Tegal Corp. (TGAL, Financial) filed Quarterly Report for the period ended 2011-12-31.
Tegal Corp. has a market cap of $6.3 million; its shares were traded at around $3.93 with and P/S ratio of 391.6.
As a percentage of total revenue for the three and nine months ended December 31, 2011, international sales were 0%. As a percentage of total revenue for the three and nine months ended December 31, 2010, international sales were approximately 92% and 90%, respectively. The decrease in international sales in both period comparisons as a percentage of revenue can be attributed to the sale of our legacy Etch and PVD assets to OEM Group and the sale of our DRIE assets to SPTS.
Comparing gross profit for the prior period before reclassification into discontinued operations, gross profit of $38 for the three months ended December 31, 2011 decreased from our gross profit $925 for the three months ended December 31, 2010. Gross profit of $75 for the nine months ended December 31, 2011 decreased from our gross profit of $1,925 for the nine months ended December 31, 2010.
The Company recorded a net $138 loss in earnings of the unconsolidated affiliate and $43 of amortization expenses related to the difference between the net book value of Sequel s assets and the cost of the investment for the three months ended December 31, 2011. The Company recorded a net $372 loss in earnings of the unconsolidated affiliate and $129 of amortization expenses related to the difference between the net book value of Sequel s assets and the cost of the investment for the nine months ended December 31, 2011. The Company did not have an investment in an unconsolidated affiliate during the three and nine months ended December 31, 2010.
Discontinued operations consists of interest income, other income, reimbursements for expenses from the French government for research and development, gains and losses on the disposal of fixed assets of discontinued operations, gains and losses on foreign exchange and interest income on money market accounts, as well as the reclassification of net expenses associated with our exit from our historical core operations. For the three months ended December 31, 2011 compared to the three months ended December 31, 2010, discontinued operations, net increased by $2,636. In the period just ended, discontinued operations included the receipt of OEM s installment payment, offset by R&D expense and foreign exchange loss, the recognition of deferred revenue offset by the related commission expense. Most significantly, the Company also recognized $3,550 from the December 23, 2011 sale of some of its NLD patents. As these assets were internally developed, there was a corresponding zero book value. The NLD revenue is recognized in discontinued operations, along with the related costs of $813, which includes $767 in commission expense. In the prior period, discontinued operations included gains and losses on foreign exchange as well as the reclassification of net expenses associated with our historical core operations.
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Tegal Corp. has a market cap of $6.3 million; its shares were traded at around $3.93 with and P/S ratio of 391.6.
Highlight of Business Operations:
Prior to February 9, 2011, our revenue was derived from sales of new and refurbished systems, spare parts and non-warranty service. Comparing revenue for the prior period before reclassification into discontinued operations, revenue of $38 for the three months ended December 31, 2011 decreased by $1,308 from revenue for the three months ended December 31, 2010 of $1,345. Revenue of $75 for the nine months ended December 31, 2011 decreased by $4,772 from revenue for the nine months ended December 31, 2010 of $4,847. The revenue decreases were due to our exit from our core historical operations, when the Company sold its DRIE assets to SPTS in the fourth quarter of the prior fiscal year.As a percentage of total revenue for the three and nine months ended December 31, 2011, international sales were 0%. As a percentage of total revenue for the three and nine months ended December 31, 2010, international sales were approximately 92% and 90%, respectively. The decrease in international sales in both period comparisons as a percentage of revenue can be attributed to the sale of our legacy Etch and PVD assets to OEM Group and the sale of our DRIE assets to SPTS.
Comparing gross profit for the prior period before reclassification into discontinued operations, gross profit of $38 for the three months ended December 31, 2011 decreased from our gross profit $925 for the three months ended December 31, 2010. Gross profit of $75 for the nine months ended December 31, 2011 decreased from our gross profit of $1,925 for the nine months ended December 31, 2010.
The Company recorded a net $138 loss in earnings of the unconsolidated affiliate and $43 of amortization expenses related to the difference between the net book value of Sequel s assets and the cost of the investment for the three months ended December 31, 2011. The Company recorded a net $372 loss in earnings of the unconsolidated affiliate and $129 of amortization expenses related to the difference between the net book value of Sequel s assets and the cost of the investment for the nine months ended December 31, 2011. The Company did not have an investment in an unconsolidated affiliate during the three and nine months ended December 31, 2010.
Discontinued operations consists of interest income, other income, reimbursements for expenses from the French government for research and development, gains and losses on the disposal of fixed assets of discontinued operations, gains and losses on foreign exchange and interest income on money market accounts, as well as the reclassification of net expenses associated with our exit from our historical core operations. For the three months ended December 31, 2011 compared to the three months ended December 31, 2010, discontinued operations, net increased by $2,636. In the period just ended, discontinued operations included the receipt of OEM s installment payment, offset by R&D expense and foreign exchange loss, the recognition of deferred revenue offset by the related commission expense. Most significantly, the Company also recognized $3,550 from the December 23, 2011 sale of some of its NLD patents. As these assets were internally developed, there was a corresponding zero book value. The NLD revenue is recognized in discontinued operations, along with the related costs of $813, which includes $767 in commission expense. In the prior period, discontinued operations included gains and losses on foreign exchange as well as the reclassification of net expenses associated with our historical core operations.
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