Genus Reports Third Quarter 2003 Results SUNNYVALE, Calif., Oct. 27
/PRNewswire-FirstCall/ -- Genus, Inc. today reported financial
results for its third quarter and nine months ended September 30,
2003. Senior management will conduct an investor conference call to
discuss these results and the company's financial outlook in more
detail at 8 a.m. pacific time tomorrow, Tuesday, October 28, 2003.
Access information is provided below. Net sales for the third
quarter of 2003 were $9.1 million compared to net sales of $12.2
million for the same quarter of 2002, and up from $28.5 million for
nine months ended September 30, 2002 to $41.5 million for the nine
months ended September 30, 2003. The net loss for the third quarter
2003 was $2.8 million or ($0.09) per diluted share compared to net
loss of $1.6 million or ($0.06) per share in the same quarter of
2002. The net loss for the nine months ended September 30, 2003 was
$3.8 million or ($0.13) per diluted share compared to a net loss of
$8.9 million or ($0.34) per share for the nine months ended
September 30, 2002. "Though the market growth has been slowed by
the continuing recession in the semiconductor industry, Genus'
recent order activity has emerged as a positive industry indicator
that ALD is the enabling technology it was predicted to be," said
company chairman and CEO Bill Elder. "With recent announcements of
leading semiconductor and data storage companies increasing their
capital expenditures, our ALD technology is set to gain further
acceptance with a renewed market confidence. The company continues
to be well positioned globally with ALD customers in the
semiconductor and data storage markets in the U.S., Asia and
Europe, and we maintain our expectation that the worldwide demand
for ALD products will continue to grow." Gross margin as a
percentage of revenues was 23 percent for the third quarter of 2003
compared to 36 percent for the same quarter of 2002. Gross margin
as a percentage of revenues was 29 percent for the nine months
ended September 30, 2003 compared to 28 percent for the nine months
ended September 30, 2002. Operating expenses, including research
and development, sales and general and administrative expenses were
$4.5 million in the third quarter of 2003, approximately $1.1
million below the level recorded in the third quarter of 2002.
Operating expenses, including research and development, sales and
general and administrative expenses was $14.6 million for the nine
months ended September 30, 2003, approximately $1.7 million below
the level recorded for the nine months ended September 30, 2002.
Genus ended the third quarter 2003 with cash and cash equivalents
of $10.5 million, slightly lower than the cash balance of $10.9
million at June 30, 2003. Cash net of short-term debt was $8.2
million, up from $2.9 million on June 30, 2003. Financial Guidance
Genus maintains its financial guidance for full year 2003 for both
bookings ($45 million to $60 million range) and revenues ($50
million to $60 million range). Conference Call Information Genus
plans to host an investor conference call on Tuesday, October 28,
2003, at 11:00 a.m. eastern time, featuring remarks by Bill Elder,
chairman and CEO, and Shum Mukherjee, executive vice president
finance and CFO, followed by a live question and answer session.
The call will be accessible live by dialing 888 803-6692. The
conference call will also be broadcast live over the Internet at
http://www.genus.com/. A replay of the call will be available for
48 hours, beginning two hours after the call, by dialing 800
642-1687 and entering access code 3473923. A webcast replay will be
available at http://www.genus.com/. About Genus Genus, Inc.
manufactures critical deposition processing products for the global
semiconductor industry and the data storage industry. To enable the
production of intricate micro computer chips and electronic storage
devices, Genus offers its STRATAGEM and LYNX series
production-proven equipment for 200mm and 300mm semiconductor
production, and offers thin film deposition products for chemical
vapor deposition (CVD), atomic layer deposition (ALD), and
pre-clean capabilities. Genus is at the forefront of market and
technology developments in the ALD marketplace, which is gaining
acceptance worldwide as a critical technology for sub 0.13-micron
production of computer chips and electronic storage devices. Genus'
customers include semiconductor and data storage manufacturers
located throughout the United States, Europe and the Pacific Rim
including Korea, Japan and Taiwan. Founded in 1981, the company is
headquartered in Sunnyvale, California. For additional information
visit Genus' web site at http://www.genus.com/. NOTE: STRATAGEM,
LYNX2(R) and LYNX3(TM) are trademarks of Genus, Inc.
Forward-Looking Statements This press release contains
forward-looking statements regarding the company's future financial
and business performance. These forward-looking statements are
subject to a number of risks and uncertainties. These contingencies
include but are not limited to: actual customer orders received by
the company, the extent to which ALD technology is demanded by the
marketplace, the actual number of customer orders received by the
company, the timing of final acceptance of products by customers,
the financial climate and accessibility to financing, general
conditions in the thin film equipment market and in the
macro-economy, and the influence of global political events. Genus
assumes no obligation to update this information. Additional risks
and uncertainties are discussed in the Management's Discussion and
Analysis of Results of Operations contained in Genus' Annual Report
on Form 10-K for the fiscal year ended December 31, 2002 filed with
the Securities and Exchange Commission. GENUS, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (in thousands, except per share data) Three Months
Ended Nine Months Ended September 30, September 30, 2003 2002 2003
2002 Net sales $9,107 $12,153 $41,541 $28,487 Costs and expenses:
Cost of goods sold 7,049 7,826 29,438 20,463 Research and
development 1,663 2,127 5,758 6,079 Selling, general and
administrative 2,800 3,498 8,842 10,229 Loss from operations
(2,405) (1,298) (2,497) (8,284) Other income (expenses), net (376)
(206) (1,234) (493) Loss before income taxes (2,781) (1,504)
(3,731) (8,777) Provision for income taxes 56 71 56 159 Net loss
$(2,837) $(1,575) $(3,787) $(8,936) Net loss per share: Basic
$(0.09) $(0.06) $(0.13) $(0.34) Diluted $(0.09) $(0.06) $(0.13)
$(0.34) Shares used in per share calculation - basic 30,628 27,693
29,624 26,572 Shares used in per share calculation - diluted 30,628
27,693 29,624 26,572 GENUS, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) September
30, December 31, 2003 2002 ASSETS Current Assets: Cash and cash
equivalents $10,470 $11,546 Accounts receivable (net of allowance
for doubtful accounts of $0 in 2003 and $69 in 2002) 3,275 7,505
Inventories 9,005 11,405 Other current assets 1,064 1,336 Total
current assets 23,814 31,792 Equipment, furniture and fixtures, net
9,325 8,661 Other assets, net 1,270 1,057 Total assets $34,409
$41,510 LIABILITIES Current Liabilities: Short-term bank borrowings
$1,969 $7,813 Accounts payable 3,186 6,498 Accrued expenses 3,857
3,064 Deferred revenue 2,576 2,713 Customer advances 1,728 1,809
Long-term liabilities, current portion 266 245 Total current
liabilities 13,582 22,142 Convertible notes 5,647 5,301 Long-term
liabilities 47 270 Total liabilities 19,276 27,713 SHAREHOLDERS'
EQUITY Common stock, no par value: Authorized 100,000 shares on
September 30, 2003; and 50,000 shares on December 31, 2002; Issued
and outstanding 32,201 shares in 2003 and 28,621 in 2002 128,862
123,890 Accumulated deficit (111,596) (107,809) Note receivable
from shareholder (151) (151) Accumulated other comprehensive loss
(1,982) (2,133) Total shareholders' equity 15,133 13,797 Total
liabilities and shareholders' equity $34,409 $41,510 DATASOURCE:
Genus, Inc. CONTACT: Shum Mukherjee of Genus, Inc.,
+1-408-747-7120, ext. 1311, or Web site: http://www.genus.com/
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