Tegal Corporation Reports Fiscal Year 2011 Financial Results
29 Giugno 2011 - 10:02PM
Business Wire
Tegal Corporation (NASDAQ:TGAL)(NASDAQ:TGALD) today announced
financial results for the fiscal year 2011, which ended March 31,
2011.
Fiscal 2011 Highlights
- On January 14, 2011, Tegal and se2quel
Partners formed Sequel Power, a company dedicated to the
development and operation of large scale photovoltaic (PV)-based
solar utilities in the United States, Latin America, the Middle
East and Africa. Tegal contributed $2 million in cash to Sequel
Power in exchange for an approximate 25% economic interest and a
majority voting interest in Sequel Power. Sequel Power has multiple
projects under development and has developed a unique approach to
develop, build and operate PV-based utilities which are cost
competitive with conventional energy sources.
- On February 9, 2011, Tegal sold its
deep silicon etch assets to SPP Process Technology Systems Ltd.
(SPTS), a unit of Sumitomo Precision Products. The agreement
included the sale of all of the shares of Tegal France, SAS, the
Company’s wholly-owned subsidiary and product lines and certain
equipment, intellectual property and other assets relating to the
DRIE plasma etch systems and certain related technology for an
aggregate consideration of approximately $2.1 million.
Financial Statement Highlights
- The Company’s Net Loss per share
decreased to ($1.85) for the year from a comparable ($10.96) from
the prior fiscal year.
- The Company ended the fiscal year with
$7.8 million in cash (including restricted cash), an increase over
the prior year of approximately $0.5 million. This balance reflects
the investment in Sequel Power and proceeds of the asset sale to
SPTS and installment payments from OEM Group for the sale last year
of the of the Legacy Etch and PVD assets, but does not include any
contingent payments from OEM Group.
- The NLD hardware in the remaining
amount of $0.4 million was written off to discontinued operations
in the income statement and shown on the balance sheet as “Assets
Held for Sale- Discontinued Operations”. The NLD Intellectual
Property Portfolio (which includes over 35 granted patents and
applications) is currently being marketed to interested
third-parties.
- The balance sheet has been presented at
March 31, 2011 and restated at March 31, 2010 using the captions
“Assets of Discontinued Operations”, “Assets Held for Sale -
Discontinued Operations”, “Long-term Assets of Discontinued
Operations”, and “Liabilities of Discontinued Operations”.
Discontinued Operations in the Income Statement includes revenue
and expenses from the Company’s Legacy Etch, PVD, and DRIE lines of
business, along with the amount of the write-off of the NLD
hardware.
- The proportionate share of the results
of the operations of Sequel Power are included in the Company’s
Income Statement as “Equity in (Earnings) Loss of Unconsolidated
Affiliate” and in the Company’s Balance Sheet as “Investment in
Unconsolidated Affiliate”, under the principle of the Equity Method
as required by GAAP and according to SEC disclosure rules.
- On June 15, 2011, following a 70%
affirmative vote of the Stockholders, the Company effected a 1 for
5 reverse split. The number of outstanding shares is 1,688,943 at
June 29, 2011.
Safe Harbor Statement
Except for historical information, matters discussed in this
news release contain forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Forward-looking statements, which are based on
assumptions and describe our future plans, strategies and
expectations, are generally identifiable by the use of the words
"anticipate," "believe," "estimate," "expect," "intend," "project"
or similar expressions. These forward-looking statements are
subject to risks, uncertainties and assumptions about the Company
including, but not limited to industry conditions, economic
conditions, acceptance of new technologies, market acceptance of
the Company's products and services, the Company’s exploration and
execution of strategic alternatives. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph. For a further discussion of these risks and
uncertainties, please refer to the Company's periodic filings with
the Securities and Exchange Commission.
About Tegal
Since its founding in 1972, Tegal Corporation has been dedicated
to the development and application of emerging technologies. Often
on the forefront of major inventions, Tegal’s process and capital
equipment know-how enabled the development and manufacturing of
leading-edge devices – from early microprocessors to advanced
memory and LEDs, as well as to newest filtering and sensing devices
that are present in the most advanced smart phones. Most recently,
in response to a challenging industry and financial environment,
Tegal has set a new course to develop and support multiple efforts
in the field of renewable energy and other diversified
technologies. Through its recent investment in sequel Power, Tegal
is engaged in the promotion of solar power plant development
projects worldwide and other renewable energy projects. In
addition, Tegal is actively evaluating opportunities for
partnerships with other diversified technology-based companies in
order to exploit our shared experience and to enhance our value as
a public company. Tegal is headquartered in Petaluma, California.
Please visit us on the web at www.Tegal.com.
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
ASSETS
March 31, March 31, 2011
2010 Current assets: Cash
and cash equivalents $ 7,575 $ 7,298 Restricted Cash 200 -- Prepaid
expenses and other current assets 139 64 Other assets of
discontinued operations 1,129 6,465 Assets held for sale –
discontinued operations --
398
Total current assets 9,043 14,225 Property and equipment,
net 112 234
Investment in unconsolidated affiliate
2,046 -- Long term assets of discontinued operations --
1,844 Total assets
$
11,201 $ 16,303
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 262 $ 41 Common Stock Warrant
Liability 26 363 Accrued expenses and other current liabilities 94
95 Liabilities on discontinued operations 1,410
3,867 Total liabilities
1,792 4,366
Stockholders’ equity: Common stock 17 17 Additional paid-in capital
128,977 128,357 Accumulated other comprehensive income (167 ) (149
) Accumulated deficit
(119,418 )
(116,288 ) Total stockholders’
equity
9,409 11,937
$ 11,201 $
16,303
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(In thousands, except per share
data)
Year Ended
March 31,
2011 2010
Revenue $ 16 $ -- Cost of revenue
-- -- Gross profit
(loss) $ 16 $ -- Operating
expenses: General and administrative 1,883
2,329 Total operating expenses
1,883
2,329 Operating loss (1,867 ) (2,329 ) Equity
in (earnings) loss of unconsolidated affiliate 179 -- Other income
(expense), net (337 ) 363
Loss before income tax expense (benefit) (1,709 ) (2,692 ) Income
tax (benefit) expense --
-- Net loss from continuing operations (1,709 )
(2,692 ) Gain on asset disposition –
SPTS 506 -- Loss
from discontinued operations, net of taxes (1,927 )
(15,777 ) Net loss
$
(3,130 )
$ (18,469 ) Net
(loss) income per share from continuing operations: Basic $ (1.01 )
$ (1.60 ) Diluted $ (1.01 ) $ (1.60 ) Net (loss) income per share
from discontinued operations: Basic $ (0.84 ) $ (9.36 ) Diluted $
(0.84 ) $ (9.36 ) Net (loss) income per share: Basic $ (1.85 ) $
(10.96 ) Diluted $ (1.85 ) $ (10.96 ) Weighted average
shares used in per share computation: Basic 1,689 1,685 Diluted
1,689 1,685
The weighted average number of shares and the
(loss) income per share reflect a 1-for-5 reverse split effected by
the Company on June 15, 2011
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