Electroglas Reports Second-Quarter Results.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 19, 2001 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ) today reported operating results for its second fiscal quarter ended June June: see month. 30, 2001. For the second quarter of 2001, revenues were $21.9 million, down 61% from the same period last year and down 45% from the first quarter of 2001. Net loss for the second quarter of 2001 was $11.3 million, or $0.54 per share before a non-recurring tax adjustment of $15.6 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of the Company's deferred tax assets, and a loss of $26.9 million, or $1.29 per share after this tax adjustment. At June 30, 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 $153 million, or $7.30 per share, down $5 million from the prior quarter. 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 current severe and rapid 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 industry continues to negatively affect our business. Semiconductor customers are struggling with poor test 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. , with many customers at less than 50% 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 of current equipment. Customers lack visibility on future quarters and, as a result, have put new capital orders on hold. Current equipment industry forecasts are that this down cycle will continue through 2001 and into 2002 as the semiconductor industry works through the slowing demand, excess inventory and excess capacity. During the quarter, Electroglas' bookings were $13.4 million, a decrease of 53% from the first quarter, and a dramatic decrease of 78% from the same quarter last year. A bright spot was a record bookings level in our 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. inspection business." Continued Wozniak, "During this current downturn, while we continue to reduce expenses aggressively, we will also continue to focus on developing the new product and technology portfolio giving us the opportunity to capture customers in the next cycle. During the SEMICON/West show in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and San Jose this week, we introduced a significant number of new products and technologies. Electroglas introduced the EG5|300 Argos, a 300mm prober with 1-micron stepping accuracy and 2.5-micron probe to pad accuracy; the 4090(mu) fast probe, an optimized fast stepping prober for small devices; the EG4|200i, a prober capable of mating with any size test head including the Teradyne Teradyne NYSE: TER, a US company, is a supplier of automatic test equipment (ATE). As of 2005, it has the largest marketshare in the SOC market. The company's divisions, Broadband Test, Assembly Test, Semiconductor Test, and Vehicle Diagnostic Solutions, are organized by the Flash 750; SORTmanager, SORTscript, and SORTware, an advanced set of web based Coming from a Web server. See Web application. software analysis tools for the sort floor coming out of our acquisition of Statware earlier this year; the Quicksilver quicksilver: see mercury. (1) (QuickSilver Technology, Inc., San Jose, CA, www.qstech.com) A mobile communications company that specializes in a reconfigurable logic chip for cellphones and PDAs. See adaptive computing. IIIe a 300mm version of our advanced inspection system for bump and surface defect defect - bug inspection; and 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. 7.0, the newest version of the industry-leading software for design and failure analysis labs, providing navigation of circuits and interfacing to more than 50 different types of equipment. These new products are a result of our continued investment in new product development and will better position Electroglas as a technology leader in probing, wafer inspection and yield management for the next business cycle." Electroglas' second quarter results conference call will be at 11:00 a.m. PT/2:00 p.m. ET today; the number is 719-457-2727, passcode 584015. A replay will be available from 2:00 p.m. PT/5:00 p.m. ET today through 5:00 pm PT/8:00 p.m. ET on July July: see month. 26. The call in number for the replay is 719-457-0820, passcode 584015. 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 forecasts regarding the current downturn in the semiconductor industry and the expected benefits of continued investments in new technologies. 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, 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. 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. 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 Six months ended
June 30, June 30,
--------------------- ---------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Net sales $ 21,919 $ 56,593 $ 61,998 $ 106,695
Cost of sales 16,706 28,636 41,630 54,206
--------- --------- --------- ---------
Gross profit 5,213 27,957 20,368 52,489
--------- --------- --------- ---------
Operating expenses:
Engineering,
research and
development 8,026 6,684 16,713 13,822
Selling, general
and administrative 10,115 10,877 20,633 20,760
In-process research
and development -- -- 281 --
--------- --------- --------- ---------
Total operating
expenses 18,141 17,561 37,627 34,582
--------- --------- --------- ---------
Operating income
(loss) (12,928) 10,396 (17,259) 17,907
Interest income 2,016 2,350 4,378 4,442
Other income
(expense), net (20) (39) 22 (189)
--------- --------- --------- ---------
Income (loss) before
income taxes (10,932) 12,707 (12,859) 22,160
Provision for income
taxes 15,963 1,105 16,194 1,751
--------- --------- --------- ---------
Income (loss) before
cumulative effect
of change in
accounting
principle (26,895) 11,602 (29,053) 20,409
Cumulative effect of
change in
accounting
principle, net of
$0 tax -- -- -- (2,029)
--------- --------- --------- ---------
Net income (loss) $ (26,895) $ 11,602 $ (29,053) $ 18,380
========= ========= ========= =========
Basic net income
(loss) per share:
Income (loss) before
cumulative effect
of change in
accounting
principle $ (1.29) $ 0.56 $ (1.39) $ 1.00
Cumulative effect of
change in
accounting
principle -- -- -- (0.10)
--------- --------- --------- ---------
Net income (loss) $ (1.29) $ 0.56 $ (1.39) $ 0.90
========= ========= ========= =========
Diluted net income
(loss) per share:
Income (loss) before
cumulative effect
of change in
accounting
principle $ (1.29) $ 0.54 $ (1.39) $ 0.96
Cumulative effect of
change in
accounting
principle -- -- -- (0.09)
--------- --------- --------- ---------
Net income (loss) $ (1.29) $ 0.54 $ (1.39) $ 0.87
========= ========= ========= =========
Shares used in basic
calculations 20,889 20,593 20,881 20,436
========= ========= ========= =========
Shares used in
diluted
calculations 20,889 21,332 20,881 21,245
========= ========= ========= =========
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
June 30, December 31,
2001 2000
(Unaudited) (1)
---------- ----------
Assets
Current assets:
Cash and short-term investments $ 105,045 $ 164,473
Accounts receivable, net 27,060 53,324
Inventories 36,566 32,751
Prepaid expenses and other current
assets 7,092 8,513
---------- ----------
Total current assets 175,763 259,061
Restricted cash 48,300 --
Equipment and leasehold
improvements, net 13,618 13,418
Other assets 9,223 18,951
---------- ----------
Total assets $ 246,904 $ 291,430
========== ==========
Liabilities and stockholders'
equity
Current liabilities:
Short-term borrowings $ 1,271 $ 1,232
Accounts payable 4,128 17,929
Accrued liabilities 20,471 24,271
---------- ----------
Total current liabilities 25,870 43,432
Non-current liabilities 13,281 13,969
Stockholders' equity 207,753 234,029
---------- ----------
Total liabilities and stockholders'
equity $ 246,904 $ 291,430
========== ==========
(1) The information in this column was derived 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. Certain amounts have been reclassified to conform with the current year presentation. |
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