Credence Systems Reports Record Results for 1996 First Quarter.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)--Feb. 15, 1996--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 first quarter ended January January: see month. 31, 1996 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 $60.9 million, a 71% increase over the $35.6 million for the comparable quarter of fiscal 1995. Net income for the first quarter rose 76% to $10.5 million compared to $6.0 million for the comparable period last year. Earnings per share were $0.48 per share, up from $0.29 per share for the prior year's first quarter. 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:
TSMC Taiwan Semiconductor Manufacturing Corporation TSMC Traffic Systems Management Center TSMC Toll Station Management Controller TSMC Transportation Supply Maintenance Command TSMC Technical Services Manager Code . "Deliveries of our SC series testers, to new customers such as Hyundai, continued to contribute approximately one-fourth of total system revenues." "The Company posted 14% sequential revenue growth over the fourth quarter of fiscal 1995 while achieving 60% gross margins and 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. " said Richard Y. Okumoto, Senior Vice President and chief financial officer. "This sequential revenue growth enabled the Company to achieve sequential earnings per share growth of $0.04, generating $0.48 earnings per share for the current quarter." 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 products 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. semiconductor devices. The Company 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 with products that are designed to 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 and uncertainties as more fully set forth in the Company's SEC reports, including but not limited to the report 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. for the year ended October 31, 1995. The Company is headquartered in Fremont, Calif., 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 Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. 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
January 31,
-------------------------
1996 1995
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Net sales $60,911 $35,585
Cost of goods sold 24,373 13,855
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Gross margin 36,538 21,730
Operating expenses: Research and development 8,317 4,830
Selling, general and administrative 12,802 8,120
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Total operating expenses 21,119 12,950
------- -------
Operating income 15,419 8,780
Interest income, net 1,055 483
------- -------
Income before income taxes 16,474 9,263
Provision for income taxes 5,930 3,284
------- -------
Net income $10,544 $5,979
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Net income per share $0.48 $0.29
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Number of shares used in
computing per share amount 21,951 20,333
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CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, October 31,
1996 1995
(unaudited)
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ASSETS
Cash and cash equivalents $52,458 $54,534 Short-term investments 37,401 29,045 Accounts receivable, net 47,411 44,049 Inventories 31,372 25,887
Other current assets 8,003 9,187
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Total current assets 176,645 162,702
Property and equipment, net 21,115 17,770
Other assets 5,688 6,121
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Total assets $203,448 $186,593
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LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $41,980 $36,307
Total stockholders' equity 161,468 150,286
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Total liabilities
and stockholders' equity $203,448 $186,593
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CONTACT: Credence Systems Corporation James T. Healy, 510/657-7400 Richard Y. Okumoto, 510/657-7400 |
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