Aviza Technology, Inc. (NASDAQ:AVZA), a supplier of advanced
semiconductor capital equipment and process technologies for the
global semiconductor industry and related markets, today reported
results for the second quarter of fiscal year 2008, which ended on
March 28, 2008. Shipments for the second quarter totaled $28.3
million. Net sales for the quarter of $30.2 million were in-line
with the Company�s guidance of $30 million - $35 million. Second
quarter net loss was $30.1 million, or ($1.38) per share. Adjusted
net loss was $6.3 million, or ($0.29) per share. �Our financial
results for this quarter reflect the effects of our recently
announced plans to restructure the Company's product strategy,
served markets and internal operations,� said Jerry Cutini, Aviza's
president and chief executive officer. �The most profound impact
was the result of a $20.8 million restructuring charge which
negatively impacted our gross margin and operating expenses for the
quarter. As we continue to control and monitor our spending, our
renewed focus moving forward will concentrate on the new
initiatives we set forth.� FORECAST � FISCAL 2008 THIRD QUARTER
ENDING JUNE 27, 2008 The Company�s guidance for the third quarter
of fiscal 2008 is predicated on anticipated continued softness in
the DRAM market. Aviza expects that net sales will be in the range
of $32 million to $37 million, with an operating loss in the range
of approximately $3.0 million - $7.0 million. NON-GAAP FINANCIAL
MEASURES Aviza uses non-GAAP financial measures that are not
intended to be used in lieu of GAAP presentations, but are provided
because we believe that they provide additional information with
respect to the performance of our fundamental business activities
and are also used by securities analysts, investors and other
interested parties to evaluate our business on a comparable basis
to other companies. The two non-GAAP financial measures that we use
are (i) Adjusted Net Income (Loss) and (ii) Adjusted Net Income
(Loss) Per Share. We believe that Adjusted Net Income (Loss) and
Adjusted Net Income (Loss) Per Share provide investors with useful
information about our operating results. We use Adjusted Net Income
(Loss) and Adjusted Net Income (Loss) Per Share to review and
assess our operating performance. Adjusted Net Income (Loss) and
Adjusted Net Income (Loss) Per Share also allow us to compare our
operating results with corresponding prior periods as well as with
the operating results of other companies in our industry. Adjusted
Net Income (Loss) is a non-GAAP financial measure that represents
GAAP Net Income (Loss) excluding the following items: stock-based
compensation, amortization expense, depreciation expense, net
interest expense, restructuring and other one-time charges, income
taxes and net other (income) expense. As we have substantial net
operating loss carryforward, we have not included the impact of
additional income tax provisions in this calculation. Adjusted Net
Income (Loss) Per Share is a non-GAAP financial measure that
represents Adjusted Net Income (as defined above) divided by
weighted average number of shares outstanding for the period. A
reconciliation of our Adjusted Net Income (Loss) to GAAP Net Income
(Loss), the most directly comparable GAAP measure, is provided in
the attached table. Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) Per Share have limitations as analytical tools, and
you should not consider them in isolation or as a substitute for
net income (loss), earnings per share and other consolidated income
statement data prepared in accordance with GAAP. We compensate for
these limitations by relying primarily on our GAAP results and
using Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per
Share as supplemental information. Unless otherwise specified, all
references in this press release to financial information are
prepared in accordance with accounting principals generally
accepted in the United States. CONFERENCE CALL INFORMATION Aviza
