Mattson Technology, Inc. Reports Results for the Third Quarter of 2015
/EINPresswire.com/ -- FREMONT, CA--(Marketwired - October 29, 2015) - Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the third quarter ended September 27, 2015.
Business Highlights:
- Net revenue for the third quarter of 2015 of $38.9 million was in-line with previously issued guidance.
- Gross margin in the third quarter of 2015 was in-line with previously issued guidance at 35 percent.
- Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share, and exceeded previously issued guidance and represented the ninth consecutive profitable quarter on a non-GAAP basis.
"In spite of challenging industry conditions, I am pleased with our ability to achieve top line results at the high end of expectations," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Further, our flexibility in managing our cost structure to align with changes in industry demand, without sacrificing our focus on our customers' success, enabled us to exceed our own expectations for profitability."
Third Quarter 2015 Financial Results
Net revenue for the third quarter of 2015 was $38.9 million, a decrease of $4.4 million or 10 percent, as compared to net revenue of $43.3 million in the second quarter of 2015, and up slightly from net revenue of $38.4 million reported in the third quarter of 2014.
Gross margin in the third quarter of 2015 was 35 percent, a decrease of 2 percentage points as compared to the second quarter of 2015, and a 1 percentage point improvement compared to 34 percent gross margin in the third quarter of 2014.
Total operating expense was $11.8 million in the third quarter of 2015, a decrease of $1.5 million or 11 percent, as compared to operating expense of $13.3 million in the second quarter of 2015, and a decrease of $0.6 million or 5 percent, as compared to total operating expense of $12.5 million in the third quarter of 2014. Excluding restructuring charges of $0.3 million in the third quarter of 2014, non-GAAP operating expense was $12.2 million.
Net income for the third quarter of 2015 was $2.0 million, or $0.03 per diluted share. This compares to net income of $2.6 million, or $0.03 per diluted share, in the second quarter of 2015, and net income of $0.5 million, or $0.01 per diluted share, in the third quarter of 2014. Due to the immateriality of restructuring and other charges in the third quarter of 2014, and the absence of restructuring and other charges in the second and third quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Conference Call
On Thursday, October 29, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 third quarter financial results, current business conditions, the near-term business outlook and guidance for the fourth 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 (970) 315-0417.
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 second or third quarters of 2015, and restructuring and other charges in the third quarter of 2014 were $0.3 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 Nine Months Ended
--------------------------------- ---------------------
September September September September
27, June 28, 28, 27, 28,
2015 2015 2014 2015 2014
----------- ---------- ---------- ---------- ----------
Net revenue $ 38,894 $ 43,334 $ 38,430 $ 140,482 $ 123,657
Cost of goods sold 25,347 27,315 25,432 89,522 82,717
----------- ---------- ---------- ---------- ----------
Gross margin 13,547 16,019 12,998 50,960 40,940
----------- ---------- ---------- ---------- ----------
Operating expenses:
Research,
development and
engineering 4,033 5,184 4,849 14,467 13,819
Selling, general
and administrative 7,812 8,158 7,302 24,811 21,413
Restructuring and
other charges - - 301 - 412
----------- ---------- ---------- ---------- ----------
Total operating
expenses 11,845 13,342 12,452 39,278 35,644
----------- ---------- ---------- ---------- ----------
Income from
operations 1,702 2,677 546 11,682 5,296
Interest and other
income (expense),
net 540 (18) 101 105 (109)
----------- ---------- ---------- ---------- ----------
Income before income
taxes 2,242 2,659 647 11,787 5,187
Provision for income
taxes 219 78 110 878 269
----------- ---------- ---------- ---------- ----------
Net income $ 2,023 $ 2,581 $ 537 $ 10,909 $ 4,918
=========== ========== ========== ========== ==========
Net income per
share:
Basic $ 0.03 $ 0.03 $ 0.01 $ 0.15 $ 0.07
Diluted $ 0.03 $ 0.03 $ 0.01 $ 0.14 $ 0.07
Shares used in
computing net
income per share:
Basic 75,129 74,920 73,731 74,785 71,215
Diluted 76,546 77,019 75,023 76,849 72,637
MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
September December
27, 31,
2015 2014
----------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 36,699 $ 22,760
Accounts receivable, net 23,826 33,578
Advance billings 2,852 4,653
Inventories 42,611 40,579
Prepaid expenses and other current assets 6,122 9,767
----------- ----------
Total current assets 112,110 111,337
Property and equipment, net 8,754 7,534
Restricted cash 1,811 1,993
Other assets 500 623
----------- ----------
Total assets $ 123,175 $ 121,487
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 13,706 $ 22,434
Accrued compensation and benefits 6,197 4,601
Deferred revenues, current 6,757 9,110
Other current liabilities 6,038 6,630
----------- ----------
Total current liabilities 32,698 42,775
Deferred revenues, non-current 552 1,160
Other liabilities 2,477 2,442
----------- ----------
Total liabilities 35,727 46,377
Stockholders' equity 87,448 75,110
----------- ----------
Total liabilities and stockholders' equity $ 123,175 $ 121,487
=========== ==========
Mattson Technology Contact
J. Michael Dodson
tel 1-510-657-5900
fax 1-510-492-5963
Distribution channels: Technology
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