Reporting Applied Films“ 4Q fiscal 2004 results on 21 July 2004, Thomas T. Edman, President and CEO, hailed the company“s “record-breaking year” in terms of bookings, revenue, and profitability.
Re…
Reporting Applied Films“ 4Q fiscal 2004 results on 21 July 2004, Thomas T. Edman, President and CEO, hailed the company“s “record-breaking year” in terms of bookings, revenue, and profitability. Reporting 4Q Fiscal 2004 results from continuing operations, Applied Films said net revenues for the 4Q 2004 ended 26 June 2004 were USD 65.5 million compared to USD 49.7 million for the 4Q of fiscal 2003, up 31.8%. Income from continuing operations on a GAAP basis (Generally Accepted Accounting Principles) for the 4Q 2004 was USD 2.7 million or USD 0.18 per fully diluted common share, compared to USD 2.3 million or USD 0.20 per fully diluted common share for the 4Q 2003. Pro-forma income from continuing operations for the 4Q 2004 was USD 5.4 million, or USD 0.36 per fully diluted common share, compared to USD 3.0 million or USD 0.26 per fully diluted common share for the 4Q 2003. The company said it reports pro-forma non-GAAP financial measures so that management and investors can assess the ongoing performance of the company without considering the non-cash charges for the amortization of intangible assets, and the charges for in-process research and development related to the acquisitions that it has completed. Included in the 4Q was a one-time pre-tax charge of USD 2.2 million for in-process research and development related to the Helix transaction. Bookings for the quarter were USD 32.2 million. The backlog as of 26 June 2004 was USD 73.6 million. The company said it expects to recognize revenue from this backlog over the next 12 months. “We were pleased with the revenue and operating income of the quarter and the completion of the Helix acquisition in Taiwan,” stated Thomas T. Edman, President and Chief Executive Officer. “We have now completed our Fiscal Year 2004 which represented a record-breaking year for Applied Films in all of the key financial parameters of bookings, revenue, and profitability. In early June we also announced the introduction of our TRITON deposition tool for the array side of a TFT which opens up a new opportunity for us in the flat panel display market and establishes a foundation for our growth in Fiscal Year 2005 and beyond.” For the 1Q of fiscal 2005, Applied Films expects net revenues to be between USD 48 – 50 million and sees GAAP earnings per share in the range of approximately USD 0.10 – USD 0.13 per fully diluted share. The company expects fully diluted shares outstanding to be approximately 15.2 million and the amortization of intangibles to be approximately USD 1.2 million for the coming quarter. Applied Films Corporation is a leading provider of thin film deposition equipment to sectors such as the flat panel display, the architectural, automotive and solar glass, and the consumer products packaging and electronics industries.