SAN JOSE, Calif., July 21 /PRNewswire/ -- GaSonics International
Corporation (Nasdaq: GSNX), the leading global supplier of semiconductor
equipment for the dry photoresist and residue removal markets, today reported
financial results for its third fiscal quarter and nine months ended June 30,
1999.
Net sales for the third quarter were $17.9 million as compared to
$23.6 million in the third quarter of fiscal 1998. Net loss was $1.6 million,
or $(0.11) per share, as compared to a net loss of $4.2 million, or $(0.30)
per share, posted in the same period the prior year.
For the first nine months of fiscal 1999, GaSonics reported revenues of
$41.1 million compared with $84.1 million for the same nine-month period last
year. Net loss for the nine months of fiscal 1999 was $14.5 million, or
$(1.01) per share, as compared to a net loss of $2.0 million, or $(0.14) per
share, in the prior year period.
Included in the results for the nine-month period of fiscal 1999 is a
charge to research and development of approximately $1.8 million, a net loss
of $(0.13) per share, that was recorded in the second quarter of fiscal 1999
primarily related to the accelerated write-off of demo and test equipment and
a charge of $407,000, a net loss of $(0.03) per share, for costs associated
with a reduction in workforce that occurred last December.
Included in the results for the third quarter and nine months of fiscal
1998 is a pretax charge of approximately $5 million, a net loss of $(0.24) per
share, related primarily to inventory reserves and costs associated with a
reduction in workforce and facilities consolidation.
Commenting on the results for the quarter, GaSonics' President and Chief
Executive Officer Asuri Raghavan noted, "We are continuing to see an
improvement in market conditions. This, coupled with the early success of our
new Iridia chambers, gives us cause to be optimistic going forward. The
versatility of the Iridia technology in addressing high dose implant strip and
complex clean applications is manifesting itself in several wins at customers
worldwide. Our book to bill for the quarter was better than 1 and we are
satisfied with the trend."
Management would like to remind readers that any forward looking
statements in this press release are always subject to risks in this
ever-changing marketplace, including the cyclicality in the markets served by
the Company's customers, market acceptance of new and enhanced versions of the
Company's products, the stability of the Asia-Pacific region, the mix of
products sold, the timing of significant orders and delays, deferrals,
rescheduling or cancellation of orders, the relationship of operating expenses
to revenue, and the proportion of direct sales and sales through distributors.
For a more detailed discussion of these and associated risks, the Company
refers the readers to documents filed with the Securities and Exchange
Commission (SEC) from time to time, specifically, the most recent Form 10-K
and Form 10-Q.
GaSonics International (Nasdaq: GSNX) is the leading global supplier of
photoresist strip solutions for the critical process steps between etch and
deposition. GaSonics' photoresist and residue removal tools improve device
performance and increase yield in semiconductor manufacturing. GaSonics'
technology leadership includes vertical high-pressure (VHP) thermal processing
for ultrathin gate oxides and low-pressure chemical vapor deposition (LPCVD)
for liquid-crystal display (LCD) manufacturing. Headquartered in San Jose,
Calif., GaSonics supports its installed base of more than 4,500 systems with a
global sales and support network. Additional information about the company is
available on GaSonics' website, located at http://www.gasonics.com
GaSonics International Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Nine Months Ended
(Unaudited) (Unaudited)
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
Net sales $17,902 $23,595 $41,139 $84,062
Cost of sales 10,280 16,426 26,808 48,769
Gross margin 7,622 7,169 14,331 35,293
Operating expenses:
Costs associated
with reduction
in force -- 503 407 503
Research and
development 4,151 5,401 13,449 15,805
Selling, general
and administrative 5,454 7,976 15,893 22,687
Total operating
expenses 9,605 13,880 29,749 38,995
Operating loss (1,983) (6,711) (15,418) (3,702)
Other income 362 433 939 769
Loss before income
taxes (1,621) (6,278) (14,479) (2,933)
Credit for income
taxes -- (2,076) -- (968)
Net loss $(1,621) $(4,202) $(14,479) $(1,965)
Net loss per share
- Basic $(0.11) $(0.30) $(1.01) $(0.14)
Net loss per share
- Diluted $(0.11) $(0.30) $(1.01) $(0.14)
Weighted average
common shares 14,363 14,045 14,287 13,996
Weighted average
common and common
equivalent shares 14,363 14,045 14,287 13,996
GaSonics International Corporation
Condensed Consolidated Balance Sheets
(In thousands)
June 30, Sept. 30,
1999 1998
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and equivalents $17,096 $14,698
Marketable securities 11,816 17,640
Trade accounts receivable, net 17,671 15,026
Inventories 16,023 20,822
Prepaid expenses and other
current assets 9,020 13,134
Total current assets 71,626 81,320
PROPERTY AND EQUIPMENT, NET 11,820 14,810
OTHER ASSETS 876 1,086
Total assets $84,322 $97,216
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Borrowings under credit facility $2,416 $2,116
Accounts payable 4,211 4,008
Accrued expenses 15,313 15,461
Total current liabilities 21,940 21,585
LONG-TERM LIABILITIES 89 223
STOCKHOLDERS' EQUITY:
Common stock and additional paid-in
capital 39,040 37,675
Retained earnings 23,253 37,733
Total stockholders' equity 62,293 75,408
Total liabilities and
stockholders' equity $84,322 $97,216
SOURCE GaSonics International Corporation
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Related links:
http://www.gasonics.com
CONTACT:
John E. Arnold, Corporate Controller of
GaSonics International Corporation, 408-570-7351, or fax,
408-570-7388; or Investors, Susan Katz, or General Information,
Lynne Farris, both of Financial Relations Board, 415-986-1591, or
fax, 415-986-5113
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