| MATTSON TECHNOLOGY, INC. ANNOUNCES RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 1998
FREMONT, Calif. — February 10, 1999 — Mattson
Technology, Inc. (Nasdaq:MTSN), a leading supplier of advanced
process technology for semiconductor manufacturing, today
announced financial results for the quarter and year ended
December 31, 1998.
Net sales for the fourth quarter of 1998 were $13.9 million,
compared to $24.5 million for the fourth quarter of 1997,
a decrease of 43 percent. The Company recorded a net loss
for the fourth quarter of $5.1 million or 33 cents per diluted
share, compared to net income of $1.0 million or 7 cents
per diluted share, for the fourth quarter of 1997. Fourth
quarter bookings were $14.7 million, a decrease of 43 percent
from the fourth quarter of 1997, and backlog decreased 45
percent to $22.7 million, compared to $41.5 million in the
fourth quarter of 1997.
Quarter-to-quarter net sales increased 47%, up from $9.4
million for the third quarter of 1998. Net loss for the fourth
quarter of $5.1 million, or 33 cents per diluted share, represents
a decrease from a net loss of $14.8 million, or $1.00 per
diluted share last quarter. Bookings increased 33 percent,
up from $11.0 million in the third quarter of 1998, resulting
in a book-to-bill ratio of 1.06 to 1.0.
Net sales for the year ended December 31, 1998 decreased
23 percent to $59.2 million, compared to $76.7 million for
the year ended December 31, 1997. Net loss for the year ended
December 31, was $22.4 million, or $1.52 per diluted share,
compared to net income of $1.4 million, or 9 cents per diluted
share, for the year ended December 31, 1997.
Brad Mattson, CEO of Mattson Technology, stated, "Although
business has been down as a result of the worst year for
the equipment industry in 25 years, I’m optimistic
about our business prospects for 1999. In Q4, per our plan,
more than 50% of our revenues and bookings were for non Strip
products. Our multi-product strategy is starting to work,
and we can see the benefit with increased revenues. We expect
to continue to see a return on investment in these new products
in 1999."
The Company is amending its third quarter condensed consolidated
financial statements as a result of recent SEC comments regarding
accounting for acquisition-related in-process research and
development. In connection with the Company’s acquisition
of Concept Systems Design, Inc. ("Concept") in
July 1998, the Company initially wrote off in-process research
and development of approximately $5.8 million in the third
quarter ended September 27, 1998. The Company has not received
any inquiry from the SEC regarding this matter, but decided
to proactively address the SEC concerns. The Company believes
that the write-off of in-process research and development
which it had taken was made in accordance with established
industry practice at the time. In addition, the write-off
was based upon a valuation provided by an independent appraiser.
As a result of the recent SEC comments, the in-process charge
resulting from the acquisition of Concept was reduced from
$5.8 million to $4.2 million. The resulting net change of
approximately $1.6 million increases goodwill which will
be amortized over a five year period. The increased quarterly
amortization is approximately $80,000.
This Press Release contains forward-looking statements regarding,
among other matters, the Company’s future financial
performance. Forward looking statements address matters which
are subject to a number of risks and uncertainties. In addition
to the general risks associated with the development of complex
technology, future results of the Company will depend on
a variety of factors, including the timing of significant
orders, the ability of the Company to bring new systems to
market, the timing of new product releases by the Company’s
competitors, slowdowns in the semiconductor industry, and
other competitive factors. Reference is made to the Company’s
filings with the Securities and Exchange Commission for further
discussion of risks and uncertainties regarding the Company’s
business.
Mattson Technology, Inc. is a multiple product supplier
of semiconductor process equipment for photoresist strip,
isotropic etch, chemical vapor deposition, epitaxial and
rapid thermal processing. The Company’s products combine
advanced process technology on a high productivity platform,
backed by industry-leading support. Since beginning operations
in 1989, the Company’s core vision is to bring dramatic
productivity gains to semiconductor manufacturers worldwide.
Headquartered in Fremont, Calif., the Company maintains sales
and support centers throughout the United States, Europe,
Asia/Pacific and Japan. For more information, please contact:
Mattson Technology, Inc., 3550 W. Warren Avenue, Fremont,
Calif., 94538. Tel: (510) 657-5900. Fax: (510) 657-0165.
Internet: www.mattson.com.
###
MATTSON TECHNOLOGY, INC. INCOME
STATEMENT & BALANCE STATEMENT
About Mattson Technology
Mattson Technology Inc., is a leading supplier of thermal,
plasma and wet semiconductor processing equipment. The company's
products combine advanced process technology on a high productivity
platform, 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, Asia/Pacific and Japan. For more
information, please contact Mattson Technology Inc., 2800
Bayview Drive, Fremont, Calif. 94538. Telephone: (800) MATTSON.
Fax: (510) 657-0165. Internet:www.mattson.com
|
