Ultratech, Inc. (Nasdaq: UTEK), today announced unaudited results for the three-month and one-year periods ended December 31, 2011.
For the fourth quarter of fiscal 2011, Ultratech reported net sales of $56.1 million as compared to $43.6 million during the fourth quarter of fiscal 2010. Ultratech’s net income for the fourth quarter of 2011 was $11.2 million, or $0.42 per share (diluted), as compared to net income of $6.3 million, or $0.25 per share (diluted) for the same quarter last year.
Ultratech’s net sales for the year ended December 31, 2011 were $212.3 million, as compared to $140.6 million for fiscal 2010. Ultratech posted net income for the year ended December 31, 2011 of $39.2 million, or $1.47 (diluted), as compared to net income of $16.8 million or $0.67 per share (diluted) in fiscal 2010.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, “Ultratech delivered record levels of net sales and net income in the fourth quarter and the year, reflecting the successful execution of our long term strategies for customer focus, growth and operations excellence. These outstanding results are the product of our leading technologies, the superb efforts of our employees, and our strong partnerships with our customers.”
“In this current environment of global market volatility, we remain focused on making critical strategic investments that extend our technical leadership, supported by our solid balance sheet and strong cash generation capabilities, that are designed to enable the company to deliver value to our customers and our shareholders,” Zafiropoulo concluded.
At December 31, 2011, Ultratech had $228 million in cash, cash equivalents and short-term investments. Working capital was $283 million and stockholders’ equity was $11.46 per share based on 25,837,994 total shares outstanding as of December 31, 2011.
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 26, 2012. To listen to the call over the internet or to obtain dial-in information for the call, please go to the investor relations section of the Ultratech website at http://ir.ultratech.com.
If you are unable to attend the live conference call, a replay will be available on Ultratech’s website. 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, 2012. You may access the telephone replay by dialing 800-406-7325 and entering access code: 4506008.
Ultratech, Inc. (Nasdaq: UTEK) designs, manufactures and markets photolithography and laser processing equipment. Founded in 1979, the company's market-leading advanced lithography products deliver high throughput and production yields at a low, overall cost of ownership for bump packaging of integrated circuits and high-brightness LEDs (HB-LEDs). A pioneer of laser processing, Ultratech developed laser spike anneal technology, which increases device yield, improves transistor performance and enables the progression of Moore’s Law for 45-nm and below production of state-of-the-art consumer electronics. Visit Ultratech online 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,” “thinks,” “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 timing, delays, deferrals and cancellations of orders by customers, including as a result of semiconductor manufacturing capacity as well as our customers' financial condition and demand for semiconductors; demand for consumer devices; industry growth within the company’s served markets; continued delivery of financial performance and value; cyclicality in the semiconductor and nanotechnology industries; general economic and financial market conditions including impact on capital spending, as well as difficulty in predicting changes in such conditions; rapid technological change and the importance of timely product introductions; customer concentration; 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; pricing pressures and product discounts; high degree of industry competition; intellectual property matters; changes in pricing by us, our competitors or suppliers; international sales and operations; 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; effect of capital market fluctuations on our investment portfolio; ability and resulting costs to attract or retain key personnel ; dilutive effect of employee stock option grants on net income per share, which is largely dependent upon our achieving and maintaining profitability and the market price of our stock; mix of products sold; 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; changes to financial accounting standards; effects of certain anti-takeover provisions; 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 Ultratech’s SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2010 and our quarterly report on Form 10-Q for the quarter ended October 1, 2011. 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 management's 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 affect any event or circumstance that may arise after the date of this release.
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended|
Twelve Months Ended
|Dec 31,||Dec 31,||Dec 31,||Dec 31,|
|(In thousands, except per share amounts)||2011||2010||2011||2010|
|Total net sales*||$||56,061||$||43,612||$||212,333||$||140,603|
Cost of sales:
|Cost of products sold||22,954||17,427||86,967||56,435|
|Cost of services||3,370||3,773||15,041||12,527|
|Total cost of sales||26,324||21,200||102,008||68,962|
|Research, development and engineering||5,784||5,296||23,616||19,906|
|Selling, general, and administrative||10,388||10,103||42,689||34,194|
|Interest and other income, net||121||137||161||425|
|Income before income taxes||13,681||7,136||44,160||17,951|
|Provision for income taxes||2,510||822||4,930||1,170|
Earnings per share - basic:
Number of shares used in per share calculations - basic
Earnings per share - diluted:
|Number of shares used in per share calculations - diluted||26,819||25,618||26,778||25,043|
|* Systems sales||$||47,489||$||36,208||$||174,678||$||112,824|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Dec 31,||Dec 31,|
|Cash, cash equivalents and short-term investments||$||227,947||$||184,290|
|Prepaid expenses and other current assets||6,848||7,777|
|Total current assets||332,586||261,980|
|Equipment and leasehold improvements, net||16,009||14,835|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deferred product and service income||14,953||13,641|
|Other current liabilities||22,373||12,028|
|Total current liabilities||49,306||44,823|
|Total liabilities and stockholders' equity||$||353,448||$||281,294|
|* The balance sheet as of December 31, 2010 has been derived from the audited financial statements as of that date.|