Printer Friendly
The Free Library
22,741,889 articles and books

PMT ANNOUNCES FOURTH-QUARTER AND YEAR-END RESULTS.



CHATSWORTH, Calif.--(BUSINESS WIRE)--Feb. 27, 1997--Plasma & Materials Technologies Inc. (PMT See photomultiplier tube. ) (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
:PMAT PMAT Pure Mathematics (course)
PMAT Process Maturity
PMAT Prophase Metaphase Anaphase Telophase
PMAT Portable Maintenance Access Terminal
PMAT Product Management and Account Team (Sprint) 
), an international supplier of etch and deposition equipment used to manufacture semiconductors, Thursday reported its unaudited financial results for its fourth quarter and fiscal year ended Dec. 31, 1996.

PMT's consolidated 1996 financial results include the operating results of Electrotech Ltd. and Electrotech Equipments Ltd. (Electrotech), which were acquired on Nov. 15, 1996. Electrotech was acquired for an aggregate of $75 million cash and 5.6 million shares of newly issued PMT common stock, and has been accounted for as a purchase.

Consolidated revenues for the fourth quarter ended Dec. 31, 1996, were $14,608,953, as compared with $7,292,388 reported for the fourth quarter of 1995, including $8,781,000 related to Electrotech for the six-week period from the date of acquisition to Dec. 31, 1996. Revenues for the year ended Dec. 31, 1996, were $42,227,245, compared with revenues of $21,289,713 for the same period last year.

Orders booked in the fourth quarter were approximately $23 million, including Electrotech orders.

PMT reported a consolidated net loss of $97,597,264, or $8.40 per share, for the fourth quarter in 1996, which includes a one-time acquisition-related in-process R&D charge of $86,028,748, compared with net income of $923,497, or 10 cents per share Cents per share

The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned.
, for the fourth quarter of 1995.

PMT recorded a consolidated net loss of $94,474,754, or $10.03 per share, for the year ended Dec. 31, 1996, as compared with net income of $117,885, or 2 cents per share, for the year ended Dec. 31, 1995.

The consolidated operating loss operating loss

The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income.
 for the fourth quarter and year ended Dec. 31, 1996, reflects reduced margins due to the allocation of a portion of the purchase price (as required under Accounting Principles Board The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973,  Opinion No. 16) to step up Electrotech's inventory on hand at Nov. 15, 1996.

This stepped-up inventory was partially charged to cost of sales during the six-week period ended Dec. 31, 1996, as such inventory was sold. Other acquisition-related charges such as the stepped-up inventory charge are also expected to unfavorably impact operating results during the first quarter of 1997.

Consolidated operating results were also unfavorably impacted by: the amortization of intangible assets acquired in connection with the acquisition of Electrotech ($451,975); higher interest costs associated with the borrowings under a 7-1/8 percent convertible debt offering of $86,250,000 principal amount of convertible subordinated notes which were offered to fund part of the purchase price for the acquisition of Electrotech; a $3,392,640 charge during the fourth quarter of 1996 to bad-debt expense as a result of increasing the reserve for doubtful accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying ; and inventory write-downs during the fourth quarter.

``We are very pleased to have completed the acquisition of Electrotech, and we are now positioned for .25 micron production expansion in the major segments of Etch, PVD PVD
abbr.
peripheral vascular disease


PVD Peripheral vascular disease, see there
 and CVD CVD Cardiovascular disease, see there ,'' said Greg Campbell

For other people named Gregory Campbell, see Gregory Campbell (disambiguation).


Gregory Dale Campbell (born March 10, 1964, Launceston, Tasmania) is a former Australian cricketer who played in 4 Tests and 12 ODIs from 1989 to 1990.
, PMT's chief executive officer. ``We are encouraged to see the order rate increasing and believe our prospects for growth in the second half of 1997 are good.''

1996 Highlights

Delivery of three production systems to Hyundai highlighted 1996's results for PMT's MORI MORI n abbr (Brit) (= Market & Opinion Research Institute) → institut de sondage

MORI (Brit) n abbr (= Market and Opinion Research Institute) →
 high-density plasma (HDP HDP High Density Polyethylene
HDP High Density Plasma
HDP Human Dimensions of Global Environmental Change Programme
HDP Hazardous Duty Pay
HDP Hurricane Destruction Potential
HDP Hydrocarbon Dew Point
HDP Hard Drive Password
) etch system. In addition, PMT received repeat orders in 1996 from Texas Instruments See TI.

(company) Texas Instruments - (TI) A US electronics company.

A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq.
 and LG Semicon, as well as a first system order from IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , LSI LSI: see integrated circuit.


(Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI.
 Logic, Sharp and Daewoo.

To date, the total number of companies that have purchased PMT's MORI HDP etch systems for R&D and production now exceeds 12.

