MTSN

Mattson Technology, Inc. (MTSN)

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Mattson Technology (MTSN)

Q4 2013 Earnings Call

February 20, 2014 5:00 pm ET

Executives

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

Fusen Ernie Chen - Chief Executive Officer, President and Director

Analysts

Y. Edwin Mok - Needham & Company, LLC, Research Division

Brett Piira - B. Riley Caris, Research Division

David Duley

Benedict Pang - Northland Capital Markets, Research Division

Steven Tomingas

Graham Yoshio Tanaka - Tanaka Capital Management, Inc.

Presentation

Operator

Good day, ladies and gentlemen, and welcome to your Mattson Fourth Quarter 2013 Financial Results Conference Call. [Operator Instructions] On today's call are Fusen Chen, Mattson Technology's President and Chief Executive Officer; and Mike Dodson, the company's Chief Operating Officer and Chief Financial Officer. I'd now like to turn the call over to Mr. Dodson.

J. Michael Dodson

Good afternoon and thank you for joining us today to discuss Mattson Technology's financial results for the fourth quarter and year ended 2013. Fusen will give you an overview of the business and guidance for the first quarter of 2014, and then I will provide the detailed financial results.

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, compliance with line of credit covenants, cash balances, revenue, margins, operating expenses, earnings per share, tax provisions and basic and fully diluted shares outstanding for future periods. 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 the information provided in this conference call.

And now, let me turn the call over to Fusen Chen. Fusen?

Fusen Ernie Chen

Thank you, and welcome to Mattson Technology's fourth quarter and the year ended 2013 earning calls. Mattson has achieved a second consecutive quarters of profitability, with fourth quarter revenue of $40.8 million, gross margin of 32.2% and earnings per share of $0.04.

Full year ended 2013, we had a revenue of $119.4 million, gross margin of 31.4% and a loss per share of $0.12, excluding restructuring and other charges.

Mattson has steadily improved its financial performance over the past years, going from a loss of $0.12 per share in the fourth quarters, excluding restructuring and other charges, to a profit of $0.04 per share in the fourth quarters.

During 2013, we have quarter-over-quarter sequentially grown our revenue, with our fourth quarter revenue of $40.8 million, more than doubling of our first quarter $20.2 million. The focus of Mattson's employee and the management drove the company's growth through 2013 and provides a foundation for Mattson's financial stability and the strengths going forward. Also, contributing to our financial strengths was the completion of our public offering that raised $31.3 million. This proceed, coupled with our $25 million line of credit, provides the working capital flexibility to address the growth opportunities in this current cycle. In 2013, the overall economic recovery continued through the end...

Operator

Ladies and gentlemen, please standby. Your conference call will proceed momentarily. Once again, please standby.

[Technical Difficulty]

Operator

Speakers, please proceed.

J. Michael Dodson

Hello, everyone. This is Mike Dodson. Sorry for the interruption. We will have Fusen start again at the beginning of his prepared remarks.

Fusen Ernie Chen

We really apologize for the interruption. Let me now restart it.

Thank you, and welcome to Mattson Technology's fourth quarter and the year end 2013 earning calls. Mattson has achieved a second consecutive quarters of profitability with fourth quarter revenue of $40.8 million, gross margin of 32.2% and earning per share of $0.04.

Full year ended 2013, we had a revenue of $119.4 million, gross margin of 31.4% and a loss per share of $0.12, excluding restructuring and other charges. Mattson has steadily improved its financial performance over the past year, going from a loss of $0.12 per share in the fourth quarters, excluding restructuring and other charges, to a profit of $0.04 per share in the fourth quarters.

During 2013, we have quarter-over-quarter sequentially grown our revenue with our fourth quarter revenue of $40.8 million, more than doubling our first quarter of $20.2 million. The focus of Mattson's employee and the management drove the company's growth through 2013 and that provides a foundation for Mattson's financial stability and the strength going forward.

Also contributing to our financial strengths was the completion of a public offering that raised $31.3 million. This proceed, coupled with our $25 million line of credit, provides the working capital flexibility to address the growth opportunities in this current cycle.

In 2013, the overall economic recovery continued through the end of the year, with the semiconductor revenue growing approximately 4.8% over the prior year.

The expected capital equipment investment by memory card companies for advanced DRAM and the 3D NAND began in the second half of 2013, while the foundry/logic investment continued throughout the year.

Mattson's growth in the second half of 2013 was fueled by shipment of the Helios XP rapid thermal anneal systems into the foundry/logic market and the shipment of the paradigmE XP Etch systems into the memory market. We anticipate 2014's wafer fab equipment spending to grow approximately 10% from 2013, putting it in a range from $31 billion to $33 billion, with the major driver being foundry/logic transition from 20 to sub-20 nanometer technology and the spending for advanced DRAM and the NAND memory continuing through 2014 and into 2015. We expect steady contribution of our dry strip business to continue into 2014 as foundry expansion for sub-20 nanometer production begin to install wafer fab equipment. The established market share of the Suprema, a multiple memory customers, is also expected to drive our strip revenue. The combination of both foundry/logic and the memory investment by established customers are expected to maintain our position in the dry strip market in 2014.

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