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Ultratech Announces Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Implements Global Reduction in Workforce of 10%

Receives Multi-system Order for Superfast 4G Inspection for 3D NAND Memory Customer

SAN JOSE, Calif.--(BUSINESS WIRE)--October 22, 2015--Ultratech, Inc. (Nasdaq:UTEK) a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and high-brightness LEDs (HB-LEDs), today announced unaudited results for the three-month period ended October 3, 2015.

For the third quarter of fiscal 2015, Ultratech reported net sales of $33.1 millio n as compared to $33.8 million during the third quarter of fiscal 2014.

On a GAAP basis, Ultratech's net loss for the third quarter of 2015 was $6.1 million, or $(0.22) per share, as compared to net loss of $6.6 million, or $(0.23) per share, for the same quarter last year.

On a non-GAAP basis, Ultratech's net loss for the third quarter of 2015 was $1.3 million, or $(0.05) per share, as compared to net loss of $2.1 million, or $(0.07) per share, for the same quarter last year.

Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, “Ultratech’s third quarter results were driven by demand for our advanced packaging tools. However, the uncertainty surrounding the global economic environment and resulting capacity issues in the semiconductor industry have affected our business as a whole, and as a result, we made the difficult decision to reduce our workforce as part of our efforts to meet this challenging environment. By aligning the company’s resources to match our market and business objectives, Ultratech will be better positioned to meet the existing and future needs of the various industries we serve.

“As we continue to invest in our product portfolio, we believe the advanced technology found in our industry-leading systems differentiates us from our competitors. As the economic environment improves, Ultratech remains well positioned to serve its global customers,” continued Zafiropoulo.

At October 3, 2015, Ultratech had $259.4 million in cash, cash equivalents and short-term investments. Working capital was $320.3 million and stockholders' equity was $13.16 per share based on 26,431,971 total shares outstanding as of October 3, 2015.

News Highlights

Ultratech has implemented cost-cutting measures resulting in a reduction of approximately 10 percent of its global workforce.

Ultratech received an order for multiple Superfast 4G inspection systems from a leading memory manufacturer. These in-line inspection systems will be used for high-volume production of advanced 3D NAND flash memory chips. Ultratech will begin shipping these systems in November 2015.

As previously announced on October 14, 2015, Ultratech received a large multiple-system order from a leading semiconductor manufacturer for its advanced packaging AP300 lithography systems for use in high-volume, fan-out wafer-level packaging (WLP) applications used to manufacture leading-edge chips. Ultratech will begin shipping the systems in the fourth quarter of 2015 to the customer’s facility in Taiwan.

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 today. To listen to the call, dial 877-876-9177 (toll free) or 785-424-1666 (international) 10 minutes prior to the start time. The passcode is 688181. A live webcast will also be available on the Investor Relations section of Ultratech’s website at

. A replay of the call will be available at the same location or by dialing 888-203-1112 and entering access code 688181.

Non-GAAP Financial...