Credence Systems Reports Record Results for the Second 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)--May 15, 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 NMS See NetWare Management System. :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 second fiscal quarter ended April 30, 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 $153.8 million, an increase of 304 percent from net sales of $38.1 million in the second quarter of fiscal 1999. Net sales were up 51% sequentially, from net sales of $101.8 million in the company's first fiscal quarter. Net income for the second quarter of fiscal 2000 was $33.5 million or $1.26 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $5.2 million in the second quarter of 1999. Net income for the second quarter was up 99% sequentially from the first fiscal quarter of 2000 when the company reported net income of $16.9 million or $0.71 per diluted share. Dr. Graham Siddall, Credence's president and chief executive officer said, "We are extremely pleased with our results this quarter. Although we are only half way through fiscal 2000, we have already surpassed the company's all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal highs for revenue, earnings and bookings in any one fiscal year. Bookings remained strong, with a book-to-bill of 1.4 even after a sequential One after the other in some consecutive order such as by name or number. growth in revenue of 51 percent. Orders from new customers during the quarter represented about 25 percent of total bookings." 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 "The trend in operational improvements continued this quarter. Our gross margin of 59.2% was the highest since the third quarter of 1996 and up from 57.7% in the first quarter of this fiscal year. Our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 32 percent was the highest in our history." Mr. Wolf continued, "The balance sheet is the strongest in Credence's history, with cash and investments of $449 million. On February February: see month. 25, 2000 we completed our follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. which raised $288 million". 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 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. 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, 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: , 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 and 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, overhead absorption, cyclicality and downturns 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, 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 to 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 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, Kalos, Personal 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)
Prior
Three Months Quarter Six Months
Ended Ended Ended
April 30, January 31, April 30,
2000 1999 2000 2000 1999
Net sales $ 153,754 $ 38,100 $ 101,768 $ 255,522 $ 64,590
Cost of
goods
sold
- on net
sales 62,796 19,001 43,023 105,819 34,277
--------- --------- --------- --------- ---------
Gross
margin 90,958 19,099 58,745 149,703 30,313
Operating
expenses:
Research
and
development 16,880 9,146 13,937 30,817 18,149
Selling,
general &
admini-
strative 24,891 13,872 19,344 44,235 26,103
Special
charges -- 6,231 -- -- 6,231
--------- --------- --------- --------- ---------
Total
operating
expenses 41,771 29,249 33,281 75,052 50,483
--------- --------- --------- --------- ---------
Operating
income
(loss) 49,187 (10,150) 25,464 74,651 (20,170)
Interest
and other
income
(expenses),
net 2,809 240 683 3,492 (61)
--------- --------- --------- --------- ---------
Income
(loss)
before
income
taxes 51,996 (9,910) 26,147 78,143 (20,231)
Income
taxes
(benefit) 18,458 (3,571) 9,282 27,740 (7,300)
Minority
interest
(benefit) 44 (8) 3 47 (46)
--------- --------- --------- --------- ---------
Net
income
(loss)
before
extra-
ordinary
items 33,494 (6,331) 16,862 50,356 (12,885)
========= ========= ========= ========= =========
Gain on
extin-
guishment
of debt -- 1,158 -- -- 1,158
Net income
(loss) 33,494 $ (5,173) 16,862 50,356 $ (11,727)
========= ========= ========= ========= =========
Net income
(loss)
per share
Basic $ 1.40 $ (0.25) $ 0.77 $ 2.19 $ (0.57)
========= ========= ========= ========= =========
Diluted $ 1.26 $ (0.25) $ 0.71 $ 2.00 $ (0.57)
========= ========= ========= ========= =========
Number of
shares
used in
computing
per share
amount
Basic 23,992 20,811 21,952 22,950 20,610
========= ========= ========= ========= =========
Diluted 26,536 20,811 23,753 25,194 20,610
========= ========= ========= ========= =========
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Prior
Quarter
April 30, January 31, October 31,
2000 2000 1999
(unaudited)(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $201,334 $ 42,914 $ 52,104
Short-term investments 66,414 25,711 39,774
Accounts receivable, net 131,141 102,826 71,506
Inventories 55,701 44,879 40,284
Other current assets 23,954 24,437 24,045
-------- -------- --------
Total current assets 478,544 240,767 227,713
Long-term investments 181,028 73,484 50,005
Property and equipment, net 48,850 43,706 43,063
Other assets 20,291 18,579 19,639
-------- -------- --------
Total assets 728,713 $376,536 $340,420
======== ======== ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 40,461 $ 27,044 $ 23,611
Accrued liabilities 38,260 32,718 31,163
Income taxes payable 17,401 9,337 6,212
-------- -------- --------
Total current liabilities 96,122 69,099 60,986
Convertible subordinated notes 97,116 97,740 97,744
Minority interest 330 286 282
Stockholders' equity 535,145 209,411 181,408
-------- -------- --------
Total liabilities and
stockholders' equity 728,713 $376,536 $340,420
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