FREMONT, CA--(Marketwired - July 30, 2015) - Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter ended June 28, 2015.
Business Highlights:
- Net revenue for the second quarter of 2015 was in-line with previously issued guidance at $43.3 million.
- Gross margin in the second quarter of 2015 was 37 percent, essentially flat with the first quarter of 2015 and in-line with previously issued guidance.
- Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share, representing the eighth consecutive profitable quarter on a non-GAAP basis.
"I am proud of our success with the continued collaboration with our customers on meeting their technological challenges in manufacturing leading edge devices," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "The collaboration with our customers is evidenced, in part, from recent announcements regarding shipments of our Millios system in each of the last six quarters, the release of our Suprema' XP for high volume production at multiple memory fabrication facilities and the shipment of our 100
Second Quarter 2015 Financial Results
Net revenue for the second quarter of 2015 was $43.3 million, a decrease of $14.9 million or 26 percent, as compared to net revenue of $58.3 million in the first quarter of 2015, and up slightly from net revenue of $42.0 million reported in the second quarter of 2014.
Gross margin in the second quarter of 2015 was 37 percent, essentially flat as compared to the first quarter of 2015, and a 5 percentage point improvement compared to 32 percent gross margin in the second quarter of 2014.
Total operating expense was $13.3 million in the second quarter of 2015, a decrease of $0.7 million or 5 percent, as compared to operating expense of $14.1 million in the first quarter of 2015, and an increase of $2.1 million or 19 percent, as compared to total operating expense of $11.2 million in the second quarter of 2014. Excluding restructuring charges of $0.1 million in the second quarter of 2014, non-GAAP operating expense was $11.1 million.
Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share. This compares to net income of $6.3 million, or $0.08 per diluted share, in the first quarter of 2015, and net income of $1.9 million, or $0.03 per diluted share, in the second quarter of 2014. Due to the immateriality of restructuring and other charges in the second quarter of 2014, and the absence of restructuring and other charges in the first and second quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Conference Call
On Thursday, July 30, 2015, at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 second quarter financial results, current business conditions, the near-term business outlook and guidance for the third quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the "Investors" section. To access the live conference call, please dial (877) 430-4657.
Use of Non-GAAP Measures
In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this press release contains certain non-GAAP financial measures. The Company's non-GAAP results for total operating expenses and net income per share exclude amounts listed as restructuring and other charges. Management uses non-GAAP operating expenses and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. The Company did not have any restructuring and other charges during the first or second quarters of 2015, and restructuring and other charges in the second quarter of 2014 were $0.1 million.
About Mattson Technology, Inc.
Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Etch, Rapid Thermal Processing and Millisecond Anneal. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON / (510) 657-5900. Internet: www.mattson.com.
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended Six Months Ended
--------------------------- ------------------
June 28, March 29, June 29, June 28, June 29,
2015 2015 2014 2015 2014
-------- --------- -------- --------- --------
Net revenue $43,334 $ 58,254 $42,029 $101,588 $85,227
Cost of goods sold 27,315 36,860 28,733 64,175 57,285
-------- --------- -------- --------- --------
Gross margin 16,019 21,394 13,296 37,413 27,942
-------- --------- -------- --------- --------
Operating expenses:
Research, development and
engineering 5,184 5,250 4,446 10,434 8,970
Selling, general and
administrative 8,158 8,841 6,690 16,999 14,111
Restructuring and other
charges - - 111 - 111
-------- --------- -------- --------- --------
Total operating
expenses 13,342 14,091 11,247 27,433 23,192
-------- --------- -------- --------- --------
Income from operations 2,677 7,303 2,049 9,980 4,750
Interest and other income
(expense), net (18) (477) (163) (495) (210)
-------- --------- -------- --------- --------
Income before income taxes 2,659 6,826 1,886 9,485 4,540
Provision for (benefit from)
income taxes 78 521 (30) 599 159
-------- --------- -------- --------- --------
Net income $ 2,581 $ 6,305 $ 1,916 $ 8,886 $ 4,381
======== ========= ======== ========= ========
Net income per share:
Basic $ 0.03 $ 0.08 $ 0.03 $ 0.12 $ 0.06
Diluted $ 0.03 $ 0.08 $ 0.03 $ 0.12 $ 0.06
Shares used in computing net
income per share:
Basic 74,920 74,700 73,532 74,611 69,943
Diluted 77,019 77,265 74,679 76,973 71,405
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 28, December 31,
2015 2014
--------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 30,863 $ 22,760
Accounts receivable, net 26,294 33,578
Advance billings 3,329 4,653
Inventories 42,768 40,579
Prepaid expenses and other current assets 7,515 9,767
--------- -------------
Total current assets 110,769 111,337
Property and equipment, net 9,587 7,534
Restricted cash 1,979 1,993
Other assets 530 623
--------- -------------
Total assets $ 122,865 $ 121,487
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 13,128 $ 22,434
Accrued compensation and benefits 7,017 4,601
Deferred revenues, current 7,371 9,110
Other current liabilities 6,739 6,630
--------- -------------
Total current liabilities 34,255 42,775
Deferred revenues, non-current 755 1,160
Other liabilities 2,504 2,442
--------- -------------
Total liabilities 37,514 46,377
Stockholders' equity 85,351 75,110
--------- -------------
Total liabilities and stockholders' equity $ 122,865 $ 121,487
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Mattson Technology Contact
J. Michael Dodson
Mattson Technology, Inc.
tel 1-510-657-5900
fax 1-510-492-5963
