Therma-Wave, Inc. Announces Third Fiscal Quarter 2002 Results.Business EditorsFREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--Jan. 28, 2002 Therma-Wave, Inc., (Nasdaq:TWAV), a worldwide leader in the development, manufacture and sale of process control metrology metrology Science of measurement. Measuring a quantity means establishing its ratio to another fixed quantity of the same kind, known as the unit of that kind of quantity. systems used in the manufacture of semiconductors, reported financial results for the third fiscal quarter ended December December: see month. 31, 2001. Revenues for the third fiscal quarter were $11.1 million, down from $57 million reported for the same quarter one year ago and down from $21.7 million reported for the prior fiscal quarter ended September September: see month. 30, 2001. Net loss was $11.0 million or $(0.45) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the current quarter compared to net income of $12.3 million or $0.49 per diluted share for the same fiscal quarter of 2001 and net loss of $2.2 million or $(0.09) per diluted share reported in the previous fiscal quarter. Gross margins were 13.9%, down from 51.5% one year ago. The decrease was mostly attributable to reduced overhead expense absorption caused by lower production volumes. The Company's balance sheet remains strong. 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 were $70 million at the end of December a decrease of $7.6 million from cash reported for the previous quarter. The decrease was primarily due to lower revenues for the quarter while the Company continued to make significant investments in new product programs and research and development. The Company continues to have no significant long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . "Unquestionably un·ques·tion·a·ble adj. Beyond question or doubt. See Synonyms at authentic. un·ques  tion·a·bil , this quarter was difficult for our industry
and for our Company," said Martin Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
ACM SenSys is a highly selective, single-track forum for the presentation of research results on systems issues in the area of embedded networked sensors. Instruments Corporation, which was announced during the quarter and closed January January: see month. 16, 2002, significantly strengthens Therma-Wave's position in the emerging area of Integrated Metrology. That plus our progress toward introduction of new products and roll-out of next generation tools gives us a positive and confident outlook for the future. "We are very pleased to have completed the strategic acquisition of Sensys and very excited about the future opportunities related to it. This acquisition provides us with excellent additional talent and cutting edge technology, leveraging Therma-Wave's existing position in the stand-alone (jargon) stand-alone - Capable of operating without other programs, libraries, computers, hardware, networks, etc. Exactly what is absent is presumed to be obvious from context. "We only run Windows on stand-alone PCs because it's too dangerous to run it on networked ones." metrology market and providing Sensys with the global support infrastructure and market presence to quickly ramp new products in support of its recent customer wins," said Schwartz. "Secondly, we introduced our new product, the Opti-Probe RT/CD(TM), the highest performance real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. CD metrology system available. With the Opti-Probe RT/CD, Therma-Wave now offers customers the industry's most comprehensive optical CD metrology suite of products. As an indication of the strength of this product, the Opti-Probe RT/CD was recently chosen by a major US logic device manufacturer in head to head competition over the optical CD products of several of our competitors. "We believe we are successfully weathering the 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. while taking the opportunity to position Therma-Wave to be a leader in the next upturn." Guidance "We believe we may have seen the bottom of the downturn and, although we have not seen major order increases, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our business is beginning to look more promising. We expect revenues to be flat to up by 20% in our fourth fiscal quarter and net earnings per share loss including Sensys, but excluding charges related to the acquisition of Sensys, to be flat to improved by possibly 20%." Conference Call Therma-Wave, Inc. will hold a conference call to review financial results and ongoing operations at 1:30 p.m., Pacific Standard Time, Monday Monday: see week. , January 28, 2002. Participating in the call will be Martin Schwartz, president and chief executive officer, and Ray Christie Christie can refer to:
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at: www.thermawave.com. About Therma-Wave Since 1982, Therma-Wave, Inc. has been revolutionizing process control metrology systems through innovative, proprietary products and technologies. The company is a worldwide leader in the development, manufacture, marketing and service of process control metrology systems used in the manufacture of semiconductors. Therma-Wave currently offers leading-edge products to the semiconductor manufacturing industry for the measurement of transparent, semi-transparent, and opaque thin films, for the monitoring of ion implantation Ion implantation A process that utilizes accelerated ions to penetrate a solid surface. The implanted ions can be used to modify the surface composition, structure, or property of the solid material. , and for the integration of metrology into semiconductor processing systems. For further information about Therma-Wave, Inc., access our web site at: www.thermawave.com. This press release contains 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. as that term is defined in the Private Securities Reform Act of 1995 which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In some cases, you can identify those so-called "forward-looking statements" by words such as "may," "will," "expect," "anticipate," "believe," and other comparable words. Such statements and statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our ability to leverage our product base and position in the market are based on current information and conditions and are subject to known and unknown risks, uncertainties, and changes in conditions, activities and potential successes of competitors and competing products and other risks, some of which are detailed in documents filed with the Securities and Exchange Commission, including specifically Exhibit 99.1 to the Company's 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 March 31, 2001, and subsequent Form 10-Qs Form 10-Q See 10-Q. . The Company undertakes no obligation to update the information presented in this discussion. Note to Editors: Opti-Probe, Meta-Probe, Therma-Probe and RT/CD are registered trademarks of Therma-Wave, Inc. or its subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries.
