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Rudolph Technologies Reports 2010 Fourth Quarter and Year End Results - Yahoo! Finance
Rudolph Technologies Reports 2010 Fourth Quarter and Year End Results
Strong Fourth Quarter Revenue of $54 Million and GAAP EPS of $0.30 Driven by Rudolph’s Leading Edge Solutions Utilized in Advanced Computing and Mobile Smart Phone Applications
.Companies:Rudolph Technologies, Inc.Topics:Earnings.Related Quotes
Symbol Price Change
RTEC 9.71 0.00
Press Release Source: Rudolph Technologies On Monday January 31, 2011, 4:05 pm EST
FLANDERS, N.J.--(BUSINESS WIRE)-- Rudolph Technologies, Inc. (Nasdaq:RTEC - News), a leading provider of process characterization equipment and software for wafer fabs and advanced packaging facilities, today announced financial results for the fourth quarter and year end of 2010.
2010 Fourth Quarter and Year End Highlights:
•Fourth quarter revenue of $54.0 million marked seventh consecutive quarter-over-quarter increase. •Fourth quarter GAAP earnings per share of $0.30 and non-GAAP earnings per share of $0.36 were records for the year.
•Operating margins continued to expand, leading to 18 percent or $9.6 million net after tax earnings, an all-time quarterly earnings record for the Company.
•Full year 2010 revenues increased 148 percent year-over-year.
Business Highlights:
•Rudolph is gaining market share across all product lines, with a number one position in five of six served markets.
•Company’s leading-edge technology for advanced computing and mobile smart phone connectivity, and capacity buys in both front-end and back-end of- line, drive strong revenue growth.
•75 percent of tool sales in 2010 were from products not available two years ago.
Paul F. McLaughlin, Chairman and Chief Executive Officer, noted, “In 2010, Rudolph gained significant traction and market penetration in previously un-served growth markets, resulting in the Company’s out-performance of the total market by approximately 50 percent. Our success was fueled by the industry’s growth in advanced packaging; specifically the technology driving advanced computing and mobile smart phone connectivity.”
McLaughlin continued, “Our strategy of diversification and heavily investing during the down-turn to enter this up-cycle with a series of new technology-leading products enabled us to record the second highest yearly revenue results in Rudolph’s history and positions the Company for solid growth in 2011. The front-end macro-defect inspection market is projected by Gartner to be one of the fastest growing segments through 2014; and our customers own the leading technology fabs and are among the top-tier capex spenders. Our back-end macro-defect inspection market growth is being driven by capacity buys as well as technology buys for sophisticated advanced packaging, such as grid arrays, 3D device stacking and Thru-Silicon-Vias, all requiring more process monitoring. This back-end market is projected to show one of the largest semiconductor capex spending increases in 2011. We believe Rudolph’s patented technology has given the Company the leading 2010 market share position in both front-end and back-end macro-defect inspection. In metrology, we grew market share in both of our served market segments. In transparent thin films, we doubled our market share and established a presence with key NAND and foundry customers as our transparent business hit an eight-year high in revenue for the fourth quarter; while in the opaque (metal) films segment, we expanded into new metal applications and are now a supplier to 90 percent of the top-tier manufacturers. And lastly, we grew revenue over 100 percent in the process control software market, and boast the widest portfolio of products in the market.”
“While the front-end showed considerable strength in the fourth quarter, the back-end segment slowed somewhat, consistent with industry trends. As we enter 2011, the back-end is regaining its strength, driven by advanced 3D stacked packaging requirements. For example, we announced a collaboration with a leading process tool supplier and IC device manufacturer to provide integrated inspection for new process tools to support wafer thinning—a critical technology in producing next-generation miniaturized devices for consumer electronics markets.” McLaughlin concluded, “We are intently focused on further enhancing the Company’s market positions and are confident that 2011 will be a record year for Rudolph.”
