News
Semitool reports $738,000 in revenues
Semitool Inc. recorded first-quarter net income of $738,000, rebounding from a $14 million loss during the previous quarter and a $2.4 million loss in the first quarter of 2003.
In its quarterly earnings report filed Tuesday, the company said the gains are further evidence that its financial condition is improving, and the company’s president and chief financial officer predicted even stronger gains during the second quarter.
"Our numbers tell the story this quarter, and it seems apparent that our industry and our position in it are markedly stronger than just a few months ago," Ray Thompson said in a written statement.
The company predicted second-quarter revenue of $27 million to $30 million.
The Kalispell company designs and manufactures components used in the making of semiconductor devices. Semitool competes with about 45 companies around the world, compared with just a handful that existed when the company was started in the late 1970s.
The company went public in 1985, and the stock trades on Nasdaq under the symbol SMTL.
Semitool said its gains in net income during the first quarter came despite a slight drop in sales from $30.3 million in the first quarter of 2003 to $28.6 million in the first quarter of 2004.
Thompson said the decline was offset by, among other things, improving market conditions and actions the company took in the previous fiscal year to improve its own cost structure.
In addition, he said that while sales were down, orders placed for the company’s tools in the first quarter were about double those in the final quarter of 2003.
"Order activity is picking up," he said. "One advantage we have is that our work to reduce cycle times is allowing us to deliver tools faster. The combination of technological innovation and quicker delivery time is attracting significant industry attention, and we believe those factors are delivering additional customers to Semitool."
The gain in net income amounted to about 3 cents per share during the final quarter, compared with a loss of 8 cents per share during the first quarter of 2003.
Semitool Inc. reported a net loss for the last fiscal year of more than $21 million.
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