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Tegal corporation reports first quarter fiscal 2011 financial results

Tue, 08/24/2010 - 4:39pm
I-Micronews

Revenues for the first quarter of fiscal 2011 were $0.3 million, a decrease from the $1.1 million for the same quarter last year and a decrease of $2.8 million from the fourth quarter of fiscal 2010. Tegal reported a net loss of ($2.5) million, or ($0.29) per share, for the quarter, compared to a net loss of ($2.6) million, or ($0.31) per share in the comparable quarter one year ago. The reported net loss for the fourth quarter fiscal 2010 was ($5.4) million or ($0.64) per share.

“Results of the restructuring of the Company that we have implemented over the past several months will not be fully realized until our December quarter, following the closing of our Petaluma manufacturing facility,” said Thomas Mika, President and CEO, Tegal Corporation. “Strategically, we continue to be focused on MEMS and TSV applications, while we seek partners that can take full advantage of our leading technical position in deep silicon etch. We are evaluating several strategic alternatives for the Company, including possible business combinations in these markets and in related, higher growth markets.”

Mr. Mika continued, “While still challenging, we do expect our results to improve next quarter. In Q1, we received an order for an additional Tegal 4200 SE™ DRIE cluster tool process module from a leading EU-based supplier of MEMS and Power IC devices. At the end of Q1, our systems backlog was $4.0M an increase of $1.8M from the beginning of the quarter.”

Cash at the end of the fiscal first quarter of 2011 was $6.2 million, a $1.1 million decrease from the end of the March quarter.

Safe Harbor Statement

Except for historical information, matters discussed in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements, which are based on assumptions and describe our future plans, strategies and expectations, are generally identifiable by the use of the words "anticipate," "believe," "estimate," "expect," "intend," "project" or similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company including, but not limited to industry conditions, economic conditions, acceptance of new technologies and market acceptance of the Company's products and services. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. For a further discussion of these risks and uncertainties, please refer to the Company's periodic filings with the Securities and Exchange Commission.

About Tegal Corporation

Tegal is an innovator of specialized production solutions for the fabrication of advanced MEMS, power ICs and optoelectronic devices found in products like smart phones, networking gear, and digital imaging. The Company’s plasma etch tools enable sophisticated manufacturing techniques, such as 3D interconnect structures formed by intricate silicon etch, also known as Deep Reactive Ion Etching (DRIE). Tegal combines proven expertise with practical system strategies to deliver application-specific solutions that are robust and reliable, and deliver exceptional process quality and high yields at a lower overall cost of ownership. Headquartered in Petaluma, California, the company has more than 35 years of expertise and innovation in specialized technologies, over 100 patents, and has shipped and installed more than 1900 systems worldwide. Please visit us on the web at www.tegal.com.

TEGAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)

         
    June 30   March 31
   

2010

 

2010

 

ASSETS

       
Current assets:        
Cash and cash equivalents   $ 6,205     $ 7,298  
Accounts receivable, net of allowances for sales returns and doubtful accounts of $264 and $324 at June 30, 2010 and March 31, 2010, respectively     1,361       3,116  
Notes receivable     1,268       1,347  
Inventories, net     1,309       1,221  
Prepaid expenses and other current assets     601       1,243  
Total current assets     10,744       14,225  
Property and equipment, net     270       308  
Intangible assets, net     1,174       1,230  

Other assets

    503       540  
Total assets   $ 12,691     $ 16,303  

LIABILITIES AND STOCKHOLDERS’ EQUITY

       
Current liabilities:        
Accounts payable   $ 840     $ 1,520  
Accrued product warranty     275       374  
Common stock warrant liability     162       363  
Deferred revenue     -       242  
Accrued expenses and other current liabilities     1,690       1,867  
Total current liabilities     2,967       4,366  
Total long term liabilities            
Total liabilities     2,967       4,366  
Commitments and contingencies (Item 2)        
Stockholders’ equity:        
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none issued and outstanding            
Common stock; $0.01 par value; 50,000,000 shares authorized; 8,439,095 and 8,438,115 shares issued and outstanding at June 30, 2010 and March 31, 2010, respectively     84       84  
Additional paid-in capital     128,399       128,290  
Accumulated other comprehensive income (loss)     (3 )     (149 )
Accumulated deficit     (118,756 )     (116,288 )
Total stockholders’ equity     9,724       11,937  
Total liabilities and stockholders’ equity   $ 12,691     $ 16,303  
                 
                 

TEGAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

     

 

 

Three Months Ended

June 30,

   

2010

 

2009

         
Revenue   $ 319     $ 1,083  
Cost of revenue     550       990  
Gross profit     (231 )     93  
Operating expenses:        
Research and development expenses     1,023       1,241  
Sales and marketing expenses     158       704  
General and administrative expenses     1,150       1,160  
Total operating expenses     2,331       3,105  
Operating loss     (2,562 )     (3,012 )
Other income (expense), net     94       405  
Net loss   $ (2,468 )   $ (2,607 )
Net loss per share, basic and diluted   $ (0.29 )   $ (0.31 )
Shares used in per share computation:        
Basic and diluted     8,438       8,413

SOURCE

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