FSI International Inc. (FSII, Financial) filed Quarterly Report for the period ended 2009-11-28.
Fsi International Inc. has a market cap of $104.5 million; its shares were traded at around $3.3 with and P/S ratio of 2.1. Fsi International Inc. had an annual average earning growth of 20.2% over the past 5 years.
Sales revenues increased to $14.6 million for the first quarter of fiscal 2010 as compared to $12.2 million for the first quarter of fiscal 2009. The increase related primarily to improved industry conditions. International sales were $7.8 million, representing 54% of total sales during the first quarter of fiscal 2010 and $9.3 million, representing 76% of total sales, during the first quarter of fiscal 2009.
Our cash, restricted cash, cash equivalents and marketable securities were approximately $9.8 million as of November 28, 2009, a decrease of $2.3 million from the end of fiscal 2009. The decrease was primarily due to $1.9 million of net cash used for operations and $0.4 million of capital expenditures.
Accounts receivable increased $3.4 million from the end of fiscal 2009. The increase in accounts receivable related primarily to an increase in shipments to $14.6 million in the first quarter of fiscal 2010 as compared to $12.5 million in the fourth quarter of fiscal 2009. The balance at the end of fiscal 2009 included $2.0 million attributed to a past due receivable with a customer in Asia. The customer has delayed payment due to their cash flow issues and lower than expected capacity utilization. We are working on obtaining a letter of credit for the balance with expected payment in the second quarter of fiscal 2010. Accounts receivable will fluctuate quarter to quarter depending on individual customers timing of shipping dates, payment terms and cash flow conditions. In certain situations, extended payment terms may be granted to customers.
Capital expenditures were $353,000 in the first quarter of fiscal 2010, as compared to $5,000 in the first quarter of fiscal 2009. We expect capital expenditures to be less than $100,000 in the second quarter of fiscal 2010.* Depreciation for the second quarter of fiscal 2010 is expected to be between $0.6 and $0.7 million.*
In light of our financial condition, we implemented a number of cost reduction steps in fiscal 2009 to reduce our use of cash. Our cost reduction actions in fiscal 2009 are expected to lower our annual operating expenses by $11 to $12 million, which is expected to reduce our cash flow breakeven revenue level to approximately $12 to $14 million per quarter, depending on the gross margins and the timing of shipments and accounts receivable collections.* In addition, we plan to manage cash flows by reducing capital expenditures to less than $500,000 in fiscal 2010 and to aggressively improve our working capital levels in the second half of fiscal 2010.*
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Fsi International Inc. has a market cap of $104.5 million; its shares were traded at around $3.3 with and P/S ratio of 2.1. Fsi International Inc. had an annual average earning growth of 20.2% over the past 5 years.
Highlight of Business Operations:
As a result of the improving industry conditions Gartner recently forecasted that semiconductor revenues will grow 13.0 percent, to $255 billion, in calendar 2010, from the expected $225 billion level in 2009. Certain industry analysts expect demand for smart cell phones, personal computers and LEDs , along with higher chip unit prices to be key drivers for year-over-year growth. Gartner recently forecasted the equipment revenues will increase 56.3 percent in calendar 2010, to $25.5 billion, from the expected $16.3 billion level in calendar 2009. Certain industry analysts expect both logic and memory capacity additions to contribute to the year-over-year revenue increase.Sales revenues increased to $14.6 million for the first quarter of fiscal 2010 as compared to $12.2 million for the first quarter of fiscal 2009. The increase related primarily to improved industry conditions. International sales were $7.8 million, representing 54% of total sales during the first quarter of fiscal 2010 and $9.3 million, representing 76% of total sales, during the first quarter of fiscal 2009.
Our cash, restricted cash, cash equivalents and marketable securities were approximately $9.8 million as of November 28, 2009, a decrease of $2.3 million from the end of fiscal 2009. The decrease was primarily due to $1.9 million of net cash used for operations and $0.4 million of capital expenditures.
Accounts receivable increased $3.4 million from the end of fiscal 2009. The increase in accounts receivable related primarily to an increase in shipments to $14.6 million in the first quarter of fiscal 2010 as compared to $12.5 million in the fourth quarter of fiscal 2009. The balance at the end of fiscal 2009 included $2.0 million attributed to a past due receivable with a customer in Asia. The customer has delayed payment due to their cash flow issues and lower than expected capacity utilization. We are working on obtaining a letter of credit for the balance with expected payment in the second quarter of fiscal 2010. Accounts receivable will fluctuate quarter to quarter depending on individual customers timing of shipping dates, payment terms and cash flow conditions. In certain situations, extended payment terms may be granted to customers.
Capital expenditures were $353,000 in the first quarter of fiscal 2010, as compared to $5,000 in the first quarter of fiscal 2009. We expect capital expenditures to be less than $100,000 in the second quarter of fiscal 2010.* Depreciation for the second quarter of fiscal 2010 is expected to be between $0.6 and $0.7 million.*
In light of our financial condition, we implemented a number of cost reduction steps in fiscal 2009 to reduce our use of cash. Our cost reduction actions in fiscal 2009 are expected to lower our annual operating expenses by $11 to $12 million, which is expected to reduce our cash flow breakeven revenue level to approximately $12 to $14 million per quarter, depending on the gross margins and the timing of shipments and accounts receivable collections.* In addition, we plan to manage cash flows by reducing capital expenditures to less than $500,000 in fiscal 2010 and to aggressively improve our working capital levels in the second half of fiscal 2010.*
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