has scheduled a conference call today to discuss the Company's
financial results for the fiscal 2008 second quarter. The call will
be hosted by Jerry Cutini, president and chief executive officer,
and Patrick O�Connor, executive vice president and chief financial
officer. Investors will have the opportunity to listen to the
conference call over the Internet. To listen to the live web cast
today at 4:30 p.m. EDT / 1:30 p.m. PDT, log on to the Aviza website
at www.aviza.com. To access the live conference call today at 4:30
p.m. EDT / 1:30 p.m. PDT, dial 303-262-2125 or 800-240-2134. A
digital replay will be available on Aviza's website at
www.aviza.com under "Calendar of Events" in the "Investors" section
of the website two hours after the conclusion of the conference
call. A telephone replay will also be available two hours after the
conclusion of the conference call from May 6 to May 13, 2008. You
may access the telephone replay by dialing 303-590-3000 or
800-405-2236 and entering the confirmation code 11112703#. SAFE
HARBOR STATEMENT This press release contains forward-looking
statements. These forward-looking statements are based on our
management�s current expectations and beliefs and involve numerous
risks and uncertainties that could cause actual results to differ
materially from expectations. You should not rely upon these
forward-looking statements as predictions of future events because
we cannot assure you that the events or circumstances reflected in
these statements will be achieved or will occur. These
forward-looking statements include, but are not limited to, the
statements made by Jerry Cutini and all statements containing the
words �believes,� �expects,� �forecast,� �may,� �will,� �should,�
�seeks,� �intends,� �plans,� �estimates� or �anticipates� or the
negative of these words and phrases or other variations of these
words and phrases or comparable terminology. Many factors could
cause actual results to differ materially from those projected in
these forward-looking statements, including, but not limited to:
variability of our revenues and financial performance; risks
associated with product development and technological changes; the
acceptance of our products in the marketplace by existing and
potential future customers; disruption of operations or increases
in expenses due to our involvement in litigation or caused by civil
or political unrest or other catastrophic events; general economic
conditions and conditions in the semiconductor industry in
particular; the continued employment of our key personnel and risks
associated with competition. Some of these factors and other
important factors are detailed in various Securities and Exchange
Commission filings that we have made, particularly in our most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, copies of which are available from us without charge. Please
review these filings and do not place undue reliance on these
forward-looking statements. We assume no obligation to update these
forward-looking statements. ABOUT AVIZA TECHNOLOGY, INC. Aviza
Technology, Inc. designs, manufactures, sells and supports advanced
semiconductor capital equipment and process technologies for the
global semiconductor industry and related markets. The company�s
systems are used in a variety of segments of the semiconductor
market, such as advanced silicon for memory devices, advanced 3-D
packaging and power integrated circuits for communications. Aviza�s
common stock is publicly traded on the NASDAQ Global Market (NASDAQ
GM:AVZA). Aviza is headquartered in Scotts Valley, Calif., with
manufacturing, R&D, sales and customer support facilities
located in the United Kingdom, Germany, France, Taiwan, China,
Japan, Korea, Singapore and Malaysia. Additional information about
the company can be found at http://www.aviza.com. AVIZA TECHNOLOGY,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) � � � March 28, � September 28, � � � � � 2008 � � �
2007 � � ASSETS � CURRENT ASSETS: Cash and cash equivalents $
