Tegal Reports Fiscal 2000 Third Quarter Results
Petaluma, CA. Tegal Corporation (Nasdaq NM: TGAL) today announced operating results for its fiscal 2000 third quarter ended December 31, 1999.
Revenues were up 39% during the quarter, increasing to $6.5 million compared with $4.7 million in the second quarter of fiscal 2000 and were broadly in line with revenues for the same period in the comparable quarter last year. The Company s net losses for the third quarter narrowed by 25% to $2.9 million, or $0.27 per share compared with a net loss of $3.9 million, or $0.37 per share in the comparable period in fiscal 1999.
"Growing market acceptance of the value of Tegal s solutions and a steadily improving business climate in our key customers industries have been the key drivers behind our improved revenues during the third quarter" noted Chairman, President and Chief Executive Officer Michael L. Parodi. "Orders for our core 900 Series systems are experiencing solid growth with core product order volume up 195% this quarter over the September quarter, quotations are up and our customers are reporting that their capacity utilization is averaging 95% or higher. Our book-to-bill ratio was over 1.0 last quarter and we anticipate further substantial improvements in orders this quarter over the December quarter. "
"We have experienced substantial interest in and orders from wireless telecommunications device manufacturers over the last two quarters. This started with our core 900 Series systems and we are now seeing substantial quotations and sample activity for our 6500 Series system, that has resulted in the 6500 Series system reorder we announced earlier this week. We believe that the telecommunications applications using III-V compound semiconductor materials offer us substantial opportunities for growth this next year," concluded Parodi. Tegal Corporation, headquartered in Petaluma, California is a leading designer and manufacturer of plasma etch systems used in the fabrication of integrated circuits (ICs), particularly in the burgeoning emerging materials market, and IC-related devices in the disk drive, printer head and small flat panel display industries. Etching is a key process and must be performed multiple times in the production of an IC-related devices. Tegal markets and services its systems in all major regions of the world where such devices are manufactured. For more information on Tegal Corporation, please dial 1-800-PRO-INFO, code TGAL, or view Tegal s website at www.tegal.com.
The forward-looking statements in the above release relate to the near-term semiconductor capital equipment industry outlook, demand for the Company s products, the Company s quarterly revenue prospects for the next two or three quarters and other matters contained in this news release. Such statements are based on current expectations and beliefs and involve a number of uncertainties and risks that could cause the actual results to differ materially from those projected. For further information, refer to the business description and additional risk factors sections included in the Company s Form 10-K for the year ended March 31, 1999 as filed with the Securities and Exchange Commission.
Company Contact:
David Curtis, VP Finance and Administration & CFO
Jim McKibben, VP Worldwide Sales and Marketing
Tel: (707)763.5600
Jim McKibben, VP Worldwide Sales and Marketing
Tel: (707)763.5600
Web site: http://www.tegal.com
