After quarter-end, the company added approximately $17.6 million of working capital for the successful completion of its public offering of common stock.
MINNEAPOLIS (June 24, 2010) -- FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today reported financial results for the third quarter of fiscal 2010 and for the first nine months ended May 29, 2010.
Fiscal 2010 Third Quarter and First Nine Months
Sales for the first third quarter of fiscal 2010 increased 86 percent to $28.7 million, compared to $15.4 million for the same period of fiscal 2009. The company's net income for the third quarter of fiscal 2010 was $5.9 million, or $0.18 per share, compared to a net loss of $2.8 million, or $0.09 per share, for the third quarter of fiscal 2009. Third quarter fiscal 2010 financial results included $144,000, or $0.00 per share, of non-cash stock-based compensation charges, compared to $132,000, or $0.00 per share, in the prior year comparable period.
Sales for the first nine months of fiscal 2010 increased 71 percent to $62.2 million, compared to $36.3 million for the same period of fiscal 2009. The company's net income for the first nine months of fiscal 2010 was $6.4 million, or $0.20 per share, as compared to a net loss of $17.6 million, or $0.57 per share for the first nine months of fiscal 2009. The financial results for the first nine months fiscal 2010 included $1.3 million, or $0.04 per share, of non-cash stock-based compensation charges, compared to $331,000, or $0.01 per share, in the prior year period.
Balance Sheet
As of the end of the fiscal 2010 third quarter, the company had approximately $76.3 million in assets, including $12.0 million in cash, restricted cash, cash equivalents and long-term securities. The company had a current ratio of 3.2 to 1.0 and a book value of $1.81 per share at the end of fiscal 2010 third quarter. After quarter end, the company successfully completed a public offering of common stock. Net proceeds from the sales of the share, after underwriting discounts and commissions and other offering expenses, were approximately $17.6 million.
Outlook
The company expects fourth quarter orders of $27.0 to $30.0 million as compared to $29.5 million in the third quarter of fiscal 2010.* Based on backlog and deferred revenue levels at the end of third quarter and expected foouth quarter orders, the company expects fourth quarter fiscal 2010 revenues to be approximately $27.0 to $30.0 million as compared to $28.7 million in the third quarter of fiscal 2010*.
Based upon the anticipated gross profit margin and the operating expense run rate, the company expects net income of $5.0 to $6.0 million for the fourth quarter.* The company expects to generate $5.0 to $7.0 million of net cash from the operating activities in the fourth quarter, after using approximately $2.4 million in the third quarter, as we manage accounts receivable and inventory.*
Conference Call Details
FSI investors have the opportunity to listen to management’s discussion of its financial results on a conference call at 3:30 p.m. CT today. In addition, the company will discuss third quarter accomplishments, review expected fourth quarter financial performance guidance and discuss today's new order announcement. The company invites all those interested to join the call by dialing 888.989.4619 and entering access code 8461354. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by dialing 866.515.1601.
About FSI
FSI International, Inc. is a global supplier of surface conditioning equipment, technology and support services for microelectronics manufacturing. Using the company’s broad portfolio of cleaning products, which include batch and single-wafer platforms for immersion, spray, vapor and cryogenic aerosol technologies, customers are able to achieve their process performance flexibility and productivity goals. The company’s support services programs provide product and process enhancements to extend the life of installed FSI equipment, enabling worldwide customers to realize a higher return on their capital investment. For more information, visit FSI’s website at http://www.fsi-intl.com, or call Benno Sand, 952.448.8936.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains certain “forward-looking” statements (*), including, but not limited to an expected increase in orders and anticipate improved financial performance in fiscal 2010 and expected orders, expected revenues, expected financial results, expected cash flow, expected depreciation other expected financial performance for the second quarter of fiscal 2010. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in industry conditions; order delays or cancellations; general economic conditions; changes in customer capacity requirements and demand for microelectronics; the extent of demand for the Company’s products and its ability to meet demand; global trade policies; worldwide economic and political stability; the Company’s successful execution of internal performance plans; the cyclical nature of the Company’s business; volatility of the market for certain products; performance issues with key suppliers and subcontractors; the level of new orders; the timing and success of current and future product and process development programs; the success of the Company’s direct distribution organization; legal proceedings; the potential impairment of long-lived assets; and the potential adverse financial impacts resulting from declines in the fair value and liquidity of investments the Company presently holds; as well as other factors listed herein or from time to time in the Company’s SEC reports, including our latest 10-K annual report and our 10-Q quarterly reports. The Company assumes no duty to update the information in this press release.