Flowfill chemical vapor deposition Chemical vapor deposition (CVD) is a chemical process used to produce high-purity, high-performance solid materials. The process is often used in the semiconductor industry to produce thin films.  (CVD) saw increased market acceptance, with first equipment shipped to several customers by Electrotech prior to the acquisition. Highlights of 1996 include the discovery of a low dielectric constant silicon dioxide silicon dioxide: see silica.


(SiO2) A hard, glassy mineral found in such materials as rock, quartz, sand and opal. In MOS chip fabrication, it is used to create the insulation layer between the metal gates of the top layer and the silicon elements below.
 material that the company believes has shown promise of increasing the speed of advanced logic devices.

This discovery has resulted in an increase in demand from semiconductor logic manufacturers -- many of which have already begun working with the company.

Eighteen Sigma PVD systems were sold during 1996, with approximately half that number of Forcefill modules shipping to customers such as Siemens and Texas Instruments -- the majority of which were sold by Electrotech prior to the acquisition. The total number of companies that have purchased Forcefill systems for R&D and production qualification is steadily increasing.

PMT provides a broad line of advanced manufacturing systems that are used for three of the four major processing steps in the manufacture of a semiconductor device: etch, physical vapor deposition This article or section is in need of attention from an expert on the subject.
Please help recruit one or [ improve this article] yourself. See the talk page for details.
 (PVD) and chemical vapor deposition (CVD).

The company's corporate headquarters are located in Chatsworth, north of Los Angeles. Manufacturing is conducted in Newport, Wales, and Chatsworth, Calif. PMT operates worldwide through wholly owned subsidiaries Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
 in the United Kingdom, Japan, Germany, France and South Korea.

Safe-harbor statement: Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that involve a number of risks and uncertainties. In addition to factors discussed above, the factors that could cause actual results to differ materially include the following: product demand and market acceptance, the timing and success of new-product introductions, business issues and growth within the semiconductor-manufacturing industry, competitive factors such as rival etch and deposition technologies, and availability of key supplier components at reasonable prices. For a description of risks attendant to PMT and the semiconductor-manufacturing industry, see the company's Securities and Exchange Commission filings. -0-
                   PLASMA & MATERIALS TECHNOLOGIES INC.
             Condensed Consolidated Statements of Operations
                              (unaudited)

                           Three Months Ended         Year Ended
                          Dec. 31,    Dec. 31,    Dec. 31,    Dec. 31,
                            1996        1995        1996       1995
Revenues:
  Product sales      $13,534,653  $7,292,388  $39,385,818  $20,889,713
  License revenues            --          --           --      400,000
  Contract revenues    1,074,300          --    2,841,427           --
                      14,608,953   7,292,388   42,227,245   21,289,713

Costs and expenses:
  Cost of goods sold 11,605,752    3,842,514   24,596,756   11,143,716
  Research and
   development        4,695,839    1,371,381   10,145,185    4,566,853
  Selling, general
   and administrative 9,496,563    1,671,013   16,621,716    5,943,702
  Amortization of
   intangibles          451,975           --      451,975           --
  In process
   technology        86,028,748           --   86,028,748           --
                    112,278,877    6,884,908  137,844,380   21,654,271

Income (loss)
 from operations    (97,669,924)     407,480  (95,617,135)    (364,558)

Other:
  Interest income
   (expense), net    (1,279,483)     516,017     (192,785)     483,243

Income (loss)
 before income
 tax provision      (98,949,407)     923,497  (95,809,920)     118,685

Income tax
 provision           (1,352,143)          --   (1,335,166)         800

Net income (loss)  $(97,597,264)   $ 923,497 $(94,474,754)   $ 117,885

Net income (loss) per share:
  Primary               ($8.40)        $0.10      ($10.03)       $0.02
  Fully diluted         ($8.40)        $0.10      ($10.03)       $0.02

Total shares used in per share
 calculations:
  Primary           11,620,373     9,043,861    9,420,020    6,593,311
  Fully diluted     11,620,373     9,042,814    9,420,020    6,593,311




CONTACT: Plasma & Materials Technologies Inc., Chatsworth

Frederick Reynolds, 818/886-8000, ext. 155

818/886-2245 (fax)

freynolds@pmat.com (e-mail)

http://www.pmat.com
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 27, 1997
Words:1196
Previous Article:Bovar Reports 1996 Results.
Next Article:Peerless Introduces Cost Reduction Initiatives.
Topics:



Related Articles
CREDIT FIRMS MERGING; PMT TO BUY RIVAL IN VALLEY.
Ledgers sporting mostly black ink.
SCA hires PMT for turnkey project.
Howard University and Defense Acquisition University form strategic partnership.
LI's class A office rent poised to pierce $30 ceiling.
Liquid curing peroxides.
1Q office vacancies nudge higher on Long Island.
Industrial vacancies down, rents up on Long Island.
Long Island 1Q vacancies nudge higher as rents edge up.
Economic slowdown is big test for NJ industrial market.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters