Electroglas Reports First-Quarter Fiscal 2005 Results.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. -- Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ), a leading supplier of 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. probing probe n. 1. An exploratory action, expedition, or device, especially one designed to investigate and obtain information on a remote or unknown region. 2. and test handling solutions for the semiconductor industry, today reported its operating results for the first fiscal quarter ended March 31, 2005. Revenue for the first quarter was $7.7 million, a 31% decrease from $11.2 million reported for the fourth fiscal quarter of 2004, and a 52% decrease from $16.0 million reported for the first fiscal quarter of 2004. Net loss on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) basis was $7.5 million, or $0.34 per share, compared with a net loss of $6.7 million, or $0.31 per share, for the fourth quarter of 2004, and a net loss of $2.5 million, or $0.12 per share, for the first quarter of 2004. At March 31, 2005, the company had cash and investments of $54.3 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.50 per share. "We are disappointed with our results for the first quarter, which were negatively impacted by softness in the semiconductor equipment sector," said Keith Keith may refer to: People with the given name Keith:
Barnes added, "While the first quarter was difficult, we continued to make significant progress in expanding and improving our product portfolio. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , we recently introduced our new 4090u+ 200 mm product and our new flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. EG6000, 300mm prober, and we have gotten very good customer feedback. Further, we start 2005 with a strong cash balance from the sale of our San Jose Campus, and we have substantially reduced our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a result of the campus sale and continued vigilance VIGILANCE. Proper attention in proper time. 2. The law requires a man who has a claim to enforce it in proper time, while the adverse party has it in his power to defend himself; and if by his neglect to do so, he cannot afterwards establish such claim, the on expense control. We believe that these actions will strengthen our ability to competitively participate in a sector upturn." Second Fiscal Quarter 2005 Business Outlook Electroglas currently expects revenue for the second fiscal quarter of 2005 to be in the range of approximately $7.0 to $9.0 million and anticipates that quarterly revenues will improve through the year as the company's new products are adopted by new and existing customers. Investor Conference Call Details Electroglas' management plans to hold a teleconference on its first fiscal quarter results, along with its outlook for the second fiscal quarter 2005, today beginning at 11:00 a.m. PT, 2:00 p.m. ET. Interested parties who wish to audit the teleconference may call (719) 457-2628, access code 4375012, and are asked to do so approximately 10 minutes before the teleconference is scheduled to begin. No reservations are required. The teleconference will be available via webcast from the company's website at www.electroglas.com. In addition, a telephonic replay will be available through April 28, 2005 at (719) 457-0820, access code 4375012. About Electroglas Electroglas is a supplier of innovative probers, prober-based test handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. , test floor management software and services that improve the overall effectiveness of semiconductor manufacturers' wafer and device testing. Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , the company has been a leading equipment supplier to the semiconductor industry for over four decades, and has shipped more than 15,000 systems worldwide. Electroglas' stock trades on the NASDAQ National Market under the symbol "EGLS." More information about the company and its products is available at www.electroglas.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release contains 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. including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our hope that orders that have been pushed out or delayed will be realized in 2005, our belief that business conditions for Electroglas should improve over the next several quarters, our expectations that revenue for the second fiscal quarter of 2005 will be in the $7.0 to $9.0 million range and that quarterly results should improve through the year as new products are adopted by our new and existing customers and our general business outlook. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions, a prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the semiconductor and electronics industries, a downturn or decrease in customer utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates, unforeseen technical difficulties related to the development and manufacture of our products, and a failure of our new products to achieve broad market acceptance as a result of competing technologies. We assume no obligation to update this information. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see the risk disclosures in our SEC filings, including our 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 December: see month. 31, 2004 and our Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed from time to time with the SEC.
