Rudolph Technologies, Inc. (Nasdaq: RTEC), a leading provider of process characterization equipment and software for wafer fabs and advanced packaging facilities, announced 2009 financial results for the fourth quarter and full year.
Fourth Quarter Operating Highlights:
* Record fourth quarter orders of $75.3 million leads to strongest backlog in Company’s history.
* Record book-to-bill ratio of 2.6 exceeded industry averages by more than 2X.
* Revenue increased 24 percent quarter-over-quarter to $28.9 million, exceeding guidance and marking the Company’s third consecutive quarter with double-digit growth.
* Non-GAAP earnings per share was $0.02, exceeding guidance; GAAP loss per share was $0.20.
* Balance sheet remained strong with cash and marketable securities holding flat at $61 million.
Fourth Quarter 2009 Financial Results
Fourth quarter revenue totaled $28.9 million, a 24 percent increase compared to $23.3 million for the third quarter of 2009. During the fourth quarter, international sales represented approximately 71 percent of revenue, while domestic sales accounted for 29 percent. In the 2009 third quarter, international sales represented approximately 82 percent of revenue and domestic sales accounted for 18 percent. Revenue from front-end semiconductor customers accounted for 63 percent of revenue, back-end customers 28 percent, and other markets accounted for the remaining 9 percent. For the fourth quarter, inspection revenue was 66 percent of sales, metrology revenue was 21 percent and software revenue was 13 percent.
As part of ongoing efforts to streamline operations, during the quarter, the Company completed the consolidation of the recent Adventa acquisition into the Company’s existing Richardson, Texas facility. In addition, the Company initiated a consolidation of its manufacturing operations, and will move New Jersey manufacturing into its facility in Minnesota. The New Jersey restructuring resulted in a charge of $6.4 million in the quarter for the write-down of a portion of a lease obligation, certain leasehold improvements and fixed assets, and inventory related to discontinued product lines.
Excluding the impact of non-GAAP charges, fourth quarter gross margin was 51 percent, and was driven by shipments of higher margin inspection products and a higher percentage of software revenue in the quarter. This compares to third quarter gross margin of 41 percent, which was negatively impacted by under-utilized manufacturing facilities costs and acquired inventory sold in the quarter that was written up to fair value in purchase accounting. Excluding these items, gross margins would have been approximately 44 percent in the 2009 third quarter.
Research and development (R&D) expenses for the fourth quarter totaled $6.8 million, compared to $6.4 million in the third quarter of 2009. The quarter-over-quarter increase in R&D was primarily due to the full quarter impact of the engineering personnel from the Adventa acquisition.
Selling, general and administrative (S,G&A) expenses for the fourth quarter totaled $11.2 million, compared to $8.3 million in the 2009 third quarter. The quarter-over-quarter increase in S,G&A was primarily due to restructuring charges of $3.5 million included in S,G&A in the fourth quarter, offset by lower foreign exchange losses related to branch operations.
GAAP net loss for the fourth quarter of 2009 was $6.1 million, or $0.20 per share, compared to a net loss of $4.8 million or $0.16 per share, for the third quarter of 2009. Excluding the after-tax impact of $7.5 million in non-GAAP adjustments, which includes the restructuring charge, litigation, and stock-based compensation, the fourth quarter non-GAAP net earnings was $520 thousand, or $0.02 per share. The third quarter 2009 non-GAAP net loss totaled $2.3 million, or $0.07 per share.
Balance Sheet Strength
Cash and marketable securities totaled approximately $61 million in both the 2009 third and fourth quarters. As of December 31, 2009, accounts receivable increased $6.8 million from the third quarter to $35.3 million as a result of higher sales. Inventory decreased $3.6 million in the 2009 fourth quarter. The decrease was due to the write-down of inventory for discontinued product lines and increased sales volumes. Working capital ended the quarter at $126.8 million.
Tags: Financial, Rudolph Technologies
No Comment Received
Leave A Reply