM systems in production. In a separate order, a new customer located in Texas purchased four OMNI tools for installation in a new fab. Gross margin for the third quarter of fiscal 2000 was 36.1%, down slightly due to product mix. Research, development and engineering expenses were $2.5 million for the third fiscal quarters of both 2000 and 1999, compared to $2.2 million in the preceding quarter. Fiscal fourth quarter expenses should decline slightly. Selling, general and administrative expenses for the third quarter of fiscal 2000 were $5.9 million, compared to $6.1 million in the second quarter of fiscal 2000 and $4.8 million in the third quarter of fiscal 1999. The Company anticipates SG&A to remain approximately constant in the coming quarter. As of July 31, 2000, the Company's cash, cash equivalents and short-term investments totaled $13.8 million, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $44.7 million. CFM TECHNOLOGIES, INC.("CFM") AND MATTSON TECHNOLOGY, INC. ("MATTSON") PLAN TO FILE A JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") IN CONNECTION WITH THE PLANNED MERGER OF CFM AND MATTSON. BOTH MATTSON AND CFM EXPECT TO MAIL A PROXY STATEMENT/PROSPECTUS TO THEIR RESPECTIVE STOCKHOLDERS CONTAINING INFORMATION ABOUT THE TRANSACTION. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY WHEN THEY ARE AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MATTSON, CFM, THE STEAG BUSINESS BEING COMBINED WITH MATTSON, AND THE PROPOSED MERGER. INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS. INVESTORS AND SECURITY HOLDERS WILL BE ABLE TO OBTAIN FREE COPIES OF THESE DOCUMENTS THROUGH THE WEB SITE MAINTAINED BY THE SEC AT HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://WWW.SEC.GOV. COPIES OF DOCUMENTS FILED WITH THE SEC BY MATTSON MAY BE OBTAINED FREE OF CHARGE BY CONTACTING PETER BROWN OF MATTSON AT (800) MATTSON. COPIES OF DOCUMENTS FILED WITH THE SEC BY CFM MAY BE OBTAINED FREE OF CHARGE FROM CFM THROUGH JEFF Jeff boob who usually bungles Mutt’s schemes. [Comics: Berger, 48] See : Dimwittedness RANDALL AT (215) 280-8509. IN ADDITION, MATTSON AND CFM FILE ANNUAL, QUARTERLY AND SPECIAL REPORTS, PROXY STATEMENTS Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. AND OTHER INFORMATION WITH THE SEC. YOU MAY READ AND COPY ANY REPORTS, STATEMENTS AND OTHER INFORMATION FILED BY MATTSON AND CFM AT THE SEC PUBLIC REFERENCE ROOMS AT 450 FIFTH STREET, NW, WASHINGTON, D.C. 20549 OR AT THE SEC'S OTHER PUBLIC REFERENCE ROOMS IN NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NEW YORK AND CHICAGO, ILLINOIS. PLEASE CALL THE SEC AT 1-800-SEC-0330 FOR FURTHER INFORMATION ON PUBLIC REFERENCE ROOMS. MATTSON'S AND CFM'S FILINGS WITH THE SEC ARE ALSO AVAILABLE TO THE PUBLIC FROM COMMERCIAL DOCUMENT RETREIVAL SERVICES AND AT THE WEB SITE MAINTAINED BY THE SEC AT HTTP://WWW.SEC.GOV. CFM, ITS DIRECTORS, AND CERTAIN EXECUTIVE OFFICERS AND MEMBERS OF MANAGEMENT AND EMPLOYEES MAY BE DEEMED TO BE SOLICITING PROXIES FROM MATTSON'S AND CFM'S STOCKHOLDERS IN FAVOR OF upon the side of; favorable to; for the advantage of. See also: favor THE ADOPTION OF THE DEFINITIVE AGREEMENTS AND THE PROPOSED MERGER. INFORMATION REGARDING THE IDENTITY OF THESE PERSONS AND THEIR INTEREST IN THE SOLICITATION solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual IS SET FORTH IN A SCHEDULE 14A FILED UNDER RULE 425 OF THE REGULATIONS PROMULGATED prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. UNDER THE SECURITIES ACT OF 1933, AS AMENDED a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , ON JULY 17, 2000, AND AVAILABLE FREE OF CHARGE AS SET FORTH ABOVE. The discussion above regarding the Company's expectation of future sales, gross margins, research, development and engineering expenses, product introductions, product mix, 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, particularly in Korea; 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 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, failure to receive regulatory or other approval of the announced merger or failure to realize a successful outcome to pending 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. . CFM Technologies, Inc. is 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 Nine Months Ended
July 31, July 31,
2000 1999 2000 1999
Net Sales $ 12,953 $ 9,620 $ 37,678 $ 22,396
Cost of sales 8,273 6,064 23,923 15,169
Gross profit 4,680 3,556 13,755 7,227
Operating expenses:
Research,
development and
engineering 2,512 2,492 7,181 7,674
Selling,
general and
administrative 5,948 4,821 18,169 12,738
Total operating
expenses 8,460 7,313 25,350 20,412
Operating
loss (3,780) (3,757) (11,595) (13,185)
Interest expense
(income), net (149) (283) (565) (1,106)
Loss before
income taxes (3,631) (3,474) (11,030) (12,079)
Income tax
provision
(benefit) - (1,181) 11,397 (4,107)
Net loss $ (3,631) $ (2,293) $ (22,427) $ (7,972)
Net loss per
common share:
Basic $ (0.46) $ (0.29) $ (2.85) $ (1.01)
Diluted $ (0.46) $ (0.29) $ (2.85) $ (1.01)
Shares used
in computing
net loss per
common share:
Basic 7,874 7,852 7,865 7,859
Diluted 7,874 7,852 7,865 7,859
CFM TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
July 31, October 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 10,149 $ 13,967
Short-term investments 3,665 10,249
Accounts receivable 14,940 14,826
Inventories 15,210 17,039
Prepaid expenses and other 681 796
Deferred income taxes - 1,958
Total current assets 44,645 58,835
Net property, plant and equipment 13,367 13,537
Other assets 314 9,714
Total assets $ 58,326 $ 82,086
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 545 $ 589
Accounts payable 2,845 3,930
Accrued expenses 8,976 9,246
Total current liabilities 12,366 13,765
Long-term debt 1,252 1,628
Total liabilities 13,618 15,393
Shareholders' equity:
Common stock 81,804 81,495
Treasury stock, at cost (1,560) (1,858)
Deferred compensation (116) (23)
Retained deficit (35,420) (12,921)
Total shareholders' equity 44,708 66,693
$ 58,326 $ 82,086
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion