Electroglas Reports Sequential Increase in Revenue for First-Quarter Fiscal 2004.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 22, 2004 Electroglas, Inc. (Nasdaq:EGLS EGLS Eastside German Language School (Issaquah, WA) ), a leading supplier of 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. probing probe n. 1. An exploratory action, expedition, or device, especially one designed to investigate and obtain information on a remote or unknown region. 2. and test handling solutions for the semiconductor industry, today reported its operating results for the first fiscal quarter ended March 31, 2004. Revenue for the first quarter was $16.0 million, a 12% increase from fourth fiscal quarter 2003 revenue of $14.3 million, and a 70% increase from first fiscal quarter 2003 revenue of $9.5 million. Net loss on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) basis was $2.4 million, or $0.11 per share, compared with a net loss of $16.4 million, or $0.77 per share, for the fourth quarter of 2003, and a net loss of $23.3 million, or $1.09 per share, for the first quarter of 2003. On a non-GAAP basis, the net loss for the first quarter of 2004 was $3.3 million, or $0.15 per share, excluding a $0.9 million warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. provision benefit. The company believes that this non-GAAP information provides further insight into the results of ongoing operations and is useful to enable informed comparisons between fiscal periods. At March 31, 2004, the company had 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 $30.3 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.41 per share. "Electroglas executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. to plan again this quarter," said Keith Keith may refer to: People with the given name Keith:
The phrase pro forma adjustments while expanding our customer base and making improvements in both product quality and quality of service. With the execution of recent strategic initiatives, and with others underway, we are making good progress toward reaching our target financial model, while continuing to respond to customer needs with technology that drives greater efficiencies in wafer and device testing processes. Current business conditions in the industry indicate a continuing positive trend. We intend to take advantage of these business opportunities as we ramp to meet growing demand." Second Fiscal Quarter 2004 Business Outlook Electroglas expects revenue for the second fiscal quarter of 2004 to increase sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . The company's current outlook targets revenue for the quarter in the range of $16.5 million to $17.5 million. Although this news release will be available on the company's website, the company disclaims any duty or intention to update these or any other 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. . Actual results may differ from the company's current business outlook as a result of factors described in the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement below. Investor Conference Call Details Electroglas' management plans to hold a teleconference on its first fiscal quarter results, along with its outlook for the second fiscal quarter of 2004, today beginning at 11:00 a.m. PT, 2:00 p.m. ET. Interested parties who wish to audit the teleconference may call (719) 457-2731, access code 451963, and are asked to do so approximately 10 minutes before the teleconference is scheduled to begin. No reservations are required. The teleconference will be available via webcast from the company's website at www.electroglas.com. In addition, a telephonic replay will be available through April 29, 2004 at (719) 457-0820, access code 451963. About Electroglas Electroglas is a supplier of innovative probers, prober-based test handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. , test automation software and services that improve the overall effectiveness of semiconductor manufacturers' wafer and device testing processes by delivering faster answers to questions about device quality, manufacturing performance and corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or needed. Headquartered 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. , the company has been a leading equipment supplier to the semiconductor industry for over four decades, and has an installed base of more than 15,000 systems worldwide. Electroglas' stock trades on the NASDAQ National Market under the symbol "EGLS." More information about the company and its products is available at www.electroglas.com. Safe Harbor Statement This news 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 business condition in the semiconductor industry; Electroglas' business outlook and targeted second-quarter revenue range; the company's future performance and operational improvements; results of strategic initiatives; increase in gross margin and revenues; continuing positive trend in the semiconductor industry; increased demand for Electroglas products and Electroglas' ability to take advantage of this increased demand. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions, a prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. 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 and electronics industries, a downturn or decrease in customer 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 rates, unforeseen technical difficulties related to the development and manufacture of Electroglas' products, and a failure of its 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 December: see month. 31, 2003 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed from time to time with the SEC.
