-----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, GGCOt8PHqTjKHSeEFufE5ZDWlIsTvtegml0sA8D6VgIi2ox3dyWe6e16SPiuXJ5l Dmil2b+u/rS7kzbpD+7J/A== 0000950159-03-000846.txt : 20031022 0000950159-03-000846.hdr.sgml : 20031022 20031022170546 ACCESSION NUMBER: 0000950159-03-000846 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030928 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031022 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: 03952425 BUSINESS ADDRESS: STREET 1: 2800 BAYVIEW DR CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106575900 8-K 1 matt8k3qtr.txt MATTSON TECHNOLOGY 8K (3RD QTR) 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): October 22, 2003 ---------------- 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 ---------------- Item 7. Financial Statements and Exhibits (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release dated October 22, 2003 Item 12. Results of Operations and Financial Condition On October 22, 2003, Mattson Technology, Inc. (the "Company") issued a press release regarding the Company's financial results for its third fiscal quarter ended September 28, 2003. The full text of the Company's press release is attached hereto as Exhibit 99.1. 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: October 22, 2003 By: /s/ Ludger Viefhues --------------------------------- Ludger Viefhues, Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release dated October 22, 2003 EX-99 3 pressrel.txt PRESS RELEASE 3RD QTR FIN RESULTS Contact: Ludger Viefhues Chief Financial Officer Mattson Technology, Inc. (510) 492-5954 MATTSON TECHNOLOGY, INC. ANNOUNCES THIRD QUARTER 2003 FINANCIAL RESULTS FREMONT, Calif., October 22, 2003 -- Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today is reporting financial results for the third quarter of 2003. Highlights of this report include: o Bookings increased 55%, to $39 million in the third quarter of 2003 from $25 million in the second quarter of 2003. o Operating expenses decreased by about $2 million from last quarter to $17.9 million in the third quarter of 2003, the third consecutive quarter that the Company has achieved significant reductions in operating expenses. o A significant reduction in the quarter's net loss, to $3.9 million, from $9.5 million in the preceding quarter. "We delivered on all of our corporate strategies, resulting in another quarter of improvement despite the challenging economy," said David L. Dutton, president and chief executive officer of Mattson Technology. "The strong bookings in the third quarter reflect improving demand for our advanced products, and support our belief that we are gaining market share across our core businesses." "During the quarter, we secured several important customer wins while we reduced operating expenses," Dutton continued. "We will continue to focus on extending our market leadership position in our core markets, achieving operational efficiencies and aligning OUR organization to better serve our customers and deliver robust returns at all points in the cycle. We believe that our product and technology leadership in 300mm and at the sub-130nm node positions us to benefit further as end-user demand drives leading-edge technologies." Net sales for the quarter were $32.6 million, an increase of $2.1 million or 7 percent from net sales of $30.5 million in the second quarter of 2003, and a decrease of $28.2 million or 46 percent from net sales of $60.8 million in the third quarter of 2002. Net sales for the third quarter of 2003 consisted of $29.6 million in sales of RTP and Strip products, and royalties of $3.0 million related to the settlement of the patent infringement suit with Dainippon Screen Manufacturing Co., Ltd. (DNS). Net sales in the third quarter of 2002 include sales of products from the Wet Products Division, which Mattson divested on March 17, 2003. Net sales of RTP and Strip products were $27.5 million for the second quarter of 2003, and $42.3 million for the third quarter of 2002. Net sales of RTP and Strip products in the third quarter of 2003 increased 8 percent compared to the second quarter of 2003, and decreased 30 percent compared to the third quarter of 2002. Net loss for the third quarter of 2003 was $3.9 million, or ($0.09) per share, compared to a net loss of $9.5 million, or ($0.21) per share, for the second quarter of 2003, and a net loss of $12.0 million, or ($0.27) per share, for the third quarter of 2002. The net loss in the third quarter of 2003 included a charge of $0.5 million related to restructuring activities. Shipments for the quarter were $23.8 million, a decrease of $2.2 million or 8 percent from shipments of $26.0 million in the second quarter of 2003, and a decrease of $34.0 million or 59 percent from shipments of $57.8 million in the third quarter of 2002. Again, results in the third quarter of 2002 included shipments of products from the Wet Products Division. Gross margin for the third quarter of 2003 remained relatively flat at 39 percent compared to the second quarter of 2003, and increased approximately 17 percentage points from 22 percent gross margin for the third quarter of 2002. Net bookings for the third quarter of 2003 were $39.0 million, compared to net bookings in the second quarter of 2003 of $25.1 million and net bookings of $51.1 million in the third quarter of 2002. Net bookings in the third quarter of 2003 resulted in a book-to-bill ratio of 1.6 to 1.0. Operating expenses for the quarter were $17.9 million, a decrease of about $2 million from the $19.8 million rate in the second quarter of 2003, and $22.0 million less than the $39.9 million rate in the third quarter of 2002. The $2 million reduction achieved in the third quarter of this year is attributable to additional cost-reduction efforts and cost sharing with an alliance partner in connection with an R&D project scheduled for completion next year. Deferred revenue, which represents tools shipped and awaiting customer acceptance and pre-paid royalties received from DNS, was $28.5 million