Fourth Quarter 2010 Financial Results
Fourth quarter revenue totaled $54.0 million, an 87 percent increase compared with $28.9 million for the 2009 fourth quarter and the seventh consecutive quarter-over-quarter increase. During the fourth quarter, international sales represented approximately 63 percent of revenue, while domestic sales accounted for 37 percent. In the 2009 fourth quarter, international sales represented approximately 71 percent of revenue and domestic sales accounted for 29 percent. Revenue from front-end semiconductor customers accounted for approximately 79 percent of revenue and back-end customers accounted for 21 percent.
In the fourth quarter, Rudolph Technologies completed the consolidation of its manufacturing operations in Minnesota, with volume metrology tool shipments in the quarter now being manufactured in the Minnesota facility. The Company incurred $408 thousand in charges in the quarter related to the consolidation. In addition, the Company incurred $334 thousand in the quarter for legal services related to ongoing litigation.
Fourth quarter gross margin was 54 percent, compared with 40 percent in the 2009 fourth quarter. The increase in gross margin was due to higher revenues, including an increase in software sales, higher average selling prices and lower reserves due to better inventory utilization.
Operating expenses for the fourth quarter of 2010 totaled $18.2 million, an increase of $0.1 million from $18.1 million in the 2009 fourth quarter. Research and development (R&D) expenses for the fourth quarter totaled $8.7 million, compared with $6.8 million in the same period of 2009. The increase in R&D is primarily due to the Company’s 2010 acquisition of MKS’ Yield Dynamics business and higher compensation, project and litigation costs. Selling, general and administrative (S,G&A) expenses for the fourth quarter totaled $9.0 million, compared with $10.9 million in the 2009 fourth quarter. The decrease in S,G&A was primarily due to lower restructuring cost offset by higher compensation and benefits cost.
Other expense, which represents foreign currency losses, totaled $104 thousand for the 2010 fourth quarter, compared with $312 thousand in the fourth quarter of 2009.
GAAP net income for the fourth quarter of 2010 was $9.6 million, or $0.30 per share, compared with net loss of ($6.1) million or ($0.20) per share, for the fourth quarter of 2009. Excluding the after-tax impact of $2.1 million in non-GAAP adjustments, which included restructuring, litigation, and share-based compensation charges, the fourth quarter non-GAAP net income was $11.3 million, or $0.36 per share. The 2009 fourth quarter non-GAAP net income totaled $520 thousand, or $0.02 per share.
Balance Sheet Strength
At December 31, 2010, cash and marketable securities decreased to $71.7 million from the 2010 third quarter. Accounts receivable increased to $59.8 million and inventory was flat at $52.3 million, compared to the preceding quarter. Working capital ended the quarter at $159.7 million.
Conference Call
Rudolph Technologies will discuss its 2010 fourth quarter results on a conference call it is hosting today at 5:30 PM EST. A live audio webcast will also be available to investors on the Company’s website at Rudolph : Home. To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary software.
Discussion of Non-GAAP Financial Measures
In this press release, we have presented financial measures, which have not been determined in accordance with generally accepted accounting principles (GAAP) and are therefore non-GAAP financial measures. Non-GAAP financial measures exclude the impact of litigation fees, acquisition related expenses, share based compensation, and restructuring costs. We believe that this presentation of non-GAAP financial measures allows investors to better assess the Company’s operating performance by comparing it to prior periods on a more consistent basis. We have included a reconciliation of various non-GAAP financial measures to those measures reported in accordance with GAAP. To that end, non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. Because our calculation of non-GAAP financial measures may differ from similar measures used by other companies, investors should be careful when comparing our non-GAAP financial measures to those of other companies.
About Rudolph Technologies
Rudolph Technologies, Inc. is a worldwide leader in the design, development, manufacture and support of defect inspection, process control metrology, and data analysis systems and software used by semiconductor device manufacturers worldwide. Rudolph provides a full-fab solution through its families of proprietary products that provide critical yield-enhancing information, enabling microelectronic device manufacturers to drive down the costs and time to market of their products. The company’s yield management solutions are used in both the wafer processing and final manufacturing of ICs, as well as in emerging markets such as LED and Solar. Headquartered in Flanders, New Jersey, Rudolph supports its customers with a worldwide sales and service organization. Additional information can be found on the company’s web site at Rudolph : Home.
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