Ultratech, Inc. (Nasdaq: UTEK), a leading supplier of lithography and laser-processing systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), today announced unaudited results for the three-month and one-year periods ended December 31, 2012.
For the fourth quarter of fiscal 2012, Ultratech reported net sales of $65.6 million as compared to $56.1 million during the fourth quarter of fiscal 2011. Ultratech's net income for the fourth quarter of 2012 was $13.4 million, or $0.48 per share (diluted), as compared to net income of $11.2 million, or $0.42 per share (diluted), for the same quarter last year.
Ultratech's net sales for the year ended December 31, 2012 were $234.8 million, as compared to $212.3 million for fiscal 2011. Ultratech posted net income for the year ended December 31, 2012 of $47.2 million, or $1.70 (diluted), as compared to net income of $39.2 million or $1.47 per share (diluted), in fiscal 2011.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, “Ultratech completed 2012 with positive momentum financially and operationally. We again achieved record quarterly levels of net sales and net income. Due to our strong balance sheet and financial success, over the course of 2012, we made key acquisitions and introduced exciting new products that bolster our position in existing markets and expand our addressable markets. Through the acquisitions of Cambridge Nanotech’s atomic layer deposition solutions and IBM’s patents for packaging, we have extended our market reach and solidified our technology leadership. With the introduction of four new laser processing products - LSA101LP, LSA101HP, LSA201LP, and LSA201HP - and our Superfast 3G CGS Inspection System, we have leveraged our existing technology to broaden our product portfolio and enter new and exciting markets.”
“In 2013 we look forward to building upon this momentum as we ramp sales of our new products, expand our leadership position and continue to deliver strong financial performance and value to our shareholders. We believe these objectives are achievable with the dedication and loyalty of our employees and customers worldwide," Zafiropoulo concluded.
At December 31, 2012, Ultratech had $302.5 million in cash, cash equivalents and short-term investments. Working capital was $349.5 million and stockholders' equity was $13.85 per share based on 27,092,242 total shares outstanding as of December 31, 2012.
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, 2013. To listen to the call, dial 877/941-2068 (toll free) or 480/629-9712 (international) 10 minutes prior to the start time. The passcode is 4590211. 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: 4590211. The replay will be available until February 7, 2013.
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," "poised," "estimates," "continues," 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; 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; 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; 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, 2011 and our quarterly report on Form 10-Q for the quarter ended September 29, 2012. 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 reflect any event or circumstance that may arise after the date of this release.
About Ultratech: 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 32-nm and below production of state-of-the-art consumer electronics. Visit Ultratech online at: www.ultratech.com.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|Three Months Ended|
Twelve Months Ended
|(In thousands, except per share amounts)||December 31,|
|Total net sales*||$||65,591||$||56,061||$||234,825||$||212,333|
Cost of sales:
|Cost of products sold||24,925||22,954||89,750||86,967|
|Cost of services||3,464||3,370||13,265||15,041|
|Total cost of sales||28,389||26,324||103,015||102,008|
|Research, development and engineering||7,805||5,784||30,085||23,616|
|Selling, general, and administrative||12,389||10,388||45,327||42,689|
|Interest income (expense)||11||(5||)||5||(21||)|
|Interest and other (expense) income, net||358||121||566||161|
|Income before income taxes||17,377||13,681||56,969||44,160|
|Provision for income taxes||4,003||2,510||9,782||4,930|
Earnings per share - basic:
|Number of shares used in per share calculations - basic||27,343||26,223||26,881||25,915|
Earnings per share - diluted:
|Number of shares used in per share calculations - diluted||27,989||26,819||27,705||26,778|
|* Systems sales||$||53,374||$||47,489||$||191,850||$||174,678|
CONDENSED CONSOLIDATED BALANCE SHEETS
|(In thousands )|
|Cash, cash equivalents and short-term investments||$||302,508||$||227,947|
|Prepaid expenses and other current assets||8,305||6,848|
|Total current assets||400,071||332,586|
|Equipment and leasehold improvements, net||19,801||16,009|
|Intangibles assets, net||12,282||452|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Deferred product and service income||16,964||14,953|
|Other current liabilities||14,860||22,373|
|Total current liabilities||50,565||49,306|
|Total liabilities and stockholders' equity||$||436,986||$||353,448|
|* The balance sheet as of December 31, 2011 has been derived from the audited financial statements as of that date.|