Electroglas Reports Sequential Increase in Revenue for Second-Quarter Fiscal 2004.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. -- 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 second fiscal quarter ended June June: see month. 30, 2004. Revenue for the second quarter was $17.7 million, a 10% increase from $16.0 million reported for the first fiscal quarter of 2004, and a 72% increase from $10.3 million for the second fiscal quarter of 2003. 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 $3.5 million, or $0.16 per share, compared with a net loss of $2.5 million, or $0.12 per share, for the first quarter of 2004, and a net loss of $15.8 million, or $0.74 per share, for the second quarter of 2003. At June 30, 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 $29.9 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.40 per share. "During the quarter, Electroglas continued to benefit from sustained capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by customers. As a result, we saw a sequential One after the other in some consecutive order such as by name or number. increase in revenue for the fifth consecutive quarter and exceeded the top end of our revenue outlook for the quarter. In addition, we made good progress in product development for probers and in evaluations for our Sidewinder sidewinder, common name for a rattlesnake, Crotalus cerastes, found in the deserts of the SW United States. This 2-ft (60-cm), pale yellow and pink snake is named for its curious method of locomotion. test handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. . Good progress was also made in reducing our cash usage in the quarter," said Keith Keith may refer to: People with the given name Keith:
Third Fiscal Quarter 2004 Business Outlook Electroglas expects revenue for the third 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 $18 million to $19 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 second fiscal quarter results, along with its outlook for the third 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) 457-2727, access code 686875, 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 July July: see month. 29, 2004 at (719) 457-0820, access code 686875. 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 third-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. - Financial Statements Attached -
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
------------------ ------------------
2004 2003 2004 2003
-------- --------- -------- ---------
Net sales $17,722 $10,335 $33,770 $19,800
Cost of sales 11,573 10,524 20,986 19,140
-------- --------- -------- ---------
Gross profit 6,149 (189) 12,784 660
Operating expenses:
Engineering, research and
development 4,492 6,501 8,503 13,318
Sales, general and
administrative 4,540 7,211 8,999 22,575
Restructuring and impairment
charges - 2,384 - 2,481
-------- --------- -------- ---------
Total operating
expenses 9,032 16,096 17,502 38,374
-------- --------- -------- ---------
Operating loss (2,883) (16,285) (4,718) (37,714)
Interest income (expense), net (555) (404) (1,063) (1,809)
Other income (expense), net (24) 202 (141) (179)
-------- --------- -------- ---------
Loss before income taxes (3,462) (16,487) (5,922) (39,702)
Provision (benefit) for income
taxes 27 (702) 71 (659)
-------- --------- -------- ---------
Net loss $(3,489) $(15,785) $(5,993) $(39,043)
======== ========= ======== =========
Basic and diluted net loss per
share $ (0.16) $ (0.74) $ (0.28) $ (1.83)
======== ========= ======== =========
Shares used in basic and diluted
calculations 21,496 21,315 21,481 21,297
======== ========= ======== =========
Certain prior period amounts have been reclassified to conform with
the current period presentation.
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
-------------------------------
June 30, March 31, June 30,
2004 2004 2003
--------- --------- ---------
GAAP loss before income taxes $ (3,462) $ (2,362) $(16,487)
Non-GAAP adjustments:
Restructuring and impairment
charges - - 2,384
Inventory write-downs and
provisions - - 882
Warranty charges - (887) 789
--------- --------- ---------
Non-GAAP loss before income taxes (3,462) (3,249) (12,432)
Income tax provision (benefit) 27 45 (702)
--------- --------- ---------
Non-GAAP net loss $ (3,489) $ (3,294) $(11,730)
========= ========= =========
Non-GAAP net loss per share $ (0.16) $ (0.15) $ (0.55)
========= ========= =========
--------------------
Six months ended
--------------------
June 30, June 30,
2004 2003
--------- ---------
GAAP loss before income taxes $ (5,922) $(39,702)
Non-GAAP adjustments:
Restructuring and impairment
charges - 2,481
Inventory write-downs and
provisions - 882
Warranty charges (887) 789
--------- ---------
Non-GAAP loss before income taxes (6,809) (35,550)
Income tax provision (benefit) 71 (659)
--------- ---------
Non-GAAP net loss $ (6,880) $(34,891)
========= =========
Non-GAAP net loss per share $ (0.32) $ (1.64)
========= =========
The following is a reconciliation of Generally Accepted Accounting
Principles (GAAP) Gross Profit to non-GAAP Gross Profit:
-------------------------------
Three months ended
-------------------------------
June 30, March 31, June 30,
2004 2004 2003
--------- --------- ---------
GAAP gross profit (loss) $ 6,149 $ 6,635 $ (189)
Non-GAAP adjustments:
Inventory write-downs and
provisions - - 882
Warranty charges - (887) 789
--------- --------- ---------
Non-GAAP gross profit $ 6,149 $ 5,748 $ 1,482
========= ========= =========
Net sales $ 17,772 $ 16,048 $ 10,335
========= ========= =========
Non-GAAP gross profit % 35% 36% 14%
========= ========= =========
--------------------
Six months ended
--------------------
June 30, June 30,
2004 2003
--------- ---------
GAAP gross profit (loss) $ 12,784 $ 660
Non-GAAP adjustments:
Inventory write-downs and
provisions - 882
Warranty charges (887) 789
--------- ---------
Non-GAAP gross profit $ 11,897 $ 2,331
========= =========
Net sales $ 33,770 $ 19,800
========= =========
Non-GAAP gross profit % 35% 12%
========= =========
ELECTROGLAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2004 2003
------------ ------------
(unaudited) (1)
ASSETS
Current assets:
Cash and short-term investments $ 29,882 $ 31,882
Accounts receivable, net 13,468 12,029
Inventories 17,407 14,383
Prepaid expenses and other current
assets 2,020 1,913
------------ ------------
Total current assets 62,777 60,207
Property, plant and equipment, net 39,348 41,395
Other assets 8,411 9,070
------------ ------------
Total assets $110,536 $110,672
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,775 $ 6,819
Accrued liabilities 11,363 9,942
------------ ------------
Total current liabilities 22,138 16,761
Convertible subordinated notes 33,872 33,630
Non-current liabilities 10,009 10,016
Stockholders' equity 44,517 50,265
------------ ------------
Total liabilities and stockholders' equity $110,536 $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.
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