Rudolph Technologies, Inc.
(Nasdaq: RTEC), a leading provider of process characterization equipment and software for wafer fabs and advanced packaging facilities, today announced financial results for the first quarter of 2012.
2012 First Quarter Highlights:
Recent Business Highlights:
- First quarter 2012 revenue of $45.7 million increased 5 percent as compared with fourth quarter 2011.
- GAAP net income was $1.9 million, or $0.06 per fully diluted share; non-GAAP net income was $2.9 million, or $0.09 per fully diluted share.
- Back-end sequential orders increased 100 percent.
- Cash increased by $6.1 million to $173.7 million or $4.32 net cash per share.
- Record foundry related sales drove 60 percent of revenue.
Ideally Positioned to Benefit Dual Market Drivers of Smaller Geometries and Advanced Packaging
- New market for Metrology in Back-end Packaging has significant market potential. Entry into back-end packaging opens new application space for the Company’s MetaPULSE® metrology system for measurements of under bump metallization and redistribution layers used in advanced packaging technologies. Rudolph Technologies is engaged with a number of other logic, memory and foundry customers to expand into additional critical back-end applications.
- Earlier than expected recovery in back-end markets resulted in overall book-to-bill ratio well above the industry’s ratio of 1.13.
- Back-end orders surge, with quarter-over-quarter growth of 100 percent driving increased second quarter revenue guidance range of up between 15 percent to 20 percent, which the Company believes will result in a record quarter in macro defect inspection.
Paul F. McLaughlin, Chairman and Chief Executive Officer, commented, “Rudolph’s solid financial performance in the first quarter provides a sturdy foundation for the potential of a record 2012. We are particularly pleased with the expanding breadth of our customer base as we continue to leverage our significant market penetration in both front-end and back-end markets which are off-cycle to each other.”
Mr. McLaughlin noted, “In its quest to create ever-smaller form factors and to move in conjunction with Moore’s Law, the semiconductor industry is increasing its capital intensity as each new technology is introduced. The difference now from prior cycles is the fact that front-end spending is centered on manufacturing at smaller geometries, while the back-end spending is predominantly focused on Advanced Packaging. Many of the new technologies being used in the back-end have roots in the front-end. Rudolph is unique in its mixture of front-end and back-end businesses and the significant R&D investments we have made in the past few years that leverage both are beginning to pay off. This positions Rudolph to capture the maximum benefits from both front-end and back-end investment cycles.”