Genus (NASDAQ:GGNS)
Historical Stock Chart
From Jun 2019 to Jun 2024
Genus Reports Fourth Quarter and Fiscal Year 2003 Results
SUNNYVALE, Calif., Feb. 10 /PRNewswire-FirstCall/ -- Genus, Inc. today
reported financial results for its fourth quarter and twelve months ended
December 31, 2003. 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, February 10, 2004. Access information is provided
below.
Net sales for the fourth quarter of 2003 were $15.3 million compared to net
sales of $11.3 million for the same quarter of 2002, and up from $39.8 million
for twelve months ended December 31, 2002 to $56.9 million for the twelve months
ended December 31, 2003. The net income for the fourth quarter 2003 was
$268,000 or $0.01 per basic and diluted share compared to net loss of $2.7
million or ($0.09) per share in the same quarter of 2002. The net loss for the
twelve months ended December 31, 2003 was $3.5 million or ($0.11) per diluted
share compared toa net loss of $11.6 million or ($0.43) per share for the
twelve months ended December 31, 2002.
"We are beginning to see signs that the prolonged recession in the semiconductor
equipment industry is over, with 2004 expected to be a growth year for the
industry," commented Bill Elder, Genus chairman and CEO. "Genus' revenues grew
over 40 percent in 2003 and ALD technology continued to gain traction in the
semiconductor and data storage markets."
"With recent announcements of leading semiconductor and data storage companies
increasing their capital expenditures, Genus' ALD technology is set to gain
further acceptance with a renewed market confidence," Elder continued.
Gross margin as a percentage of revenues was 36 percent for the fourth quarter
of 2003 compared to 23 percent for the same quarter of 2002. Gross margin as a
percentage of revenues was 31 percent for the twelve months ended December 31,
2003 compared to 27 percent for the twelve months ended December 31, 2002.
Operating expenses, including research and development, sales, and general and
administrative expenses were $4.7 million or 31 percent of revenues in the
fourth quarter of 2003, as compared to $4.3 million or 38 percent of revenues in
the fourth quarter of 2002. Operating expenses, including research and
development, sales, and general and administrative expenses were $19.3 million
or 34 percent of revenues for the twelve months ended December 31, 2003, as
compared to $20.6 million or 52 percent of revenues for the twelve months ended
December 31, 2002.
Genus ended the fiscal year 2003 with cash and cash equivalents of $41.6
million, up from cash balance of $11.5 million at December 31, 2002. Cash net
of short-term debt on December 31, 2003 was $34.9 million, up from$3.5 million
on December 31, 2002.
Conference Call Information
Genus plans to host an investor conference call on Tuesday, February 10, 2003,
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 live by dialing 888-803-6692 and referencing call number
5356666.
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 5356666. A webcast replay will be available at
http://www.genus.com/ for 31 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 STRATAGEM and LYNX 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 andelectronic
storage devices. Genus' customers include semiconductor 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/. STRATAGEM, 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, 2002
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 Year ended
December 31, December 31,
2003 20022003 2002
Net sales $15,320 $11,280 $56,861 $39,767
Costs and expenses:
Cost of goods sold 9,811 8,680 39,249 29,143
Research and
development 1,839 1,932 7,597 8,011
Selling, general and
administrative 2,899 2,392 11,741 12,621
Income (loss) from
operations 771 (1,724) (1,726) (10,008)
Other expenses, net (331) (581) (1,565) (1,074)
Income (loss) before
income taxes 440 (2,305) (3,291) (11,082)
Provision for income
taxes 172 379 228 538
Net Income (loss) $268 $(2,684) $(3,519) $(11,620)
Net Income (loss) per
share:
Basic $0.01 $(0.09) $(0.11) $(0.43)
Diluted $0.01 $(0.09) $(0.11) $(0.43)
Shares used in per share
calculation - basic 36,288 28,008 31,303 26,934
Shares used in per share
calculation - diluted 37,047 28,008 31,303 26,934
GENUS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands)
December 31, December 31,
2003 2002
ASSETS
Current Assets:
Cash and cash equivalents $41,608 $11,546
Accounts receivable (net of allowance
for doubtful accounts of $0 in 2003 and
$69 in 2002) 9,606 7,505
Inventories 9,783 11,405
Other current assets 854 1,336
Total current assets 61,851 31,792
Equipment, furniture and fixtures, net 8,748 8,661
Other assets, net 1,169 1,057
Total assets $71,768 $41,510
LIABILITIES
Current Liabilities:
Short-term bank borrowings$6,500 $7,813
Accounts payable 4,956 6,498
Accrued expenses 4,130 3,064
Deferred revenue 331 2,713
Customer advances 372 1,809
Long-term liabilities, current portion 249 245
Total current liabilities 16,538 22,142
Convertible notes 5,806 5,301
Long-term liabilities -- 270
Total liabilities 22,344 27,713
SHAREHOLDERS' EQUITY
Common stock, no par value:
Authorized 100,000 shares on December 31, 2003;
and 50,000 shares on December 31, 2002;
Issued and outstanding 39,554 shares in 2003
and 28,621 in 2002 163,061 123,890
Accumulated deficit (111,328) (107,809)
Note receivable from shareholder (187) (151)
Accumulated other comprehensive loss (2,122) (2,133)
Total shareholders' equity 49,42413,797
Total liabilities and shareholders' equity $71,768 $41,510
DATASOURCE: Genus, Inc.
CONTACT: Shum Mukherjee of Genus, Inc., +1-408-747-7120 ext. 1311, or
Web site: http://www.genus.com/