Ultratech Inc. (UTEK, Financial) filed Annual Report for the period ended 2011-12-31.
Ultratech Step has a market cap of $705.4 million; its shares were traded at around $27.21 with a P/E ratio of 18.7 and P/S ratio of 3.3.
Research, development and engineering expenses in 2010 increased 6% to $19.9 million as compared to $18.8 million in 2009. This increase was primarily due to higher salary and compensation related expenses of (i) $1.3 million resulting from executive bonus plan, new hires compensation, and discontinuing salary reduction programs from the prior year, (ii) $0.3 million higher travel related expenses and outside services. These increases were partially offset by $0.5 million in reduced expenses related to management expense reduction programs. As a percentage of net sales, engineering expenses for the year ended December 31, 2010 were 14% compared to 20% for 2009. This decrease was due primarily to the increase in net sales as compared to 2010 as discussed above.
Selling, general and administrative expenses increased by $8.5 million, or 25%, to $42.7 million in 2011, as compared to $34.2 million in 2010. The increase was primarily due to (i) $3.5 million of stock-based compensation expense, (ii) a $2.3 million increase in salaries expense, of which $1.0 million was non-recurring in nature, (iii) a $1.6 million increase of external services costs, (iv) a $0.8 million increase in travel-related expense, (v) a $0.4 million increase in sales commission expense, and (vi) a $0.2 million increase in bad debt expense, partially offset by a reduction in property taxes of $0.3 million compared to 2010. As a percentage of net sales, selling, general and administrative expenses for the year ended December 31, 2011 were 20% compared to 24% for 2010. This decrease was due primarily to the increase in net sales as compared to 2009.
Selling, general and administrative expenses increased by $6.9 million, or 25%, to $34.2 million in 2010, as compared to $27.3 million in 2009. The increase was primarily due to (i) increased salary and compensation related expenses of $0.9 million of new hire compensation and $0.4 million from discontinuing salary reduction programs from the prior year, (ii) a $1.4 million increase in stock-based compensation expense, (iii) a $0.7 million increase of external service costs, (iv) a $0.6 million increase in travel related expense, (v) a $2.0 million increase related to our management incentive plan, and (vi) a $0.9 million increase in sales expenses. As a percentage of net sales, selling, general and administrative expenses for the year ended December 31, 2010 were 24% compared to 29% for 2009. This decrease was due primarily to the increase in net sales as compared to 2009.
The net $12.3 million of cash used from changes in working capital consisted of (i) $23.7 million increase in accounts receivable balances due to increased sales volumes and a large volume of shipments during the last month of the year, (ii) $4.2 million of cash used in increased inventory purchases, and (iii) a $2.2 million decrease in accounts payable offset by sources of cash from, (i) a $9.6 million increase in accrued expenses, (ii) a $3.3 million increase in income tax liabilities, (iii) a $3.2 million increase in other liabilities, (iv) a $1.3 million increase in deferred income, and (v) a $0.4 million decrease in prepaid and other assets.
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Ultratech Step has a market cap of $705.4 million; its shares were traded at around $27.21 with a P/E ratio of 18.7 and P/S ratio of 3.3.
Highlight of Business Operations:
million in 2010. The $3.7 million increase was primarily due to (i) higher salary and compensation related expenses of $1.6 million resulting from our executive bonus plan and new hires, (ii) an increase of $1.2 million from higher materials expenses, (iii) a $1.0 million increase in outside services, (iv) a $0.6 million increase in stock-based compensation expense, (v) a $0.4 million increase in contributions to fund external research projects, and (vi) an increase of $0.2 million in travel related expense. These increases were partially offset by (i) $0.5 million in reduced expenses related to facilities costs, and (ii) a $0.8 decrease in engineering expense related to manufacturing support for the period. As a percentage of net sales, engineering expenses for the year ended December 31, 2011 were 11% compared to 14% for 2010. This decrease was due primarily to the increase in net sales as compared to 2010 discussed above.Research, development and engineering expenses in 2010 increased 6% to $19.9 million as compared to $18.8 million in 2009. This increase was primarily due to higher salary and compensation related expenses of (i) $1.3 million resulting from executive bonus plan, new hires compensation, and discontinuing salary reduction programs from the prior year, (ii) $0.3 million higher travel related expenses and outside services. These increases were partially offset by $0.5 million in reduced expenses related to management expense reduction programs. As a percentage of net sales, engineering expenses for the year ended December 31, 2010 were 14% compared to 20% for 2009. This decrease was due primarily to the increase in net sales as compared to 2010 as discussed above.
Selling, general and administrative expenses increased by $8.5 million, or 25%, to $42.7 million in 2011, as compared to $34.2 million in 2010. The increase was primarily due to (i) $3.5 million of stock-based compensation expense, (ii) a $2.3 million increase in salaries expense, of which $1.0 million was non-recurring in nature, (iii) a $1.6 million increase of external services costs, (iv) a $0.8 million increase in travel-related expense, (v) a $0.4 million increase in sales commission expense, and (vi) a $0.2 million increase in bad debt expense, partially offset by a reduction in property taxes of $0.3 million compared to 2010. As a percentage of net sales, selling, general and administrative expenses for the year ended December 31, 2011 were 20% compared to 24% for 2010. This decrease was due primarily to the increase in net sales as compared to 2009.
Selling, general and administrative expenses increased by $6.9 million, or 25%, to $34.2 million in 2010, as compared to $27.3 million in 2009. The increase was primarily due to (i) increased salary and compensation related expenses of $0.9 million of new hire compensation and $0.4 million from discontinuing salary reduction programs from the prior year, (ii) a $1.4 million increase in stock-based compensation expense, (iii) a $0.7 million increase of external service costs, (iv) a $0.6 million increase in travel related expense, (v) a $2.0 million increase related to our management incentive plan, and (vi) a $0.9 million increase in sales expenses. As a percentage of net sales, selling, general and administrative expenses for the year ended December 31, 2010 were 24% compared to 29% for 2009. This decrease was due primarily to the increase in net sales as compared to 2009.
The net $12.3 million of cash used from changes in working capital consisted of (i) $23.7 million increase in accounts receivable balances due to increased sales volumes and a large volume of shipments during the last month of the year, (ii) $4.2 million of cash used in increased inventory purchases, and (iii) a $2.2 million decrease in accounts payable offset by sources of cash from, (i) a $9.6 million increase in accrued expenses, (ii) a $3.3 million increase in income tax liabilities, (iii) a $3.2 million increase in other liabilities, (iv) a $1.3 million increase in deferred income, and (v) a $0.4 million decrease in prepaid and other assets.
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