Electroglas Reports Fourth Quarter Results.Business Editors SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Jan. 27, 2000 Electroglas, Inc. (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 :EGLS EGLS Eastside German Language School (Issaquah, WA) ) reported operating results for its fourth quarter ended December December: see month. 31, 1999. Revenue was $44.9 million for the fourth quarter 1999, up 29% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from third quarter 1999 and up 205% from the fourth quarter of 1998. Net income was $6.7 million, or $.33 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 for the fourth quarter 1999, compared to net income of $3.6 million, or $.18 per diluted share in the immediate prior quarter. A net loss of $20.3 million, or $1.04 per share was recorded in the fourth quarter of 1998. 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 $7.7 million, to $140.9 million. For the year 1999, revenue was $126.7 million, up 25% from revenue of $101.6 million in 1998. Net income for 1999 was $5.6 million, or $.27 per diluted share. In 1998, a net loss of $31.6 million, or $1.62 per share was recorded. 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, &uot;Business conditions continued to be strong throughout the fourth quarter for semiconductor capital equipment and for Electroglas, as semiconductor companies continued to add capacity to meet strong customer demand. Bookings were $50.5 million and increased 22% from the third quarter and 310% from the previous year. The 22% increase from the third quarter paralleled the 21.9% that was experienced by the US Test and Assembly industry as indicated by the SEMI semi - /se'mee/ or /se'mi:/ A spoken abbreviation for semicolon. "Commands to grind are prefixed by semi semi star" means that the prefix is ";;*", not 1/4 of a star. Express Report. For the entire year, bookings increased 98% from a disappointing 1998. The fourth quarter book to bill ratio of 1.13 enabled us to increase backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and provide good visibility into the second quarter.&uot; Continued Wozniak, &uot;We have also responded to this increased business with a strong response in our manufacturing and through our outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. relationship with Sanmina Corporation. Our &uot;lean&uot; manufacturing capability led to a strong volume increase and reduced our inventory turns ratio to 58 days. We are also in the process of moving to a new corporate campus 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. , providing excellent facilities for our employees and additional capacity for manufacturing our products. As we head into the remainder of 2000, the current forecasts from most industry analysts are for continued strong growth for the semiconductor and semiconductor equipment industry.&uot; 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. These forward-looking statements include statements regarding forecasts from industry analysts concerning the semiconductor and semiconductor equipment industry. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions and of downturns in the electronics products food chain. 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, 1998 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 &uot;EGLS&uot;. 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 Twelve months ended
December 31, December 31,
1999 1998 1999 1998
Net sales $ 44,896 $ 14,699 $ 126,695 $ 101,599
Cost of sales 23,205 10,889 68,900 67,875
Gross profit 21,691 3,810 57,795 33,724
Operating expenses:
Engineering, research
and development 6,910 6,119 26,865 30,538
Selling, general
and administrative 8,426 7,243 29,667 33,334
Impairment of
long-lived assets -- 9,578 -- 9,578
Total operating expenses 15,336 22,940 56,532 73,450
Operating income (loss) 6,355 (19,130) 1,263 (39,726)
Interest income 1,792 1,486 6,347 5,580
Other income
(expense), net (9) 76 (176) (53)
Income (loss) before
income taxes 8,138 (17,568) 7,434 (34,199)
Provision (benefit)
for income taxes 1,408 2,708 1,858 (2,614)
Net income (loss) $ 6,730 $ (20,276) $ 5,576 $ (31,585)
Basic net income
(loss) per share $ 0.34 $ (1.04) $ 0.28 $ (1.62)
Diluted net income
(loss) per share $ 0.33 $ (1.04) $ 0.27 $ (1.62)
Shares used in
basic calculations 19,742 19,461 19,591 19,437
Shares used in
diluted calculations 20,608 19,461 20,278 19,437
Electroglas, Inc.
Consolidated Condensed Balance Sheets
(In thousands)
December 31, December 31,
1999 1998
(Unaudited) (1)
Assets
Current assets:
Cash and short-term investments $140,859 $113,824
Accounts receivable, net 28,992 11,945
Inventories 14,867 14,428
Prepaid expenses and
other current assets 3,946 12,910
Total current assets 188,664 153,107
Restricted cash -- 17,712
Equipment and leasehold
improvements, net 8,193 11,768
Other assets 5,334 1,654
Total assets $202,191 $184,241
Liabilities and
stockholders' equity
Current liabilities:
Short-term borrowings $ 1,624 $ 566
Accounts payable 9,074 2,738
Accrued liabilities 12,235 13,160
Total current liabilities 22,933 16,464
Non-current liabilities 1,920 110
Stockholders' equity 177,338 167,667
Total liabilities and
stockholders' equity $202,191 $184,241
(1) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended
December 31, 1998.
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