Credence Systems Reports 1997 Second Quarter Results.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--May 20, 1997--Credence Systems Corporation (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 :CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. ) today reported results for its second quarter ended April 30, 1997 with 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 of $43.4 million, a sequential One after the other in some consecutive order such as by name or number. increase of 8% over the prior quarter and a 35% decrease from the $66.5 million for the comparable quarter of fiscal 1996. Net income for the second quarter increased 212% sequentially from the first quarter of this year, but declined 71% to $3.3 million compared to $11.3 million for the comparable period last year. Earnings per share were $0.15, up 200% over the prior quarter's $0.05 per share, but down from $0.52 per share for the second quarter of last year. For the first six months of fiscal 1997, net sales were $83.6 million, compared to $127.4 million for the same period a year ago, a 34% decrease. Net income for the six-month period declined 80% to $4.3 million, $0.20 per share, compared to $21.9 million, $1.00 per share, for the same period last year. Credence's chairman and chief executive officer, Wilmer R. Bottoms, said "Our order levels this quarter improved sequentially, reflecting new business from design wins as well as customer capacity expansion. These design wins, which included two new market segments for Credence, have demonstrated our customer's acceptance for the new enhancements on our DUO DUO Dark Universe Observatory DUO Dance Umbrella of Ontario DUO Datatron Users Organization DUO Decision Unit Overview products." Dr. Bottoms added, "We will continue to invest in our new products which are designed to meet our customer's expanding technical requirements while continuing to deliver the value standard in ATE." "The expansion in 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. allowed the Company to continue achieving gross margins of 58%. The sequential revenue growth for the quarter delivered an improvement to operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: which were over 9.0% of net revenues," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Okumoto, executive vice president and chief financial officer. "The Company's focus on its balance sheet during the quarter resulted in positive cash flow and a decline in the days-sales-outstanding for 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 and an improvement in days-of-inventory on hand." Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance suggested in this release. Such factors include, but are not limited to, fluctuations in customer demand, timing and volume of orders and shipments, competition and pricing pressures, reliability issues, product mix, underabsorption of overhead, cyclicality in the semiconductor industry, continued dependence on 'turns' orders to achieve revenue objectives, the Company's ability to have an appropriate amount of production capacity in a timely manner, the timing of new technology and product introductions and the risk of early obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. . Further, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with Securities and Exchange Commission, including its reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q. Credence Systems Credence Systems Corporation (NASDAQ: CMOS), is a manufacturer of test and analytical equipment for the global semiconductor industry. Founded in 1978, it is publicly traded on the Nasdaq stock market under the symbol CMOS. Corporation is a leading manufacturer of automatic test equipment (ATE) that serves a broad spectrum of the worldwide semiconductor industry's testing needs. Credence offers a wide range of product with test capabilities for digital, mixed-signal, and non-volatile memory Refers to memory chips that hold their content without power being applied. It may refer to chips that are not changeable, such as ROMs and PROMs, or to chips that can be rewritten many times such as flash memory. semiconductors. Credence utilizes its proprietary CMOS technologies to design products that provide a lower cost of ownership while meeting the increasingly demanding performance requirements of today's ATE market. The Company is headquartered in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: , with manufacturing in Beaverton, Oregon Beaverton is a city in Washington County, Oregon, United States, seven miles west of Portland in the Tualatin River Valley. As of May 2006, its population is estimated to be 84,270,[1] 9.1% more than the 2000 census figure of 76,129. and Fremont, California. Credence is listed on the Nasdaq National Market under the symbol CMOS. -0-
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(unaudited)
Prior Quarter Three Months Six Months
Ended Ended Ended
January 31, April 30, April 30,
1997 1997 1996 1997 1996
Net sales $40,261 $43,355 $66,475 $83,616 $127,386
Cost of goods sold 19,439 18,374 26,531 37,813 50,904
Gross margin 20,822 24,981 39,944 45,803 76,482
Operating expenses:
Research and
development 8,806 8,953 9,413 17,759 17,730
Selling, general
and
administrative 11,431 11,989 14,094 23,420 26,896
Total operating
expenses 20,237 20,942 23,507 41,179 44,626
Operating income 585 4,039 16,437 4,624 31,856
Interest income
and other
expenses, net 1,027 874 1,046 1,901 2,101
Income before
income taxes 1,612 4,913 17,483 6,525 33,957
Income taxes 558 1,627 6,154 2,185 12,084
Net income $1,054 $3,286 $11,329 $4,340 $21,873
Net income
per share $0.05 $0.15 $0.52 $0.20 $1.00
Number of shares
used in
computing per
share amount 22,215 22,265 21,913 22,240 21,932
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Prior Quarter
January 31, April 30, October 31,
1997 1997 1996
(unaudited) (unaudited)
ASSETS
Current assets
Cash and cash
equivalents $49,672 $57,501 $48,649
Short-term
investments 27,769 32,219 37,643
Accounts receivable,
net 50,546 41,244 49,025
Inventories 34,976 35,668 35,721
Other current assets 7,067 8,103 6,845
Total current assets 170,030 174,735 177,883
Long-term investments 986 -- 4,284
Property and equipment,
net 37,433 37,587 32,764
Other assets 9,695 9,421 8,111
Total assets $218,144 $221,743 $223,042
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $8,919 $8,879 $13,842
Accrued liabilities 16,073 15,122 17,829
Income taxes payable 1,351 2,642 1,589
Total current
liabilities 26,343 26,643 33,260
Stockholders' equity 191,801 195,100 189,782
Total liabilities
and stockholders'
equity $218,144 $221,743 $223,042
-0- Note to Editors: Credence and Credence Systems are trademarks of Credence Systems Corporation. Other trademarks that may be mentioned in this release are the intellectual property of their respective owners. CONTACT: Agency Contact: Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Bedortha The Loomis Loomis may refer to: Places
415.882.9494 or Company Contact: Credence Systems Corporation Connie
Connie is a British television drama made for ITV by Central Television and shown in 1985. Graybeal 510.657.7400 |
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