EX-99.1 2 mtsnq22015-pressreleaseexh.htm EXHIBIT 99.1 MTSN Q2 2015 - Press Release (Exhibit)


EXHIBIT 99.1
News Release
 
Mattson Technology Contact
 
J. Michael Dodson
 
Mattson Technology, Inc.
 
tel 1-510-657-5900
 
fax 1-510-492-5963

MATTSON TECHNOLOGY, INC. REPORTS RESULTS FOR
THE SECOND QUARTER OF 2015
FREMONT, Calif. - JULY 30, 2015 - Mattson Technology, Inc. (Nasdaq: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the second quarter ended June 28, 2015.

Business Highlights:
•
Net revenue for the second quarter of 2015 was in-line with previously issued guidance at $43.3 million.
•
Gross margin in the second quarter of 2015 was 37 percent, essentially flat with the first quarter of 2015 and in-line with previously issued guidance.
•
Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share, representing the eighth consecutive profitable quarter on a non-GAAP basis.

“I am proud of our success with the continued collaboration with our customers on meeting their technological challenges in manufacturing leading edge devices," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "The collaboration with our customers is evidenced, in part, from recent announcements regarding shipments of our Millios system in each of the last six quarters, the release of our SupremaTM XP for high volume production at multiple memory fabrication facilities and the shipment of our 100th plasma etch system.”

Second Quarter 2015 Financial Results
Net revenue for the second quarter of 2015 was $43.3 million, a decrease of $14.9 million or 26 percent, as compared to net revenue of $58.3 million in the first quarter of 2015, and up slightly from net revenue of $42.0 million reported in the second quarter of 2014.
Gross margin in the second quarter of 2015 was 37 percent, essentially flat as compared to the first quarter of 2015, and a 5 percentage point improvement compared to 32 percent gross margin in the second quarter of 2014.
Total operating expense was $13.3 million in the second quarter of 2015, a decrease of $0.7 million or 5 percent, as compared to operating expense of $14.1 million in the first quarter of 2015, and an increase of $2.1 million or 19 percent, as compared to total operating expense of $11.2 million in the second quarter of 2014. Excluding restructuring charges of $0.1 million in the second quarter of 2014, non-GAAP operating expense was $11.1 million.




Net income for the second quarter of 2015 was $2.6 million, or $0.03 per diluted share. This compares to net income of $6.3 million, or $0.08 per diluted share, in the first quarter of 2015, and net income of $1.9 million, or $0.03 per diluted share, in the second quarter of 2014. Due to the immateriality of restructuring and other charges in the second quarter of 2014, and the absence of restructuring and other charges in the first and second quarters of 2015, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.

Conference Call
On Thursday, July 30, 2015, at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2015 second quarter financial results, current business conditions, the near-term business outlook and guidance for the third quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the "Investors" section. To access the live conference call, please dial (877) 430-4657.

Use of Non-GAAP Measures
In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this press release contains certain non-GAAP financial measures. The Company's non-GAAP results for total operating expenses and net income per share exclude amounts listed as restructuring and other charges. Management uses non-GAAP operating expenses and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. The Company did not have any restructuring and other charges during the first or second quarters of 2015, and restructuring and other charges in the second quarter of 2014 were $0.1 million.

About Mattson Technology, Inc.
Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Etch, Rapid Thermal Processing and Millisecond Anneal. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON / (510) 657-5900. Internet: www.mattson.com.






MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)

 
Three Months Ended
 
Six Months Ended
 
June 28,
2015
 
March 29,
2015
 
June 29,
2014
 
June 28,
2015
 
June 29,
2014
Net revenue
$
43,334

 
$
58,254

 
$
42,029

 
$
101,588

 
$
85,227

Cost of goods sold
27,315

 
36,860

 
28,733

 
64,175

 
57,285

     Gross margin
16,019

 
21,394

 
13,296

 
37,413

 
27,942

Operating expenses:
 

 
 
 
 
 
 
 
 
Research, development and engineering
5,184

 
5,250

 
4,446

 
10,434

 
8,970

Selling, general and administrative
8,158

 
8,841

 
6,690

 
16,999

 
14,111

Restructuring and other charges
—

 
—

 
111

 
—

 
111

     Total operating expenses
13,342

 
14,091

 
11,247

 
27,433

 
23,192

Income from operations
2,677

 
7,303

 
2,049

 
9,980

 
4,750

Interest and other income (expense), net
(18
)
 
(477
)
 
(163
)
 
(495
)
 
(210
)
Income before income taxes
2,659

 
6,826

 
1,886

 
9,485

 
4,540

Provision for (benefit from) income taxes
78

 
521

 
(30
)
 
599

 
159

Net income
$
2,581

 
$
6,305

 
$
1,916

 
$
8,886

 
$
4,381

Net income per share:
 

 
 

 
 

 
 
 
 
Basic
$
0.03

 
$
0.08

 
$
0.03

 
$
0.12

 
$
0.06

Diluted
$
0.03

 
$
0.08

 
$
0.03

 
$
0.12

 
$
0.06

Shares used in computing net income per share:
 

 
 

 
 

 
 
 
 
Basic
74,920

 
74,700

 
73,532

 
74,611

 
69,943

Diluted
77,019

 
77,265

 
74,679

 
76,973

 
71,405














MATTSON TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
June 28,
2015
 
December 31,
2014
ASSETS
Current assets:
 

 
 

Cash and cash equivalents
$
30,863

 
$
22,760

Accounts receivable, net
26,294

 
33,578

Advance billings
3,329

 
4,653

Inventories
42,768

 
40,579

Prepaid expenses and other current assets
7,515

 
9,767

     Total current assets
110,769

 
111,337

Property and equipment, net
9,587

 
7,534

Restricted cash
1,979

 
1,993

Other assets
530

 
623

          Total assets
$
122,865

 
$
121,487

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 

 
 

Accounts payable
$
13,128

 
$
22,434

Accrued compensation and benefits
7,017

 
4,601

Deferred revenues, current
7,371

 
9,110

Other current liabilities
6,739

 
6,630

     Total current liabilities
34,255

 
42,775

Deferred revenues, non-current
755

 
1,160

Other liabilities
2,504

 
2,442

     Total liabilities
37,514

 
46,377

Stockholders' equity
85,351

 
75,110

          Total liabilities and stockholders' equity
$
122,865

 
$
121,487