SAN JOSE, Calif., Nov. 3 /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 fourth quarter and fiscal year ended September 30,
1999.
Net sales for the fourth quarter of fiscal 1999 were $23.1 million, up 41%
compared with $16.4 million in the fourth quarter of fiscal 1998. Net income
of $397,000, or $0.03 per share was recorded for the fourth quarter of fiscal
1999 compared to a net loss of $3.7 million, or $(0.26) per share for the same
period last year. The book to bill ratio for the quarter was greater than 1:1
and bookings momentum continues.
For the fiscal year, net sales totaled $64.3 million, compared with
$100.4 million in fiscal 1998. A net loss for the year of $14.1 million, or
$(0.98) per share compared to a net loss of $5.7 million, or $(0.41) per share
in fiscal 1998. Included in the results for fiscal 1999 is a charge of
$2.2 million, or $0.16 per share primarily related to the accelerated write-
off of demo and engineering test equipment and for costs associated with a
reduction in workforce. Fiscal 1998 results include a pre-tax charge of
$5.7 million, or $0.27 per share related primarily to reserves for excess
inventory, costs of workforce reductions and costs associated with facilities
consolidations.
"The Company's return to profitability highlighted the quarter," noted
Asuri Raghavan, President and Chief Executive Officer. "Although we reported
a net loss for the year, we managed sequential improvement in operating
results each quarter, leading to a profitable fourth quarter. Even more
encouraging are the favorable conditions in the global semiconductor capital
equipment market that we are currently experiencing. Improved market
conditions worldwide are driving investments in new plant equipment and tool
upgrades. GaSonics should be a direct benefactor of this environment as
customers look to enhance productivity through new and improved technologies,
including the successful launch of our new Iridia product targeted at complex
post etch residue removal applications," concluded Mr. Raghavan.
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 cancellations 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 Corp. (Nasdaq: GSNX) is a leading global supplier
of integrated clean 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 Twelve Months Ended
(Unaudited)
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
Net sales $23,140 $16,368 $64,279 $100,430
Cost of sales 13,086 10,357 39,894 59,126
Gross margin 10,054 6,011 24,385 41,304
Operating expenses:
Costs associated
with reduction in force - 720 407 1,681
Research and
development 4,247 4,688 17,696 20,493
Selling, general
and administrative 5,746 6,498 21,639 28,727
Total operating
expenses 9,993 11,906 39,742 50,901
Operating income (loss) 61 (5,895) (15,357) (9,597)
Other income 336 301 1,275 1,070
Income (loss) before
income taxes 397 (5,594) (14,082) (8,527)
Credit for income taxes - (1,846) - (2,814)
Net income (loss) $397 $(3,748) $(14,082) $(5,713)
Net income (loss)
per share - Basic $0.03 $(0.26) $(0.98) $(0.41)
Net income (loss)
per share - Diluted $0.03 $(0.26) $(0.98) $(0.41)
Weighted average
common shares 14,402 14,165 14,316 14,039
Weighted average
common and common
equivalent shares 15,210 14,165 14,316 14,039
GaSonics International Corporation
Condensed Consolidated Balance Sheets
(In thousands)
Sept. 30 Sept. 30,
1999 1998
ASSETS
CURRENT ASSETS:
Cash and equivalents $16,858 $14,698
Marketable securities 10,899 17,640
Trade accounts receivable, net 18,986 15,026
Inventories 16,523 20,822
Prepaid expenses and other current assets 8,894 13,134
Total current assets 72,160 81,320
PROPERTY AND EQUIPMENT, NET 11,266 14,810
OTHER ASSETS 782 1,086
Total assets $84,208 $97,216
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Borrowings under credit facility $2,832 $2,116
Accounts payable 5,691 4,008
Accrued expenses 14,062 15,461
Total current liabilities 22,585 21,585
LONG-TERM LIABILITIES - 223
STOCKHOLDERS' EQUITY:
Common stock and additional paid-in capital 40,637 37,675
Treasury stock (2,639) -
Subscription receivable (26) -
Retained earnings 23,651 37,733
Total stockholders' equity 61,623 75,408
Total liabilities and stockholders' equity $84,208 $97,216
SOURCE GaSonics International Corporation
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Related links:
http://www.gasonics.com )
(GSNX)
CONTACT:
John E. Arnold, Corporate Controller of
GaSonics International, 408-570-7351, fax, 408-570-7388; or
Investor Contact, Susan Katz, General Information, Betsy Truax or
Ian Bailey of The Financial Relations Board, 415-986-1591, fax,
415-986-5113
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