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Ultratech Inc. has a market cap of $629.2 million; its shares were traded at around $24.61 with a P/E ratio of 22.1 and P/S ratio of 4.5.
Highlight of Business Operations: Net sales consist of revenues from products (system, system upgrades, and spare parts sales), services, and licensing of technologies. Product sales increased 76.0% to $48.7 million for the three month period ended July 2, 2011, compared to $27.6 million in the corresponding quarter of 2010. The increase was due to (i) increased systems sales of $18.2 million, (ii) increased systems upgrades of $1.5 million and (iii) increased parts sales of $1.3 million; as compared to the corresponding periods of 2010. The increase in product revenue was a result of unit increases in our products and increases in average selling prices of our semiconductor market systems.
At July 2, 2011, the Company had $18.1 million of net deferred product and services income compared to $13.6 million at December 31, 2010. The gross amount of deferred revenues at July 2, 2011 was $26.8 million as compared to $20.1 million at December 31, 2010. The gross amount of deferred costs at July 2, 2011 was $8.7 million as compared to $6.5 million at December 31, 2010. 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 July 2, 2011, international net sales increased $3.2 million to $30.3 million or 56.2% of total net sales, as compared with $27.1 million, or 85.8% of total net sales for the corresponding quarter of 2010. The decrease in international sales as a percentage of total sales was due to an increase in domestic sales from a single customer with a multiple system order. The Company does not consider this event to be a trend. For the three months ended July 2, 2011 compared to the corresponding 2010 quarter, (i) sales to Europe decreased by $2.9 million, (ii) sales to Japan increased by $2.9 million, (iii) sales to Taiwan increased by $2.5 million, (iv) sales to Korea decreased $1.5 million, and (v) sales to the rest of Asia increased by $2.2 million.
For the six months ended July 2, 2011, international net sales increased $8.3 million to $52.6 million, or 51.9% of total net sales, as compared with $44.3 million, or 75.0% of total net sales, for the comparable period of 2010. The decrease in international sales as a percentage of total sales was due to an increase in domestic sales from a single customer with a multiple system order. The Company does not consider this event to be a trend. For the six months ended July 2, 2011, as compared to the same period of 2010, the $8.3 million increase in international revenue was due to (i) increased sales to Taiwan of $1.6 million, (ii) decreased sales to Korea of $2.7 million, (iii) decreased sales to Europe of $5.7 million, (iv) increase in sales to Japan of $4.0 million and (v) increased sales to the rest of Asia of $11.1 million.
Selling, general, and administrative expenses for the three month period ended July 2, 2011 were $11.0 million as compared to $8.1 million for the corresponding quarter of 2010. This increase was attributable to (i) $0.9 million of stock-based compensation expenses (ii) $0.6 million in salaries expense from the discontinuing of a salary reduction program for cost savings, (iii) $0.4 million in travel-related expenses, (iv) $0.9 million in professional expenses and (v) $0.1 million of other expense. As a percentage of net sales, selling, general and administrative expenses for the three months ended July 2, 2011 decreased to 20.1% from 25.6% for the corresponding quarter of 2010. This percentage decrease was due to the increase in net sales as compared to the corresponding quarter of 2010.
Selling, general and administrative expenses were $20.8 million for the six month period ended July 2, 2011 as compared with $15.5 million for the corresponding period in 2010. This increase was due to the following: (i) $2.1 million of salaries expenses expense from the discontinuing of a salary reduction program for cost savings, (ii) $1.2 million of stock-based compensation expenses, (iii) $1.0 million of professional expenses, (iv) $0.6 million of legal expenses, and (v) $0.4 million travel related expenses. As a percentage of total net sales, selling, general and administrative expenses for the six month period ended July 2, 2011 decreased to 20.5% from 26.2% for the corresponding period of 2010. This decrease was due to the increase in net sales as compared to the corresponding period of 2010 discussed above.
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