Ultratech Inc. (UTEK, Financial) filed Quarterly Report for the period ended 2010-10-02.
Ultratech Inc. has a market cap of $434 million; its shares were traded at around $17.89 with a P/E ratio of 36.5 and P/S ratio of 4.5. UTEK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
For the three months ended October 2, 2010, international net sales were $29.8 million, or 78.5% of total net sales, compared with $21.7 million, or 86.8% of total net sales for the corresponding quarter of 2009. For the three months ended October 2, 2010 compared to the corresponding 2009 quarter, sales to Europe increased by $8.0 million, sales to Japan decreased by $0.1 million, sales to Taiwan increased by $1.2 million, sales to Korea increased by $5.2 million, and sales to the rest of Asia decreased by $6.2 million.
On a market basis during the nine months ended October 2, 2010, system sales to the semiconductor industry increased by $24.4 million to $74.1 million from the corresponding period of 2009. This increase was due to (i) a $19.6 million increase in sales to the laser processing market, (ii) a $3.4 million increase in sales to the advanced packaging market, and (iii) a $1.7 million increase in sales to the semiconductor market partially offset by a $0.2 million decrease in sales to the nanotechnology market.
For the nine months ended October 2, 2010, international net sales were $74.0 million, or 76.4% of total net sales, as compared with $45.2 million, or 65.3% of total net sales, for the comparable period of 2009. For the nine months ended October 2, 2010, as compared to the same period of 2009, the $28.9 million increase in international revenue was due to (i) increased sales to Taiwan of $12.4 million, (ii) increased sales to Korea of $15.6 million, and (iii) increased sales to Europe of $15.4 million which were partially offset by decreased sales to Japan of $4.5 million and decreased sales to the rest of Asia of $10.0 million.
Selling, general and administrative expenses were $24.1 million for the nine month period ended October 2, 2010 as compared with $20.2 million for the corresponding period in 2009. The $3.9 million increase was due to the following: (i) a $2.2 million increase in executive bonus plan expense, (ii) $1.1 million of stock-based compensation expenses, and (iii) $0.6 million of other miscellaneous expense items. As a percentage of total net sales, selling, general and administrative expenses for the nine month period ended October 2, 2010 decreased to 24.8% from 29.2% for the corresponding period of 2009. This decrease was due to the increase in net sales as compared to the corresponding quarter of 2009 discussed above.
Interest and other income (expense), net, which consists primarily of interest income and gain (loss) from foreign currency exchange, was a net income of $0.1 million and $0.3 million for the three and nine month periods ended October 2, 2010, respectively. In comparison, interest and other income (expense), net for the three and nine month periods ended October 3, 2009 were $0.3 million and $3.0 million, respectively. The decrease in interest and other income (expense), net in the nine month period ended October 2, 2010 compared to the same period of 2009 is primarily attributable to the recognition in the nine month period ended October 3, 2009 of foreign consumption tax incentive totaling $2.5 million.
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Ultratech Inc. has a market cap of $434 million; its shares were traded at around $17.89 with a P/E ratio of 36.5 and P/S ratio of 4.5. UTEK is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
At October 2, 2010, the Company had $16.0 million of net deferred product and services income compared to $8.8 million at December 31, 2009. The gross amount of deferred revenues at October 2, 2010 was $24.3 million as compared to $13.4 million at December 31, 2009. The gross amount of deferred costs at October 2, 2010 was $8.3 million as compared to $4.6 million at December 31, 2009. Deferred product income is recognized as revenue upon satisfying the contractual obligations for installation and/or customer acceptance. Deferred services income is recognized as revenue ratably over the contract period (for time-based service contracts), or as purchased services are rendered (for contracts based on a purchased quantity of hours).For the three months ended October 2, 2010, international net sales were $29.8 million, or 78.5% of total net sales, compared with $21.7 million, or 86.8% of total net sales for the corresponding quarter of 2009. For the three months ended October 2, 2010 compared to the corresponding 2009 quarter, sales to Europe increased by $8.0 million, sales to Japan decreased by $0.1 million, sales to Taiwan increased by $1.2 million, sales to Korea increased by $5.2 million, and sales to the rest of Asia decreased by $6.2 million.
On a market basis during the nine months ended October 2, 2010, system sales to the semiconductor industry increased by $24.4 million to $74.1 million from the corresponding period of 2009. This increase was due to (i) a $19.6 million increase in sales to the laser processing market, (ii) a $3.4 million increase in sales to the advanced packaging market, and (iii) a $1.7 million increase in sales to the semiconductor market partially offset by a $0.2 million decrease in sales to the nanotechnology market.
For the nine months ended October 2, 2010, international net sales were $74.0 million, or 76.4% of total net sales, as compared with $45.2 million, or 65.3% of total net sales, for the comparable period of 2009. For the nine months ended October 2, 2010, as compared to the same period of 2009, the $28.9 million increase in international revenue was due to (i) increased sales to Taiwan of $12.4 million, (ii) increased sales to Korea of $15.6 million, and (iii) increased sales to Europe of $15.4 million which were partially offset by decreased sales to Japan of $4.5 million and decreased sales to the rest of Asia of $10.0 million.
Selling, general and administrative expenses were $24.1 million for the nine month period ended October 2, 2010 as compared with $20.2 million for the corresponding period in 2009. The $3.9 million increase was due to the following: (i) a $2.2 million increase in executive bonus plan expense, (ii) $1.1 million of stock-based compensation expenses, and (iii) $0.6 million of other miscellaneous expense items. As a percentage of total net sales, selling, general and administrative expenses for the nine month period ended October 2, 2010 decreased to 24.8% from 29.2% for the corresponding period of 2009. This decrease was due to the increase in net sales as compared to the corresponding quarter of 2009 discussed above.
Interest and other income (expense), net, which consists primarily of interest income and gain (loss) from foreign currency exchange, was a net income of $0.1 million and $0.3 million for the three and nine month periods ended October 2, 2010, respectively. In comparison, interest and other income (expense), net for the three and nine month periods ended October 3, 2009 were $0.3 million and $3.0 million, respectively. The decrease in interest and other income (expense), net in the nine month period ended October 2, 2010 compared to the same period of 2009 is primarily attributable to the recognition in the nine month period ended October 3, 2009 of foreign consumption tax incentive totaling $2.5 million.
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