Electroglas Reports First Quarter Results with Record Revenue and Bookings.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 20, 2000 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ) reported operating results for its first fiscal quarter ending March 31, 2000. For the first quarter, revenues were a record $53.4 million, up 208% from the same period last year and up 19% from the immediate prior quarter. Net income for the quarter was $9.6 million, or $0.45 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. During the quarter, cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments increased $9.8 million, to $150.7 million, or $7.12 per diluted share. Commented Curt Wozniak, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Electroglas, "Demand for semiconductor equipment continued to be very strong as semiconductor companies continued to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale capacity to meet customer demand for chips. Bookings for the quarter were a strong $68.4 million, including a large order of about $8 million from a memory customer. The bookings were 35% higher than Q4 of 1999, and 197% higher than the same quarter last year. The book-to-bill of 1.28 has given us better visibility to the second quarter and beyond. In addition, the move to our new Silver Creek Silver Creek can refer to: Places
Continued Wozniak, "We were also pleased with our announcement of a new version of our production proven 4090(mu) prober, called the 4090f, at Semicon/Europa, held in Munich, Germany in the first week of April. The 4090f is a prober used to probe devices already mounted on a film frame while still in wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. form. In order to handle very thin fragile wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , such as those used in smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. , manufacturers are now able to use the common elastic elastic Of or relating to the demand for a good or service when the quantity purchased varies significantly in response to price changes in the good or service. film and open frame used in wafer dicing Wafer dicing is the process by which individual silicon chips or integrated circuits on a silicon wafer are separated following the processing of the wafer. The dicing process can be accomplished by scribing and breaking, by mechanical sawing (normally with a machine called a operations before they probe the devices. This avoids cracking cracking - cracker that can occur when very thin wafers are handled, thereby increasing yield and reliability. This type of innovation allows our customers to explore new ways of running their manufacturing processes." Legal Notice Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements including statements about our book-to-bill ratio Book-to-Bill Ratio 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 and our visibility to the second quarter and beyond. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions, downturns in the semiconductor and electronics industries, and any unforeseen technical difficulties related to the development and manufacture of our products. Electroglas assumes no obligation to update this information. Readers should also refer to risk disclosures in Electroglas' SEC filings, including its most recent Annual 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 December 31, 1999 and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed from time to time with the SEC. About Electroglas: Electroglas delivers essential tools for process management designed to enhance semiconductor companies' profitability. The Company's wafer probers The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. , inspection systems and software solutions serve as data collection, management and analysis tools that semiconductor manufacturers depend on to improve their productivity and process control by optimizing sort-floor efficiency. Electroglas has been a leading supplier of wafer probers for over 35 years and has an installed base of more than 10,000 systems. The Company's stock trades on the Nasdaq National Market under the symbol EGLS. The Company's World Wide Web site is located at http://www.electroglas.com.
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three months ended March 31
2000 1999
Net sales $ 53,367 $ 17,332
Cost of sales 26,831 11,042
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Gross profit 26,536 6,290
-------- --------
Operating expenses:
Engineering, research and development 7,138 6,219
Selling, general and administrative 9,883 7,245
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Total operating expenses 17,021 13,464
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Operating income (loss) 9,515 (7,174)
Interest income 2,092 1,593
Other expense, net (150) (127)
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Income (loss) before income taxes 11,457 (5,708)
Provision for income taxes 1,833 148
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Net income (loss) $ 9,624 $ (5,856)
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Basic net income (loss) per share $ 0.48 $ (0.30)
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Diluted net income (loss) per share $ 0.45 $ (0.30)
======== ========
Shares used in basic calculations 20,180 19,470
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Shares used in diluted calculations 21,159 19,470
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ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
2000 1999
(Unaudited) (a)
Assets
Current assets:
Cash and short-term investments $150,684 $140,859
Accounts receivable, net 42,089 28,992
Inventories 16,170 14,867
Prepaid expenses and other current assets 1,995 3,946
-------- --------
Total current assets 210,938 188,664
Equipment and leasehold improvements, net 10,227 8,193
Other assets 5,574 5,334
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Total assets $226,739 $202,191
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Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 1,379 $ 1,624
Accounts payable 14,009 9,074
Accrued liabilities 13,897 12,235
Income taxes payable 252 --
-------- --------
Total current liabilities 29,537 22,933
Non-current liabilities 1,790 1,920
Stockholders' equity 195,412 177,338
-------- --------
Total liabilities and stockholders' equity $226,739 $202,191
======== ========
(a) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended
December 31, 1999.
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