Ultratech, Inc. today announced unaudited results for the three-month period ended April 4, 2009.
For the first quarter of fiscal 2009, Ultratech reported net sales of $25.7 million compared to $31.1 million during the first quarter of 2008. Ultratech’s net income for the first quarter of 2009 was $0.2 million or $0.01 per share (diluted) compared to net income of $2.0 million or $0.08 per share (diluted) for the same quarter last year.
Arthur W. Zafiropoulo, Ultratech Chairman and Chief Executive Officer, stated, “During the quarter, Ultratech’s customers accelerated their plans to cut costs by scaling back their investments and reducing factory utilization throughout the period. As a result, we experienced declines in our revenue and our profitability for the period.”
“We have taken further measures to reduce operating expenses, drive structural efficiencies and adjust the cost structure to reduce breakeven revenue levels and conserve cash during this extremely challenging business environment,” continued Zafiropoulo.
“Over Ultratech’s 30-year history, we have developed strategies that we believe allow us to effectively manage challenging business conditions with an eye toward future opportunities. While we can’t change the economic climate in which we are operating, we believe that because of our market leadership, the resources we have in place and our experience, we are well equipped to manage through this period as we continue to execute our long-term strategy,” Zafiropoulo concluded.
At April 4, 2009, Ultratech had $160 million in cash, cash equivalents and short-term investments. Working capital was $185 million and stockholders’ equity was $8.20 per share based on 23,603,995 total shares outstanding on April 4, 2009.
Conference Call Information
The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on Thursday, April 16, 2009. To listen to the call over the Internet or to obtain telephone dial-in information, please go to Ultratech’s web site at http://www.ultratech.com.
If you are unable to attend the live conference call, a replay will be available on Ultratech’s web site. If you do not have Internet access, a replay of the call will be available three hours after the conclusion of the call and run until 9:00 p.m. Pacific Time, April 23, 2009. You may access the telephone replay by dialing 800-642-1687 for domestic callers, 706-645-9291 for international callers and entering access code: 92510845.
Ultratech, Inc. (NasdaqGM:UTEK) designs, manufactures and markets photolithography and laser processing equipment. The company’s market-leading advanced lithography products deliver high throughput and production yields at a low, overall cost of ownership for bump packaging of integrated circuits and LEDs. Ultratech, a pioneer of laser processing, developed laser spike anneal technology, which increases device yield, improves transistor performance and enables the progression of Moore’s Law for 65-nm and below production of state-of-the-art consumer electronics. Founded in 1979, Ultratech celebrates 30 years headquartered in San Jose, Calif. Visit Ultratech online at: http://www.ultratech.com.