Credence Systems Reports Record 1995 Third 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)--Aug. 16, 1995--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 record results for its third quarter ended July July: see month. 31, 1995 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 $46.1 million, a 57% increase over the $29.3 million for the comparable quarter of fiscal 1994. Net income for the third quarter rose 63% to $8.0 million compared to $4.9 million for the comparable period last year. Earnings per share were $0.38 per share, up from the $0.24 per share for the prior year's third quarter. For the nine-month period ended July 31, 1995, net sales were $123.2 million, compared to $84.8 million for the same period a year ago, a 45% increase. Net income for the nine month period rose 54% to $20.7 million, $1.00 per share, compared to $13.5 million, $0.69 per share, for the same period last year. Credence president and chief executive officer, James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. T. Healy Healy may refer to: Persons with the surname Healy:
"Credence's revenue growth coupled with its gross margins of 60% produced 25% operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the third quarter. This level of operating performance allowed for sequential earnings per share growth in the current quarter as compared to prior quarters," said Richard Okumoto, senior vice president and chief financial officer. "The company strengthened its financial position during the quarter by raising $38.2 million through completing the sale of 1,425,000 shares of common stock to the public market. In addition, a three- for-two stock split in the form of a 50% stock dividend was declared during the quarter and paid on June 5, 1995 to all holders of record on May 26, 1995." 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, together with its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , EPRO, offers a wide range of products with test capabilities for digital, mixed-signal, and non- non- word element [L.]not . non- pref. Not: noninvasive. volatile memory A memory that does not hold its contents without power. A computer's main memory, which is made up of dynamic RAM or static RAM chips, loses its content immediately upon loss of power. Newer types of memory are expected to obsolete volatile memory in the future (see MRAM and NRAM). semiconductors. Credence utilizes its proprietary CMOS technologies to design products that provide a lower total 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 Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of 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)
Quarter Ended Nine Months Ended
July 31, 1995 July 31, 1995
----------------- ------------------
1995 1994 1995 1994
Net Sales $46,072 $29,301 $123,236 $84,797
Cost of goods sold 18,380 11,920 48,836 34,645
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Gross margin 27,692 17,381 74,400 50,152
Operating expenses:
Research and development 6,448 4,569 17,370 12,000
Selling, general and admin 9,724 7,056 26,914 21,120
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Total operating expenses 16,172 11,625 44,284 33,120
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Operating income 11,520 5,756 30,116 17,032
Interest income, net 740 272 1,800 412
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Income before income taxes 12,260 6,028 31,916 17,444
Provision for income taxes 4,291 1,125 11,171 3,982
------ ------ ------ ------
Net income $7,969 $4,903 $20,745 $13,462
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Net income per share $0.38 $0.24 $1.00 $0.69
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Number of shares used in
computing per share amount 21,169 20,225 20,642 19,564
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CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 31, October 31,
1995 1994
----------- ----------
(unaudited)
ASSETS
Cash and cash equivalents $55,270 $39,497
Short-term investments 27,462 4,642
Accounts receivable, net 42,494 26,512
Inventories 22,035 12,945
Other current assets 9,860 5,305
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Total current assets 157,121 88,901
Property and equipment, net 14,325 11,559
Other assets 5,072 3,208
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Total assets $176,518 $103,668
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LIABILITIES AND
STOCKHOLDERS' EQUITY
Total current liabilities $37,774 $24,800
Long-term capital leases -- 655
Total stockholders' equity 138,744 78,213
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Total liabilities
and stockholders' equity $176,518 $103,668
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CONTACT: Credence Systems Corporation James T. Healy, 510/657-7400 Richard Y. Okumoto, 510/657-7400 |
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