Electroglas Reports First-Quarter Results.Business Editors/High-Tech Writers 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 19, 2001 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ) today reported operating results for its first fiscal quarter ended March 31, 2001. For the first quarter of 2001, revenues were $40.1 million, down 20% from the same period last year and down 33% from the record fourth quarter of 2000. Net loss for the first quarter of 2001 was $2.2 million, or $0.10 per share. Revenues for the first quarter were in line with the preliminary results issued on April 2, 2001. At March 31, 2001, the Company had cash, restricted 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 of $158.8 million, or $7.56 per share, down $5.6 million from the prior quarter. During the quarter, the Company was required to maintain restricted cash investments of $48.3 million under the terms of its facilities lease. Commented Curt Wozniak Woz·ni·ak , Stephen Born 1950. American computer engineer who cofounded Apple Computers (1975). , 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, "The rapid decline in the orders from semiconductor companies, coupled with cancellations and push-outs of existing orders, was much faster than we expected at the beginning of the quarter. The rapid slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the economy and the high-capital investments semiconductor companies made in 2000 have caused capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. to fall dramatically and to the point that near-term near-term adj. Of, for, or involving a short period of time in the near future. expansion in capacity has almost stopped. Orders for Electroglas fell to $28.2 million in the quarter, a drop of almost 43% from the fourth quarter and a drop of almost 59% from the same quarter last year. The Company's 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 of 0.7 is in line with the overall environment of the test and assembly sector. We continue to have poor visibility with respect to orders for the coming quarters." Continued Wozniak, "While we have already instituted discretionary cost-control measures, we remain confident that our cyclical industry Cyclical Industry A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment. requires that we continue aggressive investment in new technology during these downturns to prepare the products required when the industry begins to turn. During this 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. , Electroglas will continue to support our customers and invest aggressively in new 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 equipment, and yield management software to get poised for new opportunities in the next upturn. Preparing for the transition to 300mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , as well as expanding our product line in new software and system areas, remain a strategic priority for Electroglas to add value to our customers' production process. During the quarter, we were pleased to complete our acquisition of Statware, a company providing software for real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. reporting and analysis of test results and equipment over web browsers The following is a list of web browsers. Historical Historically important browsers In order of release:
Electroglas' first quarter results conference call will be held at 11:00 a.m. PT/2:00 p.m. ET today; the number is 719/457-2665, passcode 635724. A replay will be available from 2:00 p.m. PT/5:00 p.m. ET today through 5:00 p.m. PT/8:00 p.m. ET on April 26. The call in number for the replay is 719/457-0820, passcode 635724. There will be a simultaneous webcast of the conference call, which can be accessed through the Electroglas web site, http://www.electroglas.com. About Electroglas: Electroglas delivers essential tools for process management designed to enhance semiconductor companies' profitability. The Company's wafer probers, 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 11,000 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 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, our visibility to the second quarter and beyond, the expected benefits of continued investments in new technologies and the anticipated benefits of our acquisition of Statware. 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 December: see month. 31, 2000 and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed from time to time with the SEC. - Financial Statements Attached -
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three months ended
March 31,
--------------------------
2001 2000
------------ ------------
Net sales $ 40,079 $ 50,102
Cost of sales 24,924 25,570
------------ ------------
Gross profit 15,155 24,532
------------ ------------
Operating expenses:
Engineering, research and development 8,687 7,138
Selling, general and administrative 10,518 9,883
In-process research and development 281 --
------------ ------------
Total operating expenses 19,486 17,021
------------ ------------
Operating income (loss) (4,331) 7,511
Interest income 2,362 2,092
Other income (expense), net 42 (150)
------------ ------------
Income (loss) before income taxes (1,927) 9,453
Provision for income taxes 231 646
------------ ------------
Income (loss) before cumulative effect
of change in accounting principle (2,158) 8,807
Cumulative effect of change in accounting
principle, net of $ -0- tax -- (2,029)
Net income (loss) $ (2,158) $ 6,778
Basic net income (loss) per share:
Income (loss) before cumulative effect
of change in accounting principle $ (0.10) $ 0.44
Cumulative effect of change
in accounting principle -- (0.10)
------------ ------------
Net income (loss) $ (0.10) $ 0.34
------------ ------------
Diluted net income (loss) per share:
Income (loss) before cumulative effect
of change in accounting principle $ (0.10) $ 0.42
Cumulative effect of change
in accounting principle -- (0.10)
------------ ------------
Net income (loss) $ (0.10) $ 0.32
------------ ------------
Shares used in basic calculations 20,873 20,180
------------ ------------
Shares used in diluted calculations 20,873 21,159
------------ ------------
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, December 31,
------------ ------------
2001 2000
------------ ------------
(Unaudited) (1)
Assets
Current assets:
Cash and short-term investments $ 110,526 $ 164,473
Accounts receivable, net 40,313 53,324
Inventories 34,608 32,751
Prepaid expenses and other current assets 9,216 8,784
------------ ------------
Total current assets 194,663 259,332
Restricted cash 48,300 --
Equipment and leasehold improvements, net 14,370 13,418
Other assets 12,483 9,480
------------ ------------
Total assets $ 269,816 $ 282,230
------------ ------------
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 1,063 $ 1,232
Accounts payable 7,941 17,929
Accrued liabilities 21,238 24,271
------------ ------------
Total current liabilities 30,242 43,432
Non-current liabilities 4,812 4,769
Stockholders' equity 234,762 234,029
------------ ------------
Total liabilities and stockholders' equity $ 269,816 $ 282,230
------------ ------------
(1) The information in this column was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the Company's audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended December 31, 2000. |
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