MRO Magazine

Ultratech Announces Second Quarter 2015 Results


July 23, 2015
By Business Wire News

SAN JOSE, Calif.

Ultratech, Inc. (NASDAQ: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 July 4, 2015.

For the second quarter of fiscal 2015, Ultratech reported net sales of $45.9 million as compared to $36.8 million during the second quarter of fiscal 2014. Ultratech’s net income for the second quarter of 2015 was $1.5 million, or $0.06 per share, as compared to net loss of $3.9 million, or $(0.14) per share, for the same quarter last year.

Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, “Ultratech’s second quarter results primarily reflect strong demand for our advanced packaging tools, which is driven in part by the need for cutting-edge consumer mobile products. Our AP tools are best-in-class at meeting consumer demand for smaller form factors, and we benefited from our strong market share in back-end processing.”

At July 4, 2015, Ultratech had $279.5 million in cash, cash equivalents and short-term investments. Working capital was $338.9 million and stockholders’ equity was $13.40 per share based on 27,364,690 total shares outstanding as of July 4, 2015.

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 today. To listen to the call, dial 888/539-3696 (toll free) or 719/325-2463 (international) 10 minutes prior to the start time. The passcode is 3290698. 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 at the same location or by dialing 888/203-1112 and entering access code 3290698.

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,” “may,” “remains,” “thinks,” “intends,” “believes,” “estimates,” and similar expressions and include management’s current 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; reliability and technical acceptance of our 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; improvements, including in cost and technical features, of competitors’ products; rapid technological change; pricing pressures and product discounts; our ability to collect receivables; customer and 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; acquisitions, 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, 2014. 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. (Nasdaq: UTEK) designs, builds and markets manufacturing systems for the global technology industry. Founded in1979, 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 EndedYear Ended
July 4, June 28,July 4, June 28,
(In thousands, except per share amounts)2015   20142015   2014
Total net sales*$45,921 $ 36,837$87,807 $ 68,446

Cost of sales:

Cost of products sold21,546 17,38341,151 32,831
Cost of services  2,904       2,944    6,153       6,113  
Total cost of sales  24,450       20,327    47,304       38,944  
Gross profit21,471 16,51040,503 29,502

Operating expenses:

Research, development and engineering7,993 8,17516,417 16,389
Selling, general, and administrative  12,015       12,418    24,058       24,384  
Operating income (loss)1,463 (4,083 )28 (11,271 )
Interest expense(20)(51) (2 )
Interest and other (expense) income, net  48       105    187       422  
Income (loss) before income taxes1,491 (3,978 )164 (10,851 )
Provision (benefit) for income taxes  (48)     (88 )  312       10  
Net income (loss)$1,539     $ (3,890 )$(148)   $ (10,861 )
 

Earnings per share – basic:

Net income (loss)$0.06 $ (0.14 )$(0.01) $ (0.38 )
Number of shares used in per share calculations – basic27,780 28,32027,799 28,265
 

Earnings per share – diluted:

Net income (loss)$0.06 $ (0.14 )$(0.01) $ (0.38 )
Number of shares used in per share calculations – diluted  27,980       28,320    27,799       28,265  
 
* Systems sales$37,080 $ 27,571$69,269 $ 50,275
Parts sales5,079 5,83210,911 10,694
Service sales3,562 3,4347,327 7,377
License sales  200          300       100  
Total sales$45,921     $ 36,837  $87,807     $ 68,446  
 
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
         
 July 4,   December 31,
(In thousands )  2015   2014*
ASSETS (Unaudited)
 

Current assets:

Cash, cash equivalents and short-term investments$279,476 $ 269,730
Accounts receivable32,011 44,217
Inventories, net58,129 51,859
Prepaid expenses and other current assets    5,045     5,774
Total current assets374,661 371,580
 
Equipment and leasehold improvements, net19,529 20,926
Intangibles assets, net13,139 13,995
Other assets    9,548     11,017
 
Total assets  $416,877   $ 417,518
         
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

Current liabilities:

Notes payable$5,120 $ 5,120
Accounts payable11,745 12,086
Deferred product and service income6,926 8,638
Other current liabilities    11,959     11,302
Total current liabilities35,750 37,146
 
Other liabilities14,419 15,252
 
Stockholders’ equity    366,708     365,120
 
Total liabilities and stockholders’ equity  $416,877   $ 417,518
 
* The balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date.

Company Contact:
Ultratech, Inc.
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