MCT REPORTS NET INCOME OF $3.4 MILLION FOR SECOND QUARTER.
Net sales for the first six months of fiscal 1995 ended December 24, 1994 were $17.0 million with net income of $1.0 million, an improvement over net loss of $4.2 million on net sales of $19.7 million for the same six month period of fiscal 1994. Income from operations for the first half of fiscal 1995 was $0.4 million, as compared with a loss from operations of $3.0 million for the same six month period of fiscal 1994. The Company reported earnings per share of $0.19 for the six month period, versus loss per share of $1.42 a year ago.
MCT's Chief Financial Officer, David Sugishita, stated, "We are very pleased to report profitable results and a solid balance sheet for the second quarter. Contributing factors included the sale of the MCT 1149 product line to Megatest Corporation, and the cash settlement received from SymTek. In addition, a new lease for the Company's headquarters resulted in the removal of the cost of the facility and related debts from the Company's balance sheet. With the transfer to Megatest of employees, inventories, obligations, and other costs related to the MCT 1149, we have driven our break-even point to a lower level."
"The balance sheet reflects the Company's improved cash position, which has increased to $2.6 million as of December 24, 1994, up from $0.9 million as of September 24, 1994. Inventories were reduced by 48%, accounts payable by 64%, credit agreements by 72%, and the current portion of long-term debt by 95%. The net result of these transactions was an improvement in stockholders' equity of over 500%. Because of this continued progress, we look forward to the Company's stock being traded on the Nasdaq Small Cap Market."
The Company previously announced the sale of the MCT 1149 tester product line to Megatest Corporation of San Jose, California for approximately $14.9 million. In addition, Megatest purchased $1.5 million of MCT's non-voting, preferred stock.
The Company also previously announced receipt of a settlement from Sym-Tek Systems, Inc. of San Diego, California. The settlement resolved all outstanding claims related to MCT's proposed acquisition of SymTek. The total impact of these reversals of previous expenses was in excess of $1.9 million.
In January 1995, the Company announced the appointment of L. David Sikes to fill the positions of President and Chief Executive Officer. Mr. Sikes succeeded D.J. Hill, who resigned. Sikes was most recently President of Ramtron International Corporation, of Colorado Springs.
Sikes stated, "With our flagship product the MCT 6100, we have refocused on our leading capabilities as a handler company. Financially, our primary objectives will be to further enhance MCT's cash position and focus on continued profitability."
MCT is a leading manufacturer of automated test handling equipment satisfying the complete range of handling requirements of the global semiconductor industry. MCT has the largest installed IC test handler base of any manufacturer, with over 8,500 units worldwide. Headquartered in St. Paul, Minnesota, the company has sales and support offices worldwide. MCT is quoted on the OTC Bulletin Board under the symbol MCTI.
Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended December 24, 1994 December 25, 1993 Net sales $ 8,515 $ 10,772 Cost of sales 5,429 5,629 Gross margin 3,086 5,143 Operating expenses (income): Selling, marketing, administrative 4,521 5,492 Research and development 1,093 1,401 Unusual and non-recurring items (5,808) - Other 705 - Total operating expenses 511 6,893 Income (loss) from operations 2,575 (1,750) Interest expense 61 165 Income (loss) before income taxes and extraordinary item 2,514 (1,915) Income tax provision 92 44 Net income (loss) before extraordinary items 2,422 (1,959) Gain on extinguishment of debt 1,005 - Net income (loss) 3,427 (1,959) Dividends on preferred stock - 23 Net income (loss) on common stock 3,427 (1,982) Earnings (loss) per common share $ 0.64 $ (0.45) Number of shares used in computing EPS 5,326 4,369
Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Six Months Ended Six Months Ended December 24, 1994 December 25, 1993 Net sales $ 17,020 $ 19,666 Cost of sales 9,980 10,544 Gross margin 7,040 9,122 Operating expenses (income): Selling, marketing, administrative 9,257 9,576 Research and development 2,489 2,593 Unusual and non-recurring items (5,808) - Other 729 - Total operating expenses 6,667 12,169 Income (loss) from operations 373 (3,047) Interest expense 274 896 Income (loss) before income taxes and extraordinary item 99 (3,943) Income tax provision 92 73 Net income (loss) before extraordinary items 7 (4,016) Gain on extinguishment of debt 1,005 - Net income (loss) 1,012 (4,016) Dividends on preferred stock - 158 Net income (loss) on common stock 1,012 (4,174) Earnings (loss) per common share $ 0.19 $ (1.42) Number of shares used in computing EPS 5,351 2,936
Condensed Consolidated Balance Sheet Items (In thousands, Unaudited) December 24, 1994 September 24, 1994 Assets Cash $ 2,606 $ 892 Accounts receivable net 5,259 7,627 Inventories net 7,703 14,769 Other current assets 2,866 827 Total current assets 18,434 24,115 Total assets 21,180 32,372
Liabilities and Stockholders' Equity Current portion of long-term debt 432 8,011 Accounts payable 4,232 11,863 Credit agreements 1,080 3,831 Other accrued liabilities 9,254 7,358 Total current liabilities 14,998 31,063 Long-term debt 80 24 Preferred stock 1,500 0 Additional paid-in capital 34,287 35,491 Accumulated deficit (27,973) (31,243) Total stockholders' equity 6,102 1,180 Total liabilities and stockholders' equity 21,180 32,372
NOTE TO EDITORS: A conference call will be held Friday, February 10th at 9:00am Central time, in conjunction with the preceding release. Please call 800-553-0273 (U.S.) or 303-446-0284 (International), 15 minutes in advance if you wish to participate.
CONTACT: Micro Component Technology, Inc., St. Paul
David Sugishita (financial), 612/482-5180
Henry S. Kim (editorial), 408/565-9540
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|Date:||Feb 10, 1995|
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