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Home Business & Finance Companies Mattson Technology, Inc. Reports Results for the Second Quarter of 2012

Mattson Technology, Inc. Reports Results for the Second Quarter of 2012

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Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter of 2012 ended July 1, 2012.

2012 Second Quarter Highlights:

Net loss for the second quarter of 2012 was $3.3 million, or a $0.06 net loss per share. This compares with a net loss of $1.1 million or a $0.02 net loss per share in the first quarter. Excluding restructuring charges of $0.8 million, non-GAAP net loss per share was $0.04 in the second quarter, compared to the non-GAAP net loss per share of $0.01in the first quarter, excluding restructuring charges of $0.7 million.

Gross margins were 38 percent for the second quarter of 2012, compared to 34 percent in the prior quarter. The increase in gross margin was primarily due to a favorable change in net sales deferrals as well as an increase of higher margin net sales of thermal systems and spares.

As a result of our cost reduction efforts, total operating expenses decreased $1.9 million to $16.3 million for the second quarter of 2012, compared to $18.2 million in the prior quarter. Excluding restructuring charges, non-GAAP operating expenses decreased by $2.0 million to $15.5 million for the second quarter of 2012 from $17.5 million in the prior quarter.

At July 1, 2012, working capital was $55.2 million, with cash, cash equivalents, and restricted cash of $30.7 million and no debt. The decrease in cash during the quarter of $6.7 million was primarily due to increased inventory of $5.8 million, which was principally the result of a customer requested delay in the shipment of systems during the quarter.

David L. Dutton, Mattson Technology's president and chief executive officer, commented, "As previously announced on July 10, primarily due to a request from a foundry customer to delay the shipment of systems, net sales for the second quarter were lower than expected at $34.9 million, a decrease of 31 percent from $50.5 million in the first quarter. As we previously reported, we also experienced the NAND business softening during the second quarter. We are addressing the near term weakness in our sector by focusing on additional cost reductions and incremental revenue opportunities. We have invested in leading technology and low cost of ownership product offerings that are currently positioned in major customers that we believe will over time lead to share gains, particularly in the etch and rapid thermal processing markets."

Dutton continued, "We expect to continue to be challenged with significantly lower net sales in the second half of 2012. We are continuing to focus on cost reduction activities and are seeking to reduce our cash flow break-even point to the mid-$30 million quarterly net sales run rate by the end of 2012. We are also continuing our efforts to secure asset based financing. We believe these measures will provide us with adequate liquidity to address our working capital needs."

Second Quarter 2012 Financial Results

Second quarter 2012 net sales of $34.9 million decreased $15.6 million, or 31 percent, compared with $50.5 million in the first quarter of 2012, and decreased $16.4 million, or 32 percent, compared with $51.3 million in the second quarter of 2011. Gross margin for the second quarter of 2012 was 38 percent as compared to 34 percent in the first quarter of 2012, and represents an eleven-point increase over the 27 percent gross margin in the second quarter of 2011.

Total operating expenses were $16.3 million for the second quarter of 2012, a decrease of $1.9 million compared to the first quarter of 2012. Excluding restructuring charges, non-GAAP operating expenses were $15.5 million in the second quarter of 2012, a $2.0 million decrease compared with $17.5 million in the first quarter of 2012, and a $2.5 million decrease compared with $18.0 million in the second quarter of 2011.

Net loss for the second quarter of 2012 was $3.3 million, or a $0.06 net loss per share. This compares with a net loss of $1.1 million, or a $0.02 net loss per share, in the first quarter of 2012, and a net loss of $5.2 million, or a $0.10 net loss per share, reported in the second quarter of 2011. Excluding restructuring charges, the non-GAAP net loss per share in the second quarter of 2012 was $0.04 as compared to a non-GAAP net loss per share of $0.01 in the first quarter of 2012.

www.mattson.com

 
English (United Kingdom)

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