FSI INTERNATIONAL ANNOUNCES FIRST-QUARTER RESULTS
FSI INTERNATIONAL ANNOUNCES FIRST-QUARTER RESULTS MINNEAPOLIS, Dec. 23 /PRNewswire/ -- FSI International, Inc.
(NASDAQ: FSII), a manufacturer of capital equipment for the semiconductor industry, today reported lower sales and a loss for the fiscal 1992 first quarter, ended Nov. 30, 1991. The company also said its backlog rose significantly during the period.
For the first quarter, sales were $7.4 million, compared with $9.8 million in the prior year. The company had a net loss of $2.1 million, or $.52 per share, versus a net loss of $1.8 million, or $.45 per share, last year. According to FSI President, Chairman and Chief Executive Officer Joel Elftmann, "Despite the sales decline in the first quarter, we received three new orders for our Polaris(TM) microlithography work cell and a significant Chemfill chemical management and delivery system order. The Chemfill order is expected to ship in the third quarter." First-quarter sales included one of the Polaris orders. The Polaris sells for between $800,000 and $1.5 million, depending on features. "Our gross margin improved significantly compared with the first quarter of fiscal 1991," continued Elftmann. "In addition, we are now recognizing the full impact of the cost control programs we implemented in fiscal 1991. Selling, general and administrative expenses decreased more than 25 percent from year-ago levels." Concluded Elftmann, "Our backlog at the end of the first quarter was at its highest point in several quarters, and only slightly below the year-ago level. Our increasing backlog is expected to have a positive effect on revenues in future quarters." FSI International, Inc. is a leader in producing automated surface conditioning equipment for processing silicon wafers. The company develops, manufactures, markets and services centrifugal spray processing systems, photoresist processing equipment, vapor phase processing systems, and chemical management and delivery systems for use in the fabrication of advanced semiconductor integrated circuits. FSI's customers include semiconductor manufacturers located throughout North America, Europe, Japan and the Far East. FSI INTERNATIONAL, INC. SUMMARY CONSOLIDATED FINANCIAL DATA (In thousands, except per share data) (Unaudited) First Quarter Ended 11/30/91 11/24/90 INCOME STATEMENT DATA: Sales $7,358 $9,796 Gross profit 2,896 3,166 Selling, general and administrative expenses 2,450 3,269 Research and development expenses 2,177 2,194 Operating loss (1,731) (2,297) Interest expense (45) (67) Other income (expense), net 14 (14) Loss before income taxes (1,762) (2,378) Income taxes (benefit) 267 (616) Equity in loss of affiliates (57) (29) Net loss (2,086) (1,791) Net loss per common share $(.52) $(.45) Weighted average common shares 4,048 4,012 11/30/91 8/31/91 BALANCE SHEET DATA: Assets: Receivables/net $7,173 $9,096 Inventories 8,844 7,745 Total current assets 18,232 20,415 Total assets 24,838 27,079 LIABILITIES AND EQUITY: Short-term debt 435 132 Total current liabilities 6,992 7,112 Long-term debt 270 304 Stockholders' equity 17,576 19,663 -0- 12/23/91 /CONTACT: Benno Sand of FSI International, 612-448-8936, or John Mackay of Padilla Speer Beardlsey, 612-871-8877, for FSI/ (FSII) CO: FSI International, Inc. ST: Minnesota IN: SU: ERN
KH -- MN008 -- 4943 12/23/91 16:19 EST
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|Date:||Dec 23, 1991|
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