Credence Systems reports record 1995 second 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)--May 18, 1995--Credence Systems Corporation (NASDAQ/NMS: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 quarter ended April 30, 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 $41.6 million, a 45% increase over the $28.6 million for the comparable quarter for fiscal 1994. Net income for the second quarter rose 50% to $6.8 million compared to $4.5 million for the comparable period last year. Earnings per share were $0.50 per share, up from the $0.35 per share for the prior year's second quarter. For the six-month period ended April 30, 1995, net sales were $77.2 million, compared to $55.5 million for the same period a year ago, a 39% increase. Net income for the six-month period rose 49% to $12.8 million, $0.94 per share, compared to $8.6 million, $0.67 per share, for the same period last year. Credence's president and chief executive officer, Elwood Elwood, city (1990 pop. 9,494), Madison co., central Ind.; inc. 1872. It has large canneries and plants that make a variety of metal, electrical, and machine goods. Wendell L. Willkie was born there. H. Spedden, said, "We are very pleased with the financial results for the second quarter. Order levels for the quarter were solid, with new orders for our CMOS-based products exceeding 80% of our systems bookings for the quarter. Our recently acquired EPRO group met our expectations for the quarter." "The merger of Credence and EPRO as a combined entity achieved 60% gross margins and 24% 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. . This financial performance indicates the similarity Similarity is some degree of symmetry in either analogy and resemblance between two or more concepts or objects. The notion of similarity rests either on exact or approximate repetitions of patterns in the compared items. between the two companies' operating models Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. ," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Okumoto, senior vice president and chief financial officer. "In addition, the operating performance of the newly combined company achieved sequential earnings per share growth despite merger transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). included in the second quarter operating results." 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's wide range of product offerings include 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. 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. . Credence is listed on the 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 National Market under the symbol CMOS. -0- Note to Editors: Credence Systems and EPRO are trademarks of Credence Systems Corporation. All other products or company names mentioned are trademarks of their respective owners. -0-
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(unaudited)
Quarter Ended Six Months Ended
April 30, April 30,
1995 1994 1995 1994
Net Sales $41,579 $28,636 $77,164 $55,496 Cost of goods sold 16,601 11,542 30,456 22,725 Gross margin 24,978 17,094 46,708 32,771 Operating expenses: Research and development 6,092 4,030 10,922 7,431 Selling, general and administrative 9,070 7,075 17,190 14,064 Total operating expenses 15,162 11,105 28,112 21,495 Operating income 9,816 5,989 18,596 11,276 Interest income, net 577 91 1,060 140 Income before income taxes 10,393 6,080 19,656 11,416 Provision for income taxes 3,596 1,537 6,880 2,857 Net income $ 6,797 $ 4,543 $12,776 $ 8,559 Net income per share $0.50 $0.35 $0.94 $0.67 Number of shares used in computing per share amount 13,615 12,976 13,585 12,823
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 30, October 31,
1995 1994
(unaudited)
ASSETS
Cash and cash equivalents $30,346 $39,497
Short-term investments 14,347 4,642
Accounts receivable, net 37,462 26,512
Inventories 17,815 12,945
Other current assets 5,594 5,305
Total current assets 105,564 88,901
Property and equipment, net 13,603 11,559
Other assets 2,953 3,208
Total assets $122,120 $103,668
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities 30,120 24,800
Long-term capital leases 157 655
Total stockholders' equity 91,843 78,213
Total liabilities and stockholders'
equity $122,120 $103,668
CONTACT: Credence Systems Corporation, Fremont Elwood H. Spedden, James Healy, or Richard Okumoto, 510/657-7400 |
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