EX-99.1 3 exhibit991.htm Q203Release

NEWS RELEASE

Contact:  Beverly L. Armell
(508) 337-5111

HELIX REPORTS SECOND QUARTER RESULTS

MANSFIELD, MASSACHUSETTS, July 21, 2003... Helix Technology Corporation (Nasdaq: HELX) today announced results for the second quarter ended June 27, 2003. Net loss for the quarter was $1.4 million, or $(0.05) per diluted share, compared with a net loss of $3.8 million, or $(0.15) per diluted share, for the second quarter of 2002. Sales for the second quarter of 2003 were $24.6 million, compared with $29.0 million a year ago.

Net loss for the six months ended June 27, 2003, was $2.8 million or $(0.11) per diluted share, compared with net loss of $8.3 million, or $(0.34) per diluted share, for 2002. Sales for the six-month period were $48.2 million in 2003 versus $49.4 million in 2002.

Commenting on the second quarter, Helix President and Chief Executive Officer, Robert J. Lepofsky, said, "The financial results for the quarter are generally within our expected range of performance. The continued depressed global semiconductor capital equipment market has limited our pace of improvement during the first six months of this year. There is, however, a growing sense that conditions are improving within our industry. As reflected in statements from both customers and market analysts, wafer fabrication facility utilization is increasing, commitments to 300mm production capacity are expanding and expectations for integrated circuit demand are improving. We expect that these trends will translate into improving revenues for both our mission-critical product platforms and our productivity-enhancing service offerings in the quarters ahead. During the quarter, our latest generation On-Board®IS vacuum solutions, advanced Granville-Phillips instrumentation products, and our comprehensive TrueBluesm customer support programs continued to gain traction with both new and existing customers. These offerings are extending our strong market position and enhancing our deep partnerships with OEM and end-user accounts throughout the world."

Helix Technology Corporation is a global leader in the development and application of innovative solutions in the field of vacuum technology. Our CTI-Cryogenics and Granville-Phillips product offerings provide a broad range of components and subsystems that are key to the manufacture of semiconductors, flat panel displays and data storage devices. In addition, our highly regarded Global Support activity provides critical ongoing operational support services to semiconductor device producers throughout the world.

To the extent that this press release contains forward-looking statements, including statements regarding the Company's future performance, such statements are based on current expectations and are subject to risks, uncertainties and changes in condition, including, among others, market acceptance of and demand for the Company's products, the success of the Company's strategic initiatives, including its global support operations, the health of the global semiconductor capital equipment market and the timing and scope of any change in the current depressed industry conditions, the Company's success in sustaining order bookings, and other risks indicated in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results could differ materially from those indicated. The Company assumes no obligation to update the information in this press release.

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HELIX REPORTS SECOND QUARTER RESULTS

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

Six Months

 

(unaudited)

 

(unaudited)

(in thousands except per share amounts)

2003

 

2002

 

 

2003

 

 

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

24,555

 

 

$

29,015

 

 

$

48,178

 

 

$

49,395

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Cost of sales

 

17,027

 

 

 

19,653

 

 

 

32,833

 

 

 

35,194

 

  Research and development

 

2,547

 

 

 

3,968

 

 

 

5,230

 

 

 

7,484

 

  Selling, general, and administrative

 

7,597

 

 

 

11,314

 

 

 

15,365

 

 

 

19,373

 

 

 

27,171

 

 

 

34,935

 

 

 

53,428

 

 

 

62,051

 

Operating loss

 

(2,616

)

 

 

(5,920

)

 

 

(5,250

)

 

 

(12,656

)

Joint venture income

 

309

 

 

 

14

 

 

 

599

 

 

 

59

 

Interest and other income

 

214

 

 

 

296

 

 

 

467

 

 

 

365

 

Loss before taxes

 

(2,093

)

 

 

(5,610

)

 

 

(4,184

)

 

 

(12,232

)

Income tax benefit

 

(680

)

 

 

(1,823

)

 

 

(1,359

)

 

 

(3,975

)

Net loss

$

(1,413

)

 

$

(3,787

)

 

$

(2,825

)

 

$

(8,257

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

$

(0.05

)

 

$

(0.15

)

 

$

(0.11

)

 

$

(0.34

)

  Diluted

$

(0.05

)

 

$

(0.15

)

 

$

(0.11

)

 

$

(0.34

)

Number of shares used in per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

26,099

 

 

 

26,097

 

 

 

26,099

 

 

 

24,599

 

  Diluted

 

26,099

 

 

 

26,097

 

 

 

26,099

 

 

 

24,599

 

 

SUMMARY BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

(audited)

(in thousands)

 

 

06/27/03

 

 

12/31/02

 

 

 

 

 

 

 

 

 

Assets

Cash, cash equivalents, and investments

$

67,906

$

63,319

Accounts receivable

16,945

15,036

Inventories

22,597

23,946

Other current assets

9,955

20,787

Fixed and other assets

35,156

36,383

Total Assets

$

152,559

$

159,471

Liabilities and Stockholders' Equity

Current liabilities

$

24,219

$

27,229

Stockholders' equity

128,340

132,242

Total Liabilities and Stockholders' Equity

 

$

152,559

 

 

$

159,471

 

The Company's quarterly report on Form 10-Q
is available to any stockholder upon request.