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
Three months ended March 31,
-------------------------------
2005 2004
--------------- ---------------
Net sales $ 7,738 $ 16,048
Cost of sales 7,006 9,413
--------------- ---------------
Gross profit 732 6,635
Operating expenses:
Engineering, research and development 3,391 4,011
Sales, general and administrative 4,267 4,459
--------------- ---------------
Total operating expenses 7,658 8,470
--------------- ---------------
Operating loss (6,926) (1,835)
Interest income (expense), net (320) (508)
Other income (expense), net (218) (116)
--------------- ---------------
Loss before income taxes (7,464) (2,459)
Provision for income taxes (4) (44)
--------------- ---------------
Net loss $ (7,468) $ (2,503)
=============== ===============
Basic and diluted net loss per share $ (0.34) $ (0.12)
=============== ===============
Shares used in basic and diluted
calculations 21,754 21,466
=============== ===============
Reconciliation of GAAP to Non-GAAP Financial
Measures Financial Information
In addition to disclosing results that are determined in accordance
with Generally Accepted Accounting Principles (GAAP), Electroglas also
discloses non-GAAP results of operations that exclude certain charges,
or one-time gains or benefits. Electroglas reports non-GAAP results in
order to better assess and reflect operating performance. These
results are provided as a complement to results provided in accordance
with GAAP. Management believes the non-GAAP measure helps indicate
underlying trends in Electroglas' business, and management uses
non-GAAP measures to establish operational goals. Non-GAAP information
is not determined using GAAP and should not be considered superior to
or as a substitute for GAAP measures or data prepared in accordance
with GAAP.
The following is a reconciliation of Generally Accepted Accounting
Principles (GAAP) loss to non-GAAP net loss:
--------------------------------------
Three months ended
--------------------------------------
March 31, December 31, March 31,
2005 2004 2004
------------ ------------ ------------
GAAP loss before income taxes $ (7,464) $ (6,700) $ (2,459)
Non-GAAP adjustments:
Restructuring and impairment
charges - 5,183 -
Warranty charges - - (887)
Gain on sale of long-term
investment - (3,545) -
------------ ------------ ------------
Non-GAAP loss before income
taxes (7,464) (5,062) (3,346)
Income tax provision (benefit) 4 (31) 44
------------ ------------ ------------
Non-GAAP net loss $ (7,468) $ (5,031) $ (3,390)
============ ============ ============
Non-GAAP net loss per share $ (0.34) $ (0.23) $ (0.16)
============ ============ ============
The following is a reconciliation of Generally Accepted Accounting
Principles (GAAP) gross profit to non-GAAP gross profit:
--------------------------------------
Three months ended
--------------------------------------
March 31, December 31, March 31,
2005 2004 2004
------------ ------------ ------------
GAAP gross profit $ 732 $ 2,766 $ 6,635
Non-GAAP adjustments:
Warranty charges - - (887)
------------ ------------ ------------
Non-GAAP gross profit $ 732 $ 2,766 $ 5,748
============ ============ ============
Net sales $ 7,738 $ 11,187 $ 16,048
============ ============ ============
Non-GAAP gross profit % 9% 25% 36%
============ ============ ============
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
March 31, 2005 December 31, 2004
----------------- -----------------
ASSETS
Current assets:
Cash and short-term investments $ 52,917 $ 31,696
Accounts receivable, net 6,456 9,402
Inventories 15,500 15,161
Assets held for sale - 28,305
Prepaid expenses and other
current assets 2,618 2,099
----------------- -----------------
Total current assets 77,491 86,663
Long-term investments 1,389 -
Property, plant and equipment, net 4,817 4,240
Other assets 5,047 5,276
----------------- -----------------
Total assets $ 88,744 $ 96,179
================= =================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 6,928 $ 6,172
Accrued liabilities 10,815 10,686
----------------- -----------------
Total current liabilities 17,743 16,858
Convertible subordinated notes 33,287 34,123
Non-current liabilities 420 536
Stockholders' equity 37,294 44,662
----------------- -----------------
Total liabilities and stockholders'
equity $ 88,744 $ 96,179
================= =================
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