MILPITAS, CA , a provider of test solutions for the worldwide
consumer semiconductor industry, today reported financial results
for the second quarter of fiscal 2008, ended May 3, 2008.
Revenue for the second quarter was $68.1 million and new orders
were $72.1 million, resulting in a book to bill ratio of 1.06.
Revenue in the second quarter was up seven percent compared to
the previous quarter revenue of $63.4 million, and down 44 percent
from the same quarter last year.
Gross margin in the second quarter was 41 percent, which
included planned restructuring charges of $1.3 million related to
cost of goods sold. Excluding one-time charges, operating expenses
were $38.7 million for the quarter, down $4.5 million, or 10%, from
the prior quarter. Including one-time charges, operating expenses
for the quarter were $44 million, and included the following
charges: restructuring expenses of $1.9 million and $3.4 million
associated with the sale of the Diagnostics and Characterization
product line.
The net loss for the second quarter was $18.7 million or $0.18
per share, versus a net loss of $56.1 million or $0.55 net loss per
share in the previous quarter. The net loss for the second quarter
of fiscal 2007 was $3.5 million, or $0.03 net loss per share.
Cash and short term investments were $228 million in the second
quarter as compared to $241 million in the first quarter of fiscal
2008.
"I am very excited about the reception Diamond has received from
our customers. All of our test platforms have now reached critical
mass and we are seeing an increase in demand for our products in
the consumer markets," said Lavi Lev, President and Chief Executive
Officer of Credence. "We are also making good progress on our
restructuring plans and the operational efficiencies that should
lead to our profitability goals."
Third quarter fiscal 2008 outlook
Net sales in the third quarter of fiscal 2008 are expected to be
approximately $64 million to $68 million, with a gross margin range
of 45-47 percent resulting in a loss of $8-10 million or $0.08 to
$0.10 per share.
Conference Call/Webcast
Credence will hold a conference call to discuss these results
today, Monday, June 2, 2008, at 5:00 pm ET. The call will be
simulcast via the Credence web site at www.credence.com under the
"Investor Relations-Financial Information-Webcasts" section. A
replay of the call will be available via phone and on the web site
through July 2, 2007. The replay number in the U.S. and Canada is
(888) 286-8010 and outside the U.S. and Canada is (617) 801-6888.
The passcode is 68453766. A replay will also be available on the
Credence web site www.credence.com under the Investor Relations
section.
About Credence
Credence Systems Corporation is a global provider of automated
test equipment (ATE) solutions to the high growth, consumer
semiconductor industry. Credence is committed to deliver the
highest standards of value -- an optimal combination of technology,
turn-around time, reliability, ease of use, service and support --
to every customer, which enables important cost and performance
advantages for integrated device manufacturers (IDMs), wafer
foundries, outsource assembly and test (OSAT) suppliers and fabless
chip companies worldwide. An ISO 9001-certified company with a
presence in 20 countries, Credence is headquartered in Milpitas,
California. More information is available at
http://www.credence.com.
Credence is a trademark of Credence Systems Corporation. Other
trademarks that may be mentioned in this release are the
intellectual property of their respective owners.
Forward-Looking Statements
This release contains statements that are forward-looking within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the reception Diamond has
received from our customers, the increase in demand for our
products in consumer markets, the progress made on restructuring
plans and operational efficiencies, our profitability goals and
expected sales, gross margin and loss per share for the third
fiscal quarter of 2008. These forward-looking statements involve
important factors that could cause our actual results to differ
materially from those in the forward-looking statements. Such
important factors involve risks and uncertainties including, but
not limited to, difficulties in restructuring the company and
changing our customer focus, the volatility of the trading price of
our stock, the introduction of new product features including new
instruments, the completion, delivery and acceptance by customers
of such new product features, the need to focus on different
aspects of our business to improve stockholder value, unanticipated
challenges in assessing business conditions and the overall market,
unanticipated difficulties in implementing improvements to our
business model, cyclicality and downturns in the semiconductor
industry, rapid technological change in the automatic test
equipment market, the timing of new technology, product
introductions, customer requirements relating to the customization
of products, the risk of a loss or reduction of orders from one or
more customers among which our business is concentrated,
fluctuation in customer demand, timing and volume of orders and
shipments, competition and pricing pressures, reliability and
quality issues, our ability to complete the development and
commercialization of our new products, product mix, overhead
absorption, continued dependence on "turns" orders to achieve
revenue objectives, intellectual property issues, the risk of early
obsolescence, our ability to control and reduce expenses (including
the ability to identify and successfully institute additional
cost-saving measures) and our need to achieve and maintain
effective internal controls over financial reporting. Reference is
made to the discussion of risk factors detailed in our filings with
the Securities and Exchange Commission, including our reports on
Form 10-K and 10-Q. All projections in this release are based on
limited information currently available to us, which is subject to
change. Although any such projections and the factors influencing
them will likely change, we will not necessarily update the
information, since we are only to provide guidance at certain
points during the year. Actual events or results could differ
materially and no reader of this release should assume later in the
quarter that the information provided today is still valid. Such
information speaks only as of the date of this release.
