CFM Technologies announces strong fourth quarter and full year results.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)--Dec. 17, 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 financial results for the fourth quarter and fiscal year ended October 31, 1996. For the fourth 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 rose 76.3% to $13.2 million from $7.5 million in the fourth quarter of 1995. Net income in the fourth quarter was $1.0 million, or $0.16 per share on 57.5% more weighted average common shares outstanding, compared with $0.6 million, or $0.16 per share in the prior year period. On a consecutive quarterly basis, fourth quarter fiscal 1996 net sales increased 19.1% and net income per share rose 23.1%. For the fiscal year ended October 31, 1996, net sales rose 87.8% to $44.0 million from $23.4 million in fiscal 1995. Net income of $3.0 million, or $0.61 per share in fiscal 1996, rose 111.3% over net income of $1.4 million, or $0.35 per share in fiscal 1995. Gross margin for the 1996 fiscal year was 47.0% as compared with 42.5% for fiscal 1995. CFM's President and Chief Executive Officer, Roger A. Carolin, commented, "We have made tremendous progress in a very difficult year for the industry. We are able to report strong increases in both sales and net income. Secondly, we diversified our customer base with international sales representing 63.1% of total 1996 sales, compared to 51.7% in fiscal 1995. Since our initial public offering in June, our stock price has climbed from $10 to over $19 this month. While occurring after the fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. , we are pleased to report that we received our first Taiwanese order for a Full- FlowTM system in November with the support of our partner, AMPOC Far East Co., LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . In addition, the Company has recently been recommended for ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 quality system certification as a result of an independent audit." Fourth quarter sales, compared to the prior year period, reflected substantial increases in sales of Full-Flow wet processing systems for use in the production of flat panel displays A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time (FPDs). Full-Flow 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. sales represented approximately 50% of sales in the fourth quarter of fiscal 1996, while no Full-Flow FPD sales were recorded in the fourth quarter of 1995. Chris McConnell, Chairman, commented, "Several years ago we identified precision 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. of FPDs as a key growth and diversification opportunity for the Company. I am pleased to report that this strategy has proven to be a winner. We are presently in very active discussions which could result in significant additional sales in this rapidly growing market." Gross margin for the fourth quarter of 1996 was 48.3% compared to 46.4% in the fourth quarter of 1995 and 47.4% in the third quarter of 1996. The improvement in gross margin in the fourth quarter of 1996 over the same periooducts. The Company's gross margins have varied significantly from quarter to quarter and will continue to be affected by a variety of factors, including the mix and average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of systems, pricing pressure created by competitors with overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. , the costs associated with new system introductions and enhancements, and the customization of systems. Research, development and engineering expenses were $1.4 million or 10.6% of sales in the fourth quarter as compared to $0.5 million or 6.4% of sales in the fourth quarter of 1995 and $0.9 million or 7.9% of sales in the third quarter of 1996. Development support for the production release in 1996 of the Company's first Full-Flow FPr platform, adaptation of the Full-Flow platform to support additional process applications and development of the Company's 300mm Full-Flow product. Selling, genlast year primarily reflects increases in costfor semiconductor equipment, approximately 50% roking statements 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 and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the semiconductor and flat panel display manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation , 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 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. . -0-
CFM TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Year Ended
October 31, October 31,
1996 1995 1996 1995
Net sales $13,220 $7,498 $44,013 $23,430
Cost of sales 6,839 4,021 23,317 13,463
Gross profit 6,381 3,477 20,696 9,967
Operating expenses:
Research, development and 1,402 480 4,375 1,717
engineering
Selling, general and 3,638 1,969 11,679 5,972
administrative
Total operating expenses 5,040 2,449 16,054 7,689
Operating income 1,341 1,028 4,642 2,278
Interest expense, net (92) 53 157 173
Income before income 1,433 975 4,485 2,105
taxes
Income taxes 457 325 1,525 703
Net income $976 $650 $2,960 $1,402
Net income per share $0.16 $0.16 $0.61 $0.35
Weighted average common and
common equivalent shares 6,289 3,994 4,831 3,994
-0-
CFM TECHNOLOGIES, INC.
CONSOLIDATED
ASSETS
Current assets:
Cash and cash equivalents $9,308 $408
Short-term investments 2,946 ---
Accounts receivable 15,09
Current liabilities:
Current portion of
Long-term debt 2,525 3,005
deferred income taxes 146 103
Total liabilities 11,540 8,679
Shareholders' equity:
Common stock 29,592 9,616
Retained earnings
equity $44,251 $18,454
CONTACT: Jeff Randall Chief Financial Officer 610-696-8300 Michele Katz/Jessica Davis/ Elizabeth Marshall Elizabeth Marshall is a Canadian politician. She currently represents the riding of Topsail in the Newfoundland and Labrador House of Assembly. She is a member of the Progressive Conservatives. 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion