We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Rudolph Technologies Inc | NYSE:RTEC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.50 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Rudolph Technologies, Inc. (NYSE: RTEC), a leading provider of semiconductor process control systems, lithography equipment, as well as process control and yield management software for wafer fabs and advanced packaging facilities, today announced financial results for the 2018 second quarter.
2018 Second Quarter Highlights
June 2018
March 2018
June 2017
Revenue $ 77,476 $ 73,096 $ 67,418 Gross profit margin 53.9 %58.0
% 52.6 % Operating income $ 16,674 $ 17,465 $ 12,695 Net income $ 14,697 $ 15,130 $ 9,193 Net income per diluted share $ 0.45 $ 0.47 $ 0.29 US NON-GAAPJune 2018
March 2018
June 2017
Revenue $ 77,476 $ 73,096 $ 67,418 Gross profit margin54.0
% 58.1 % 52.7 % Operating income $ 19,138 $ 19,352 $ 15,671 Net income $ 16,552 $ 16,346 $ 10,605 Net income per diluted share $ 0.51 $ 0.51 $ 0.33Michael Plisinski, chief executive officer, commented, “All product teams contributed nicely to the record-setting second quarter. Our software business is back to historical peaks and we expect to set new records in 2019. Our lithography business continues to add new customers and product innovations, expanding our total available market. Our process control products saw broad appeal, particularly from the memory market, and we experienced growing adoption of our new inspection platforms.”
Mr. Plisinski concluded, “Despite the industry pause in the third quarter, we see growth returning in the fourth quarter to levels similar to that in the first half of the year. Longer term, we see the large secular trends in automotive, high performance computing, and wireless communication continuing to create growth opportunities for all of our business units.”
Second Quarter 2018 GAAP Financial ResultsSecond quarter revenue totaled $77.5 million, an increase of 6 percent compared with $73.1 million for the first quarter of 2018 and a 15 percent increase compared with $67.4 million in the second quarter of 2017. The second quarter gross margin was 54 percent of revenues, compared to 58 percent in the first quarter of 2018. The decrease in gross margin was the result of the first quarter of 2018 gross margin included a high value lithography system for a flat panel display customer that was comprised of inventory with reduced book value.
Operating expenses for the second quarter of 2018 totaled $25.1 million, compared to $22.8 million in the 2017 second quarter. As a percentage of revenue, operating expenses represented 32 percent of revenue in the 2018 second quarter compared to 34 percent in the same quarter last year. The increase in operating expenses over the prior year was primarily due to an increase in compensation related expenses, project costs related to the Company’s AMOLED initiative, and an increase in third party sales commissions, offset by lower legal expenses.
GAAP net income for the second quarter of 2018 was $14.7 million, or $0.45 per diluted share, compared with a net income of $9.2 million, or $0.29 per diluted share, for the same period in 2017. The increase in GAAP net income was primarily due to an increase in sales and gross margin, and a lower effective tax rate due to the 2017 Tax Cut and Jobs Act “Tax Reform” passed by the U.S. Congress. In the first quarter of 2018, GAAP net income was $15.1 million, or $0.47 per diluted share.
Second Quarter Non-GAAP Financial ResultsSecond quarter 2018 non-GAAP net income was $16.6 million, or $0.51 per diluted share at the high end of the Company’s guidance. Non-GAAP results excluded certain items, as detailed in the attached table. Second quarter 2017 non-GAAP net income was $10.6 million, or $0.33 per diluted share. In the first quarter of 2018, non-GAAP net income was $16.3 million, or $0.51 per diluted share.
Balance SheetAt June 30, 2018, cash and marketable securities increased $3.1 million over the previous quarter to $183.5 million and cash provided by operating activities was $4.8 million for the second quarter. Accounts receivable increased in the quarter to $82.6 million and inventory increased to $84.2 million primarily due to higher sales volumes and a slight increase in days sales outstanding in the quarter. Working capital increased in the quarter and ended at $313.4 million.
OutlookThe Company is currently anticipating revenue for the third quarter ended September 30, 2018 to be $65 million plus or minus 5 percent. The Company is also expecting diluted GAAP net income per share to be in the range of $0.25 to $0.35 and non-GAAP net income per diluted share to be in the range of $0.30 to $0.40.
Conference CallRudolph Technologies will discuss its 2018 second quarter results on a conference call it is hosting today at 4:30 PM EDT. To participate in the call, please dial (888) 204-4368 (Domestic) or (323) 794-2423 (International), reference Conference ID # 2088303 at least five (5) minutes prior to the scheduled start time. A live webcast will also be available on the Company’s website at www.rudolphtech.com
To listen to the live webcast, please go to the website at least fifteen (15) minutes early to register, download and install any necessary audio software.
