FREMONT, CA --(Marketwired - April 23, 2015) - Mattson Technology, Inc. (
Business Highlights:
- Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014.
- Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to a gross margin of 33 percent in the fourth quarter of 2014, and a 3 percentage point improvement compared to a gross margin of 34 percent in the first quarter of 2014.
- Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014.
"I am pleased with our results this quarter and the continued discipline in executing our strategy," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "Not only do the financial results for the first quarter of 2015 represent the seventh consecutive profitable quarter on a non-GAAP basis, but the results also mark revenue and net income levels not achieved by the Company since 2007."
First Quarter 2015 Financial Results
Net revenue for the first quarter of 2015 was $58.3 million, an increase of $3.5 million or 6 percent, as compared to net revenue of $54.7 million in the fourth quarter of 2014, and an increase of $15.1 million or 35 percent, as compared to net revenue of $43.2 million in the first quarter of 2014.
Gross margin in the first quarter of 2015 was 37 percent, a 4 percentage point improvement compared to 33 percent gross margin in the fourth quarter of 2014, and a 3 percentage point improvement compared to 34 percent gross margin in the first quarter of 2014.
Total operating expense was $14.1 million in the first quarter of 2015, an increase of $1.0 million or 8 percent, as compared to operating expense of $13.1 million in the fourth quarter of 2014, and an increase of $2.1 million or 18 percent, as compared to total operating expense of $11.9 million in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP operating expense in these periods.
Net income for the first quarter of 2015 was $6.3 million, or $0.08 per diluted share. This compares to a net income of $5.0 million, or $0.07 per diluted share, in the fourth quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, in the first quarter of 2014. Due to the absence of restructuring and other charges in the first quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Conference Call
On Thursday, April 23, 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 first quarter financial results, current business conditions, the near-term business outlook and guidance for the second 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 in the accompanying tables. 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 quarter of 2015, the fourth quarter of 2014 and the first quarter of 2014.
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 | |||||||||||||
| March 29, 2015 | December 31, 2014 | March 30, 2014 | |||||||||||
| Net revenue | $ | 58,254 | $ | 54,747 | $ | 43,198 | |||||||
| Cost of goods sold | 36,860 | 36,870 | 28,552 | ||||||||||
| Gross margin | 21,394 | 17,877 | 14,646 | ||||||||||
| Operating expenses: | |||||||||||||
| Research, development and engineering | 5,250 | 5,607 | 4,524 | ||||||||||
| Selling, general and administrative | 8,841 | 7,453 | 7,421 | ||||||||||
| Total operating expenses | 14,091 | 13,060 | 11,945 | ||||||||||
| Income from operations | 7,303 | 4,817 | 2,701 | ||||||||||
| Interest and other income (expense), net | (477 | ) | 216 | (47 | ) | ||||||||
| Income before income taxes | 6,826 | 5,033 | 2,654 | ||||||||||
| Provision for income taxes | 521 | 70 | 189 | ||||||||||
| Net income | $ | 6,305 | $ | 4,963 | $ | 2,465 | |||||||
| Net income per share: | |||||||||||||
| Basic | $ | 0.08 | $ | 0.07 | $ | 0.04 | |||||||
| Diluted | $ | 0.08 | $ | 0.07 | $ | 0.04 | |||||||
| Shares used in computing net income per share: | |||||||||||||
| Basic | 74,670 | 73,861 | 66,275 | ||||||||||
| Diluted | 77,265 | 75,486 | 67,971 | ||||||||||
| MATTSON TECHNOLOGY, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited, in thousands) | |||||||
| March 29, 2015 | December 31, 2014 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 26,446 | $ | 22,760 | |||
| Accounts receivable, net | 38,216 | 33,578 | |||||
| Advance billings | 4,388 | 4,653 | |||||
| Inventories | 38,174 | 40,579 | |||||
| Prepaid expenses and other current assets | 9,188 | 9,767 | |||||
| Total current assets | 116,412 | 111,337 | |||||
| Property and equipment, net | 9,248 | 7,534 | |||||
| Restricted cash | 1,974 | 1,993 | |||||
| Other assets | 548 | 623 | |||||
| Total assets | $ | 128,182 | $ | 121,487 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 21,844 | $ | 22,434 | |||
| Accrued compensation and benefits | 5,112 | 4,601 | |||||
| Deferred revenues, current | 9,213 | 9,110 | |||||
| Other current liabilities | 6,939 | 6,630 | |||||
| Total current liabilities | 43,108 | 42,775 | |||||
| Deferred revenues, non-current | 957 | 1,160 | |||||
| Other liabilities | 2,494 | 2,442 | |||||
| Total liabilities | 46,559 | 46,377 | |||||
| Stockholders' equity | 81,623 | 75,110 | |||||
| Total liabilities and stockholders' equity | $ | 128,182 | $ | 121,487 | |||
Mattson Technology Investor Contact J. Michael Dodson tel 1-510-657-5900 fax 1-510-492-5963
