CFM Technologies, Inc. announces third quarter results; Net profit increases 27% on 68% rise in revenue.WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Pa.--(BUSINESS WIRE)--Aug. 22, 1996--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 results for the third quarter ended July July: see month. 31, 1996. For the third quarter, 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 increased 68% to $11.1 million from $6.6 million for the third quarter of 1995. Net income increased 27% to $633,000, or $0.13 per share, for the third quarter of 1996, from $499,000, or $0.12 per share, for the third quarter of 1995. With the completion of the Company's initial public offering in June June: see month. of 1996, there were 5.0 million weighted average common shares outstanding for the third quarter of 1996, compared to 4.0 million shares for the same period of last year. For the nine months ended July 31, 1996, CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. Technologies reported net sales of $30.8 million compared to $15.9 million for the corresponding period in 1995. Net income for the first nine months of 1996 totaled $2.0 million, or $0.46 per share, compared to $752,000, or $0.19 per share, for the same period last year. Christopher McConnell McConnell may refer to:
To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its customer base." The gross margin for the quarter was 47.4%, down from 49.6% in the second quarter of 1996. The decrease is largely due to significant training and change-over costs associated with the Company's new photoresist A film used in photolithography that temporarily holds the pattern of a circuit path or microscopic element of a chip. When exposed to light, it hardens and is resistant to the acid bath that washes away the unexposed areas. Not to be confused with photoresistor. strip and flat panel products. The Company noted that several of its customers are continuing to expand in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the present semiconductor industry correction. In the near term, the gross margin will be affected by a number of factors, including pricing pressures due to industry conditions and continued ramp-up costs for new products, which should be partially offset by economies of scale from increases in volume. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter increased to $4.2 million, compared to $3.9 million in the second quarter of 1996. The increase reflects additional spending for marketing infrastructure, especially in Asia, where the Company's agents earn relatively higher commission rates. Roger Carolin, President and Chief Executive Officer mentioned, "One of our new products under development, the Full-FlowTM 8100HT, is near completion. This tool is a high-throughput version of the Full-Flow platform which makes use of both an advanced sulfuric acid sulfuric acid, chemical compound, H2SO4, colorless, odorless, extremely corrosive, oily liquid. It is sometimes called oil of vitriol. Concentrated Sulfuric Acid cleaning process and special asynchronous Refers to events that are not synchronized, or coordinated, in time. The following are considered asynchronous operations. The interval between transmitting A and B is not the same as between B and C. The ability to initiate a transmission at either end. automation." Customer orders for the third quarter totaled $13.0 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 rose to a record $17.2 million. This marks the fourth consecutive quarterly increase in backlog. It has been the experience of the Company that neither the backlog nor the pattern of receipt of orders are necessarily indicative of future orders or revenues. Except for the historical information contained herein, the matters discussed in this release are forward looking statements that involve risks and uncertainties including, but not limited to, volatility in the demand for semiconductors; rescheduling of delivery dates for orders; order cancellations; competitive products and pricing, manufacturing efficiencies, new product development, ability to enforce patents, availability of raw materials and other risks indicated in the prospectus dated June 18, 1996 and other filings with the Securities and Exchange Commission. CFM Technologies, Inc. designs, manufactures and markets advanced wet processing equipment for sale to the worldwide semiconductor and flat panel display ("FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ") industries. The Company s products are based on its patented Full-Flow 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 and Direct-Displacement drying technologies and are designed to perform various critical cleaning and etching etching, the art of engraving with acid on metal; also the print taken from the metal plate so engraved. In hard-ground etching the plate, usually of copper or zinc, is given a thin coating or ground of acid-resistant resin. and photoresist stripping process steps in the manufacture of semiconductors and FPDs. CFM Technologies is traded on the Nasdaq National Market under the symbol, CFMT. -0-
CFM Technologies, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
July 31, July 31,
1996 1995 1996 1995
Net sales $11,096 $6,601 $30,793 $15,932
Cost of sales 5,841 3,848 16,478 9,442
Gross profit 5,255 2,753 14,315 6,490
Operating expenses:
Research, development and 881 426 2,973 1,237
engineering
Selling, general and 3,366 1,531 8,041 4,003
administrative
Total operating expenses 4,247 1,957 11,014 5,240
Operating income 1,008 796 3,301 1,250
Interest expense, net 34 46 249 120
Income before income 974 750 3,052 1,130
taxes
Income taxes 341 251 1,068 378 Net income $633 $499 $1,984 $752 Net income per share $0.13 $0.12 $0.46 $0.19 Weighted average common and common equivalent shares 5,016 3,994 4,339 3,994
CFM Technologies, Inc.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
July 31, October 31,
1996 1995
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $11,685 $408
Accounts receivable 15,638 8,886
Inventories 7,470 3,700
Prepaid expenses and other 226 184
Deferred income taxes 862 529
Total current assets 35,881 13,707
Net property, plant and equipment 7,076 4,391
Other assets 373 356
Total assets $43,330 $18,454
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Current portion of long-term debt $488 $574
Accounts payable 3,960 2,537
Accrued expenses 4,354 2,373
Customer deposits 34 87
Total current liabilities 8,836 5,571
Long-term debt 2,605 3,005
Deferred income taxes 107 103
Total liabilities 11,548 8,679
Shareholders equity:
Common stock 29,639 9,616
Retained earnings 2,143 159
Total shareholders equity 31,782 9,775
Total liabilities and
shareholders equity $43,330 $18,454
CONTACT: CFM Technologies, Inc. 1336 Enterprise Drive West Chester, PA 19380 Jeff Randall Chief Financial Officer 610-696-8300 OR Michele Katz/Jessica Davis/Elizabeth Marshall Morgen-Walke Associates Press: Lee Foley fo·ley n. 1. A technical process by which sounds are created or altered for use in a film, video, or other electronically produced work. 2. A person who creates or alters sounds using this process. 212-850-5600 |
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