Trikon Technologies Reports Results for First Quarter 2004.Business Editors/High-Tech Writers NEWPORT Newport, town, England Newport, town (1991 pop. 19,758), Isle of Wight, S England. It is also a port and the commercial center of the island, with agricultural markets and light industries (plastics, soft drinks, and woodworking). In the 17th cent. , Wales--(BUSINESS WIRE)--April 27, 2004 Trikon Technologies, Inc. (Nasdaq: TRKN) today reported results for its first fiscal quarter ended March 31, 2004. Revenues for the quarter were $6.8 million, an increase of 33 percent on $5.1 million for the first quarter of 2003 and a decrease of 27 percent on $9.3 million for the fourth quarter of 2003. 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 quarter was $6.5 million, smaller by 8 percent compared to an operating loss of $7.1 million for the first quarter of 2003 and an increase of 32 percent compared to the $4.9 million for the fourth quarter of 2003. Net loss applicable to common shares for the quarter was $5.9 million, or $0.37 per share, compared to a net loss of $7.3 million, or $0.56 per share in the first quarter of the prior year and $4.0 million, or $0.26 per share for the fourth quarter of 2003. Revenue deferred under our revenue recognition policy decreased to $2.6 million as at March 31, 2004 compared to $5.1 million at December December: see month. 31, 2003. The book to bill ratio for the first quarter was 0.65:1. Trikon is continuing to closely manage its working capital. As a result, the Company ended the first quarter with cash and cash equivalents of $29.0 million. "Our sales effort is now targeted at both our existing installed base and with focused new accounts where our technologies, low cost of ownership and commitment to customer support are key advantages," said Dr. John Macneil MacNeill can have a number of different meanings and spellings: Clan MacNeil is a Scottish clan. Notable people
The Company will be reviewing its cost base during the second quarter and taking the appropriate steps to lower expenses, which will include reducing employee levels. Today, Trikon commenced the consultation process with the workforce and expects the efforts to be completed by May 31, 2004. Trikon expects to eliminate between $4.0 million and $4.5 million in costs on an annual basis through a combination of workforce and other cost reduction efforts. John Macneil concluded, "we are seeing improvements in the sales environment for Trikon, and are confident that our bookings in the second quarter will show a significant improvement over the first quarter. Continued improvement over subsequent quarters, combined with the cost reduction steps we have initiated today, will drive my key short term objective, which is to return Trikon to profitability." Trikon also reported that its annual meeting of stockholders will occur on September September: see month. 7, 2004. Investor Conference Call and Webcast There will be a conference call at 10:30 am New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time today, hosted by Dr. John Macneil, acting president and 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. to discuss the results for the first quarter ended March 31, 2004 and the outlook for the second quarter and full year of 2004. A live and subsequently recorded audio webcast of the call will be available at www.trikon.com About Trikon Technologies Trikon Technologies is a leading provider of wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. equipment and services to the global semiconductor industry. Trikon develops and manufactures advanced capital equipment for plasma etching Plasma etching is a form of plasma processing in which a high-speed stream of plasma is shot (in pulses) at a sample. The atoms of the shot element embed themselves at or just below the surface of the target. The physical properties of the target are modified in the process. and chemical and 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. (CVD CVD Cardiovascular disease, see there and PVD PVD abbr. peripheral vascular disease PVD Peripheral vascular disease, see there ) of thin films for use in the production of semiconductor devices. These are key components in most advanced electronic products, such as telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. devices, consumer and industrial electronics and computers. More information is available on the internet at: www.trikon.com "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 Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995: This news release contains certain 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. that include, without limitation, statements by Dr. Macneil and Bill Chappell The word Chappell may refer to: Places:
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. , quarterly reports on Form 10-Q Form 10-Q See 10-Q. and current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. .
Trikon Technologies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2004 2003
----------- --------------
Assets
Current assets:
Cash and cash equivalents $29,024 $31,646
Accounts receivable, net 3,804 11,287
Inventories, net 16,037 15,257
Prepaid and other current assets 3,503 4,855
----------------------------
Total current assets 52,368 63,045
Property, equipment and leasehold
improvements, net 16,794 16,896
Demonstration systems, net 2,618 2,814
Other assets 393 374
----------------------------
Total assets $72,173 $83,129
----------------------------
Liabilities and shareholders' equity
Current liabilities:
Short-term bank borrowing $9,200 $ -
Current portion of long-term debt 456 11,736
Accounts payable 4,971 5,785
Accrued expenses 1,847 1,399
Warranty and related expenses 1,035 1,285
Deferred revenue 2,628 5,075
Other current liabilities 2,820 3,363
----------------------------
Total current liabilities 22,957 28,643
Long-term debt less current portion 128 188
Other non-current liabilities 902 928
----------------------------
23,987 29,759
Total shareholders' equity 48,186 53,370
----------------------------
Total liabilities and shareholders'
equity $72,173 $83,129
============================
Trikon Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
Three Months ended
---------------------------
March 31, March 31,
2004 2003
---------------------------
Revenues:
Product revenues $6,738 $5,104
License revenues 43
---------------------------
$6,781 5,104
Costs and expenses:
Cost of goods sold 5,343 4,340
Research and development 2,541 2,318
Selling, general and administrative 5,395 4,800
Settlement of pension liabilities and
related expenses -- 706
---------------------------
13,279 12,164
Loss from operations (6,498) (7,060)
Foreign currency gains (losses) 623 (278)
Interest income, net 66 98
----------------------------
Loss before income tax charge (5,809) (7,240)
Income tax charge 65 24
----------------------------
Net loss $(5,874) $(7,264)
----------------------------
Loss per share data:
Basic: $(0.37) $(0.56)
Diluted: $(0.37) $(0.56)
Weighted average common shares used in the
calculation:
Basic: 15,702 12,880
Diluted: 15,702 12,880
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