Welcome!

News Feed Item

Ultratech Announces First Quarter 2017 Results

Ultratech, Inc. (Nasdaq:UTEK) a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), today announced unaudited results for the three-month period ended April 1, 2017.

For the first quarter of fiscal 2017, Ultratech net sales totaled $57.4 million, or 27 percent higher than the $45.2 million reported in the year ago quarter. This level of net sales is the highest achieved by Ultratech over the past four years.

On a GAAP basis, Ultratech's net income for the first quarter of fiscal 2017 was $3.0 million, or $0.11 per diluted share, as compared to net loss of $1.2 million, or $(0.04) per share, for the same quarter last year.

On a non-GAAP basis, Ultratech's net income for the first quarter of fiscal 2017 was $9.7 million, or $0.35 per share, as compared to net income of $2.7 million, or $0.10 per share, for the same quarter last year.

Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, “Our first quarter results illustrate our market leading technology position, combined with the strong positive leverage in our business model. Sales grew by 27% versus the prior year, resulting in a 250% increase in non-GAAP earnings per share. Robust demand for our laser spike annealing, and advanced packaging product lines drove strong bookings momentum, generating a book-to-bill ratio of more than 1 to 1. Ultratech’s portfolio of advanced products continue to meet the existing and future needs of the various industries that we serve.”

At April 1, 2017, Ultratech had $274.2 million in cash, cash equivalents and short-term investments. Working capital was $356.3 million and stockholders’ equity was $13.08 per share based on 27,236,174 total shares outstanding as of April 1, 2017.

Recent Business Highlights

  • In April, Ultratech announced that it received commitments for its LM7 laser melt anneal system from two leading North American semiconductor manufacturers targeting use of the LM7 melt system at 7-nm and below nodes.
  • In March, Ultratech received follow-on, multiple advanced packaging system orders from several OSAT companies in Taiwan, Korea and China.
  • Also in March, Ultratech continued to supply LSA101 systems to China foundries for 28-nm and 40-nm production, with announcements of two follow-on orders.
  • In February, Ultratech announced that it received a repeat, multiple-system order from a leading semiconductor manufacturer in Asia for its advanced packaging AP300 lithography systems.

Non-GAAP Financial Measures

Ultratech prepares its financial statements in accordance with generally accepted accounting principles (GAAP) for the United States and supplements its GAAP financial results by providing non-GAAP measures to evaluate the operating performance of the company. Ultratech’s presentation of non-GAAP net income is defined as GAAP net income excluding the impact of share-based compensation, restructuring, amortization of purchased intangible assets and non-recurring legal expenses. Management believes the presentation of this non-GAAP measure provides useful information to both management and investors by enhancing the overall understanding of Ultratech’s core operating performance and enabling the comparison of Ultratech’s results of operations to its historical results operations as well as to the results of operations of its competitors. Ultratech believes excluding share-based compensation enhances the ability of management and investors to evaluate its performance without reference to this expense and to provide an alternate measure for comparing Ultratech’s performance historically and to its competitors. Further, management believes presenting a non-GAAP financial measure that excludes restructuring, amortization of purchased intangible assets and non-recurring legal expenses provides management and investors an alternate measure to evaluate Ultratech’s performance without reference to charges that it does not believe are reflective of its core operating performance or ongoing operations. A description of the non-GAAP calculations and a reconciliation to comparable GAAP financial measures are provided in the accompanying table entitled “Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss).” Readers are reminded that non-GAAP information is merely a supplement to, and not a replacement for, GAAP financial measures.