THERMA-WAVE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (1)
(in thousands)
December 31, March 31,
2001 2001
------------ -----------
Assets
Current assets:
Cash and short-term investments $ 70,048 $ 75,575
Accounts receivable, net 17,364 43,348
Inventories 44,997 47,181
Other current assets 5,346 3,925
-------- --------
Total current assets 137,755 170,029
Property and equipment, net 12,992 14,478
Other assets 5,945 6,684
-------- --------
Total assets $156,692 $191,191
======== ========
Liabilities and stockholders'
equity Current Liabilities:
Accounts payable $ 4,560 $ 12,547
Deferred revenue 7,532 17,096
Other current liabilities 19,063 30,537
-------- --------
Total current liabilities 31,155 60,180
Long term debt and other 2,073 1,929
Stockholders' equity 123,464 129,082
-------- --------
Total liabilities and
stockholders' equity $156,692 $191,191
======== ========
(1) Amounts as of December 31, 2001 are unaudited. Amounts as of
March 31, 2001 are derived from the March 31, 2001 audited
financial statements
THERMA-WAVE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2001 2000 2001 2000
--------- -------- ------- --------
Net revenues $ 11,054 $ 57,029 $ 70,535 $ 144,440
Cost of revenues 9,522 27,633 42,777 72,140
--------- -------- ------- --------
Gross profit 1,532 29,396 27,758 72,300
Operating Expenses:
Research and development 7,643 9,282 21,157 25,476
Selling, general
and administrative 5,243 7,892 16,248 20,669
--------- -------- ------- --------
Total operating
expenses 12,886 17,174 37,405 46,145
Operating income (11,354) 12,222 (9,647) 26,155
Other income (expense): 387 815 1,891 2,929
Income (loss) before
provision for income taxes (10,967) 13,037 (7,756) 29,084
Provision for income taxes -- 735 -- 1,698
--------- -------- ------- --------
Income before cumulative
effect of change in
accounting principle (10,967) 12,302 (7,756) 27,386
Cumulative effect of
change in accounting
principle -- -- (6,287)
--------- -------- ------- --------
Net income (loss) $ (10,967) $ 12,302 $ (7,756) $ 21,099
========== ======== ========= ==========
Basic income per share:
Income before cumulative
effect of change in
accounting principle $ (0.45) $ 0.52 $ (0.32) $ 1.17
Cumulative effect of
change in accounting
principle -- -- -- (0.27)
--------- -------- ------- --------
Net income per share $ (0.45) $ 0.52 $ (0.32) $ 0.90
========== ======== ========= ==========
Diluted income per share:
Income before cumulative
effect of change in
accounting principle
$ (0.45) $ 0.49 $ (0.32) $ 1.08
Cumulative effect of
change in accounting
principle -- -- -- (0.25)
--------- -------- ------- --------
Net income per share $ (0.45) $ 0.49 $ (0.32) $ 0.83
========== ======== ========= ==========
Weighted average number of
shares outstanding:
Basic 24,114 23,446 23,995 23,370
Diluted 24,114 25,116 23,995 25,387
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