Rudolph Technologies Reports 2013 Third Quarter Results
November 4, 2013
Strong Profit Performance: Non-GAAP Earnings Per Share of $0.06
Front-End Logic, Foundry and Memory Orders Increase
FLANDERS, N.J.--(BUSINESS WIRE)--
Technologies, Inc. (Nasdaq:RTEC), a leading provider of process
characterization equipment, lithography equipment and software for wafer
fabs and advanced packaging facilities, today announced financial
results for the third quarter of 2013.
2013 Third Quarter Highlights:
Third quarter revenue was $44.0 million, compared to $46.1 million in
the 2013 second quarter.
Third quarter GAAP net income was $252 thousand, or $0.01 per diluted
share; non-GAAP net income was $2.1 million, or $0.06 per diluted
Gross margins remained strong at 51 percent.
Revenue recognized for the second JetStep™ System shipped
for advanced packaging lithography.
Added the NSX®220
System to the macro defect inspection family. The system provides
fast, easy defect inspection for traditional back-end processes in the
semiconductor, MEMS and LED packaging and test facilities to achieve
productivity at a reduced price point.
Paul F. McLaughlin, Chairman and Chief Executive Officer, commented, “We
delivered solid operating results for the third quarter, which were
within guidance despite the downturn from Asian subcontractors of
high-end smart phones and tablets. We achieved revenue of $44.0 million,
gross margins remained strong at 51 percent and we maintained
profitability, with non-GAAP earnings per share of $0.06. We believe
this is positive testimony to the balance our unique front-end/back-end
business model offers.”
Mr. McLaughlin continued, “We are pleased to see the recent
strengthening of orders for our front-end metrology solutions for 3D
FinFET NAND flash memory technology at 20, 16 and 14 nanometer nodes. We
believe this signals a restart of our industry’s front-end growth
trajectory and gives us increased confidence for 2014 after the pause
experienced in the last couple of quarters.
“2013 has been a year of technological advancement and solid positioning
for Rudolph’s future. We have made significant customer inroads with our
investments in R&D, resulting in a rich and substantially stronger
technology portfolio, which has more than doubled since the global
crisis in 2008. Our unique business model targets both front-end and
back-end growth markets, and provides us with a broad customer base with
a balanced product portfolio across all industry cycles. Back-end
business predominantly drove our business in the first half of this
year. As the third quarter progressed, back-end customers significantly
slowed capital spending as supply chains for smart phones and high-end
tablets were realigning to reflect the shift to lower-priced,
lower-featured solutions for more price sensitive markets. We see that
trend ending in the seasonally slow fourth quarter which tempers our
near-term back-end business outlook. Nonetheless, resurgence in
front-end customer spending is offsetting that softness in the back-end,
and we are forecasting modest overall growth in the fourth quarter.