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
Three months ended
March 31,
---------------------
2004 2003
---------- ----------
Net sales $ 16,048 $ 9,465
Cost of sales 9,413 8,616
---------- ----------
Gross profit 6,635 849
Operating expenses:
Engineering, research and development 4,011 6,817
Sales, general and administrative 4,362 15,364
Restructuring and impairment charges - 396
---------- ----------
Total operating expenses 8,373 22,577
---------- ----------
Operating loss (1,738) (21,728)
Interest income 78 213
Interest (expense) (586) (1,618)
Other income (expense), net (116) (82)
---------- ----------
Loss before income taxes (2,362) (23,215)
Income tax provision 45 43
---------- ----------
Net loss $ (2,407) $ (23,258)
========== ==========
Basic and diluted net loss per share $ (0.11) $ (1.09)
========== ==========
Shares used in basic and diluted calculations 21,481 21,279
========== ==========
Reconciliation of GAAP to Non-GAAP Financial Measures Financial Information In addition to disclosing results that are determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles (GAAP), Electroglas also discloses non-GAAP results of operations that exclude certain charges, or one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gains or benefits. Electroglas reports non-GAAP results in order to better assess and reflect operating performance. These results are provided as a complement to results provided in accordance with GAAP. Management believes the non-GAAP measure helps indicate underlying trends in Electroglas' business, and management uses non-GAAP measures to establish operational goals. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for GAAP measures or data prepared in accordance with GAAP. The following is a reconciliation of Generally Accepted Accounting Principles (GAAP) Net Loss to non-GAAP Net Loss:
--------------------------------------
Three months ended
--------------------------------------
March 31, December 31, March 31,
2004 2003 2003
--------------------------------------
GAAP loss before income taxes $ (2,362) $ (16,820) $ (23,215)
Non-GAAP adjustments:
Restructuring and impairment
charges - 5,017 396
Lease impairment (in SG&A) - - 8,475
Inventory write-downs and
provisions - 5,346 -
Beneficial conversion of
warrants - - 1,022
Warranty charges (887) 1,887 -
Gain on sale of product line - (1,489) -
------------ ------------ ------------
Non-GAAP loss before income
taxes (3,249) (6,059) (13,322)
Income tax provision (benefit) 45 (397) 43
------------ ------------ ------------
Non-GAAP net loss $ (3,294) $ (5,662) $ (13,365)
============ ============ ============
Non-GAAP net loss per share $ (0.15) $ (0.27) $ (0.63)
============ ============ ============
The following is a reconciliation of Generally Accepted Accounting Principles (GAAP) Gross Profit to non-GAAP Gross Profit:
--------------------------------------
Three months ended
--------------------------------------
March 31, December 31, March 31,
2004 2003 2003
--------------------------------------
GAAP gross profit (loss) $ 6,635 $ (3,413) $ 849
Non-GAAP adjustments:
Inventory write-downs and
provisions - 5,346 -
Warranty charges (887) 1,887 -
------------ ------------ ------------
Non-GAAP gross profit 5,748 3,820 849
============ ============ ============
Net Sales 16,048 14,341 9,465
============ ============ ============
Gross profit % 36% 27% 9%
============ ============ ============
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2004 2003
------------ ------------
(unaudited) (1)
ASSETS
Current assets:
Cash and short-term investments $ 30,263 $ 31,882
Accounts receivable, net 16,438 12,029
Inventories 17,215 14,383
Prepaid expenses and other current assets 1,995 1,913
------------ ------------
Total current assets 65,911 60,207
Property, plant and equipment, net 40,160 41,395
Other assets 8,674 9,070
------------ ------------
Total assets $ 114,745 $ 110,672
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,003 $ 6,819
Accrued liabilities 11,038 9,942
------------ ------------
Total current liabilities 23,041 16,761
Convertible subordinated notes 33,750 33,630
Non-current liabilities 10,015 10,016
Stockholders' equity 47,939 50,265
------------ ------------
Total liabilities and stockholders' equity $ 114,745 $ 110,672
============ ============
(1) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended December
31, 2003.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion