FSI International (ticker:
FSII, exchange: NASDAQ) News Release - 3/25/08
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FSI International, Inc. Announces Second Quarter and First Half Fiscal 2008 Financial Results
Led by several Asian customers, orders for the second quarter of fiscal 2008 increased to $25.4 million, compared to $15.0 million for the first quarter of fiscal 2008
MINNEAPOLIS (March 25, 2008)--FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today reported financial results for the second quarter of fiscal 2008 and for the six months ended March 1, 2008.
Fiscal 2008 Second Quarter and First Half
Sales for the first half of fiscal 2008 were $43.9 million, compared to $71.1 million for the same period of fiscal 2007. The Company’s net loss for the first half of fiscal 2008 was $3.1 million, or $0.10 per share, compared to a net loss of $2.4 million, or $0.08 per share, for the first half of fiscal 2007.
Second quarter fiscal 2008 sales were $21.4 million, compared to $33.4 million for the same period in fiscal 2007. The Company’s net loss for the second quarter of fiscal 2008 was $1.0 million, or $0.03 per share, compared to a net loss of $4.3 million, or $0.14 per share, for the second quarter of fiscal 2007.
In the second quarter of fiscal 2007, the Company recorded a $3.6 million, or $0.12 per share, asset impairment charge associated with the Company’s investment in m•FSI LTD, a Japanese joint venture, now named Apprecia Technology, Inc.
“Our improved financial performance in the second quarter of fiscal 2008 reflects the full impact of the cost reduction and gross margin improvement programs implemented in the second half of fiscal 2007,” said Don Mitchell, FSI chairman and chief executive officer. “We were pleased that we generated cash in the second quarter, exceeding our guidance to use less than $1.0 million,” continued Mitchell.
Balance Sheet
Cash, cash equivalents, restricted cash and marketable securities at the end of the second quarter were $24 million which remained unchanged from $24 million at the end of fiscal 2007. The company generated $2.4 million of cash from operations during the second quarter of fiscal 2008. At the end of the second quarter, the Company had a current ratio of 3.4 to 1.0 and a book value of $2.54 per share.
Outlook
Given the quarter-to-date orders, the Company expects third quarter orders between $22 and $25 million as compared to $25 million in the second quarter of fiscal 2008.* Based on the backlog and deferred revenue levels at the end of the second quarter and expected additional third quarter orders, the Company expects third quarter fiscal 2008 revenues of $21 to 24 million.* This reflects the anticipated acceptance of a product previously placed with a customer for evaluation along with follow-on orders for other products from other customers.*
Based upon the anticipated gross profit margin and the operating expense run rate, the Company expects a net loss of $1.5 million to breakeven for the third quarter of fiscal 2008.* The Company expects to use less than $1.0 million of net cash in operating activities in the third quarter, as we manage accounts receivable and inventory levels.*
To address the future needs of its customers, the Company plans to continue allocating resources to key product development and application expansion programs at the 45nm and below technology nodes.*
Conference Call Details
Investors will have the opportunity to listen to the conference call at 3:30 p.m. CT today over the Internet. The webcast is being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.earnings.com, Thomson/CCBN’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson’s password-protected event management site, StreetEvents (www.streetevents.com). For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
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 CryoKinetic 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. The Company maintains a web site at http://www.fsi-intl.com.
“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, expected orders, expected revenues, expected financial results, expected cash usage, other expected financial performance for the third quarter of fiscal 2008. 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 distributor in Japan; the success of the Company’s direct distribution organization; legal proceedings; and the potential impairment of long-lived assets; potential adverse financial impacts resulting from declines in the fair value and liquidity of auction-rate securities 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.
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