Ultratech Announces Second 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 June 29, 2013.

For the second quarter of fiscal 2013, Ultratech reported net sales of $42.9 million as compared to $59.1 million during the second quarter of fiscal 2012. Ultratech's net income for the second quarter of 2013 was $0.9 million, or $0.03 per share (diluted), as compared to net income of $11.2 million, or $0.41 per share (diluted), for the same quarter last year.


Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "We believe the longer term prospects for our success remain firmly in place, as demonstrated by our recent announcements of the shipment of our first ambient control LSA201 to a leading IDM and the repeat advanced packaging order we received from a leading OSAT customer in Asia. With our leading technology position, premier customer base, and dedicated workforce around the globe, we believe we remain well-positioned to capture a leading share of our target markets in the future."

At June 29, 2013, Ultratech had $299.7 million in cash, cash equivalents and short-term investments. Working capital was $373.6 million and stockholders' equity was $14.59 per share based on 27,774,171 total shares outstanding as of June 29, 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, July 18, 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 4628425. 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 800/406-7325 and entering access code: 4628425. The replay will be available until July 25, 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 March 30, 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           Six Months Ended
June 29, June 30, June 29, June 30,
(In thousands, except per share amounts)             2013         2012             2013         2012
Total net sales* $ 42,866 $ 59,112 $ 103,512 $ 108,687

Cost of sales:

Cost of products sold 19,578 23,930 44,118 41,981
Cost of services             3,011         3,142             5,824         6,267
Total cost of sales             22,589         27,072             49,942         48,248
Gross profit 20,277 32,040 53,570 60,439

Operating expenses:

Research, development and engineering 7,802 7,772 16,198 14,535
Selling, general, and administrative             11,362         11,088             23,183         21,469
Operating income 1,113 13,180 14,189 24,435
Interest expense (24) (2) (48) (5)
Interest and other (expense) income, net             (149)         (46)             (29)         82
Income before income taxes 940 13,132 14,112 24,512
Provision (benefit) for income taxes             84         1,961             (436)         3,141
 
Net income             $ 856       $ 11,171           $ 14,548       $ 21,371

Earnings per share - basic:

Net income $ 0.03 $ 0.42 $ 0.52 $ 0.81
Number of shares used in per share calculations - basic 27,945 26,530 27,800 26,387

Earnings per share - diluted:

Net income $ 0.03 $ 0.41 $ 0.51 $ 0.78
Number of shares used in per share calculations - diluted             28,653         27,387             28,673         27,247
 
* Systems sales $ 31,114 $ 48,119 $ 81,289 $ 88,733
Parts sales 7,557 5,406 13,947 9,895
Service sales 3,895 5,337 7,976 9,409
License sales             300         250             300         650
Total sales           $ 42,866       $ 59,112           $ 103,512       $ 108,687
 

ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

                     
 
June 29, December 31,

(In thousands)

                  2013       2012*
ASSETS (Unaudited)
 

Current assets:

Cash, cash equivalents, and short-term investments $ 299,690 $ 302,508
Accounts receivable 45,906 42,464
Inventories 56,057 46,794
Prepaid expenses and other current assets             9,127         8,305
Total current assets 410,780 400,071
 
Equipment and leasehold improvements, net 22,245 19,801
Intangibles 16,612 12,282
Other assets             4,529         4,832
 
Total assets           $ 454,166       $ 436,986
 
                             
LIABILITIES AND STOCKHOLDERS' EQUITY
 

Current liabilities:

Notes payable $ 1,000 $ 1,000
Accounts payable 16,550 17,741
Deferred product and service income 7,679 16,964
Other current liabilities             11,962         14,860
Total current liabilities 37,191 50,565
 
Other liabilities 11,814 11,235
 
Stockholders' equity             405,161         375,186
 
Total liabilities and stockholders' equity           $ 454,166       $ 436,986
 
* The balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date.
 


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