Electroglas Reports Record Second-Quarter Revenue.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)--July 20, 2000 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ) reported operating results for its second fiscal quarter ended June June: see month. 30, 2000. For the second quarter, revenues were a record $59.1 million, up 99% from the same period last year and up 11% from the immediate prior quarter. Net income for the quarter was $12.0 million, or $.56 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 $10.7 million, to $161.4 million, or $7.57 per diluted share. Working capital was $193.9 million and the current ratio was 6.9 to one. 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, "Business in the second quarter continued at the strong pace that we have seen over the last several quarters as our customers 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 production capacity to meet semiconductor chip demand. Bookings were at $61.3 million, up 80% over the same quarter last year, but, as expected, were down 10% sequentially due to the anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. created by the receipt of the Company's largest single order received late in the first quarter. In particular, we achieved record bookings in our Asia region for the quarter. The 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 was 1.04 as we continued to ramp production shipments to meet customer needs." Continued Wozniak, "We are pleased that we have reached production readiness on our EG4|200 platform during the current quarter. The EG4|200 platform provides industry leading probe force and minimal deflection deflection /de·flec·tion/ (de-flek´shun) deviation or movement from a straight line or given course, such as from the baseline in electrocardiography. de·flec·tion n. 1. under load, 4-5 times better than competitive platforms. The deflection characteristics provide customers the stable platform necessary to test advanced semiconductors under intense load and temperature conditions. "In addition, we are also pleased that we were able to record, for revenue, our first advanced bump inspection system to AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. this quarter. The industry leading performance, throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. and capability of the system give bump customers the ability to control the sophisticated bump processes that are emerging in the industry. "Finally, we welcomed two more customers to the Knights' list of leading semiconductor fabs See fab. using our YieldManager product. Over 40 installations of YieldManager are in place, in addition to the over 130 customers of the Merlin Merlin, in Arthurian legend, magician, seer, and teacher at the court of King Vortigern and later at the court of King Arthur. He was a bard and culture hero in early Celtic folklore. In Arthurian legend he is famous as a magician and as the counselor of King Arthur. product that brings the design environment into the low yield analysis labs. With the introduction of LCD-YM for the liquid crystal flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time market, we now have the opportunity to move Yield Manager into a broader range of worldwide customers." 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 the EG4|200 industry leading performance, the performance of the Company's bump product offering and the market for the Company's YieldManager product as well as our book-to-bill ratio. 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 including demand for yield management products, 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, 1999 and its quarterly report on Form 10-Q Form 10-Q See 10-Q. filed for the quarter ended March 31, 2000. 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 Six months ended
------------------ ----------------
June 30, June 30,
-------- --------
2000 1999 2000 1999
---- ---- ---- ----
Net sales $ 59,088 $ 29,757 $ 112,455 $ 47,089
Cost of sales 30,487 16,802 57,318 27,844
Gross profit 28,601 12,955 55,137 19,245
--------- --------- ---------- ---------
Operating expenses:
Engineering,
research and
development 6,684 6,890 13,822 13,109
Selling, general and
administrative 10,877 6,163 20,760 13,408
Total operating
expenses 17,561 13,053 34,582 26,517
Operating income
(loss) 11,040 (98) 20,555 (7,272)
Interest income 2,350 1,414 4,442 3,007
Other expense, net (39) (71) (189) (198)
Income (loss) before
income taxes 13,351 1,245 24,808 (4,463)
Provision for income
taxes 1,392 152 3,225 300
Net income (loss) $ 11,959 $ 1,093 $ 21,583 $ (4,763)
======== ======== ========= ========
Basic net income
(loss) per share $ 0.58 $ 0.06 $ 1.06 $ (0.24)
========= ======== ========= ========
Diluted net income
(loss) per share $ 0.56 $ 0.05 $ 1.02 $ (0.24)
========= ======== ========= ========
Shares used in basic
calculations 20,593 19,517 20,436 19,516
========= ========= ========= ========
Shares used in
diluted calculations 21,332 20,090 21,245 19,516
========= ========= ========= ========
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
June 30, December 31,
-------- ------------
2000 1999
---- ----
(Unaudited) (1)
Assets
Current assets:
Cash and short-term
investments $ 161,385 $ 140,859
Accounts receivable, net 45,242 28,992
Inventories 18,544 14,867
Prepaid expenses and
other current assets 1,408 3,946
--------- ----------
Total current assets 226,579 188,664
Equipment and leasehold
improvements, net 12,366 8,193
Other assets 5,294 5,334
Total assets $ 244,239 $ 202,191
========== =========
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 1,289 $ 1,624
Accounts payable 15,039 9,074
Accrued liabilities 15,474 12,235
Income taxes payable 895 --
---------- ---------
Total current liabilities 32,697 22,933
Non-current liabilities 1,663 1,920
Stockholders' equity 209,879 177,338
Total liabilities and
stockholders' equity $ 244,239 $ 202,191
========= =========
(1) 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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