Electroglas Reports Results for First Quarter 2002.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 25, 2002 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ), a leading supplier of process management tools for the semiconductor industry, today reported operating results for its first quarter ended March 31, 2002. Revenue was $11.7 million for the first quarter of 2002, down 12% from the fourth quarter of 2001, and down 71% from the first quarter of 2001. Net loss was $14.9 million or $0.71 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, approximately the same as the $14.6 million loss reported for the fourth quarter of 2001, and compared to a net loss of $2.2 million, or $0.10 per share in the first quarter of 2001. Results for the first quarter of 2002 included a $0.4 million charge related to the Company's announced move of its manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). . At March 31, 2002, 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 $116.4 million, or $5.50 per share. 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, "While revenue levels continued to be low during this cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. 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. , we saw marked improvement in business conditions for the semiconductor and semiconductor equipment markets throughout the first quarter. Bookings for Electroglas were $11.8 million, up 90% from the fourth quarter, resulting in a 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 over 1.0 for the first time in six quarters. We continue to see customers improving their utilization rates and requiring more capacity and technology to meet their customers' demands. These seem to be the initial signs that the next cyclical upturn in the semiconductor equipment market has begun." Continued Wozniak, "The continued investments Electroglas has made during the current downturn have positioned us to take advantage of the improving market requirements with new technology. As an example, we recently introduced a new solution for improving final test capability of semiconductor manufacturers called Pathfinder pathfinder /path·find·er/ (path´find?er) 1. an instrument for locating urethral strictures. 2. a dental instrument for tracing the course of root canals. path·find·er n. . This machine is designed to allow customers to test wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. or packaged strips of die after dicing dicing Trauma surgery Multiple 0.5-1.0 cm, cube-like lacerations of the skin seen in MVA victims who strike shattered tempered glass car windows for better quality control. The integrated nature of our new final test, prober, inspection, and software solutions was recently demonstrated at the industry's biggest tradeshow in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ,
SEMICON/Europa, to position Electroglas as a leading provider of process
management solutions for the semiconductor industry.
"During the quarter, we also completed deployment of a new `ERP' system (Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. ) at Electroglas. Coupled with our pending move of prober manufacturing operations to Singapore, we will be better prepared to take advantage of what we believe is an improving industry environment," concluded Wozniak. Electroglas' first-quarter results conference call will be at 11:00 a.m. PT/2:00 p.m. ET today; the number is 952-556-2868, access code 5915441. 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 May 2. The call in number for the replay is 703-326-3020, access code 5915441. There will be a simultaneous webcast of the conference call, which can be accessed through the Electroglas web site, 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 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the current downturn in the semiconductor industry, our ability to take advantage of a semiconductor industry upturn, customer utilization rates, the expected benefits of continued investments in new technologies and our position as a leading provider of process management solutions. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions, prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. downturn in the semiconductor and electronics industries, continued downturn or further decrease in customer utilization 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. Electroglas assumes 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 Electroglas' business in general, see the 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, 2001 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 to enhance semiconductor manufacturers. 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 40 years and has an installed base of more than 15,000 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,
2002 2001
--------- ---------
Net sales $ 11,670 $ 40,079
Cost of sales 11,219 24,924
--------- ---------
Gross profit 451 15,155
--------- ---------
Operating expenses:
Engineering, research and development 7,970 8,687
Selling, general and administrative 9,300 10,518
In-process research and development -- 281
Restructuring charge 360 --
--------- ---------
Total operating expenses 17,630 19,486
--------- ---------
Operating loss (17,179) (4,331)
Interest income 770 2,362
Other income, net 286 42
--------- ---------
Loss before income taxes (16,123) (1,927)
Provision (benefit) for income taxes (1,275) 231
--------- ---------
Net loss $ (14,848) $ (2,158)
========= =========
Basic and diluted net loss per share: $ (0.71) $ (0.10)
========= =========
Shares used in basic and diluted calculation 21,006 20,873
========= =========
ELECTROGLAS, INC
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, December 31,
2002 2001
--------- ---------
(Unaudited) (1)
Assets
Current assets:
Cash and short-term investments $ 68,099 $ 86,784
Accounts receivable, net 11,619 12,053
Inventories 39,842 40,249
Prepaid expenses and other current assets 2,684 1,572
--------- ---------
Total current assets 122,244 140,658
Restricted cash 48,300 48,300
Equipment and leasehold improvements, net 17,878 16,100
Other assets 9,478 8,813
--------- ---------
Total assets $ 197,900 $ 213,871
========= =========
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 980 $ 1,171
Accounts payable 3,488 3,461
Accrued liabilities 15,607 16,829
--------- ---------
Total current liabilities 20,075 21,461
Non-current liabilities 12,250 12,594
Stockholders' equity 165,575 179,816
--------- ---------
Total liabilities and stockholders' equity $ 197,900 $ 213,871
========= =========
(1) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended
December 31, 2001.
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