There will be a replay of the conference call available from 8:00 p.m. ET on August 2 until 11:59 p.m. ET on August 9, 2018. To access the replay, please dial (888) 203-1112 (Domestic) or (719) 457-0820 (International) at any time during that period and use Conference ID 2088303.
A replay will also be available on the Company’s website at www.rudolphtech.com.
Discussion of Non-GAAP Financial MeasuresThe Company has provided in this release non-GAAP financial information including non-GAAP gross profit, operating income, net income, and net income per diluted share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the Company’s financial results to assess operational performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the Company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the Company uses in making operating decisions and because the Company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the Company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.
The financial statements provided with this release include a reconciliation of the non-GAAP financial measures to those measures reported in accordance with GAAP.
The Company’s non-GAAP financial measures, used in this press release, reflect adjustments based on the following items:
Share-based compensation expense. These expenses relate to employee restricted stock units and employee stock options. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results.
Amortization of intangibles. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.
Patent litigation fees and income. The Company, from time to time, may incur charges or benefits that are outside of the ordinary course of the Company’s business related to litigation. The Company believes it is useful to exclude such charges or benefits because it does not consider such amounts to be part of the ongoing operation of the Company’s business and because of the singular nature of the claims underlying the matter.
Net tax provision (benefit) adjustments. This line item represents the income tax effects of the non-GAAP items.
About Rudolph TechnologiesRudolph Technologies, Inc. is a leader in the design, development, manufacture and support of defect inspection, lithography, process control metrology, and process control software used by semiconductor and advanced packaging device manufacturers worldwide. Rudolph delivers comprehensive solutions throughout the fab with its families of proprietary products that provide critical yield-enhancing information, enabling microelectronic device manufacturers to drive down costs and time to market of their devices. Headquartered in Wilmington, Massachusetts, Rudolph supports its customers with a worldwide sales and service organization. Additional information can be found on the Company’s website at www.rudolphtech.com.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) which include Rudolph’s business momentum and future growth; the benefit to customers of Rudolph’s products and customer service; Rudolph’s ability to both deliver products and services consistent with our customers’ demands and expectations and strengthen its market position; Rudolph’s expectations regarding the semiconductor market outlook; Rudolph’s third quarter 2018 financial outlook; as well as other matters that are not purely historical data. Rudolph wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Rudolph’s control. Such factors include, but are not limited to, the Company’s ability to leverage its resources to improve its position in its core markets; its ability to weather difficult economic environments; its ability to open new market opportunities and target high-margin markets; the strength/weakness of the back-end and/or front-end semiconductor market segments; and fluctuations in customer capital spending. Additional information and considerations regarding the risks faced by Rudolph are available in Rudolph’s Form 10-K report for the year ended December 31, 2017 and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Rudolph’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance or achievements. Rudolph does not assume any obligation to update the forward-looking information contained in this press release.
