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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 |
New Dragonfly™ G2 system sales supported second quarter revenue growth
Rudolph Technologies, Inc. (NYSE: RTEC), a leading provider of semiconductor process control systems and lithography equipment, as well as process control and yield management software for wafer fabs and advanced packaging facilities, today announced financial results for the 2019 second quarter.
2019 Second Quarter Highlights
Key Financial Data for the Quarters Ended June 30, 2019, March 31, 2019, and June 30, 2018 (in thousands, except per share amounts)
US GAAP
June 2019
March 2019
June 2018
Revenue
$
61,511
$
60,892
$
77,476
Gross profit margin
51.9
%
52.6
%
53.9
%
Operating income
$
5,418
$
7,608
$
16,674
Net income
$
5,526
$
7,576
$
14,697
Net income per diluted share
$
0.18
$
0.24
$
0.45
US NON-GAAP
June 2019
March 2019
June 2018
Revenue
$
61,511
$
60,892
$
77,476
Gross profit margin
52.0
%
52.7
%
54.0
%
Operating income
$
9,942
$
10,158
$
19,138
Net income
$
8,987
$
9,551
$
16,552
Net income per diluted share
$
0.29
$
0.31
$
0.51
Second Quarter 2019 GAAP Financial Results Second quarter revenue totaled $61.5 million, an increase of 1% compared with $60.9 million for the first quarter of 2019. Gross profit margin was 51.9% of revenues in the second quarter of 2019, a slight decrease from 52.6% in the first quarter of 2019. The decrease in gross profit margin was driven mainly by product mix.
Operating expenses for the second quarter of 2019 totaled $26.5 million, compared to $24.4 million in the first quarter of 2019. Operating expenses represented 43% of revenue in the 2019 second quarter compared to 40% of revenue in the first quarter of 2019. The increase in operating expenses over the prior quarter was primarily due to expenses related to our recently announced pending merger with Nanometrics Incorporated.
GAAP net income for the second quarter of 2019 was $5.5 million, or $0.18 per diluted share, compared with net income of $7.6 million, or $0.24 per diluted share, for the 2019 first quarter. The decrease in GAAP net income over the prior quarter was due to the higher operating expenses, partially offset by a lower tax rate in the quarter.
Second Quarter Non-GAAP Financial Results Second quarter 2019 non-GAAP net income was $9.0 million, or $0.29 per diluted share detailed in the attached table. First quarter of 2019 non-GAAP net income was $9.6 million, or $0.31 per diluted share. Non-GAAP results exclude merger related expenses, share-based compensation expense and the amortization of intangible assets.
Outlook & Conference Call On June 24, 2019 Rudolph Technologies, Inc. and Nanometrics Incorporated announced that they had agreed to combine in an all-stock merger of equals transaction. In light of this pending merger transaction, Rudolph will not hold a conference call to discuss its financial results and has discontinued providing guidance until the merger is completed.
Discussion of Non-GAAP Financial Measures The 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:
Merger related expenses. These expenses are associated with fees for services of attorneys and financial advisors related to the merger with Nanometrics Incorporated. The Company excludes merger related expenses from its non-GAAP measures primarily because the Company does not believe such expenses are reflective of ongoing operating results and allows management and investors to consider the ongoing operations of the business both with and without such expenses.
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.
Net tax provision (benefit) adjustments. This line item represents the income tax effects of the non-GAAP items.
About Rudolph Technologies Rudolph 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.