Editors: financial tables to follow
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
2008 2007 2008 2008 2007
Q2 Q2 Q1 YTD YTD
Actual Actual Actual Actual Actual
======== ======== ======== ======== ========
Prior
Quarter
Three Months Ended Ended Six Months Ended
------------------ -------- ------------------
May 3, May 5, February 2, May 3, May 5,
2008 2007 2008 2008 2007
======== ======== ======== ======== ========
Net Sales 68,113 121,541 63,408 131,521 240,659
Costs of Goods Sold -
on net sales (1)(4) 40,156 66,325 37,366 77,522 133,941
-------- -------- -------- -------- --------
Gross Margin $ 27,957 55,216 26,042 53,999 106,718
-------- -------- -------- -------- --------
Gross Margin % 41.0% 45.4% 41.1% 41.1% 44.3%
Operating Expenses
Research &
Development (2) 15,741 20,362 17,235 32,976 41,540
Sales, General, &
Administration (3) 19,712 29,114 21,522 41,234 54,953
Amortization of
Purchased Intangibles 3,272 4,454 4,451 7,723 8,909
Restructuring Charges 1,892 526 10,669 12,561 -
Impairment Charges
and Loss on Disposal
of Product Line 3,394 - 22,955 26,349 -
Loss on Disposal of
Facilities - - 3,600 3,600 1,018
-------- -------- -------- -------- --------
Total Operating Expenses 44,011 54,456 80,432 124,443 106,420
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
Operating Income/(Loss) (16,054) 760 (54,390) (70,444) 298
-------- -------- -------- -------- --------
Other Expense/(Income) 1,942 2,344 1,018 2,960 (162)
-------- -------- -------- -------- --------
Income Before Taxes (17,996) (1,584) (55,408) (73,404) 460
-------- -------- -------- -------- --------
Income Taxes 683 1,870 719 1,402 3,925
-------- -------- -------- -------- --------
Net Income/(Loss) (18,679) (3,454) (56,127) (74,806) (3,465)
======== ======== ======== ======== ========
Net Income % -27.4% -2.8% -88.5% -56.9% -1.4%
Net Income/(Loss) per
Share
Basic (0.18) (0.03) (0.55) (0.73) (0.03)
Diluted (0.18) (0.03) (0.55) (0.73) (0.03)
Number of Shares used in
Computing per share
amounts
Basic 102,016 101,028 101,691 101,853 100,816
Diluted 102,016 101,028 101,691 101,853 100,816
(1) Includes share-based compensation under FAS 123R (adopted on
November 1, 2005) of $0.1 million and $0.3 million for the three and
six month periods ended May 3, 2008, respectively. For the three
months ended February 2, 2008 share-based compensation expense was
$0.2 million. For the three and six months periods ended May 5, 2007,
share-based compensation expense was $0.1 million and $0.2 million,
respectively.
(2) Includes share-based compensation under FAS 123R of $0.2 million and
$0.4 million for the three and six month periods ended May 3, 2008,
respectively. For the three month period ended February 2, 2008,
share-based compensation expense was $0.3 million. For the three and
six month periods ended May 5, 2007, share-based compensation expense
was $0.3 million and $0.7 million, respectively.
(3) Includes share-based compensation under FAS 123R of $0.5 million and
$1.2 million for the three and six month periods ended May 3, 2008.
For the three month period ended February 2, 2008, share-based
compensation expense was $0.7 million. For the three and six month
periods ended May 5, 2007, share-based compensation expense was $0.9
million and $2.1 million, respectively.
(4) Includes restructuring charges of $1.3 million and $4.1 million for the
three and six months ended May 3, 2008, respectively.
CREDENCE SYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Prior
Quarter
-----------
May 3, February 2, November 3,
2008 2008 2007 (1)
=========== =========== ===========
(unaudited) (unaudited)
ASSETS:
Current Assets:
Cash and Cash Equivalents $ 220,682 $ 215,502 $ 179,264
Short Term Investments 7,778 25,275 62,869
Accounts Receivable, net 58,114 58,319 64,174
Inventories 50,257 51,339 62,506
Other Current Assets 29,685 22,107 26,602
----------- ----------- -----------
Total Current Assets 366,516 372,542 395,415
Property and Equipment, net 45,091 46,730 75,299
Other Assets 96,858 98,118 118,598
----------- ----------- -----------
Total Assets $ 508,465 $ 517,390 $ 589,312
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Convertibles Subordinated Notes $ 70,700 $ 70,700 $ 70,700
Accounts Payable 16,179 14,078 20,365
Accrued Liabilities 78,613 75,951 94,841
Deferred Profits 2,677 1,536 2,703
----------- ----------- -----------
Total Current Liabilities 168,169 162,265 188,609
Convertible Subordinated Notes 120,628 120,178 119,728
Other Liabilities 41,881 41,706 35,247
Long-term Deferred Income Taxes 9,473 9,473 9,473
Stockholders' Equity 168,314 183,768 236,255
----------- ----------- -----------
Total Liabilities and
Stockholders' Equity $ 508,465 $ 517,390 $ 589,312
=========== =========== ===========
Media Relations Contact: Brenda Ropoulos Communications Director
Credence Systems Corporation Phone: 408-635-4309 FAX: 408-635-4986
E-mail: Email Contact
Credence Systems (MM) (NASDAQ:CMOS)
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