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FSI International, Inc. Announces Third Quarter And First Nine Months Fiscal 2012 Financial Results

FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today reported financial results for the third quarter of fiscal 2012 and for the first nine months ended May 26, 2012.

Fiscal 2012 Third Quarter and First Nine Months

Sales for the third quarter of fiscal 2012 increased 98 percent to $50.8 million, compared to $25.6 million for the same period in fiscal 2011. The company’s net income for the third quarter of fiscal 2012 was $10.0 million, or $0.25 per share, compared to net income of $4.1 million, or $0.10 per share, for the third quarter of fiscal 2011. Third quarter fiscal 2012 financial results included $433,000 of non-cash stock-based compensation charges, compared to $274,000 in the prior year comparable period. Fiscal 2012 third quarter results included a $677,000 impairment charge associated with the Company's investment in its Japanese distributor.

Sales for the first nine months of fiscal 2012 were $102.5 million, compared to $67.2 million for the same period of fiscal 2011. The company’s net income for the first nine months of fiscal 2012 was $10.7 million, or $0.27 per share, as compared to net income of $6.5 million, or $0.17 per share for the first nine months of fiscal 2011. The financial results for the first nine months of fiscal 2012 included $1.2 million of non-cash stock-based compensation charges, compared to $0.7 million in the prior year comparable period. Year-to-date fiscal 2012 financial results included a $677,000 impairment charge associated with the Company's investment in its Japanese distributor.

Balance Sheet

As of the end of the fiscal 2012 third quarter, the company had approximately $133.8  million in assets, including $51.0 million in cash, restricted cash, cash equivalents and long-term marketable securities. The company generated $28.0 million and $30.8 million of cash from operations during the third quarter and first nine months, respectively. At the end of the fiscal 2012 third quarter, the company had a current ratio of 4.1 to 1.0 and a book value of $2.70 per share and no debt.

Outlook

Based on the backlog and deferred revenue levels at the end of the third quarter and anticipated fourth quarter orders, the company expects fourth quarter fiscal 2012 revenues to be between $40.0 and $45.0 million, as compared to $50.8 million in the third quarter of fiscal 2012.* The company anticipates that fourth quarter orders will decline from the $41.8 million third quarter level.* Despite the growing demand for 32/28nm devices, we believe that global economic uncertainty is causing customers to reassess their near-term capital spending.* In addition, the scheduling of several facility construction and conversion plans is impacting the timing of capital equipment orders.*

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