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Home > Press > Ultratech Announces Fourth Quarter and Year End 2007 Results

Abstract:
Ultratech, Inc. (Nasdaq:UTEK) today announced unaudited results for the three-month and one year periods ended December 31, 2007.

Ultratech Announces Fourth Quarter and Year End 2007 Results

San Jose, CA | Posted on January 31st, 2008

For the fourth quarter of fiscal 2007, Ultratech reported net sales of $29.7 million, as compared to $24.7 million during the fourth quarter of fiscal 2006. Ultratech's net income for the fourth quarter of 2007 was $2.1 million, or $0.09 per share (diluted), as compared to a net loss of $6.8 million, or $0.29 per share for the same quarter last year. Ultratech's net sales for the year ended December 31, 2007 were $112.3 million, as compared to $119.6 million for fiscal 2006. Ultratech posted a net loss for the year ended December 31, 2007 of $1.0 million, or $0.04 per share, as compared with a net loss of $9.0 million or $0.38 per share in fiscal 2006.

Arthur W. Zafiropoulo, President and Chief Executive Officer, stated, "During the fourth quarter, the fruits of our year-long initiative to return to profitability were achieved. We continued to increase our order momentum and margins, while dropping our breakeven point. The advanced packaging business continued to drive our revenues for the quarter specifically in the 300mm solder bump area. In the laser processing area, we are pleased to announce that we have successfully won several head-to-head bids over our competition and our laser spike anneal (LSA) process has been chosen by several IDM and foundry customers as the process-of-record (PoR) for both 65nm and 45nm."

"2007 was a year of progress for Ultratech. We worked diligently to better understand our customers' requirements and to provide solutions in our served markets," continued Zafiropoulo. "During the year, actions were put in place to restructure our global operations to reflect changing markets, achieve increased capital productivity in our manufacturing strategy and streamline our cost structure to drive efficiencies throughout our business."

"In 2008 we expect to continue to make progress in improving our current business results through controlling our operating expenses, while driving for growth and investing in the key initiatives that we believe will result in sustained performance. Our goals are well-defined — we want to grow faster than the industry, drive positive cash flow and create value over the long-term for our stockholders," Zafiropoulo concluded.

At December 31, 2007, Ultratech had $132 million in cash, cash equivalents and short-term investments. Working capital was $162 million and stockholders' equity was $7.59 per share based on 23,371,055 total shares outstanding on December 31, 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, January 31, 2008. 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 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, February 2, 2008. You may access the telephone replay by dialing 800-642-1687 for domestic callers, 706-645-9291 for international callers and entering access code: 30358317.

####

About Ultratech, Inc.

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 65nm 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 and general economic conditions including impact on capital spending; 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 September 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
   
 
Dec. 31, Dec. 31,
(In thousands )   2007  

2006*

ASSETS (Unaudited)
 

Current assets:

Cash, cash equivalents, and short-term investments

$131,998 $78,090
Accounts receivable 30,562 18,054
Inventories 29,128 40,988
Prepaid expenses and other
current assets   3,874   2,181
Total current assets 195,562 139,313
 
Long-term investments - 48,328
 

Equipment and leasehold improvements, net

16,826 20,326
 
Demonstration inventories, net 3,652 4,717
 
Other assets   2,601   3,366
 
Total assets   $218,641   $216,050
 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
 

Current liabilities:

Notes payable $5,794 $6,974
Accounts payable 8,200 10,440
Deferred product and service income 10,161 2,950
Other current liabilities   9,552   13,998
Total current liabilities 33,707 34,362
 
Other liabilities 7,534 7,580
 
Stockholders' equity   177,400   174,108
 
Total liabilities and stockholders' equity   $218,641   $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   Year Ended
(In thousands, except per share amounts)   Dec. 31
2007
  Dec. 31
2006
Dec. 31
2007
  Dec. 31
2006

Total net sales*

$29,743   $24,703 $112,310   $119,633
 

Cost of sales:

Cost of products sold 12,598 14,606 53,834 64,256
Cost of services   2,623   1,991 9,617   9,353
Total cost of sales   15,221   16,597 63,451   73,609
Gross profit 14,522 8,106 48,859 46,024

Operating expenses:

Research, development, and engineering

5,654 6,557 23,435 26,206

Selling, general, and administrative

  7,302   9,675 31,191   34,189
Operating income (loss) 1,566 (8,126) (5,767) (14,371)
Interest expense (107) (98) (701) (237)
Interest and other income, net   899   1,820 5,710   6,594
 
Income (loss) before tax 2,358 (6,404) (758) (8,014)
Income taxes   293   402   286   954
Net income (loss)   $2,065   ($6,806)   ($1,044)   ($8,968)

Earnings per share - basic:

Net income (loss) $0.09 ($0.29) ($0.04) ($0.38)
Number of shares used in per share calculations - basic 23,413 23,213 23,354 23,764
 

Earnings per share - diluted:

Net income (loss) $0.09 ($0.29) ($0.04) ($0.38)
Number of shares used in per share calculations - diluted   23,514   23,213   23,354   23,764
 

* Systems Sales

$22,771 $17,322 $80,680 $87,890
Parts Sales 3,100 4,167 15,903 17,387
Service Sales 3,872 3,214 15,627 14,156
License Sales   -   -   100   200
Total Sales   $29,743   $24,703   $112,310   $119,633

For more information, please click here

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

Copyright © Business Wire 2008

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