Genus Reports First Quarter 2004 Results
April 20 2004 - 5:39PM
PR Newswire (US)
Genus Reports First Quarter 2004 Results SUNNYVALE, Calif., April
20 /PRNewswire-FirstCall/ -- Genus, Inc. today reported financial
results for its first quarter ended March 31, 2004. Senior
management will conduct an investor conference call to discuss
these results and the company's financial outlook in more detail at
2 p.m. Pacific Time, Tuesday, April 20, 2004. Access information is
provided below. Net sales for the first quarter of 2004 were $12.2
million compared to net sales of $17.7 million for the same quarter
of 2003. The net loss for the first quarter 2004 was $1.7 million
or $0.04 per diluted share compared to net income of $0.4 million
or $0.01 per basic and diluted share in the same quarter of 2003.
"We are pleased with the continued expansion of our customer base
as we added two new customers during the first quarter of 2004, one
for 300mm CVD and the other for ALD," commented Bill Elder, Genus
chairman and CEO. Gross margin as a percentage of revenues was 30
percent for the first quarter of 2004 compared to 35 percent for
the same quarter of 2003. Operating expenses, including research
and development, sales, and general and administrative expenses
were $5.0 million or 41 percent of revenues in the first quarter of
2004, as compared to $5.3 million or 30 percent of revenues in the
first quarter of 2003. Genus ended the first quarter of 2004 with
cash, cash equivalents and short-term investments, net of
short-term debt, of $36.4 million, up from balance of $34.9 million
at December 31, 2003. Conference Call Information Genus plans to
host an investor conference call on Tuesday, April 20, 2004, at 2
p.m. Pacific Time, featuring remarks by Bill Elder, chairman and
chief executive officer, and Shum Mukherjee, executive vice
president finance and chief financial officer, followed by a live
question and answer session. The call will be accessible by dialing
888-803-6692 and referencing call number 6823192. The conference
call will also be broadcast live over the Internet at
http://www.genus.com/. A replay of the call will be available for
48 hours, beginning two hours after the call, by dialing
800-642-1687 or 706-645-9291 and entering access code 6823192. A
webcast replay will be available at http://www.genus.com/ for 30
days after the conference call. About Genus Genus, Inc.
manufactures critical deposition processing products for the global
semiconductor industry and the data storage industry. To enable the
production of intricate micro computer chips and electronic storage
devices, Genus offers its LYNX and Stratagem series
production-proven equipment for 200mm and 300mm semiconductor
production, and offers thin film deposition products for chemical
vapor deposition (CVD), atomic layer deposition (ALD), and
pre-clean capabilities. Genus is at the forefront of market and
technology developments in the ALD marketplace, which is gaining
acceptance worldwide as a critical technology for sub 0.13-micron
production of computer chips and electronic storage devices. Genus'
customers include semiconductor and thin-film-head manufacturers
located throughout the United States, Europe and the Pacific Rim
including Korea, Japan and Taiwan. Founded in 1981, the company is
headquartered in Sunnyvale, California. For additional information
visit Genus' web site at http://www.genus.com/. LYNX2(R) and
LYNX3(TM) are trademarks of Genus, Inc. Forward-Looking Statements
This press release contains forward-looking statements regarding
the company's future financial and business performance. These
forward-looking statements are subject to a number of risks and
uncertainties. These contingencies include but are not limited to:
actual customer orders received by the company, the extent to which
ALD technology is demanded by the marketplace, the actual number of
customer orders received by the company, the timing of final
acceptance of products by customers, the financial climate and
accessibility to financing, general conditions in the thin film
equipment market and in the macro-economy, and the influence of
global political events. Genus assumes no obligation to update this
information. Additional risks and uncertainties are discussed in
the Management's Discussion and Analysis of Results of Operations
contained in Genus' Annual Report on Form 10-K for the fiscal year
ended December 31, 2003 filed with the Securities and Exchange
Commission. GENUS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per
share data) Three Months Ended March 31, 2004 2003 Net sales
$12,207 $17,695 Costs and expenses: Cost of goods sold 8,550 11,577
Research and development 1,994 2,113 Selling, general and
administrative 3,018 3,174 Income (loss) from operations (1,355)
831 Other expenses, net (304) (423) Income (loss) before income
taxes (1,659) 408 Provision for income taxes 18 -- Net
income/(loss) $(1,677) $408 Net income (loss) per share: Basic
$(0.04) $0.01 Diluted $(0.04) $0.01 Shares used in per share
calculation -- basic 39,590 28,913 Shares used in per share
calculation -- diluted 39,590 30,532 GENUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)
March 31, December 31, 2004 2003 ASSETS Current Assets: Cash and
cash equivalents $28,346 $41,608 Short term investment 8,275 --
Accounts receivable (net of allowance for doubtful accounts of $
160 in 2004 and $ 0 in 2003) 5,790 9,606 Inventories 10,184 9,783
Other current assets 887 854 Total current assets 53,482 61,851
Equipment, furniture and fixtures, net 8,435 8,748 Other assets
1,112 1,169 Total assets $63,029 $71,768 LIABILITIES Current
Liabilities: Short-term bank borrowings $-- $6,500 Accounts payable
4,030 4,956 Accrued expenses 3,575 4,130 Deferred revenue 207 331
Customer advances 975 372 Long term liabilities, current portion
183 249 Total current liabilities 8,970 16,538 Convertible notes
5,970 5,806 Total liabilities 14,940 22,344 SHAREHOLDERS' EQUITY
Common stock, no par value: Authorized 100,000 shares; Issued and
outstanding 39,620 shares in 2004 and 39,554 in 2003 163,097
163,061 Accumulated deficit (113,005) (111,328) Note receivable
from shareholder -- (187) Accumulated other comprehensive loss
(2,003) (2,122) Total shareholders' equity 48,089 49,424 Total
liabilities and shareholders' equity $63,029 $71,768 DATASOURCE:
Genus, Inc. CONTACT: Shum Mukherjee of Genus, Inc.,
+1-408-747-7120, ext. 1311, or Web site: http://www.genus.com/
Copyright
Genus (NASDAQ:GGNS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Genus (NASDAQ:GGNS)
Historical Stock Chart
From Jul 2023 to Jul 2024