FSI International Inc. (FSII, Financial) filed Quarterly Report for the period ended 2010-05-29.
Fsi International Inc. has a market cap of $134.7 million; its shares were traded at around $4.19 with a P/E ratio of 21 and P/S ratio of 2.7. FSII is in the portfolios of Jim Simons of Renaissance Technologies LLC.
International sales revenues were $18.0 million, representing 63% of total sales, during the third quarter of fiscal 2010 and $9.9 million, representing 64% of total sales, during the third quarter of fiscal 2009. International sales were $35.0 million, representing 56% of total sales, during the first nine months of fiscal 2010 and $25.5 million, representing 70% of total sales, during the first nine months of fiscal 2009.
Gross margin as a percentage of sales for the third quarter of fiscal 2010 was 47.9% as compared to 28.0% for the third quarter of fiscal 2009. Gross margin as a percentage of sales for the first nine months of fiscal 2010 was 45.6% as compared to 27.9% for the first nine months of fiscal 2009. The increases in gross margins for fiscal 2010 periods were due to improved manufacturing utilization as a result of higher production and shipment levels and reduced warranty claims, partially offset by a discretionary incentive compensation accrual of $0.2 million in the third quarter of fiscal 2010. The increase in gross margin for the first nine months of fiscal 2010 was also impacted by $0.7 million of severance expense recorded in the second quarter of fiscal 2009, partially offset by higher non-cash stock compensation expense of $117,000 in the first nine months of fiscal 2010 compared to $32,000 in the first nine months of fiscal 2009.
Selling, general and administrative expenses were $4.7 million for the third quarter of fiscal 2010 as compared to $3.9 million for the third quarter of fiscal 2009. The increase in the third quarter of fiscal 2010 as compared to the third quarter of fiscal 2009 related to increased sales-related costs and to a discretionary incentive compensation accrual of $0.6 million in the third quarter of fiscal 2010. Selling, general and administrative expenses were $12.8 million for the first nine months of fiscal 2010 as compared to $15.6 million for the same period in fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period in selling, general and administrative expenses related primarily to cost reduction initiatives associated with reductions in headcount and salary reductions taken in the first half of fiscal 2009 and $1.2 million of severance expense recorded in the second quarter of fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period was partially offset by the discretionary compensation accrual of $0.6 million in the third quarter of fiscal 2010 and higher non-cash stock compensation of $587,000 in the first nine months of fiscal 2010 as compared to $232,000 in the first nine months of fiscal 2009. The higher non-cash stock compensation expense in the fiscal 2010 period was due to vesting under our employees stock purchase plan and the increase in our stock price.
Research and development expenses were $3.4 million for the third quarter of fiscal 2010 as compared to $3.1 million for the third quarter of fiscal 2009. The increase in the third quarter of fiscal 2010 as compared to the fiscal 2009 period related primarily to a discretionary incentive compensation accrual of $0.4 million in the third quarter of fiscal 2010. Research and development expenses were $9.4 million for the first nine months of fiscal 2010 as compared to $12.1 million for the same period in fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period related primarily to the cost reduction initiatives associated with reductions in headcount and salary reductions taken in the first half of fiscal 2009 and $1.0 million of severance expense recorded in the second quarter of fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period was partially offset by the discretionary compensation accrual of $0.4 million in the third quarter of fiscal 2010 and higher non-cash stock compensation expense of $567,000 in the first nine months of fiscal 2010 as compared to $67,000 in the first nine months of fiscal 2009. The higher non-cash stock compensation expense in the fiscal 2010 period was due to vesting under our employees stock purchase plan and the increase in our stock price. The majority of our research and development resources are focused on broadening the applications capabilities of, and supporting demonstrations and evaluations for, our products as well as product cost reduction efforts.
Accounts receivable increased by $10.3 million from $8.7 million at the end of fiscal 2009 to $19.0 million as of May 29, 2010. The increase in accounts receivable related primarily to an increase in shipments from $12.5 million in the fourth quarter of fiscal 2009 to $28.9 million in the third quarter of fiscal 2010. Accounts receivable will fluctuate from quarter to quarter, depending on individual customers timing of shipment dates and payment terms. In certain situations, extended payment terms may be granted to customers.
