Printer Friendly

FSI INTERNATIONAL ANNOUNCES SECOND-QUARTER AND FIRST-HALF RESULTS

 FSI INTERNATIONAL ANNOUNCES SECOND-QUARTER AND FIRST-HALF RESULTS
 MINNEAPOLIS, March 27 /PRNewswire/ -- FSI International, Inc. (NASDAQ: FSII) today reported results for the fiscal 1992 second quarter and first half, ended Feb. 29, 1992.
 For the second quarter, sales were $10.4 million, compared with $12.7 million in the year-earlier period. The company had a net loss of $1.2 million, or $.29 per share, including an $.08 per share non- recurring charge, compared with a net loss of $295,000, or $.07 per share, last year.
 For the 1992 first half, sales totaled $17.8 million, compared with $22.5 million last year. The company's 1992 first-half loss was $3.3 million, or $.81 per share, versus a net loss of $2.1 million, or $.52 per share, in 1991.
 According to FSI president, chairman and chief executive officer, Joel Elftmann, "The 1992 second-quarter sales showed a marked improvement over the first quarter but were below our break-even level. Second-quarter sales included one POLARIS(TM) system, which sells for between $800,000 and $1.5 million, depending on features.
 "During the quarter, we received orders for 16 POLARIS Microlithography Work Cells, bringing our backlog to 20 units for delivery in the next 12 months," continued Elftmann. "Our total backlog at the end of the second quarter was at its highest point in the history of FSI. Although orders can be canceled or delayed by customers, the increasing backlog is expected to have a positive effect on sales in future quarters. Our challenge will be to improve gross profit margins while continuing to control operating expenses."
 Included in equity in loss of affiliates during the quarter was a non-recurring $330,000 charge, or $.08 per share. FSI recognized its share of the losses to the extent of the company's original net investment in m-FSI, Ltd., FSI's Japanese joint venture. "Despite this charge, which we had originally expected to occur throughout fiscal 1992, we are excited about the opportunities developing in Japan as a result of m-FSI's efforts," said Elftmann.
 Elftmann also said that during the quarter, FSI reached an agreement for a $7.0 million revolving line of credit and term facility with Congress Financial. "This agreement will help us meet our working capital needs," he stated.
 Concluded Elftmann, "Certain U.S. semiconductor manufacturers have announced new manufacturing facilities and expansions. While considerable pricing pressures remain in a highly competitive environment, we expect to benefit from this activity and our high backlog in the second half of fiscal 1992. We continue to focus on meeting the current and future needs of chip manufacturers worldwide by enhancing existing products and developing new ones for surface conditioning, microlithography and chemical management applications."
 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)
 Second Quarter Ended Six Months Ended
 Feb. 29, Feb. 23, Feb. 29, Feb. 23,
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 INCOME STATEMENT DATA:
 Sales $10,422 $12,682 $17,779 $22,478
 Gross Profit 3,923 4,790 6,819 7,956
 Selling, General and
 Administrative Expenses 2,445 2,900 4,895 6,170
 Research and Development
 Expenses 2,136 1,979 4,314 4,173
 Operating Loss (658) (89) (2,390) (2,386)
 Interest Expense (88) (131) (132) (198)
 Other Income (Expense) Net 19 2 32 (11)
 Loss Before Income Taxes (727) (218) (2,489) (2,595)
 Income Taxes (Benefit) -- -- 267 (616)
 Equity in Loss
 of Affiliates (480) (77) (537) (106)
 Net Loss $(1,207) $(295) $(3,294) $(2,085)
 Net Loss Per
 Common Share $(.29) $(.07) $(.81) $(.52)
 Weighted Average
 Common Shares 4,106 4,034 4,077 4,023
 BALANCE SHEET DATA:
 Feb. 29, Aug. 31,
 1992 1991
 (Unaudited)
 Assets:
 Cash and Cash Equivalents $2,543 $340
 Receivables -- Net 6,888 9,096
 Inventories 10,189 7,745
 Total Current Assets 21,696 20,415
 Total Assets 28,115 27,079
 Liabilities and Equity:
 Short-Term Debt 2,638 132
 Total Current Liabilities 11,145 7,112
 Long-Term Debt 234 304
 Stockholders' Equity 16,736 19,663
 -0- 3/27/92
 /CONTACT: Marian Briggs of Padilla Speer Beardsley, 612-871-8877, for FSI International, or Benno Sand of FSI International, 612-448-8936/
 (FSII) CO: FSI International ST: Minnesota IN: SU: ERN


TS -- MN001 -- 2243 03/27/92 08:32 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 27, 1992
Words:777
Previous Article:BIOMAGNETIC TECHNOLOGIES INC. ANNOUNCES PUBLIC OFFERING OF COMMON STOCK
Next Article:BUCKING TRENDS, ITT HARTFORD LAUNCHES CAMPAIGN TO BOOST ITS PERSONAL INSURANCE BUSINESS
Topics:


Related Articles
FSI INTERNATIONAL ANNOUNCES FIRST-QUARTER RESULTS
FSI INTERNATIONAL ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
FSI INTERNATIONAL ANNOUNCES FOURTH-QUARTER GAINS, STRONG INCREASE IN BACKLOG
FSI INTERNATIONAL, INC. ANNOUNCES SIXTH CONSECUTIVE QUARTER OF FINANCIAL IMPROVEMENT
FSI INTERNATIONAL, INC. ANNOUNCES SALES AND INCOME GAINS FOR FISCAL THIRD QUARTER AND NINE MONTHS
FSI INTERNATIONAL, INC. ANNOUNCES HIGHER FIRST QUARTER REVENUES AND EARNINGS
FSI INTERNATIONAL, INC. ANNOUNCES FISCAL SECOND QUARTER FINANCIAL RESULTS
FSI INTERNATIONAL, INC., ANNOUNCES RECORD REVENUES AND EARNINGS IN FISCAL 1994 AND RECORD YEAR-END BACKLOG
FSI INTERNATIONAL, INC., ANNOUNCES RECORD FISCAL SECOND QUARTER REVENUES AND EARNINGS
FSI INTERNATIONAL, INC. ANNOUNCES THAT FISCAL FIRST QUARTER REVENUES AND EARNINGS MORE THAN DOUBLE

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters