Ultratech Announces Third Quarter 2013 Results

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Ultratech Announces Third Quarter 2013 Results

SAN JOSE, Calif.--(BUSINESS WIRE)-- Ultratech, Inc. (NAS: UTEK) a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), today announced unaudited results for the three-month period ended September 28, 2013.

For the third quarter of fiscal 2013, Ultratech reported net sales of $29.7 million as compared to $60.5 million during the third quarter of fiscal 2012. Ultratech reported a net loss for the third quarter of 2013 of $7.8 million, or $0.28 per share, as compared to net income of $12.4 million, or $0.45 per share (diluted), for the same quarter last year.


"Despite recent reports of strengthening in the memory segment of the semiconductor market, we continue to be impacted by the pause in capital equipment spending that is occurring within the logic sector of the market," commented Arthur W. Zafiropoulo, Chairman and Chief Executive Officer of Ultratech. "As we have indicated in the past, the markets that we serve can be volatile, and due to the size of our average unit sale, this volatility can result in significant variability of our near-term results. However, we remain confident in our longer-term view that our leading technology solutions will be key to enabling the industry to make the inevitable and necessary migration to smaller process nodes and larger wafer sizes."

Mr. Zafiropoulo continued, "We will continue to focus on providing our customers with what we believe are the industry's most advanced and best-in-class solutions, leveraging our leading positions in advanced packaging, laser spike annealing, wafer inspection systems and high-brightness LEDs."

At September 28, 2013, Ultratech had $300.4 million in cash, cash equivalents and short-term investments. Working capital was $367.0 million and stockholders' equity was $14.44 per share based on 27,829,335 total shares outstanding as of September 28, 2013.

Conference Call Information

The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on Thursday, October 17, 2013. To listen to the call, dial 877/941-1427 (toll free) or 480/629-9664 (international) 10 minutes prior to the start time. The passcode is 4642667. A live webcast will also be available on the Investor Relations section of Ultratech's website at http://ir.ultratech.com. A replay of the call will be available on Ultratech's website at http://ir.ultratech.com or by dialing 800/406-7325 and entering access code: 4642667. The replay will be available until October 24, 2013.

Safe Harbor

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as "anticipates," "expects," "thinks," "intends," "believes," "estimates," and similar expressions and include management's expectation of its longer term prospects for success. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Such risks and uncertainties include the timing and possible delays, deferrals and cancellations of orders by customers; quarterly revenue fluctuations; industry and sector cyclicality, instability and unpredictability; market demand for consumer devices utilizing semiconductors produced by our clients; our ability to manage costs; new product introductions, market acceptance of new products and enhanced versions of our existing products; our lengthy sales cycles, and the timing of system installations and acceptances; lengthy and costly development cycles for laser-processing and lithography technologies and applications; competition and consolidation in the markets we serve; rapid technological change; pricing pressures and product discounts; our ability to collect receivables; product concentration and lack of product revenue diversification; inventory obsolescence; general economic, financial market and political conditions and other factors outside of our control; domestic and international tax policies; cybersecurity threats in the United States and globally that could impact our industry, customers, and technologies; and other factors described in our SEC reports including our Annual Report on Form 10-K filed for the year ended December 31, 2012, and our Quarterly Report on Form 10-Q for the three months ended June 29, 2013. Due to these and other factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. We undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.

About Ultratech: Ultratech, Inc. (NAS: UTEK) designs, builds and markets manufacturing systems for the global technology industry. Founded in 1979, Ultratech serves three core markets: front-end semiconductor, back-end semiconductor, and nanotechnology. The company is the leading supplier of lithography products for bump packaging of integrated circuits and high-brightness LEDs. Ultratech is also the market leader and pioneer of laser spike anneal technology for the production of advanced semiconductor devices. In addition, the company offers solutions leveraging its proprietary coherent gradient sensing (CGS) technology to the semiconductor wafer inspection market and provides atomic layer deposition (ALD) tools to leading research organizations, including academic and industrial institutions. Visit Ultratech online at: www.ultratech.com.

(UTEK-F)

     
ULTRATECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
           
Three Months Ended Nine Months Ended
September 28,September 29,September 28,September 29,
(In thousands, except per share amounts) 2013 20122013 2012
Total net sales*$29,732$60,547$133,244$169,234

Cost of sales:

Cost of products sold14,95322,84459,07164,825
Cost of services  2,989   3,534  8,813   9,801 
Total cost of sales  17,942   26,378  67,884   74,626 
Gross profit11,79034,16965,36094,608

Operating expenses:

Research, development and engineering8,4157,74524,61322,280
Selling, general, and administrative  12,082   11,469  35,265   32,938 
Operating income (loss)(8,707)14,9555,48239,390
Interest expense-(1)(48)(6)
Interest and other (expense) income, net  327   126  298   208 
 
Income (loss) before income taxes(8,380)15,0805,73239,592
Provision (benefit) for income taxes  (630)  2,638  (1,066)  5,779 
Net income (loss) $(7,750) $12,442    $6,798  $33,813 
 

Earnings per share - basic:

Net income (loss)$(0.28)$0.46$0.24$1.27
Number of shares used in per share calculations - basic28,07927,04727,94526,635

Earnings per share - diluted:

Net income (loss)$(0.28)$0.45$0.24$1.23
Number of shares used in per share calculations - diluted  28,079   27,777     28,733   27,481 
 
* Systems sales$21,088$49,743$102,377$138,476
Parts sales5,1486,49919,09516,394
Service sales3,3963,65211,37213,061
License sales  100   653  400   1,303 
Total sales $29,732  $60,547    $133,244  $169,234 
 

    
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
       
September 28,December 31,
(In thousands ) 2013   2012*

ASSETS

(Unaudited)
 

Current assets:

Cash, cash equivalents and short-term investments$300,419$302,508
Accounts receivable35,89042,464
Inventories, net57,33146,794
Prepaid expenses and other current assets  7,918    8,305
Total current assets401,558400,071
 
Equipment and leasehold improvements, net24,64119,801
Intangibles assets, net16,17412,282
Other assets  5,816    4,832
 
Total assets $448,189   $436,986
 
       

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

Notes payable$1,000$1,000
Accounts payable13,23317,741
Deferred product and service income6,54516,964
Other current liabilities  13,808    14,860
Total current liabilities34,58650,565
 
Other liabilities11,81711,235
 
Stockholders' equity  401,786    375,186
 
Total liabilities and stockholders' equity $448,189   $436,986
 
* The balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date.
 



Company Contact:
Bruce R. Wright, 408-321-8835
Senior Vice President and CFO
or
Investor Relations Contact:
The Blueshirt Group
Suzanne Schmidt, 415-217-4962
suzanne@blueshirtgroup.com
Melanie Solomon, 415-217-4964
melanie@blueshirtgroup.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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