Announcing Applied Films Corporation results for the 1Q of fiscal 2004, ended 27 September 2003, President and CEO Thomas T. Edman said “We are pleased with our financial performance and the continued…
Announcing Applied Films Corporation results for the 1Q of fiscal 2004, ended 27 September 2003, President and CEO Thomas T. Edman said “We are pleased with our financial performance and the continued strength in the markets that we are serving. The sale of our Hong Kong coated glass business completes our strategy to transition to 100% equipment revenues”. He added that the successful follow-on offering allowed the company to raise over USD 93 million in cash, putting it in a strong position to pursue its future plans to provide superior equipment and process solutions to its markets. Applied Films Corporation is a leading provider of thin film deposition equipment to the flat panel display, the architectural, automotive and solar glass, and the consumer products packaging and electronics industries. In results from continuing operations for the 1Q of fiscal 2004, the company posted net revenues of USD 47.7 million compared to USD 25.1 million for the 1Q of fiscal 2003, a rise of 90.0%. Income from continuing operations on a GAAP (Generally Accepted Accounting Principles) basis for the 1Q of fiscal 2004 was USD 2.2 million or USD 0.19 per fully diluted common share, compared to a loss from continuing operations on a GAAP basis of USD 790,000 or USD 0.07 per fully diluted common share for the 1Q of fiscal 2003. Earnings before amortization of other intangible assets (EBIA), for the 1Q of fiscal 2004 was USD 2.9 million, or USD 0.25 per fully diluted common share, compared to a loss of USD 124,000 or USD 0.01 per fully diluted common share for the 1Q of fiscal 2003. The pre-tax charge for amortization of other intangible assets in the fiscal 1Q was USD 1.0 million. Bookings for the quarter were USD 41.8 million. Equipment backlog as of 27 September 2003 was USD 94.6 million, compared to USD 68.0 million at the end of the first fiscal quarter of 2003, an increase of 39.1%, and compared to USD 100.6 million at the end of the fourth fiscal quarter of 2003. The company expects to recognize revenue from this backlog over the next 6 to 12 months. For the 2Q of fiscal 2004, Applied Films expects net revenues of between USD 51 – USD 53 million and GAAP Earnings Per Share of approximately USD 0.17 – USD 0.21 per fully diluted share. With the addition of the 3.45 million shares sold in the company“s common stock offering that closed in October 2003, Applied Films expects fully diluted shares outstanding to be approximately 15 million for the 2Q of fiscal 2004. The firm expects the amortization of intangibles to be approximately USD 1.0 million for the 2Q of fiscal 2004.