-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E5pv8kDRJYjxOTCh8qDLP66KC0WAs2V4KModyYHBhwz1Dy0rPf9poyOMaVxB8+MO 3CmyiUcvyBxNxB7yqr2CNw== 0001157523-05-003588.txt : 20050421 0001157523-05-003588.hdr.sgml : 20050421 20050421081519 ACCESSION NUMBER: 0001157523-05-003588 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ULTRATECH INC CENTRAL INDEX KEY: 0000909791 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 943169580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22248 FILM NUMBER: 05763187 BUSINESS ADDRESS: STREET 1: 3050 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 4083218835 MAIL ADDRESS: STREET 1: 3050 ZANKER RD CITY: SAN JOSE STATE: CA ZIP: 95134 FORMER COMPANY: FORMER CONFORMED NAME: ULTRATECH STEPPER INC DATE OF NAME CHANGE: 19930727 8-K 1 a4869020.txt ULTRATECH 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 21, 2005 Ultratech, Inc. (Exact name of registrant as specified in its charter) Delaware 0-22248 94-3169580 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 3050 Zanker Road, San Jose, California 95134 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (408) 321-8835 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition On April 21, 2005 Ultratech, Inc. ("the Registrant") issued a press release to report its financial results for its first quarter ended April 2, 2005. The press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference. The information contained herein and in the accompanying Exhibit 99.1 shall be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, where such incorporation is provided for, and shall be specifically incorporated by reference into our currently effective registration statements on Form S-3 and Form S-8. Except as provided in the previous sentence, the information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. Item 9.01 Exhibits (c) Exhibits. Exhibit Description 99.1 Press release announcing Ultratech's First Quarter 2005 Results. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ULTRATECH, INC. (Registrant) Date: April 21, 2005 /s/BRUCE R. WRIGHT Bruce R. Wright Senior Vice President, Finance and Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) EXHIBIT INDEX Exhibit Description 99.1 Ultratech Announces First Quarter 2005 Results 4 EX-99.1 2 a4869020ex991.txt ULTRATECH EX-99.1 Exhibit 99.1 Ultratech Announces First Quarter 2005 Results SAN JOSE, Calif.--(BUSINESS WIRE)--April 21, 2005--Ultratech Inc. (NASDAQ:UTEK) today announced unaudited results for the three-month period ended April 2, 2005. For the first quarter of fiscal 2005, Ultratech reported net sales of $28.0 million compared to $26.6 million during the first quarter of 2004. Ultratech's net loss for the first quarter of 2005 was $1.9 million or $0.08 per share (diluted) compared to a net profit of $527,000 or $0.02 per share (diluted) for the same quarter last year. Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "Ultratech achieved noteworthy milestones during the first quarter with the shipment of two of our laser spike anneal (LSA) tools for insertion into pilot production 65 nanometer lines. These ongoing tool installations are very pivotal to the future success of our company. Therefore, we decided to provide the necessary investments in the LSA product line which will affect our gross margins in the short term." "During the quarter, Ultratech achieved strong bookings across all product lines. These bookings were principally driven by semiconductor manufacturers' investments in leading-edge tools for laser spike anneal, advanced packaging and nanotechnology, specifically in the storage media market," continued Zafiropoulo. "We remain committed to work closely with our customers in each of these product areas to deliver the capabilities needed for their most stringent manufacturing requirements." At April 2, 2005, Ultratech had $146 million in cash, cash equivalents and short-term investments and a current ratio of 6.9:1. Working capital was $168 million and stockholders' equity was $8.02 per share based on 23,919,000 shares outstanding on April 2, 2005. Conference Call Information The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time/8:00 a.m. Pacific Time on Thursday, April 21, 2005. To listen to the call over the Internet or to obtain telephone dial-in information for the call, please go to Ultratech's website at www.ultratech.com. If you are unable to attend the live conference call, a replay will be available on Ultratech's website. If you do not have Internet access a replay of the call will be available by dialing 800-642-1687, or 706-645-9291 for international participants, and entering access code 5349304. Profile Ultratech Inc. (NASDAQ:UTEK) designs, manufactures and markets photolithography equipment used worldwide in the fabrication of semiconductor and nanotechnology devices, and has expanded its technology scope in pioneering laser processing technology for IC manufacturing. Founded in 1979, Ultratech is a market leader in gold and solder bump lithography. Its products are designed to substantially reduce the cost of ownership for manufacturers in the electronics industry. The company's home page on the World Wide Web is located at www.ultratech.com. Certain of the statements contained herein may be considered forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, such as lengthy and costly development cycles for advanced lithography and laser-processing technologies and applications; integration, development and associated expenses of the laser processing operation; delays, deferrals and cancellations of orders by customers; expiration of licensing arrangements, and the resulting adverse impact on Ultratech's licensing revenues; high degree of industry competition; pricing pressures and product discounts; changes in pricing by Ultratech, its competitors or suppliers; intellectual property matters; cyclicality in the semiconductor and nanotechnology industries; customer concentration; market acceptance of new products and enhanced versions of Ultratech's existing products; international sales; lengthy sales cycles, including the timing of system installations and acceptances; changes to financial accounting standards; timing of new product announcements and releases by Ultratech or its competitors; ability to volume produce systems and meet customer requirements; mix of products sold; rapid technological change and the importance of timely product introductions; dependence on new product introductions and commercial success of any new products; outcome of litigation; sole or limited sources of supply; manufacturing variances and production levels; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; inventory obsolescence; asset impairment; ability and resulting costs to attract or retain sufficient personnel to achieve Ultratech's targets for a particular period; dilutive effect of employee stock option grants on net income per share, which is dependent in part upon Ultratech achieving and maintaining profitability and the market price of Ultratech's stock; effects of certain anti-takeover provisions; future acquisitions; volatility of stock price; business interruptions due to natural disasters or utility failures; environmental regulations; and any adverse effects of terrorist attacks in the United States or elsewhere, or government responses thereto, or military actions in Iraq, Afghanistan and elsewhere, on the economy, in general, or on Ultratech's business in particular. Such risks and uncertainties are described in Ultratech's SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2004. ULTRATECH INC. CONDENSED CONSOLIDATED BALANCE SHEETS Apr. 2, Dec. 31, (In thousands ) 2005 2004 - -------------------------------------------- ----------- ----------- ASSETS (Unaudited) Current assets: - --------------- Cash, cash equivalents, and short-term investments $145,627 $151,627 Accounts receivable 19,600 19,907 Inventories 29,092 27,842 Taxes receivable 416 509 Prepaid expenses and other current assets 2,036 1,654 - -------------------------------------------- ----------- ----------- Total current assets 196,771 201,539 Equipment and leasehold improvements, net 22,769 21,992 Intangible assets, net -- 95 Demonstration inventories, net 3,985 4,223 Other assets 2,833 2,697 - -------------------------------------------- ----------- ----------- Total assets $226,358 $230,546 ============================================ =========== =========== - --------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: - -------------------- Notes payable $7,922 $7,900 Accounts payable 10,150 13,587 Deferred product and services income 1,721 1,244 Deferred license income 113 1,041 Other current liabilities 8,927 8,146 - -------------------------------------------- ----------- ----------- Total current liabilities 28,833 31,918 Other liabilities 5,613 5,338 Stockholders' equity 191,912 193,290 - -------------------------------------------- ----------- ----------- Total liabilities and stockholders' equity $226,358 $230,546 ============================================ =========== =========== ULTRATECH INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - --------------------------------------------------------------------- Three Months Ended ----------------- Apr. 2 Apr. 3 (In thousands, except per share amounts) 2005 2004 - --------------------------------------------------- -------- -------- Total net sales(a) $27,962 $26,611 Total cost of sales 15,684 13,551 - --------------------------------------------------- -------- -------- Gross profit 12,278 13,060 Operating expenses: Research, development, and engineering 7,503 6,210 Amortization of intangible assets 95 95 Selling, general, and administrative 7,535 7,087 - --------------------------------------------------- -------- -------- Operating income (loss) (2,855) (332) Interest expense (91) (35) Interest and other income, net 914 959 - --------------------------------------------------- -------- -------- Income (loss) before tax (2,032) 592 Income taxes (benefit) (136) 65 - --------------------------------------------------- -------- -------- Net income (loss) ($1,896) $527 - --------------------------------------------------- -------- -------- Earnings per share -- basic: Net income (loss) ($0.08) $0.02 Number of shares used in per share calculations -- basic 23,877 23,683 Earnings per share -- diluted: Net income (loss) ($0.08) $0.02 Number of shares used in per share calculations -- diluted 23,877 25,663 - --------------------------------------------------- -------- -------- (a) Systems Sales $20,294 $20,442 Parts Sales 3,442 2,348 Service Sales 3,098 2,893 License Sales 1,128 928 - --------------------------------------------------- -------- -------- Total Sales $27,962 $26,611 - --------------------------------------------------- -------- -------- --30-- CONTACT: Ultratech Inc., San Jose Bruce Wright or Laura Rebouche', 408-321-8835 -----END PRIVACY-ENHANCED MESSAGE-----