Cerprobe Announces Record First Quarter Results.GILBERT, Ariz.--(BUSINESS WIRE)--April 22, 1998--Cerprobe Corp. (Nasdaq/NM:CRPB CRPB Conflict Resolution and Peace Building ) Wednesday Wednesday: see week. reported record sales and earnings for the first quarter ended March 31, 1998. 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 were $24,590,000, an increase of 55% over net sales of $15,899,000 for the quarter ended March 31, 1997. Net income for the first quarter of 1998 was $2,345,000, or $0.28 per share on 35% more shares outstanding, compared with net income for the same period of 1997 (before a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge for acquisition related expenses) of $1,069,000, or $0.17 per share. Including the acquisition-related expenses of $6,164,000 in the first quarter of 1997, the company had a net loss of $4,895,000 or $0.78 per share. C. Zane The name Zane is pronounced IPA: /zeɪn/ "zayn". Zane is a word that has its roots in both Arabic and Hebrew meaning "God is Gracious". It is a common name for both males and females in Arabic speaking countries. Close, president and chief executive officer of Cerprobe, commented on the first quarter results saying: "We are pleased to report that our core business of probe cards A probe card is an interface between an electronic test system and a semiconductor wafer. Its purpose is to provide an electrical path between the test system and the circuits on the wafer, thereby permitting the testing and validation of the circuits at the wafer level, usually and ATE interfaces, which represented approximately 77% of total sales during the first quarter, was up 58% over the comparable quarter of 1997. And on a sequential basis, our core business was up 18% over the fourth quarter of 1997. "The growth came primarily from gains in market share with existing customers and from the addition of new customers, domestically and internationally. International sales increased 104% to $4.9 million in 1998 from $2.4 million for the comparable quarter of 1997. "CompuRoute and SVTR SVTR Sun Valley Technical Repair (Morgan Hill, CA) together contributed approximately $5.7 million to first quarter sales, and their combined sales were up 43% over the same period of last year. Sales at CompuRoute were in line with our expectations," continued Close, "while sales at SVTR were below target for the quarter and down sequentially from the fourth quarter of 1997. "Because of the weaker than expected demand in the semiconductor equipment market, we anticipate that SVTR's sales and profitability will be below target for the balance of 1998. "We are pleased with the financial results of the first quarter," said Close. "Based on preliminary indications of lower production rates among many of our customers, we are very cautious about net sales and net income for the second quarter. However, we anticipate that demand will strengthen in the second half, and that our financial results will likewise show sequential improvement from the second quarter through the end of 1998." Cerprobe develops and manufactures products and equipment for the high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" testing of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. components and markets its products worldwide to semiconductor manufacturers. The Arizona-based company operates domestic manufacturing facilities in Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Texas. The company also operates international subsidiaries: Cerprobe 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). , Limited in Scotland Scotland, political division of Great Britain (1991 pop. 4,957,000), 30,414 sq mi (78,772 sq km), comprising the northern portion of the island of Great Britain and many surrounding islands. and Cerprobe Asia in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). and Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan .
-0-"Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements in this release regarding the company's and SVTR's financial performance in the second quarter of 1998 as well as the balance of 1998, the weakness in the semiconductor capital equipment and chip-production markets and the duration of that weakness, and management's expectations of strengthening demand in the second half of 1998 are forward looking statements that include risks and uncertainties, including but not limited to product demand and development, ability to maintain customer diversity and relationships, technological advancements, impact of competitive products and pricing, growth in targeted markets, manufacturing capacity, risks of foreign operations, ability to integrate and leverage acquisitions, and other information detailed from time to time in the company's financial press releases and Securities and Exchange Commission filings. -0-
Cerprobe Corp.
Condensed Consolidated Statements of Operations
(in thousands)
Three Months ended
March 31,
1998 1997
(Unaudited)
Net sales $ 24,590 $ 15,899
Cost and Expenses:
Cost of sales 14,413 9,394
Selling, general and administrative 5,656 4,173
Engineering and product development 830 453
Acquisition related costs -- 6,164
20,899 20,184
Operating income (loss) 3,691 (4,285)
Other income (expense):
Interest income 285 35
Interest expense (61) (135)
Other income (7) 59
217 (41)
Income (loss) before income taxes
and minority interest 3,908 (4,326)
Provision for taxes (1,581) (556)
Minority interest 18 (13)
Net income (loss) $ 2,345 $ (4,895)
Earnings (loss) per share:
Before acquisition related costs $ 0.28 $ 0.17
Diluted $ 0.28 $ (0.78)
Diluted shares outstanding 8,482 6,293
Condensed Consolidated Balance Sheets
(in thousands)
March 31, Dec. 31, March 31,
1998 1997 1997
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and short-term investments $ 28,874 $ 30,347 $ 1,840
Accounts receivable, net 12,395 10,341 8,212
Inventories, net 10,142 8,483 6,913
Other current assets 1,594 1,736 688
Total current assets 53,005 50,907 17,653
Property and equipment, net 16,808 15,142 12,835
Intangible assets, net 2,406 2,396 2,582
Other assets 986 1,010 1,444
Total assets $ 73,205 $ 69,455 $ 34,514
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,581 $ 4,346 $ 2,812
Accrued liabilities 3,950 3,286 3,601
Notes payable and current
portion of long term debt 1,541 769 3,880
Total current liabilities 10,072 8,401 10,293
Long-term debt, less current portion 1,142 1,315 2,383
Deferred income taxes and other
liabilities 377 395 628
Total liabilities 11,591 10,111 13,304
Minority interest in net assets of
consolidated subsidiaries 189 133 -
Stockholders' equity 61,425 59,211 21,210
Total liabilities and
stockholders' equity $ 73,205 $ 69,455 $ 34,514
CONTACT: Cerprobe Corp., Gilbert Randal L. Buness, 602/333-1500 or Silverman Heller Associates Eugene G. Heller/Philip Bourdillon, 310/280-2550 |
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