Electroglas Reports Third 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)--Oct. 18, 2001 Electroglas, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EGLS EGLS Eastside German Language School (Issaquah, WA) ) today reported operating results for its third fiscal quarter ended September September: see month. 30, 2001. For the third quarter of 2001, revenues were $9.5 million, down 57% from the second quarter of 2001 and down 84% from the same period last year. Net loss for the third quarter of 2001 was $14.4 million, or $0.69 per share. At September 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 $143.7 million, or $6.82 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, "The record 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 continued throughout the third quarter and further reduced demand for equipment purchases in our customer base. The semiconductor equipment industry is currently experiencing the worst 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 in history. Electroglas bookings fell to $4.9 million as customers severely reduced spending for both new systems and service. With 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 as low as 30%, customers do not need to service current manufacturing capacity. The bookings level was 63% below the previous quarter, and 92% below the same period a year ago. While we have seen signs of stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders in the business level that our customers are experiencing, the uncertainty of the current environment makes the speed of recovery also uncertain." Continued Wozniak, "While we have continued to reduce expenses through reductions of headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. and company shutdowns, we also continue to focus aggressively on our new product development. Our strategy is to continue to develop a broad range of new technology and products for the next cyclical upturn. We continue to develop new 200mm and 300mm 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. , yield management and diagnostic software, and optical inspection equipment all targeted at creating critical tools that allow our customers to manage their semiconductor processes." Electroglas' third quarter results conference call will be at 11:00 a.m. PT/2:00 p.m. ET today; the number is 719-457-2629, passcode 757408. 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 October October: see month. 25. The call in number for the replay is 719-457-0820, passcode 757408. 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 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, continued downturn or further decrease in customer utilization rates, unforeseen technical difficulties related to the development and manufacture of our products, incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of unexpected expenses 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 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 the profitability of semiconductor manufacturers. The Company's wafer probers, 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 Nine months ended
September 30, September 30,
2001 2000 2001 2000
Net sales $ 9,454 $ 59,359 $ 71,452 $166,054
Cost of sales 9,574 31,215 51,204 85,421
--------- --------- --------- ---------
Gross profit (120) 28,144 20,248 80,633
--------- --------- --------- ---------
Operating expenses:
Engineering, research
and development 7,478 7,108 24,191 20,930
Selling, general and
administrative 9,000 10,665 29,633 31,425
In-process research and
development -- -- 281 --
--------- --------- --------- ---------
Total operating expenses 16,478 17,773 54,105 52,355
--------- --------- --------- ---------
Operating income (loss) (16,598) 10,371 (33,857) 28,278
Interest income 1,602 2,806 5,980 7,248
Other income (expense), net 78 (103) 100 (292)
--------- --------- --------- ---------
Income (loss) before
income taxes (14,918) 13,074 (27,777) 35,234
Provision (benefit) for
income taxes (502) 1,138 15,692 2,889
--------- --------- --------- ---------
Income (loss) before
cumulative effect of change
in accounting principle (14,416) 11,936 (43,469) 32,345
Cumulative effect of change
in accounting principle,
net of $0 tax -- -- -- (2,029)
--------- --------- --------- ---------
Net income (loss) $ (14,416) $ 11,936 $(43,469) $ 30,316
========= ========= ========= =========
Basic net income (loss) per share:
Income (loss) before
cumulative effect of change
in accounting principle $ (0.69) $ 0.58 $ (2.08) $ 1.58
Cumulative effect of change
in accounting principle -- -- -- (0.10)
--------- --------- --------- ---------
Net income (loss) $ (0.69) $ 0.58 $ (2.08) $ 1.48
========= ========= ========= =========
Diluted net income (loss) per share:
Income (loss) before
cumulative effect of change
in accounting principle $ (0.69) $ 0.57 $ (2.08) $ 1.53
Cumulative effect of change
in accounting principle -- -- -- (0.10)
--------- --------- --------- ---------
Net income (loss) $ (0.69) $ 0.57 $ (2.08) $ 1.43
========= ========= ========= =========
Shares used in
basic calculations 20,929 20,671 20,897 20,514
========= ========= ========= =========
Shares used in
diluted calculations 20,929 21,081 20,897 21,190
========= ========= ========= =========
ELECTROGLAS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
September 30, December 31,
------------- ------------
2001 2000
---- ----
(Unaudited) (1)
Assets
Current assets:
Cash and short-term investments $ 95,397 $164,473
Accounts receivable, net 14,549 53,324
Inventories 41,781 32,751
Prepaid expenses and other
current assets 7,783 8,513
-------- --------
Total current assets 159,510 259,061
Restricted cash 48,300 --
Equipment and leasehold
improvements, net 15,304 13,418
Other assets 8,837 18,951
-------- --------
Total assets $231,951 $291,430
======== ========
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 1,727 $ 1,232
Accounts payable 4,460 17,929
Accrued liabilities 18,399 24,271
-------- --------
Total current liabilities 24,586 43,432
Non-current liabilities 12,938 13,969
Stockholders' equity 194,427 234,029
-------- --------
Total liabilities and
stockholders' equity $231,951 $291,430
======== ========
(1) The information in this column was derived from the Company's
audited consolidated financial statements for the year ended December
31, 2000. Certain amounts have been reclassified to conform with the
current year presentation.
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