-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J8ryHNaKv1ChF+zzjzaqoPbQXm/Dtj9wNYFvqPYB3IjRc8Lzho66Al58DcMZGG4t mg9IhdfbEJFrP8ze5KXcBg== 0000891092-04-003334.txt : 20040721 0000891092-04-003334.hdr.sgml : 20040721 20040721083517 ACCESSION NUMBER: 0000891092-04-003334 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040721 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MATTSON TECHNOLOGY INC CENTRAL INDEX KEY: 0000928421 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 770208119 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24838 FILM NUMBER: 04923094 BUSINESS ADDRESS: STREET 1: 2800 BAYVIEW DR CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106575900 8-K 1 e18482_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 21, 2004 MATTSON TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) ---------- Delaware 0-21970 77-0208119 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 47131 Bayside Parkway Fremont, California 94538 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (510) 657-5900 --------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release dated July 21, 2004 Item 12. Results of Operations and Financial Condition On July 21, 2004, Mattson Technology, Inc. (the "Company") issued a press release regarding the Company's financial results for its second fiscal quarter ended June 27, 2004. The full text of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. MATTSON TECHNOLOGY, INC. Date: July 21, 2004 By: /s/ Ludger Viefhues ---------------------------- Ludger Viefhues, Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release dated July 21, 2004 EX-99.1 2 e18482ex99_1.txt PRESS RELEASE Exhibit 99.1 Mattson Technology, Inc. Announces Second Quarter 2004 Financial Results FREMONT, Calif., July 21 /PRNewswire-FirstCall/ -- Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today is reporting financial results for the second quarter of 2004. Highlights of this report include: -- The Company sequentially increased net profits in the second quarter of 2004 to 12.2% of net sales, from 6.2% of net sales in the previous quarter. -- Net sales of $60.2 million were 13% higher than the previous quarter. Shipments rose 13% over the same period. -- Bookings increased 17% to $68.4 million in the second quarter of 2004 from the first quarter of 2004. -- Earnings per share doubled to $0.14 per share in the second quarter of 2004 over the previous quarter. "We had a terrific second quarter," said David L. Dutton, president and chief executive officer of Mattson Technology. "We doubled our earnings per share. We also leveraged our 300 mm position and won new 300 mm accounts in Japan, Korea and Singapore. These new customer wins reflect our successful effort in focusing on driving market share gains in our core areas of strip and RTP." Dutton continued, "Over the last quarter, we announced expansions in our product portfolio with the introduction of three products extendible down to the 65 nm technology node: our new Aspen III ICPHT strip and our LPA module and Helios RTP system. The pending acquisition of Vortek Industries' Flashfire millisecond annealing system will fit well into Mattson's ultra-shallow junction roadmap and, with its advanced features, will give us an opportunity to reach new potential customers." Net sales for the quarter were $60.2 million, a 13% increase from $53.1 million in the first quarter of 2004, and a 97 % increase from $30.5 million in the second quarter of 2003. Net sales for the second quarter of 2004 and 2003 included royalties of $3.2 million and $3.0 million, respectively, related to the settlement of the patent infringement suit with Dainippon Screen Manufacturing Co., Ltd. (DNS). Net income for the second quarter of 2004 was $7.4 million, or $0.14 per diluted share, compared to $3.3 million or $0.07 per share for the first quarter of 2004, and a net loss of $9.5 million or $(0.21) per share for the second quarter of 2003. Shipments for the quarter were $58.2 million, a 13% increase from $51.7 million in the first quarter of 2004, and a 124% increase from $26.0 million in the second quarter of 2003. Gross margin for the second quarter of 2004 was 43.2%, an increase of 1.0 percentage points from 42.2% for the first quarter of 2004, and an increase of 3.6 percentage points from 39.6% gross margin for the second quarter of 2003. Net bookings for the second quarter of 2004 were $68.4 million, a 17% increase from $58.7 million in the first quarter of 2004, and a 173% increase from $25.1 million in the second quarter of 2003. Net bookings in the second quarter of 2004 resulted in a book-to-bill ratio of 1.18 to 1. Operating expenses for the quarter were $19.2 million, an increase of $1.0 million from $18.2 million in expenses for the first quarter of 2004, and a decrease of $0.6 million from $19.8 million in expenses for the second quarter of 2003. The $1.0 million increase in the second quarter of 2004 is primarily attributable to increased variable compensation related to improved business performance and to cessation of cost sharing with an alliance partner in connection with an R&D project that was completed in the first quarter of 2004. In the second quarter of 2004, operating expenses decreased to 32% of net sales compared to 34% of net sales in first quarter of 2004 and 65% of net sales in second quarter of 2003. Deferred revenue, which represents tools shipped and awaiting customer acceptance and pre-paid royalties received from DNS, was $43.7 million at the end of the second quarter of 2004, relatively flat with the balance of $43.6 million at the end of the first quarter of 2004, and $11.5 million higher than the balance of $32.2 million at the end of the second quarter of 2003. The $43.7 million in deferred revenue includes $17.3 million in payments related to DNS royalties. The increase