RUDOLPH TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) - (Unaudited) June 30, December 31, 2018 2017 (Audited) ASSETS Current assets Cash and marketable securities $ 183,457 $ 177,359 Accounts receivable, net 82,555 65,283 Inventories 84,222 67,521 Prepaid and other assets 9,868 11,919 Total current assets 360,102 322,082 Net property, plant and equipment 16,880 17,342 Intangibles 30,565 31,127 Other assets 15,319 15,371 Total assets $ 422,866 $ 385,922 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 32,011 $ 26,800 Other current liabilities 14,699 15,507 Total current liabilities 46,710 42,307 Other non-current liabilities 10,166 10,461 Total liabilities 56,876 52,768 Stockholders’ equity 365,990 333,154 Total liabilities and stockholders’ equity $ 422,866 $ 385,922 RUDOLPH TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) - (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2018 2018 2017 2018 2017 Revenue $ 77,476 $ 73,096 $ 67,418 $ 150,572 $ 128,097 Cost of revenue 35,740 30,675 31,962 66,415 60,773 Gross profit 41,736 42,421 35,456 84,157 67,324 Operating expenses: Research and development 12,733 11,783 12,146 24,516 24,156 Selling, general and administrative 11,946 12,793 10,110 24,739 19,778 Amortization 383 380 505 763 1,010 Total operating expenses 25,062 24,956 22,761 50,018 44,944 Operating income 16,674 17,465 12,695 34,139 22,380 Interest income, net (476 ) (391 ) (223 ) (867 ) (414 ) Other expense (income) (140 ) 182 166 42 435 Income before income taxes 17,290 17,674 12,752 34,964 22,359 Provision for income taxes 2,593 2,544 3,559 5,137 6,015 Net income $ 14,697 $ 15,130 $ 9,193 $ 29,827 $ 16,344 Earnings per share: Basic $ 0.46 $ 0.48 $ 0.29 $ 0.94 $ 0.52 Diluted $ 0.45 $ 0.47 $ 0.29 $ 0.92 $ 0.51 Weighted average shares outstanding: Basic 31,859 31,662 31,501 31,760 31,397 Diluted 32,437 32,317 32,146 32,377 32,104 RUDOLPH TECHNOLOGIES, INC. NON-GAAP FINANCIAL SUMMARY (In thousands, except percentage and per share amounts) - (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2018 2018 2017 2018 2017 Revenue $ 77,476 $ 73,096 $ 67,418 $ 150,572 $ 128,097 Gross profit $ 41,851 $ 42,482 $ 35,553 $ 84,333 $ 67,481 Gross margin as percentage of revenue 54.0 % 58.1 % 52.7 % 56.0 % 52.7 % Operating expenses $ 22,713 $ 23,130 $ 19,882 $ 45,843 $ 39,590 Operating income $ 19,138 $ 19,352 $ 15,671 $ 38,490 $ 27,891Operating margin as a percentage of revenue
24.7 % 26.5 % 23.2 % 25.6 % 21.8 % Net income $ 16,552 $ 16,346 $ 10,605 $ 32,898 $ 18,836 Net income per diluted share $ 0.51 $ 0.51 $ 0.33 $ 1.02 $ 0.59 RECONCILIATION OF U.S. GAAP GROSS PROFIT, OPERATING EXPENSES AND OPERATING INCOME TO NON-GAAP GROSS PROFIT, OPERATING EXPENSES AND OPERATING INCOME (In thousands, except percentages) - (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2018 2018 2017 2018 2017 U.S. GAAP gross profit $ 41,736 $ 42,421 $ 35,456 $ 84,157 $ 67,324 Pre-tax non-GAAP items: Share-based compensation expense 115 61 97 176 157 Non-GAAP gross profit $ 41,851 $ 42,482 $ 35,553 $ 84,333 $ 67,481U.S. GAAP gross margin as a percentage of revenue
53.9 % 58.0 % 52.6 % 55.9 % 52.6 %Non-GAAP gross margin as a percentage of revenue
54.0 % 58.1 % 52.7 % 56.0 % 52.7 % U.S. GAAP operating expenses $ 25,062 $ 24,956 $ 22,761 $ 50,018 $ 44,944 Pre-tax non-GAAP items: Amortization of intangibles 383 380 505 763 1,010 Litigation fees — — 671 — 1,553 Share-based compensation expense 1,966 1,446 1,703 3,412 2,791 Non-GAAP operating expenses 22,713 23,130 19,882 45,843 39,590 Non-GAAP operating income $ 19,138 $ 19,352 $ 15,671 $ 38,490 $ 27,891GAAP operating margin as a percentage of revenue
21.5 % 23.9 % 18.8 % 22.7 % 17.5 %Non-GAAP operating margin as a percentage of revenue
24.7 % 26.5 % 23.2 % 25.6 % 21.8 %RUDOLPH TECHNOLOGIES, INC.RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TONON-GAAP NET INCOME(In thousands, except share and per share data) - (Unaudited)
Three Months Ended Six Months EndedJune 30,2018
March 31,2018
June 30,2017
June 30,2018
June 30,2017
U.S. GAAP net income $ 14,697 $ 15,130 $ 9,193 $ 29,827 $ 16,344 Pre-tax non-GAAP items Amortization of intangibles 383 380 505 763 1,010 Litigation fees — — 671 — 1,553 Share-based compensation expense 2,081 1,507 1,800 3,588 2,948 Net tax benefit adjustments (609 ) (671 ) (1,564 ) (1,280 ) (3,019 ) Non-GAAP net income $ 16,552 $ 16,346 $ 10,605 $ 32,898 $ 18,836 Non-GAAP net income per diluted share $ 0.51 $ 0.51 $ 0.33 $ 1.02 $ 0.59SUPPLEMENTAL INFORMATION - RECONCILIATION OF THIRD QUARTER 2018GAAP TO NON-GAAP GUIDANCE (net of tax)
Low High Estimated GAAP net income per diluted share $ 0.25 $ 0.35 Estimated non-GAAP items: Share-based compensation expense 0.04 0.04 Amortization of intangibles 0.01 0.01 Estimated non-GAAP net income per diluted share $ 0.30 $ 0.40
View source version on businesswire.com: https://www.businesswire.com/news/home/20180802005816/en/
Rudolph Technologies, Inc.Investors:Michael Sheaffer, 978-253-6273Senior Director, Corp. CommunicationsMike.Sheaffer@rudolphtech.comorTrade Press:Amy Shay, 952-259-1794Amy.Shay@rudolphtech.com
1 Year Rudolph Technologies Chart |
1 Month Rudolph Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
