Tegal Corporation (NASDAQ:TGAL) today announced financial
results for the Second Quarter of Fiscal Year 2012, which ended
September 30, 2011.
Financial Statement Highlights
- The Company’s Net Loss per share in the
Second Quarter of Fiscal Year 2012 was ($0.28), compared with $0.08
in the Second Quarter of the prior fiscal year, and ($0.59) in the
First Quarter.
- Tegal recorded a Net Loss of ($476,000)
in the Second Quarter of Fiscal Year 2012. The Company recognized
its proportionate share of Sequel Power’s operating loss of
($530,000) in the Second Quarter of Fiscal Year 2012.
- Tegal ended the Second Quarter of
Fiscal Year 2012 with approximately $6.7 million in cash (including
restricted cash).
Business Highlights
Tegal and Sequel Power, its portfolio company dedicated to the
development and operation of large scale photovoltaic (PV)-based
solar utility projects, achieved numerous milestones recently,
including:
- Tegal extended the bid deadline for the
IP portfolio for its Nanolayer Deposition Technology (NLD™) after
several IC and semiconductor equipment manufacturers expressed
interest. The portfolio includes over 35 US and international
patents in the areas of pulsed-CVD, plasma-enhanced ALD, and
NLD™.
- Sequel Power established a strategic
alliance with Table Rock Capital (TRC), an independent private
equity fund manager focusing on investments in
infrastructure assets located in the U.S. and other OECD countries.
TRC, which has financed, developed and managed more than 200
large-scale energy projects, is focusing initially on Sequel
Power’s projects in the Americas.
- Sequel Power was a sponsor and a
participant at last month’s Solar Arabia Summit at King Saud
University in Riyadh, Saudi Arabia. The invitation-only event
brought together leading policy-makers, government officials,
investors and businesses involved in Saudi Arabia’s $100-billion
program designed to produce several gigawatts of solar-generated
power by 2020.
- Sequel Power recently opened offices in
Buenos Aires, Argentina, and Santiago, Chile. The offices serve
Sequel Power’s customers and partners in South America and are
overseen by Prince Alexander von Sachsen, Sequel Power’s Chairman
of South America and Middle East/Africa.
“Tegal is executing on its plan both to support Sequel Power’s
efforts and to partner with other businesses and industries which
have extraordinary growth potential,” said Thomas Mika, President
and Chief Executive Officer of Tegal. “We are confident in our
ability to establish a growth platform that optimizes the value of
Tegal’s publicly traded stock, balance sheet and management
team.”
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. 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, except share
data)
September
30,
March
31,
2011
2011
ASSETS Current assets: Cash and cash equivalents $ 6,458 $
7,575 Restricted cash 200 200 Prepaid expenses and other current
assets 64 139 Other assets of discontinued operations 456
1,129 Total current assets 7,178 9,043
Property and equipment, net 61 112 Investment in unconsolidated
affiliate 1,714 2,046 Total assets $
8,953 $ 11,201
LIABILITIES AND STOCKHOLDERS’
EQUITY Current liabilities: Accounts payable $ 25 $ 262 Common
stock warrant liability 12 26 Accrued expenses and other current
liabilities 109 94 Liabilities of discontinued operations
758 1,410 Total current liabilities 904
1,792 Stockholders’ equity: Preferred
stock; $0.01 par value; 5,000,000 shares authorized; none issued
and outstanding - - Common stock; $0.01 par value; 50,000,000
shares authorized; 1,688,943 and 1,687,623 shares issued and
outstanding at September 30, 2011 and March 31, 2011, respectively.
17 17 Additional paid-in capital 129,058 128,977 Accumulated other
comprehensive loss (138 ) (167 ) Accumulated deficit
(120,888 ) (119,418 ) Total stockholders’ equity
8,049 9,409 Total liabilities and
stockholders’ equity $ 8,953 $ 11,201
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(In thousands, except per share
data)
Three Months Ended Six Months Ended
September
30,
September
30,
2011
2010
2011
2010
Revenue - related party $ 19 $ -- $ 38 $ - Cost of revenue
-- -- -- -
Gross profit 19 - 38
- Operating expenses: General and administrative
expenses 568 511 1,441
1,187 Total operating expenses 568
511 1,441 1,187 Operating
loss (549 ) (511 ) (1,403 ) (1,187 ) Equity in (earnings) loss of
unconsolidated affiliate 170 -- 320 -- Other income, net (2
) (141 ) (14 ) (341 ) Loss before income tax
benefit (717 ) (370 ) (1,709 ) (846 ) Income tax expense (benefit)
expense -- 5 -- 7
Net loss from continuing operations (717 ) (375 ) (1,709 )
(853 ) Income (loss) from discontinued operations, net of taxes
241 509 239 (1,481
) Net loss $ (476 ) $ 134 $ (1,470 ) $ (2,334 ) Net
loss per share from continuing operations: Basic and diluted $
(0.42 ) $ (0.22 ) $ (1.01 ) $ (0.51 ) Net income (loss) per
share from discontinued operations and asset disposition: Basic and
diluted $ 0.14 $ 0.30 $ 0.14 $ (0.88 ) Net income (loss) per
share: Basic and diluted $ (0.28 ) $ 0.08 $ (0.87 ) $ (1.39 )
Weighted average shares used in per share computation: Basic
1,689 1,688 1,688 1,683 Diluted 1,689 1,692 1,688 1,683
The weighted average number of shares and the
net (loss) income per share reflect a 1-for-5 reverse split
effected by the Company on June 15, 2011
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