at the end of the third quarter of 2003, $3.7 million lower than the balance of $32.2 million at the end of the second quarter of 2003, and $80.2 million lower than the balance of $108.7 million at the end of 2002. The $28.5 million in deferred revenue includes $14.7 million in payments related to DNS royalties. The decline in deferred revenue compared to the third quarter of 2002 results primarily from the sale of the Wet Products Division, which had accounted for the majority of our deferred revenue. The company ended the quarter with cash, cash equivalents and restricted cash of $83.5 million, a decrease of $1.3 million from $84.8 million at June 29, 2003, and $5.5 million lower than the balance of $89.0 million at the end of 2002. During the third quarter of 2003, the company received $5.0 million in payments from DNS. Working capital at the end of the third quarter decreased to $48.9 million from $54.2 million as of June 29, 2003, and $62.1 million as of December 31, 2002. Fourth Quarter 2003 Outlook: New order bookings in the fourth quarter of 2003 are expected to be approximately 10 to 12 percent higher than the third quarter bookings. For the fourth quarter of 2003, net sales are expected to range between $37 million and $41 million, and gross margin is expected to be approximately equal to the third quarter level. Attached to this news release are unaudited, condensed, consolidated statements of operations and balance sheets. At 2:45 PM (Pacific Daylight Time), Wednesday, October 22, 2003, Mattson will hold a conference call to review the following topics: third quarter 2003 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 2:45 PM Pacific Daylight Time, October 22, 2003. 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 and expected results from restructurings. 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 equipment and the length and severity of the demand slowdown in those markets; customer rate of adoption of new technologies; the timing of significant customer orders; 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; 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; the Company's actual costs from disposition of its Wet Products Division; 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 "front-end" fabrication of integrated circuits. The company is a market leader in dry strip and RTP equipment, and its products combine advanced process technology on high-productivity platforms backed by industry-leading support. Since beginning operations in 1989, the company's core vision has been to help bring technology leadership and productivity gains to semiconductor manufacturers worldwide. Headquartered in Fremont, Calif., the company maintains sales and support centers throughout the United States, Europe and Asia. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, Calif. 94538. Telephone: (800) MATTSON/(510) 657-5900. Fax: (510) 492-5911. Internet: www.mattson.com. # # # MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended ------------------------------ ------------------------------ September 28, September 29, September 28, September 29, 2003 2002 2003 2002 ------------ ------------ ------------ ------------ Net sales $ 32,633 $ 60,808 $ 130,926 $ 154,276 Cost of sales 19,886 47,307 87,495 123,903 --------- --------- --------- --------- Gross profit 12,747 13,501 43,431 30,373 --------- --------- --------- --------- Operating expenses: Research, development and engineering 4,483 10,003 18,716 28,915 Selling, general and administrative 12,638 22,058 42,309 65,253 Amortization of intangibles 328 1,687 1,823 5,061 Restructuring and other charges 489 6,171 489 6,171 --------- --------- --------- --------- Total operating expenses 17,938 39,919 63,337 105,400 --------- --------- --------- --------- Loss from operations (5,191) (26,418) (19,906) (75,027) Loss on disposition of Wet Business -- -- (10,257) -- Interest and other income, net 1,267 15,728 865 13,724 --------- --------- --------- --------- Loss before provision for (benefit from) income taxes (3,924) (10,690) (29,298) (61,303) Provision for (benefit from) income taxes (21) 1,346 142 1,033 --------- --------- --------- --------- Net loss $ (3,903) $ (12,036) $ (29,440) $ (62,336) ========= ========= ========= ========= Net loss per share: Basic $ (0.09) $ (0.27) $ (0.66) $ (1.51) ========= ========= ========= ========= Diluted $ (0.09) $ (0.27) $ (0.66) $ (1.51) ========= ========= ========= ========= Shares used in computing net loss per share: Basic 44,975 44,696 44,911 41,379 ========= ========= ========= ========= Diluted 44,975 44,696 44,911 41,379 ========= ========= ========= =========
MATTSON TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS September 28, December 31, 2003 2002 ------------ ----------- Current assets: Cash and cash equivalents $ 82,996 $ 87,879 Restricted cash 508 1,105 Accounts receivable, net 18,787 34,834 Advance billings 12,286 27,195 Inventories 24,588 50,826 Inventories - delivered systems 2,229 47,444 Prepaid expenses and other current assets 12,809 13,676 --------- --------- Total current assets 154,203 262,959 Property and equipment, net 15,843 18,855 Goodwill 8,239 12,675 Intangibles 2,955 15,254 Other assets 1,346 2,416 --------- --------- $ 182,586 $ 312,159 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,227 $ 14,346 Accrued liabilities 68,659 77,795 Deferred revenue 28,458 108,698 --------- --------- Total current liabilities 105,344 200,839 --------- --------- Long-term liabilities: Deferred income taxes 1,146 5,215 --------- --------- Total long-term liabilities 1,146 5,215 --------- --------- Total liabilities 106,490 206,054 --------- --------- Stockholders' equity: Common stock 45 45 Additional paid-in capital 542,878 542,482 Accumulated other comprehensive income 6,166 7,131 Treasury stock (2,987) (2,987) Accumulated deficit (470,006) (440,566) --------- --------- Total stockholders' equity 76,096 106,105 --------- --------- $ 182,586 $ 312,159 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----