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Date Announced: 22 Jul 2010
Laser systems company swings to profit in second quarter
SAN JOSE, Calif.--(BUSINESS WIRE)--Ultratech, Inc. (Nasdaq: UTEK - News) today announced unaudited results for the three-month and six-month periods ended July 3, 2010.
For the second quarter of fiscal 2010, Ultratech reported net sales of $31.6 million as compared to $18.6 million during the second quarter of fiscal 2009. Ultratech's net income for the second quarter of 2010 was $3.6 million or $0.15 per share (diluted), as compared to a net loss of $0.5 million, or a net loss of $0.02 per share for the same quarter last year.
For the first six months of 2010, Ultratech reported net sales of $59.1 million compared to net sales of $44.3 million in the first six months of 2009. Ultratech reported net income of $5.6 million or $0.23 per share (diluted) during the first half of 2010, compared to a net loss of $0.3 million or a net loss of $0.01 per share for the first half of 2009.
Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "We are truly pleased with the solid operating results accomplished during the second quarter. These results not only demonstrate the operating leverage and improved profitability achieved in concert with our growth in revenues, but reflect the current demand for Ultratech’s products in the advanced packaging, laser processing and high-brightness LED (HBLED) markets coming from both integrated device manufacturers (IDMs) and foundries.”
“Ultratech’s business continues to benefit from our customers’ ongoing push to shrink geometries, ramp production and move to advanced process nodes for smart mobile applications. As our customers move to leading-edge technology for cost-effective manufacturing solutions, Ultratech’s product offerings are well positioned to provide enabling capabilities at a low overall cost- of-ownership, a key requirement for today’s global electronics industry,” concluded Zafiropoulo.
At July 3, 2010, Ultratech had $173 million in cash, cash equivalents and short-term investments. Working capital was $200 million and stockholders' equity was $8.73 per share based on 24,043,431 total shares outstanding on July 3, 2010.
Source: Ultratech
E-mail: info@ultratech.com
Web Site: www.ultratech.com
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