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GGNS Genus (MM)

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Share Name Share Symbol Market Type
Genus (MM) NASDAQ:GGNS NASDAQ Common Stock
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Genus Reports First Quarter 2004 Results

20/04/2004 10:39pm

PR Newswire (US)


Genus (NASDAQ:GGNS)
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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/

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