Safe Harbor

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as “anticipates,” “expects,” “may,” “remains,” “thinks,” “intends,” “believes,” “estimates,” “provides,” “demonstrates,” and similar expressions and include management's current expectation of its longer term prospects for success. These forward-looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Such risks and uncertainties include the timing and possible delays, deferrals and cancellations of orders by customers; quarterly revenue fluctuations; industry and sector cyclicality, instability and unpredictability; market demand for consumer devices utilizing semiconductors produced by our clients; our ability to manage costs; new product introductions, market acceptance of new products and enhanced versions of our existing products; reliability and technical acceptance of our products; our lengthy sales cycles, and the timing of system installations and acceptances; lengthy and costly development cycles for laser-processing and lithography technologies and applications; competition and consolidation in the markets we serve; improvements, including in cost and technical features, of competitors' products; rapid technological change; pricing pressures and product discounts; our ability to collect receivables; customer and product concentration and lack of product revenue diversification; inventory obsolescence; general economic, financial market and political conditions and other factors outside of our control; domestic and international tax policies; acquisitions, cybersecurity threats in the United States and globally that could impact our industry, customers, and technologies; and other factors described in our SEC reports including our Annual Report on Form 10-K filed for the year ended December 31, 2015. Due to these and other factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. 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, builds and markets manufacturing systems for the global technology industry. Founded in 1979, Ultratech serves three core markets: front­end semiconductor, back­end semiconductor, and nanotechnology. The company is the leading supplier of lithography products for bump packaging of integrated circuits and high­ brightness LEDs. Ultratech is also the market leader and pioneer of laser spike anneal technology for the production of advanced semiconductor devices. In addition, the company offers solutions leveraging its proprietary coherent gradient sensing (CGS) technology to the semiconductor wafer inspection market and provides atomic layer deposition (ALD) tools to leading research organizations, including academic and industrial institutions. Visit Ultratech online at: www.ultratech.com.

(UTEKF)

 

ULTRATECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
       
 
             
Three Months Ended
Apr 1, Apr 2,
(In thousands, except per share amounts) 2017     2016
Total net sales* $ 57,409 $ 45,210

Cost of sales:

Cost of products sold 27,659 24,179
Cost of services   3,267         2,864  
Total cost of sales   30,926         27,043  
Gross profit 26,483 18,167

Operating expenses:

Research, development and engineering 8,884 8,235
Selling, general, and administrative   14,505         11,314  
Operating income (loss) 3,094 (1,382 )
Interest expense (4 ) (18 )
Interest and other income, net   329         173  
Income (loss) before income taxes 3,419 (1,227 )
Provision (benefit) for income taxes   451         (73 )
Net income (loss) $ 2,968       $ (1,154 )
 

Earnings per share - basic:

Net income (loss) $ 0.11 $ (0.04 )
Number of shares used in per share calculations - basic 27,289 26,798

Earnings per share - diluted:

Net income (loss) $ 0.11 $ (0.04 )
Number of shares used in per share calculations - diluted   27,678         26,798  
 
* Systems sales $ 48,239 $ 38,492
Parts sales 5,794 3,766
Service sales 3,076 2,752
License sales   300         200  
Total sales $ 57,409       $ 45,210  
 

 
ULTRATECH, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(UNAUDITED)
       
 
             
Three Months Ended
Apr 1, Apr 2,
(In thousands, except per share amounts) 2017     2016
GAAP net income (loss) $ 2,968 $ (1,154 )
Share-based compensation 3,036 3,449
Nonrecurring legal expenses 3,419 -
Amortization of purchased intangible assets 399 418
Other   (146 )       -  
Non-GAAP net income $ 9,676       $ 2,713  

Earnings per share - diluted:

As reported $ 0.11 $ (0.04 )
Add back: per share impact of Non-GAAP adjustments $ 0.24 $ 0.14
Non-GAAP per share income $ 0.35       $ 0.10  
 

 
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
   
 
         
Apr 1, Dec 31,
(In thousands )   2017   2016*
ASSETS (Unaudited)
 

Current assets:

Cash, cash equivalents and short-term investments $ 274,238 $ 267,593
Accounts receivable 63,259 54,549
Inventories, net 48,876 50,475
Prepaid expenses and other current assets     6,601     7,658
Total current assets 392,974 380,275
 
Equipment and leasehold improvements, net 11,582 13,869
Intangibles assets, net 10,231 10,630
Other assets     9,557     10,798
 
Total assets   $ 424,344   $ 415,572
 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
 

Current liabilities:

Notes payable $ 1,500 $ 1,500
Accounts payable 16,295 14,038
Deferred product and service income 5,108 4,352
Other current liabilities     13,807     18,028
Total current liabilities 36,710 37,918
 
Other liabilities 13,231 12,456
 
Stockholders' equity     374,403     365,198
 
Total liabilities and stockholders' equity   $ 424,344   $ 415,572
* The balance sheet as of December 31, 2016 has been derived from the audited financial statements as of that date.
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...