ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

GGNS Genus (MM)

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Genus (MM) NASDAQ:GGNS NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Genus Reports Second Quarter 2004 Results

27/07/2004 5:21am

PR Newswire (US)


Genus (NASDAQ:GGNS)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more Genus Charts.
Genus Reports Second Quarter 2004 Results SUNNYVALE, Calif., July 26 /PRNewswire-FirstCall/ -- Genus, Inc. (NASDAQ:GGNS) today reported financial results for its second quarter and six months ended June 30, 2004. Senior management will conduct an investor conference call to discuss these results and the company's financial outlook in more detail at 6 a.m. pacific time tomorrow, Tuesday, July 27, 2004. Access information is provided below. Net sales for the second quarter of 2004 were $8.8 million compared to net sales of $14.7 million for the same quarter of 2003. Net sales for the six months ended June 30, 2004 were $21.0 million down from $32.4 million for the six months ended June 30, 2003. The net loss for the second quarter 2004 was $2.9 million or ($0.07) per diluted share compared to net loss of $1.4 million or ($0.05) per share in the same quarter of 2003. Net loss in the second quarter of 2004 included $821,000 of expenses related to our previously announced proposed merger with Aixtron. The net loss for the six months ended June 30, 2004 was $4.6 million or ($0.11) per diluted share compared to a net loss of $950,000 or ($0.03) per share for the six months ended June 30, 2003. "Although the quarter was disappointing from a P&L point of view, customer activity is strong in both our CVD and ALD segments and, as indicated in our prior conference calls, we expect the second half to be better than the first half for both bookings and revenues. Our balance sheet also remains strong," commented Bill Elder, Genus chairman and CEO. Gross margin as a percentage of revenues was 38 percent for the second quarter of 2004 compared to 27 percent for the same quarter of 2003, resulting mainly from a favorable product mix caused by a higher proportion of spares and services in the second quarter of 2004, which generally have higher margins as compared with system sales. Gross margin as a percentage of revenues was 33 percent for the six months ended June 30, 2004 compared to 31 percent for the six months ended June 30, 2003. The total of research and development, sales, general and administrative expenses was $4.8 million in the second quarter of 2004, almost the same level as the second quarter of 2003. In addition, in the second quarter of 2004, Genus incurred merger related expenses of $821,000. Operating expenses, including research and development, sales, general and administrative expenses and merger related expenses were $10.6 million for the six months ended June 30, 2004, approximately $500,000 higher than the level recorded for the six months ended June 30, 2003. Genus ended the second quarter of 2004 with cash, cash equivalents and short-term investments, net of short-term debt of $35.7 million, up from a balance of $34.9 million at December 31, 2003. Conference Call Information Genus plans to host an investor conference call on Tuesday, July 27, 2004, at 6 a.m. pacific time, featuring remarks by Bill Elder, chairman and CEO, and Shum Mukherjee, executive vice president finance and CFO, followed by a live question and answer session. The conference call will be accessible by dialing 888-803-6692 or 706-634-1030 and referencing call number 8959586. It will also be broadcast live over the Internet at http://www.genus.com/. 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 and electronic storage devices. Genus' customers include semiconductor and data storage 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 Six Months Ended June 30, June 30, 2004 2003 2004 2003 Net sales $8,757 $ 14,739 $20,964 $32,434 Costs and expenses: Cost of goods sold 5,406 10,813 13,956 22,390 Research and development 1,678 1,981 3,672 4,094 Selling, general and administrative 3,133 2,868 6,151 6,042 Expenses related to proposed merger 821 0 821 0 Loss from operations (2,281) (923) (3,636) (92) Other expenses, net (411) (435) (715) (858) Loss before income taxes (2,692) (1,358) (4,351) (950) Provision for income taxes 181 0 199 0 Net loss $(2,873) $(1,358) $(4,550) $(950) Net loss per share: Basic $(0.07) $(0.05) $(0.11) $(0.03) Diluted $(0.07) $(0.05) $(0.11) $(0.03) Shares used in per share calculation - basic 39,664 29,313 39,628 29,114 Shares used in per share calculation - diluted 39,664 29,313 39,628 29,114 GENUS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) June 30, December 31, 2003 2004 ASSETS Current Assets: Cash and cash equivalents $23,585 $41,608 Short term investment 12,249 -- Accounts receivable, net 6,672 9,606 Inventories 12,469 9,783 Other current assets 808 854 Total current assets 55,783 61,851 Equipment, furniture and fixtures, net 10,693 8,748 Other assets 1,041 1,169 Total assets $67,517 $71,768 LIABILITIES Current Liabilities: Short-term bank borrowings $ -- $6,500 Accounts payable 5,257 4,956 Accrued expenses 4,512 4,130 Deferred revenue 2,208 331 Customer advances 3,820 372 Long term liabilities, current portion 116 249 Total current liabilities 15,913 16,538 Convertible notes 6,139 5,806 Total liabilities 22,052 22,344 SHAREHOLDERS' EQUITY Common stock, no par value: Authorized 100,000 shares; Issued and outstanding 39,759 shares at June 30, 2004 and 39,554 at December 31, 2003 163,408 163,061 Accumulated deficit (115,878) (111,328) Note receivable from shareholder -- (187) Accumulated other comprehensive loss (2,065) (2,122) Total shareholders' equity 45,465 49,424 Total liabilities and shareholders' equity $67,517 $71,768 DATASOURCE: Genus, Inc. CONTACT: Trine Pierik of Positio Public Relations, Inc., +1-408-453-2400, or , for Genus, Inc.; or Shum Mukherjee of Genus, Inc., +1-408-747-7120, ext. 1311, or Web site: http://www.genus.com/

Copyright

1 Year Genus Chart

1 Year Genus Chart

1 Month Genus Chart

1 Month Genus Chart

Your Recent History

Delayed Upgrade Clock