Credence Systems Reports Record Results For Fourth Quarter and Fiscal Year 1995.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)--Dec. 7, 1995--Credence Systems Corporation (Nasdaq: 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 fourth quarter ended October October: 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 $53.6 million, a 60% increase over the $33.4 million for the comparable quarter of fiscal 1994. Net income for the fourth quarter rose 68% to $9.6 million compared to $5.7 million for the comparable period last year. Earnings per share were $0.44 per share, up from $0.28 per share for the prior year's fourth quarter. Net sales for fiscal 1995 were $176.8 million, compared to $118.2 million a year ago, representing a 50% increase. Net income for the fiscal year rose 58% to $30.4 million, $1.45 per share, compared to $19.2 million, $0.97 per share, a year ago. Credence's 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:
The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 1.25 to 1.00 for the year reflects the positive market response to our products. Demand for our existing and recently announced products received continued support from our customer base as well as gaining support from new customers. Our EPRO line of memory test products also contributed to our success this year." "The Company achieved a record 26% 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. while maintaining its 60% gross margins for the fourth quarter," said Richard Y. Okumoto, senior vice president and chief financial officer. "Additionally, record 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. at year-end more than doubled from the prior year, reflecting the 70% order growth for fiscal 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, 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). semiconductor devices. Credence utilizes its proprietary CMOS technologies to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties" define, delimit, delimitate, delineate, specify - determine the essential quality of 2. test by designing products that solve its customers' business problems through technology while meeting the increasingly demanding performance requirements of today's ATE market. The Company is subject to a number of risks, including fluctuations in operating results due to changes in market conditions. 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)
Quarter Ended Year Ended
October 31, October 31,
----------------- ------------------
1995 1994 1995 1994
Net Sales $53,569 $33,414 $176,805 $118,211
Cost of goods sold 21,285 13,228 70,121 47,873
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Gross margin 32,284 20,186 106,684 70,338
Operating expenses: Research and development 7,489 5,273 24,859 17,273
Selling, general and
administrative 11,094 7,737 38,008 28,857
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Total operating
expenses 18,583 13,010 62,867 46,130
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Operating income 13,701 7,176 43,817 24,208
Interest income, net 1,032 319 2,832 731
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Income before
income taxes 14,733 7,495 46,649 24,939
Provision for income taxes 5,124 1,764 16,295 5,746
-------- -------- -------- --------
Net income $9,609 $5,731 $30,354 $19,193
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Net income per share $0.44 $0.28 $1.45 $0.97
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Number of shares used
computing per share amount 22,009 20,306 20,984 19,750
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CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
October 31, October 31,
1995 1994
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ASSETS Cash and cash equivalents $54,534 $39,497 Short-term investments 29,045 4,642 Accounts receivable, net 44,049 26,512 Inventories 25,887 12,945
Other current assets 9,187 5,305
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Total current assets 162,702 88,901
Property and equipment, net 17,770 11,559
Other assets 6,121 3,208
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Total assets $186,593 $103,668
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LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $36,307 $24,800 Long-term capital leases -- 655
Total stockholders' equity 150,286 78,213
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Total liabilities
and stockholders' equity $186,593 $103,668
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CONTACT: Credence Systems Corporation James T. Healy, Chief Executive Officer, 510/657-740 or Richard Y. Okumoto, Chief Financial Officer, 510/657-7400 |
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