MTSN,
Mattson Technology, Inc. Reports a 49% Increase in Net Revenue for the Year Ended December 31, 2014
4:10p ET February 12, 2015 (Market Wire) Print
Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced results for the fourth quarter and year ended December 31, 2014.
Business Highlights:
-- Net revenue in 2014 was $178.4 million, an increase of $59.0 million, or
49 percent, as compared to $119.4 million in net revenue in 2013.
-- Net revenue in the fourth quarter of 2014 was $54.7 million,
representing an increase of $16.3 million, or 42 percent, compared to
net revenue of $38.4 million in the third quarter of 2014 and an
increase of $14.0 million, or 34 percent, compared to net revenue of
$40.8 million in the fourth quarter of 2013.
-- Net income for the fourth quarter of 2014 was $5.0 million, or $0.07 per
diluted share. This compares to a net income of $0.5 million, or $0.01
per diluted share, in the third quarter of 2014, and a net income of
$2.5 million, or $0.04 per diluted share, in the fourth quarter of 2013.
"This year was pivotal for Mattson, as increased spending by our customers and market share gains resulted in a 49 percent increase in revenue from the prior year," noted Fusen Chen, Mattson Technology's President and Chief Executive Officer. "This growth in revenue, coupled with the operating leverage achieved from the restructuring activities completed in 2013, led to a profitable 2014, with the fourth quarter marking our sixth consecutive profitable quarter on a non-GAAP basis."
Fourth Quarter 2014 Financial Results
Net revenue in the fourth quarter of 2014 was $54.7 million, representing an increase of $16.3 million, or 42 percent, compared to net revenue of $38.4 million in the third quarter of 2014 and an increase of $14.0 million, or 34 percent, compared to net revenue of $40.8 million in the fourth quarter of 2013.
Gross margin in the fourth quarter of 2014 was approximately 33 percent, a 1 percentage point decrease compared to the 34 percent gross margin reported in the third quarter of 2014, and a slight increase as compared to the 32 percent gross margin reported in the fourth quarter of 2013.
Total operating expense was $13.1 million in the fourth quarter of 2014, an increase of $0.6 million, or 5 percent, compared to $12.5 million of total operating expense in the third quarter of 2014, and an increase of $1.9 million, or 17 percent, compared to $11.1 million of total operating expense in the fourth quarter of 2013.
Excluding restructuring and other charges, non-GAAP operating expense was $13.1 million in the fourth quarter of 2014, which represents an increase of $0.9 million, or 7 percent, compared to $12.2 million in the third quarter of 2014, and an increase of $1.9 million or 17 percent, compared to $11.1 million in the fourth quarter of 2013. There were $0.3 million in restructuring and other charges in the third quarter of 2014. Due to the absence of restructuring and other charges in the fourth quarter of 2014 and the fourth quarter of 2013, there is no difference between GAAP and non-GAAP operating expense in these periods.
Net income for the fourth quarter of 2014 was $5.0 million, representing net income of $0.07 per diluted share. This compares to a net income of $0.5 million, or $0.01 per diluted share, in the third quarter of 2014, and a net income of $2.5 million, or $0.04 per diluted share, as reported in the fourth quarter of 2013.
Excluding restructuring and other charges, non-GAAP net income per diluted share was $0.07 in the fourth quarter of 2014. This compares with a non-GAAP net income of $0.01 and $0.04 per diluted share as reported in the third quarter of 2014 and the fourth quarter of 2013, respectively. Due to the absence of restructuring charges in the fourth quarter of 2014 and the fourth quarter of 2013, there is no difference between GAAP and non-GAAP net income per diluted share for these periods.
Fiscal Year 2014 Financial Results
Net revenue in 2014 was $178.4 million, an increase of $59.0 million, or 49 percent, as compared to $119.4 million in net revenue in 2013.
Gross margin for 2014 was approximately 33 percent, a 2 percentage point increase compared to the 31 percent gross margin reported in 2013.
Total operating expense was $48.7 million in 2014, an increase of $0.3 million, or 1 percent, compared to $48.4 million of total operating expense in 2013.
Excluding restructuring and other charges, non-GAAP operating expense was $48.3 million for 2014, which represents an increase of $3.5 million, or 8 percent, compared to $44.8 million in 2013. Restructuring and other charges for 2014 and 2013 were $0.4 million and $3.7 million, respectively.
Net income for 2014 was $9.9 million, representing net income of $0.13 per diluted share. This compares to a net loss of $11.0 million, or a $0.19 net loss per share, in 2013. Excluding restructuring and other charges, non-GAAP net income per diluted share was $0.14 in 2014 and non-GAAP net loss per share was $0.12 in 2013.
Conference Call
On Thursday, February 12, 2015, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), Mattson Technology will hold a conference call to review the following topics: 2014 fourth quarter and annual financial results, current business conditions, the near-term business outlook and guidance for the first quarter of 2015. The conference call will be simultaneously webcast at www.mattson.com under the Investors section. To access the live conference call, please dial (877) 430-4657.