15,222 $ 23,087 Accounts receivable, net 28,318 37,202 Inventory
48,248 45,529 Prepaid expenses and other current assets � 6,115 � �
5,317 � � Total current assets 97,903 111,135 � Property and
equipment - net 26,356 31,781 � Intangible and other assets � 3,441
� � 5,164 � � TOTAL $ 127,700 � $ 148,080 � � LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) � CURRENT LIABILITIES: Bank
borrowing - short term $ 28,046 $ 15,043 Accounts payable 25,021
22,536 Warranty liability 8,575 11,222 Accrued liabilities � 17,301
� � 13,391 � � Total current liabilities � 78,943 � � 62,192 � � �
NOTE PAYABLE - Long term 13,004 14,490 OTHER LIABILITIES- Long term
� 175 � � - � � Total liabilities � 92,122 � � 76,682 � � �
STOCKHOLDERS' EQUITY (DEFICIT) � Common stock 121,236 118,402
Accumulated deficit and accumulated other comprehensive loss �
(85,658 ) � (47,004 ) � Total stockholders' equity (deficit) �
35,578 � � 71,398 � � TOTAL $ 127,700 � $ 148,080 � AVIZA
TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts) (unaudited) � �
� Quarter Ended � Six Months Ended March 28, � December 28, � March
30, March 28, � March 30, � � � � � 2008 � � � 2007 � � � 2007 � �
� 2008 � � � 2007 � � NET SALES $ 30,174 � $ 34,014 � $ 61,638 � $
64,188 � $ 123,829 � � COST OF GOODS SOLD - on net sales 21,035
24,283 42,714 45,318 86,057 COST OF GOODS SOLD - restructuring �
13,029 � � - � � - � � 13,029 � � - � � Total cost of goods sold �
34,064 � � 24,283 � � 42,714 � � 58,347 � � 86,057 � � GROSS PROFIT
� (3,890 ) � 9,731 � � 18,924 � � 5,841 � � 37,772 � � OPERATING
EXPENSES: Research and development costs 7,981 8,039 8,011 16,020
15,714 Selling, general and administrative costs 9,509 9,574 8,221
19,083 16,628 Restructuring costs and other costs � 7,792 � � - � �
- � � 7,792 � � - � � � Total operating expenses � 25,282 � �
17,613 � � 16,232 � � 42,895 � � 32,342 � � INCOME (LOSS) FROM
OPERATIONS � (29,172 ) � (7,882 ) � 2,692 � � (37,054 ) � 5,430 � �
OTHER INCOME (EXPENSE): Interest income 32 52 110 84 137 Interest
expense (536 ) (412 ) (1,063 ) (948 ) (2,315 ) Other income
(expense) - net � 14 � � 20 � � 11 � � 34 � � 24 � � Total other
income (expense) � (490 ) � (340 ) � (942 ) � (830 ) � (2,154 ) �
INCOME (LOSS) BEFORE INCOME TAXES (29,662 ) (8,222 ) 1,750 (37,884
) 3,276 � INCOME TAXES � 424 � � 298 � � 395 � � 722 � � 796 � �
NET INCOME (LOSS) $ (30,086 ) $ (8,520 ) $ 1,355 � $ (38,606 ) $
2,480 � � Income (Loss) per share: Basic $ (1.38 ) $ (0.40 ) $ 0.08
� $ (1.80 ) $ 0.15 � Diluted $ (1.38 ) $ (0.40 ) $ 0.07 � $ (1.80 )
$ 0.14 � � Weighted average common shares: Basic � 21,856,473 � �
21,060,009 � � 17,538,955 � � 21,458,241 � � 16,844,853 � Diluted �
21,856,473 � � 21,060,009 � � 18,374,237 � � 21,458,241 � �
17,637,631 � AVIZA TECHNOLOGY, INC. RECONCILIATION TO ADJUSTED NET
INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER SHARE (in
thousands, except share and per share amounts) (unaudited) � �
Quarter Ended March 28, � December 28, � March 30, � � � � 2008 � �
� 2007 � � � 2007 � � NET INCOME (LOSS) $ (30,086 ) $ (8,520 ) $
1,355 � � Adjustments to reconcile net income (loss) to adjusted
net income (loss) Stock-based compensation $ 467 $ 528 $ 477
Amortization expense (1) 145 100 124 Depreciation expense 1,389
1,430 963 Interest expense, net 504 360 953 Other (income) expense,
net (14 ) (20 ) (11 ) Restructuring and other costs 20,821 - -
Income taxes � 424 � � 298 � � 395 � � ADJUSTED NET INCOME (LOSS) $
(6,350 ) $ (5,824 ) $ 4,256 � � Adjusted Income (loss) per share:
Basic $ (0.29 ) $ (0.28 ) $ 0.24 � Diluted $ (0.29 ) $ (0.28 ) $
0.23 � � Weighted average common shares: Basic � 21,856,473 � �
21,060,009 � � 17,538,955 � Diluted � 21,856,473 � � 21,060,009 � �
18,374,237 � � � � (1) Does not include the amortization of debt
issuance costs of $33,000, $33,000, and $129,000 during the three
months ended March 28, 2008, December 28, 2007 and March 30, 2007
respectively, which are included in interest expense, net.
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