RUDOLPH TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) - (Unaudited)
June 30, 2019
December 31, 2018
(Audited)
ASSETS
Current assets
Cash, cash equivalents and marketable securities
$
179,850
$
175,072
Accounts receivable, net
62,142
64,194
Inventories
106,836
96,820
Prepaid and other assets
15,717
14,821
Total current assets
364,545
350,907
Net property, plant and equipment
18,575
18,874
Intangibles, net
29,169
29,943
Other assets
31,694
18,316
Total assets
$
443,983
$
418,040
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
24,501
$
30,681
Other current liabilities
20,681
14,310
Total current liabilities
45,182
44,991
Other non-current liabilities
21,301
11,161
Total liabilities
66,483
56,152
Stockholders’ equity
377,500
361,888
Total liabilities and stockholders’ equity
$
443,983
$
418,040
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,
2019
2019
2018
2019
2018
Revenue
$
61,511
$
60,892
$
77,476
$
122,403
$
150,572
Cost of revenue
29,600
28,873
35,740
58,473
66,415
Gross profit
31,911
32,019
41,736
63,930
84,157
Operating expenses:
Research and development
13,056
12,718
12,733
25,774
24,516
Selling, general and administrative
13,050
11,306
11,946
24,356
24,739
Amortization
387
387
383
774
763
Total operating expenses
26,493
24,411
25,062
50,904
50,018
Operating income
5,418
7,608
16,674
13,026
34,139
Interest income, net
(860
)
(806
)
(476
)
(1,666
)
(867
)
Other expense (income), net
157
(381
)
(140
)
(224
)
42
Income before income taxes
6,121
8,795
17,290
14,916
34,964
Provision for income taxes
595
1,219
2,593
1,814
5,137
Net income
$
5,526
$
7,576
$
14,697
$
13,102
$
29,827
Earnings per share:
Basic
$
0.18
$
0.25
$
0.46
$
0.42
$
0.94
Diluted
$
0.18
$
0.24
$
0.45
$
0.42
$
0.92
Weighted average shares outstanding:
Basic
31,126
30,916
31,859
31,058
31,760
Diluted
31,398
31,266
32,437
31,369
32,377
RUDOLPH TECHNOLOGIES, INC. NON-GAAP FINANCIAL SUMMARY (In thousands, except percentage and per share amounts) - (Unaudited)
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
June 30, 2018
June 30, 2019
June 30, 2018
Revenue
$
61,511
$
60,892
$
77,476
$
122,403
$
150,572
Gross profit
$
31,972
$
32,082
$
41,851
$
64,054
$
84,333
Gross margin as percentage of revenue
52.0
%
52.7
%
54.0
%
52.3
%
56.0
%
Operating expenses
$
22,030
$
21,924
$
22,713
$
43,954
$
45,843
Operating income
$
9,942
$
10,158
$
19,138
$
20,100
$
38,490
Operating margin as a percentage of revenue
16.2
%
16.7
%
24.7
%
16.4
%
25.6
%
Net income
$
8,987
$
9,551
$
16,552
$
18,538
$
32,898
Net income per diluted share
$
0.29
$
0.31
$
0.51
$
0.59
$
1.02
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, 2019
March 31, 2019
June 30, 2018
June 30, 2019
June 30, 2018
U.S. GAAP gross profit
$
31,911
$
32,019
$
41,736
$
63,930
$
84,157
Pre-tax non-GAAP items:
Share-based compensation expense
61
63
115
124
176
Non-GAAP gross profit
$
31,972
$
32,082
$
41,851
$
64,054
$
84,333
U.S. GAAP gross margin as a percentage of revenue
51.9
%
52.6
%
53.9
%
52.2
%
55.9
%
Non-GAAP gross margin as a percentage of revenue
52.0
%
52.7
%
54.0
%
52.3
%
56.0
%
U.S. GAAP operating expenses
$
26,493
$
24,411
$
25,062
$
50,904
$
50,018
Pre-tax non-GAAP items:
Merger related expenses
2,464
—
—
2,464
—
Amortization of intangibles
387
387
383
774
763
Share-based compensation expense
1,612
2,100
1,966
3,712
3,412
Non-GAAP operating expenses
22,030
21,924
22,713
43,954
45,843
Non-GAAP operating income
$
9,942
$
10,158
$
19,138
$
20,100
$
38,490
GAAP operating margin as a percentage of revenue
8.8
%
12.5
%
21.5
%
10.6
%
22.7
%
Non-GAAP operating margin as a percentage of revenue
16.2
%
16.7
%
24.7
%
16.4
%
25.6
%
RUDOLPH TECHNOLOGIES, INC. RECONCILIATION OF U.S. GAAP NET INCOME TO NON-GAAP NET INCOME (In thousands, except share and per share data) - (Unaudited)
Three Months Ended
Six Months Ended
June 30, 2019
March 31, 2019
June 30, 2018
June 30, 2019
June 30, 2018
U.S. GAAP net income
$
5,526
$
7,576
$
14,697
$
13,102
$
29,827
Pre-tax non-GAAP items
Merger related expenses
2,464
—
—
2,464
—
Amortization of intangibles
387
387
383
774
763
Share-based compensation expense
1,673
2,163
2,081
3,836
3,588
Net tax benefit adjustments
(1,063
)
(575
)
(609
)
(1,638
)
(1,280
)
Non-GAAP net income
$
8,987
$
9,551
$
16,552
$
18,538
$
32,898
Non-GAAP net income per diluted share
$
0.29
$
0.31
$
0.51
$
0.59
$
1.02
View source version on businesswire.com: https://www.businesswire.com/news/home/20190730005985/en/
Investors: Michael Sheaffer Senior Director, Corp. Communications 978.253.6273 Mike.Sheaffer@rudolphtech.com
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