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Mattson Technology's CEO Discusses Q2 2011 Results - Earnings Call Transcript

On another note, the management of Mattson Technology will be participating in both the Oppenheimer and Morgan Stanley conferences scheduled in August and the Rodman & Renshaw conference in September. We look forward to seeing many of you at the event.

And with that, I'll turn the call over to Dave. Dave?

David Dutton

Thank you, Laura, and good afternoon, everyone. Thank you for joining us for our second quarter 2011 financial results conference call. I would like to provide you with an outline for today's call. First, I'll give you an overview of the business. Then Andy will provide the financial results. And last, I will close with our business outlook and guidance.

The second quarter marked our 9th consecutive quarter of growth, one in which we grew at a robust rate of 9% over the first quarter, driven by continued strength of our new etch business, plus gains in the strip business.

In the first half of 2011, our revenue was slightly under $100 million, over 20% higher than the second half of 2010, an accomplishment that few in our industry can match. As you'll see when I discuss guidance, in the first 3 quarters of 2011, we expect to do as much business as we did in the entirety of 2010. We expect to significantly outgrow 2010 in a year where the industry is flat to slightly up. We grew our cash by over $5 million operationally during the quarter and ensured our ability to continue to fund this growth rate by raising $13 million through our stock offering in May. Our cash position is now over $42 million with no debt.

As part of our growth plan, we put in the extra investment to ensure that we could support our new positions, a critical factor for our customers. This early investment has kept our breakeven higher, but we have been able to grow 20% in the first half of 2011 while keeping OpEx flat. This is an indication that the effort we make to deliver the right product with the right resources in place is successful. Due to the investments we made in our new product support, with the increasing volume, our bottom line will continue to improve, and I expect this to continue as we grow in the future.

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