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Fsi International Inc. has a market cap of $134.7 million; its shares were traded at around $4.19 with a P/E ratio of 21 and P/S ratio of 2.7. FSII is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Sales revenue increased to $28.7 million for the third quarter of fiscal 2010 as compared to $15.4 million for the third quarter of fiscal 2009. The increase in sales revenue related to an increase in shipments from $13.0 million in the third quarter of fiscal 2009 to $28.9 million in the third quarter of fiscal 2010. Sales revenue increased to $62.2 million for the first nine months of fiscal 2010 as compared to $36.3 million for the first nine months of fiscal 2009. The increase in sales revenue related to an increase in shipments from $35.3 million in the first nine months of fiscal 2009 to $62.1 million in the first nine months of fiscal 2010. The increases in shipments in the fiscal 2010 periods as compared to the fiscal 2009 periods related to improved industry and overall global economic conditions.International sales revenues were $18.0 million, representing 63% of total sales, during the third quarter of fiscal 2010 and $9.9 million, representing 64% of total sales, during the third quarter of fiscal 2009. International sales were $35.0 million, representing 56% of total sales, during the first nine months of fiscal 2010 and $25.5 million, representing 70% of total sales, during the first nine months of fiscal 2009.
Gross margin as a percentage of sales for the third quarter of fiscal 2010 was 47.9% as compared to 28.0% for the third quarter of fiscal 2009. Gross margin as a percentage of sales for the first nine months of fiscal 2010 was 45.6% as compared to 27.9% for the first nine months of fiscal 2009. The increases in gross margins for fiscal 2010 periods were due to improved manufacturing utilization as a result of higher production and shipment levels and reduced warranty claims, partially offset by a discretionary incentive compensation accrual of $0.2 million in the third quarter of fiscal 2010. The increase in gross margin for the first nine months of fiscal 2010 was also impacted by $0.7 million of severance expense recorded in the second quarter of fiscal 2009, partially offset by higher non-cash stock compensation expense of $117,000 in the first nine months of fiscal 2010 compared to $32,000 in the first nine months of fiscal 2009.
Selling, general and administrative expenses were $4.7 million for the third quarter of fiscal 2010 as compared to $3.9 million for the third quarter of fiscal 2009. The increase in the third quarter of fiscal 2010 as compared to the third quarter of fiscal 2009 related to increased sales-related costs and to a discretionary incentive compensation accrual of $0.6 million in the third quarter of fiscal 2010. Selling, general and administrative expenses were $12.8 million for the first nine months of fiscal 2010 as compared to $15.6 million for the same period in fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period in selling, general and administrative expenses related primarily to cost reduction initiatives associated with reductions in headcount and salary reductions taken in the first half of fiscal 2009 and $1.2 million of severance expense recorded in the second quarter of fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period was partially offset by the discretionary compensation accrual of $0.6 million in the third quarter of fiscal 2010 and higher non-cash stock compensation of $587,000 in the first nine months of fiscal 2010 as compared to $232,000 in the first nine months of fiscal 2009. The higher non-cash stock compensation expense in the fiscal 2010 period was due to vesting under our employees stock purchase plan and the increase in our stock price.
Research and development expenses were $3.4 million for the third quarter of fiscal 2010 as compared to $3.1 million for the third quarter of fiscal 2009. The increase in the third quarter of fiscal 2010 as compared to the fiscal 2009 period related primarily to a discretionary incentive compensation accrual of $0.4 million in the third quarter of fiscal 2010. Research and development expenses were $9.4 million for the first nine months of fiscal 2010 as compared to $12.1 million for the same period in fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period related primarily to the cost reduction initiatives associated with reductions in headcount and salary reductions taken in the first half of fiscal 2009 and $1.0 million of severance expense recorded in the second quarter of fiscal 2009. The decrease in the first nine months of fiscal 2010 as compared to the fiscal 2009 period was partially offset by the discretionary compensation accrual of $0.4 million in the third quarter of fiscal 2010 and higher non-cash stock compensation expense of $567,000 in the first nine months of fiscal 2010 as compared to $67,000 in the first nine months of fiscal 2009. The higher non-cash stock compensation expense in the fiscal 2010 period was due to vesting under our employees stock purchase plan and the increase in our stock price. The majority of our research and development resources are focused on broadening the applications capabilities of, and supporting demonstrations and evaluations for, our products as well as product cost reduction efforts.
Accounts receivable increased by $10.3 million from $8.7 million at the end of fiscal 2009 to $19.0 million as of May 29, 2010. The increase in accounts receivable related primarily to an increase in shipments from $12.5 million in the fourth quarter of fiscal 2009 to $28.9 million in the third quarter of fiscal 2010. Accounts receivable will fluctuate from quarter to quarter, depending on individual customers timing of shipment dates and payment terms. In certain situations, extended payment terms may be granted to customers.
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