Credence Systems Reports Record Results for First Fiscal Quarter of 2000.Business Editors/High-Tech Writers 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. 9, 2000 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 (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 results for its first fiscal quarter ended January January: see month. 31, 2000. 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 were $101.8 million, an increase of 284 percent from net sales of $26.5 million in the first quarter of fiscal 1999. Net sales were up 27 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from net sales of $80.2 million in the company's fourth fiscal quarter of 1999. The net income for the first quarter of fiscal 2000 was $16.9 million or $0.71 per share, compared to a net loss of $6.6 million or $0.32 in the first quarter of 1999. Net income for the first quarter was up sequentially from the fourth fiscal quarter of 1999 when the company reported net income of $8.1 million or $0.35 per share, after special charges. Dr. Graham Siddall, Credence's president and chief executive officer said, &uot;We are very pleased with this quarter's results which were an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high for revenue, earnings and bookings. Bookings were very strong, with a book-to-bill of 1.8 and nine new account wins this quarter, the largest number of new wins for Credence in any single quarter. We are particularly pleased to add STMicroelectronics This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. (NYSE NYSE See: New York Stock Exchange :STM (Scanning Tunneling Microscope) A microscope that can image down to the atomic level. An STM uses a piezoelectric tube with a tiny sharp tip at the end that is moved within nanometers of the object being sampled. ) as a new customer. STM is purchasing several products from the Kalos line for testing of its flash memory products and we are excited about working with them.&uot; Credence's executive vice president and chief financial officer, Mr. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the P. Wolf, said, &uot;We continued to see strong operational improvements this quarter. Our gross margin of 57.7% was the highest in several years and up from 55% in the fourth quarter of last year and 42.3% in the year ago first quarter. Our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 25% was among the best in the industry for reporting companies.&uot; Credence Systems Corporation is a leader in the manufacture of automatic test equipment (ATE) for the worldwide semiconductor industry. Credence offers a wide range of products with test capabilities for digital, mixed-signal, and memory semiconductors. Utilizing its proprietary CMOS technologies, Credence products are designed to meet the strict time-to-market and ownership requirements of its customers. Headquartered in Fremont, the company maintains advanced production and design facilities in Hillsboro, Oregon Hillsboro is a city in and county seat of Washington County, Oregon, United States.GR6 The community began in 1842 and was named Hillsborough in 1850, before incorporation in 1876 as Hillsboro. . Credence, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified See certification. manufacturer, is listed on the Nasdaq National Market under the symbol CMOS. More information is available at www.credence.com. 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 the future performance suggested in this release. Such factors include, but are not limited to, economic and currency instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability in the Asia Pacific region, fluctuation Fluctuation A price or interest rate change. in customer demand, timing and volume of orders and shipments, competition and pricing pressures, reliability and quality issues, the Company's ability to complete the development of its new products, product mix, under-absorption of overhead, cyclicality and downturns in the semiconductor industry, continued dependence on &uot;turns&uot; 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, product introductions, 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. and the Company's ability control expenses (including the ability to identify and successfully institute additional cost-saving measures). Further, the Company operates in an industry sector where securities values are highly volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. 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 the 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. The Company assumes no obligation to update the information in this press release. Note to Editors: Credence, Credence Systems, Duo, SC, ValStar Valstar® Valrubicin Oncology An anthracycline for intravesical use in Pts with biopsy-proven carcinoma in situ of bladder who are refractory to BCG immunotherapy, and in whom cystectomy is contraindicated. See BCG therapy, Bladder cancer. , Kalos, and Quartet Quartet™ Respiratory care A system for diagnosing and managing obstructive sleep apnea Modes Continuous, bi-level pressure, automatic 'smart' CPAP modes. See Obstructive sleep apnea. are trademarks of Credence Systems Corporation. Other trademarks, which may be mentioned in this release, are the intellectual property of their respective owners.
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited) (unaudited)
Three Months Prior Quarter
Ended Ended
January 31, October 31,
------------------- --------
2000 1999 1999
-------- -------- --------
Net sales $101,768 $ 26,490 $ 80,215
Cost of goods sold -- on net sales 43,023 15,276 36,102
-------- -------- --------
Gross margin 58,745 11,214 44,113
Operating expenses:
Research and development 13,937 9,003 11,128
Selling, general and administrative 19,344 12,231 18,373
In-process research and development -- -- 858
Special charges -- -- 1,334
-------- -------- --------
Total operating expenses 33,281 21,234 31,693
-------- -------- --------
Operating income (loss) 25,464 (10,020) 12,420
Interest and other income
(expenses), net 683 (301) 328
-------- -------- --------
Income (loss) before income taxes 26,147 (10,321) 12,748
Income taxes (benefit) 9,282 (3,729) 4,576
Minority interest (benefit) 3 (38) 106
-------- -------- --------
Net income (loss) $ 16,862 ($ 6,554) $ 8,066
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Net income (loss) per share
Basic $ 0.77 ($ 0.32) $ 0.37
======== ======== ========
Diluted $ 0.71 ($ 0.32) $ 0.35
======== ======== ========
Number of shares used in
computing per share amount
Basic 21,952 20,418 21,724
======== ======== ========
Diluted 23,753 20,418 22,739
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CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, October 31,
----------- -----------
2000 1999
----------- -----------
Unaudited
ASSETS
Current assets:
Cash and cash equivalents $ 42,914 $ 52,104
Short-term investments 25,711 39,744
Accounts receivable, net 102,826 71,506
Inventories 46,530 41,218
Other current assets 22,786 23,111
-------- --------
Total current assets 240,767 227,713
Long-term investments 73,484 50,005
Property and equipment, net 43,706 43,063
Other assets 18,579 19,639
-------- --------
Total assets $376,536 $340,420
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LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 27,044 $ 23,611
Accrued liabilities 32,718 31,163
Income taxes payable 9,337 6,212
-------- --------
Total current liabilities 69,099 60,986
Convertible subordinated notes payable 97,740 97,744
Minority interest 286 282
Stockholders' equity 209,411 181,408
-------- --------
Total liabilities and stockholders' equity $376,536 $340,420
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