Ultratech Inc. (UTEK, Financial) filed Quarterly Report for the period ended 2012-09-29.
Ultratech, Inc. has a market cap of $801.7 million; its shares were traded at around $30.33 with a P/E ratio of 18.3 and P/S ratio of 3.8.
For the nine month period ended September 29, 2012, international net sales increased $19.1 million to $106.0 million, or 62.6% of total net sales, as compared with $86.9 million, or 55.6% of total net sales, for the comparable period of 2011. The increase in international sales as a percentage of total sales was due to a combination of an increase in sales in the European and Asian regions and a decrease in sales to North America. For the nine month period ended September 29, 2012, as compared to the same period of 2011, the increase in international sales was due to (i) increased sales to the rest of Asia region of $14.5 million, and (ii) increased sales to Europe of $15.6 million, partially offset by (a) decreased sales to Japan of $4.9 million, (b) decreased sales to Taiwan of $4.6 million and (c) decreased sales to Korea of $1.6 million. Sales to Germany represented 11% of total net sales for the nine month period ending September 29, 2012.
Research, development and engineering expenses for the three month period ended September 29, 2012 were $7.7 million, as compared to $6.3 million for the corresponding period in 2011. This increase was attributable to (i) $0.8 million in additional research and development related activities, (ii) $0.3 million in compensation costs, (iii) $0.2 million in depreciation, and (iv) $0.1 million related to travel expenses as compared to the corresponding period of 2011. As a percentage of net sales, research, development and engineering expenses for the three month period ended September 29, 2012 increased to 12.8% from 11.6% for the corresponding period of 2011. This percentage increase was primarily due to expenses increasing at a higher rate than revenue as compared to the corresponding period of 2011.
Research, development and engineering expenses for the nine month period ended September 29, 2012 were $22.3 million as compared to $17.8 million for the corresponding period in 2011. This $4.4 million increase was due to the following: (i) $2.4 million in additional research and development related activities, (ii) $0.8 million in compensation expense, (iii) $0.4 million in engineering consulting expense, (iv) $0.1 million of materials costs, (v) $0.1 million of travel-related expenses, and (vi) $0.6 million of other miscellaneous expenses. As a percentage of net sales, research, development and engineering expenses for the nine month period ended September 29, 2012 increased to 13.2% from 11.4% for the corresponding period of 2011.
Selling, general and administrative expenses were $32.9 million for the nine month period ended September 29, 2012 as compared with $32.3 million for the corresponding period in 2011. The $0.6 million increase was due to (i) an increase in stock-based compensation of $1.9 million, (ii) increased legal fees of $0.8 million, partially offset by (a) an allocation of administrative costs to research and development of $1.3 million, (b) a reduction of professional services costs of $0.6 million, and (c) a reduction of compensation related costs of $0.2 million. As a percentage of total net sales, selling, general and administrative expenses for the nine month period ended September 29, 2012 decreased to 19.5% from 20.7% for the corresponding period of 2011. This decrease was primarily due to the increase in net sales as compared to the corresponding period of 2011.
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Ultratech, Inc. has a market cap of $801.7 million; its shares were traded at around $30.33 with a P/E ratio of 18.3 and P/S ratio of 3.8.
Highlight of Business Operations:
For the three month period ended September 29, 2012, international net sales decreased $2.9 million to $31.4 million or 51.9% of total net sales, as compared to $34.3 million, or 62.5% of total net sales for the corresponding period of 2011. The decrease in international sales as a percentage of total sales was due to a decrease in unit sales to Asian customers. For the three month period ended September 29, 2012 as compared to the corresponding 2011 period, (i) sales to Europe increased by $1.2 million, (ii) sales to Japan decreased by $0.4 million, (iii) sales to Taiwan decreased by $1.7 million, (iv) sales to Korea increased by $1.2 million, and (v) sales to the rest of Asia decreased by $3.2 million. Sales to Germany represented 12% of total net sales for the three month period ending September 29, 2012.For the nine month period ended September 29, 2012, international net sales increased $19.1 million to $106.0 million, or 62.6% of total net sales, as compared with $86.9 million, or 55.6% of total net sales, for the comparable period of 2011. The increase in international sales as a percentage of total sales was due to a combination of an increase in sales in the European and Asian regions and a decrease in sales to North America. For the nine month period ended September 29, 2012, as compared to the same period of 2011, the increase in international sales was due to (i) increased sales to the rest of Asia region of $14.5 million, and (ii) increased sales to Europe of $15.6 million, partially offset by (a) decreased sales to Japan of $4.9 million, (b) decreased sales to Taiwan of $4.6 million and (c) decreased sales to Korea of $1.6 million. Sales to Germany represented 11% of total net sales for the nine month period ending September 29, 2012.
Research, development and engineering expenses for the three month period ended September 29, 2012 were $7.7 million, as compared to $6.3 million for the corresponding period in 2011. This increase was attributable to (i) $0.8 million in additional research and development related activities, (ii) $0.3 million in compensation costs, (iii) $0.2 million in depreciation, and (iv) $0.1 million related to travel expenses as compared to the corresponding period of 2011. As a percentage of net sales, research, development and engineering expenses for the three month period ended September 29, 2012 increased to 12.8% from 11.6% for the corresponding period of 2011. This percentage increase was primarily due to expenses increasing at a higher rate than revenue as compared to the corresponding period of 2011.
Research, development and engineering expenses for the nine month period ended September 29, 2012 were $22.3 million as compared to $17.8 million for the corresponding period in 2011. This $4.4 million increase was due to the following: (i) $2.4 million in additional research and development related activities, (ii) $0.8 million in compensation expense, (iii) $0.4 million in engineering consulting expense, (iv) $0.1 million of materials costs, (v) $0.1 million of travel-related expenses, and (vi) $0.6 million of other miscellaneous expenses. As a percentage of net sales, research, development and engineering expenses for the nine month period ended September 29, 2012 increased to 13.2% from 11.4% for the corresponding period of 2011.
Selling, general and administrative expenses were $32.9 million for the nine month period ended September 29, 2012 as compared with $32.3 million for the corresponding period in 2011. The $0.6 million increase was due to (i) an increase in stock-based compensation of $1.9 million, (ii) increased legal fees of $0.8 million, partially offset by (a) an allocation of administrative costs to research and development of $1.3 million, (b) a reduction of professional services costs of $0.6 million, and (c) a reduction of compensation related costs of $0.2 million. As a percentage of total net sales, selling, general and administrative expenses for the nine month period ended September 29, 2012 decreased to 19.5% from 20.7% for the corresponding period of 2011. This decrease was primarily due to the increase in net sales as compared to the corresponding period of 2011.
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