Cerprobe Announces Third-quarter Results.GILBERT, Ariz.--(BUSINESS WIRE)--Oct. 21, 1998--Cerprobe Corp. (Nasdaq/NM:CRPB CRPB Conflict Resolution and Peace Building ) Wednesday Wednesday: see week. announced net income of $1,977,000, or $0.25 per share, on sales of $20,107,000 for the third quarter ended Sept. 30, 1998, before discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and 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. This compares with net income of $1,933,000, or $0.29 per share, on sales of $17,562,000 for the year earlier quarter, before discontinued operations. Including these charges, the net loss for the 1998 third quarter was $3,785,000, or $0.49 per share compared with net income of $2,962,000, or $0.45 per share for the 1997 third quarter. There were 7.8 million shares outstanding in the 1998 third quarter vs. 6.6 million shares in the prior year period. The third quarter net loss from discontinued operations was $4,593,000 compared with a net income of $1,030,000 for the same period of 1997 and relates to the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the operations of SVTR SVTR Sun Valley Technical Repair (Morgan Hill, CA) Inc., the company's wafer prober The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. refurbishing and upgrading subsidiary. The discontinuance of SVTR's operations resulted from questions regarding the origins of certain software necessary for SVTR's business. The company expects to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose SVTR's assets by the end of 1998. The company also initiated legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. against the former president and shareholders of SVTR's predecessor. The previously announced one-time acquisition-related charge for purchased research and development resulting from the acquisition of SemiConducteur Services S.A. was $1,169,000, net of a one-time tax benefit of $779,000. For the nine months ended Sept. 30, 1998, Cerprobe earned net income of $5,926,000, or $0.74 per share, on sales of $61,199,000, before discontinued operations and a one-time charge for acquisition-related expenses. This compares with net income of $5,544,000, or $0.89 per share, on sales of $49,134,000 for the year earlier quarter, before discontinued operations. Including the $5,730,000 discontinuance charge and the $1,169,000 net acquisition-related expenses, the net loss for the nine months ended Sept. 30, 1998 was $973,000, or $0.12 per share, compared with a net loss of $343,000, or $0.06 per share, for the same period of 1997. There were 8.1 million shares outstanding in the nine months ended Sept. 30, 1998 third quarter vs. 6.2 million shares in the prior year period. 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, said that the company was very pleased with the operating results of the third quarter. "Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , adjusted for acquisition-related expenses, was considerably better than expected, due in large part to customer-requested acceleration of shipments that were scheduled for the fourth quarter. "Moreover, despite economic uncertainties abroad, international sales of approximately $3 million were slightly higher than in the second quarter of 1998. In this environment, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op regarding the near-term near-term adj. Of, for, or involving a short period of time in the near future. outlook -- although, given scheduled shutdowns by some of our customers and the upcoming holiday season, we currently do not anticipate sequential growth in the fourth quarter. "The third quarter acquisition of SemiConducteur Services, a privately owned France-based designer and manufacturer 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 , complements our existing facility 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 puts us closer to achieving our goal of becoming the foremost supplier of probe cards to the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. semiconductor industry. "In line with our belief that the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook for the industry remains favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , we continue to pursue other acquisition candidates and strategic partners with the potential to increase the company's market share and enhance our technological base. We also continue to devote substantial resources to engineering and product development in the pursuit of solutions to the ever more complex testing requirements of semiconductor manufacturers," Close added. Close concluded by reporting that through the end of the third quarter, the company had repurchased approximately 400,000 shares of its common stock at a cost of $4.6 million under a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program announced last August. Cerprobe offers comprehensive solutions for semiconductor test integration and is a world leader in the design and manufacture of probe cards, ATE interface assemblies, and ATE test boards. The company markets its products worldwide to semiconductor manufacturers. Cerprobe 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, SemiConducteur Services S.A. in France, 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. Additional information about
Cerprobe is available at www.cerprobe.com.The statements in this release regarding the company's expected financial performance for the fourth quarter of 1998, the expected benefits of the acquisition of Semiconducteur Services, its pursuit of acquisition candidates and strategic partners, and the overall condition of the semiconductor industry, are 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. 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 news releases and Securities and Exchange Commission filings. -0-
Cerprobe Corp.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
(unaudited) (unaudited)
Net sales $ 20,107 $ 17,562 $ 61,199 $ 49,134
Cost and
expenses:
Cost of sales 11,514 9,990 35,474 27,494
Selling, general
and
administrative 4,715 3,968 14,370 11,787
Engineering and
product
development 956 251 2,302 545
Acquisition-
related costs 1,948 -- 1,948 --
19,133 14,209 54,094 39,826
Operating income 974 3,353 7,105 9,308
Other income
(expense):
Interest income 328 10 1,064 75
Interest expense (59) (165) (182) (344)
Other income 219 109 258 225
488 (46) 1,140 (44)
Income from
continuing
operations before
income taxes and
minority interest 1,462 3,307 8,245 9,264
Provision for taxes (568) (1,442) (3,376) (3,816)
Minority interest (86) 67 (112) 96
Income from
continuing
operations 808 1,932 4,757 5,544
Discontinued
operations:
Loss from
operations of
SVTR Inc., net
of taxes (785) 1,030 (1,922) (5,887)
Loss on disposal
of SVTR Inc.,
net of taxes (3,808) -- (3,808) --
(4,593) 1,030 (5,730) (5,887)
Net income (loss) $ (3,785) $ 2,962 $ (973) $ (343)
Earnings (loss)
per share:
From continuing
operations before
acquisition-
related costs $ 0.25 $ 0.29 $ 0.74 $ 0.89
From continuing
operations $ 0.10 $ 0.29 $ 0.59 $ 0.89
From
discontinued
operations (0.59) 0.16 (0.71) (0.95)
Net income (loss)
per share $ (0.49) $ 0.45 $ (0.12) $ (0.06)
Diluted shares
outstanding 7,769 6,638 8,058 6,220
Cerprobe Corp.
Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, Dec. 31, Sept. 30,
1998 1997 1997
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and short-term
investments $21,449 $29,716 $24,425
Accounts receivable,
net 11,013 8,230 9,109
Inventories, net 5,517 4,970 4,376
Other current assets 2,580 1,463 550
Net assets of
discontinued operations 1,809 5,220 4,823
Total current assets 42,368 49,599 43,283
Property and equipment,
net 19,038 14,439 13,968
Intangible assets, net 2,810 2,279 2,380
Other assets 854 957 1,406
Net assets of
discontinued operations -- 833 776
Total assets $65,070 $68,107 $61,813
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,448 $ 3,503 $ 3,692
Accrued liabilities 4,205 2,832 4,468
Notes payable and
current portion of
long-term debt 1,032 760 1,694
Total current
liabilities 7,685 7,095 9,854
Long-term debt,
less current portion 3,038 1,275 1,154
Deferred income taxes
and other liabilities 432 394 491
Total liabilities 11,155 8,764 11,499
Minority interest in
net assets of
consolidated
subsidiaries 191 132 --
Stockholders' equity 53,724 59,211 50,314
Total liabilities and
stockholders' equity $65,070 $68,107 $61,813
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