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Home > Press > Ultratech Announces Third Quarter 2007 Results

Abstract:
Ultratech, Inc. (NASDAQ:UTEK) today announced unaudited results for the three-month and nine-month periods ended September 29, 2007.

Ultratech Announces Third Quarter 2007 Results

San Jose, CA | Posted on October 18th, 2007

For the third quarter of fiscal 2007, Ultratech reported net sales of $25.2 million compared to $33.9 million during the third quarter of 2006. Ultratech's net loss for the third quarter of 2007 was $0.9 million or $0.04 per share compared to a net loss of $2.6 million or $0.11 per share for the same quarter last year. For the first nine months of 2007, Ultratech reported net sales of $82.6 million compared to net sales of $94.9 million in the first nine months of 2006. Ultratech posted a net loss of $3.1 million or $0.13 per share during the first nine months of 2007, compared to net loss of $2.2 million or $0.09 per share in the first nine months of 2006.

Arthur W. Zafiropoulo, Chairman, Chief Executive Officer and President, stated, "During the quarter, Ultratech continued to penetrate the marketplace with our Laser Spike Anneal (LSA) systems as our strategic customers transition to leading-edge 65-nm and 45-nm technology nodes.

"Ultratech remains focused on driving improvement through both continued cost discipline and operational management to improve our results for the long term. At the same time, Ultratech will further its ongoing efforts to deliver superior customer support and provide semiconductor manufacturers with reliable solutions that enable advantages in both technology and cost efficiency in our served markets," Zafiropoulo concluded.

At September 29, 2007, Ultratech had $132 million in cash, cash equivalents, short-term investments and long-term investments. Working capital was $134 million and stockholders' equity was $7.47 per share based on 23,366,319 total shares outstanding on September 29, 2007.

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 18, 2007. To listen to the call over the Internet or to obtain telephone dial-in information for the call, please go to Ultratech's web site at http://www.ultratech.com .

If you are unable to attend the live conference call, a replay will be available on Ultratech's web site. If you do not have Internet access, a replay of the call will be available three hours after the conclusion of the call and run until 9:00 p.m. Pacific Time, October 20, 2007. You may access the telephone replay by dialing 800-642-1687 for domestic callers, 706-645-9291 for international callers and entering access code: 19629473.

####

About Ultratech, Inc.

Profile

Ultratech, Inc. (NASDAQGM:UTEK) designs, manufactures and markets photolithography and laser processing equipment. Founded in 1979, Ultratech is a market leader in gold and solder bump lithography, in addition to being a pioneer of laser processing. Its advanced-packaging lithography systems deliver strong cost-of-ownership, repeatability and throughput advantages, and are used worldwide in the fabrication of semiconductors and FPDs. Ultratechs advanced laser processing technology enhances yields, while enabling a cost-effective transfer to 65-nm and below production, and is being integrated into the manufacturing lines of leading-edge semiconductor manufacturers. Ultratechs home page on the World Wide Web is located at: www.ultratech.com.

Certain of the statements contained herein, which are not historical facts and which can generally be identified by words such as anticipates, expects, intends, will, could, believes, estimates, continue, and similar expressions, are forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, such as risks related to our dependence on new product introductions and market acceptance of new products and enhanced versions of our existing products; lengthy sales cycles, including the timing of system installations and acceptances; lengthy and costly development cycles for laser-processing and lithography technologies and applications; integration, development and associated expenses of the laser processing operation; delays, deferrals and cancellations of orders by customers; cyclicality in the semiconductor and nanotechnology industries; pricing pressures and product discounts; high degree of industry competition; intellectual property matters; expiration of licensing arrangements, and the resulting adverse impact on our licensing revenues; changes to financial accounting standards; changes in pricing by us, our competitors or suppliers; customer concentration; international sales; timing of new product announcements and releases by us or our competitors; ability to volume produce systems and meet customer requirements; sole or limited sources of supply; ability and resulting costs to attract or retain sufficient personnel to achieve our targets for a particular period; dilutive effect of employee stock option grants on net income per share, which is largely dependent upon us achieving and maintaining profitability and the market price of our stock; mix of products sold; rapid technological change and the importance of timely product introductions; outcome of litigation; manufacturing variances and production levels; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; inventory obsolescence; asset impairment; effects of certain anti-takeover provisions; announced and future acquisitions; volatility of stock price; foreign government regulations and restrictions; business interruptions due to natural disasters or utility failures; environmental regulations; and any adverse effects of terrorist attacks in the United States or elsewhere, or government responses thereto, or military actions in Iraq, Afghanistan and elsewhere, on the economy, in general, or on our business in particular. Such risks and uncertainties are described in Ultratechs SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2006 as amended and Quarterly Report on Form 10Q for the quarter ended June 30, 2007. Due to these and additional factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. These forward-looking statements are based on managements current beliefs and expectations, some or all of which may prove to be inaccurate, and which may change. 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.

ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
   
 
(In thousands )   Sept. 29,
2007
 

Dec. 31,
2006*

ASSETS

(Unaudited)

 
Current assets:

Cash, cash equivalents, and short-term investments

$ 109,048 $ 78,090
Accounts receivable 13,243 18,054
Inventories 35,674 40,988

Prepaid expenses and other current assets

    3,163     2,181
Total current assets 161,128 139,313
 
Long-term investments 23,374 48,328
 

 

Equipment and leasehold improvements, net

18,225 20,326
 
Demonstration inventories, net 4,032 4,717
 
Other assets     2,193     3,366
 
Total assets   $ 208,952   $ 216,050
 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Notes payable $ 6,558 $ 6,974
Accounts payable 7,684 10,440
Deferred product and service income 2,609 2,950
Other current liabilities     10,488     13,998
Total current liabilities 27,339 34,362
 
Other liabilities 7,186 7,580
 
Stockholders' equity     174,427     174,108
 
Total liabilities and stockholders' equity   $ 208,952   $ 216,050
 

* The balance sheet as of December 31, 2006 has been derived from the audited financial statements as of that date.

ULTRATECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                 
  Three Months Ended   Nine Months Ended
(In thousands, except per share amounts)   Sept. 29,
2007
  Sept. 30,
2006
  Sept. 29,
2007
  Sept. 30,
2006

Total net sales*

$ 25,188   $ 33,943 $ 82,567   $ 94,930
 
Cost of sales:
Cost of products sold

12,363

18,713

41,236

49,650
Cost of services     2,464       2,780     6,994       7,362  
Total cost of sales    

14,827

      21,493    

48,230

      57,012  
Gross profit

10,361

12,450

34,337

37,918
Operating expenses:

Research, development, and engineering

5,981 7,146 17,781 19,649

Selling, general, and administrative

   

7,026

      8,872    

23,889

      24,514  
Operating income (loss)

(2,646

) (3,568 )

(7,333

) (6,245 )
Interest expense (123 ) (95 ) (594 ) (139 )
Interest and other income, net     1,696       1,545     4,811       4,774  
 
Income (loss) before tax

(1,073

) (2,118 )

(3,116

) (1,610 )
Income taxes    

(189

)     450      

(7

)

    552  
Net income (loss)    

($884

)     ($2,568 )    

($3,109

)     ($2,162 )
Earnings per share - basic:
Net income (loss)

($0.04

) ($0.11 )

($0.13

) ($0.09 )
Number of shares used in per share calculations - basic 23,394

23,477

23,344

23,747

 
Earnings per share - diluted:
Net income (loss)

($0.04

) ($0.11 )

($0.13

) ($0.09 )
Number of shares used in per share calculations - diluted     23,394      

23,477

      23,344      

23,747

 
 
 

* Systems Sales

$ 17,285 $ 25,723 $ 57,909 $ 70,568

 Parts Sales

3,624 4,294 12,803 13,220

 Service Sales

4,279 3,826 11,755 10,942

 License Sales

    -      

100

      100       200  
Total Sales   $ 25,188     $ 33,943     $ 82,567     $ 94,930  
 
 

(UTEK-F)

For more information, please click here

Contacts:
Ultratech, Inc., San Jose
Bruce Wright, 408-321-8835
Sr. Vice President, Finance/CFO
or
Laura Rebouche’, 408-321-8835
Vice President of Investor Relations, Corporate and
Marketing Communications

Copyright © Business Wire 2007

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