Mattson Technology, Inc. (MTSN)

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Mattson Technology (MTSN)

Q4 2012 Earnings Call

February 27, 2013 5:00 pm ET


Michael Dodson

Fusen Ernie Chen - Chief Executive Officer, President and Member of The Board of Directors

J. Michael Dodson - Chief Operating Officer, Chief Financial Officer, Executive Vice President of Finance and Secretary


Edwin Mok - Needham & Company, LLC, Research Division

Christian D. Schwab - Craig-Hallum Capital Group LLC, Research Division

Benedict Pang - B. Riley & Co., LLC, Research Division

Graham Yoshio Tanaka - Tanaka Capital Management, Inc.

Larry Chlebina



Good day, ladies and gentlemen and welcome to the Mattson Fourth Quarter and Year-End Financial Results. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Mr. Mike Dodson. Please go ahead.

Michael Dodson

Thank you, and good afternoon, everyone. Thank you for joining us today to discuss Mattson Technology's financial results for the 2012 fourth quarter and year end, which ended December 31, 2012. Fusen will give you an overview of the business, then I will provide the financial results and progress on our cost-reduction program and last, Fusen will close with our business outlook and guidance for the first quarter of 2013.

Before going into the specifics of the call, I'd like to remind everyone that information provided in today's conference call contains forward-looking statements regarding the company's future prospects, including but not limited to, anticipated market position, revenue, margins, operating expenses, earnings per share, tax rate, fully diluted shares outstanding for future periods, the company's ability to secure asset-based financing and address working capital needs. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those described in today's news release and in the company's Forms 10-K, 10-Q and other filings with the SEC. The company assumes no obligation to update this information provided in the conference call.

And now, I would like to turn the call over to Fusen Chen. Fusen?

Fusen Ernie Chen

Thank you, Mike. Good afternoon, everyone and welcome to our fourth quarter earnings conference call. Before getting started, I would like to acknowledge that this is just my second week with Mattson. I would also like to take this opportunity and on behalf of the Mattson team, to thank David Dutton for his tireless effort and the significant contributions to the company over many years. Dave's assistance in a smooth transition is greatly appreciated. Although I have spoken with many of you in the past, it is a pleasure to reengage with the investment community and that together, with the rest of the Mattson team, I look forward to working with you prospectively.

I'm very excited about the company and the opportunities that we have. We have a great team and great possibilities. First, I want to thank the entire Mattson team for their hard work and accomplishment during this management transition. Immediately, I'm emerging myself in the company and are meeting with employees to understand all aspect of all products in the business. I will then engage with our customers to better understand their ideas, suggestions, issues and concerns about the direction that we are taking. In addition to a great team, I'm very encouraged with the product portfolio that we offer. Mattson's products are competitive. So with the right focus, challenge and executions, we believe we can create more value for our customers and generate market share gains. One particular area that we will focus is to improve our technical capabilities and more importantly, a closer collaboration with our customer at all appropriate levels.

So now, I would like to take a look at our early view on 2013. Global demand for the mobile device remains strong and that we believe this will drive demand for more investment by our customer, particularly the foundry and the NAND flash memory producers. Wafer equipment demand for the year looks to remain relatively flat with the prior years. DRAM market is still tight; however, price are on the rise. This is good indication of an inflection of memory market. And that is on the rise due to the introduction of the new hybrid ultra book and the significant growth of the mobile device. During the first half of 2013, we are seeing faster innovation and a higher demand of application processors. That is driving foundry to a greater review of their 28-nanometer capacity, which will then lead to additional investment at the 20-nanometer node in the back half of 2013.

So let me now provide an update for each of our product areas, starting with our Etch products. In Etch, our paradigmE is expanding further into the Etch application space as we add capabilities that improve on-wafer performance, while keeping costs low. Our systems provide wide and a stable process window, as well as a low cost of ownership. Our paradigmE continue to engage in new applications in advanced 3D demand. In addition, we are seeing our foundry in larger customers becoming more and more cost sensitive, which is driving increased engagement across multiple applications. Our Etch system are installed at multiple customers and that we are engaged with several new customers. We have now over 50 Etch system in production and this number continue to grow. The emergence of 3D structures in both memory and the larger increase of total number of Etch applications in this forbidding plus market. Our paradigmE's low cost of ownerships and advanced Etch capability are expected to be a significant growth driver for Mattson.

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