in deferred revenue results primarily from higher sequential shipments. The company ended the second quarter of 2004 with cash, cash equivalents and restricted cash of $98.5 million, a decrease of $5.1 million from $103.6 million at end of first quarter of 2004, and an increase of $13.7 million from $84.8 million at the end of second quarter of 2003. Working capital at the end of second quarter of 2004 increased to $108.4 million from $105.8 million at end of first quarter of 2004, and from $54.2 million at end of second quarter of 2003. Attached to this news release are unaudited condensed consolidated statements of operations and balance sheets. Forward-Looking Guidance: New order bookings in the third quarter of 2004 are expected to increase by approximately 8%-12%. Net sales in the third quarter of 2004 are expected to range between $66 million and $69 million, and gross margin in the third quarter is expected to be in the range of approximately 43%-46%. On Wednesday, July 21, 2004, at 6:30 a.m. (Pacific Time), Mattson will hold a conference call to review the following topics: second quarter of 2004 financial results, current business conditions and the near-term business outlook. The conference call will be webcast via the Internet (www.mattson.com, under "Investors"), beginning at 6:30 a.m. Pacific Time (9:30 a.m. Eastern Time), July 21, 2004. In addition to the live webcast, a replay will be available to the public on the Mattson website for one week following the live broadcast. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements regarding the Company's future prospects, including but not limited to: anticipated bookings, revenue and margins for future periods. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: end-user demand for semiconductors; customer demand for semiconductor manufacturing equipment; the timing of significant customer orders for the Company's products; customer acceptance of delivered products and the Company's ability to collect amounts due upon shipment and upon acceptance; the Company's ability to timely manufacture, deliver and support ordered products; the Company's ability to bring new products to market and to gain market share with such products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company's competitors; the Company's ability to align its cost structure with market conditions; and other risks and uncertainties described in the Company's Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information provided in this news release. About Mattson Technology, Inc. Mattson Technology, Inc. is a leading supplier of semiconductor wafer processing equipment used in the fabrication of integrated circuits. The company's dry strip and RTP equipment utilize innovative technology to deliver advanced processing capabilities on high-productivity platforms for the fabrication of current- and next-generation devices. Since beginning operations in 1989, the company's core vision has been to help bring technology leadership and productivity gains to semiconductor manufacturers worldwide. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, Calif. 94538. Telephone: 800-MATTSON/ 510-657-5900. Fax: 510-492-5911. CONTACT: Ludger Viefhues, Chief Financial Officer of Mattson Technology, Inc., +1-510-492-5954. MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) THREE MONTHS ENDED SIX MONTHS ENDED Jun. 27, Jun. 29, Jun. 27, Jun. 29, 2004 2003 2004 2003 Net sales $60,151 $30,535 $113,276 $98,293 Cost of sales 34,148 18,442 64,865 67,609 Gross profit 26,003 12,093 48,411 30,684 Operating expenses: Research, development and engineering 5,458 6,683 10,354 14,233 Selling, general and administrative 13,396 12,798 26,343 29,671 Amortization of intangibles 329 328 657 1,495 Total operating expenses 19,183 19,809 37,354 45,399 Income (loss) from operations 6,820 (7,716) 11,057 (14,715) Loss on disposition of Wet Business -- -- -- (10,257) Interest and other income (expense), net 579 (1,605) (75) (402) Income (loss) before benefit from income taxes 7,399 (9,321) 10,982 (25,374) Provision for (benefit from) income taxes 38 225 307 163 Net income (loss) $7,361 $(9,546) $10,675 $(25,537) Net income (loss) per share: Basic $0.15 $(0.21) $0.22 $(0.57) Diluted $0.14 $(0.21) $0.21 $(0.57) Shares used in computing net income (loss) per share: Basic 49,817 44,897 48,660 44,878 Diluted 51,441 44,897 50,388 44,878 MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) ASSETS Jun. 27, Dec. 31, 2004 2003 Current assets: Cash and cash equivalents $98,029 $77,115 Restricted cash 510 509 Accounts receivable, net 49,158 34,260 Advance billings 21,658 20,684 Inventories 42,845 27,430 Inventories - delivered systems 7,708 6,549 Prepaid expenses and other current assets 13,698 12,995 Total current assets 233,606 179,542 Property and equipment, net 20,824 16,211 Goodwill 8,239 8,239 Intangibles 1,970 2,626 Other assets 1,058 769 Total assets $265,697 $207,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $20,170 $21,340 Accrued liabilities 61,332 62,608 Deferred revenue 43,659 38,680 Total current liabilities 125,161 122,628 Long-term liabilities: Deferred income taxes 750 1,055 Total long-term liabilities 750 1,055 Total liabilities 125,911 123,683 Stockholders' equity: Common stock 50 45 Additional paid-in capital 592,941 546,099 Accumulated other comprehensive income 8,028 9,468 Treasury stock (2,987) (2,987) Accumulated deficit (458,246) (468,921) Total stockholders' equity 139,786 83,704 Total liabilities and stockholders' equity $265,697 $207,387 SOURCE Mattson Technology, Inc. -0- 07/21/2004 /CONTACT: Ludger Viefhues, Chief Financial Officer of Mattson Technology, Inc., +1-510-492-5954/ /Web site: http://www.mattson.com / (MTSN) CO: Mattson Technology, Inc. ST: California IN: CPR SEM EPM SU: ERN ERP CCA -----END PRIVACY-ENHANCED MESSAGE-----