KLA-Tencor Reports Fiscal 2007 Results
Revenue of $2.7 billion and EPS of $2.61
SAN JOSE, Calif.--(BUSINESS WIRE)--
KLA-Tencor Corporation (NASDAQ:KLAC) today announced operating results for its fourth quarter and fiscal year ended June 30, 2007. The Company reported GAAP net income of $528 million and GAAP earnings per diluted share of $2.61 on revenue of $2.7 billion for fiscal 2007, compared to GAAP net income of $380 million and GAAP earnings per diluted share of $1.86 on revenue of $2.1 billion for fiscal 2006. For the quarter ended June 30, 2007, the Company reported GAAP net income of $147 million, and GAAP earnings per diluted share of $0.75 on revenue of $736 million, compared to GAAP net income of $155 million or $0.76 per diluted share on revenue of $716 million in the third quarter of fiscal 2007, and GAAP net income of $132 million or $0.65 per diluted share on revenue of $579 million in the fourth quarter of fiscal 2006.
Operating income for the fourth quarter of fiscal 2007 includes $75 million in pre-tax charges, as follows:
-- Acquisition-related charges of $38 million for amortization and impairment of intangible assets, and in-process R&D related primarily to the acquisitions completed by the Company as of June 30, 2007. Acquisition-related charges for the third quarter of fiscal 2007 were $18 million. -- Stock-based compensation related charges of $26 million, compared to $29 million for the third quarter of fiscal 2007 and $38 million for the fourth quarter of fiscal 2006. -- Severance charges of $11 million related to a worldwide reduction in force. There were no severance charges in either the third quarter of fiscal 2007 or fourth quarter of fiscal 2006.
"KLA-Tencor's financial performance this quarter was again strong, reflecting our continued focus on supporting our customers with a broad portfolio of inspection and measurement technology," said Rick Wallace, CEO of KLA-Tencor. "Our product pipeline has never been stronger, with six new products launched in the June quarter. As we go forward, we are developing more innovative and cost-effective solutions to address critical yield challenges facing customers as they transition to 45nm and beyond."
KLA-Tencor ended fiscal year 2007 with approximately eight months of product-related shipment and revenue backlog.
The geographic breakdown of system orders in the quarter was:
Percent of Bookings Region --------------------- Current Historical Quarter Average ---------------------------------------------------------------------- United States 22% 25% ---------------------------------------------------------------------- Japan 26% 25% ---------------------------------------------------------------------- Taiwan 23% 20% ---------------------------------------------------------------------- Korea, China, & Singapore 22% 20% ---------------------------------------------------------------------- Europe 7% 10% ----------------------------------------------------------------------
KLA-Tencor的财务状况保持强劲with cash and investments balance at the end of fourth quarter of fiscal 2007 of $1.7 billion. Accounts receivable increased by $82 million compared to the prior quarter to $582 million on strong shipments.
KLA-Tencor will discuss its fiscal 2007 fourth quarter results, along with its outlook for the first quarter of fiscal 2008, on a conference call today beginning at 2:00 p.m. Pacific Daylight Time. A web cast of the call will be available at:www.lisalozano.com.
Forward Looking Statements: Statements in this press release other than historical facts, such as statements regarding the KLA-Tencor's future product portfolio, benefit to customers of KLA-Tencor's products and demand for KLA-Tencor's products, are forward-looking statements, and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations, and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: the demand for semiconductors; new and enhanced product offerings by competitors; cancellation of orders by customers; and changing customer demand. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this release, please refer to the Company's Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein).
关于KLA-Tencor: KLA-Tencor是我的世界领袖n yield management and process control solutions for semiconductor manufacturing and related industries. Headquartered in San Jose, Calif., the Company has sales and service offices around the world. An S&P 500 Company, KLA-Tencor is traded on the NASDAQ Global Select Market under the symbol KLAC. Additional information about the Company is available on the Internet at//www.lisalozano.com
KLA-Tencor Corporation Condensed Consolidated Unaudited Balance Sheets (In thousands) June 30, June 30, 2007 2006 --------- --------- ASSETS Current assets: Cash and investments $1,710,629 $2,325,796 Accounts receivable, net 581,500 439,899 Inventories 535,370 449,156 Other current assets 425,272 328,392 --------- --------- Total current assets 3,252,771 3,543,243 Land, property and equipment, net 382,240 395,412 Goodwill and intangibles, net 487,288 70,341 Other assets 500,950 566,915 --------- --------- Total assets $4,623,249 $4,575,911 ========= ========= LIABILITIES, MINORITY INTEREST AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 92,165 $ 95,192 Deferred system profit 201,747 226,142 Unearned revenue 99,254 80,543 Other current liabilities 680,041 600,604 --------- --------- Total current liabilities 1,073,207 1,002,481 Minority interest in subsidiary $ - $ 5,439 Stockholders' equity: Common stock and capital in excess of par value 967,886 1,421,373 Retained earnings 2,570,751 2,137,710 Accumulated other comprehensive income 11,405 8,908 --------- --------- Total stockholders' equity 3,550,042 3,567,991 --------- --------- Total liabilities, minority interest, and stockholders' equity $4,623,249 $4,575,911 ========= =========
KLA-Tencor Corporation Condensed Consolidated Unaudited Statements Of Operations Three months ended Twelve months ended ------------------ ---------------------- (In thousands except per June 30, June 30, June 30, June 30, share data) 2007 2006 2007 2006 -------- -------- ---------- ----------- Revenues: Product $626,323 $483,036 $2,308,942 $1,713,237 Service 110,065 96,000 422,287 357,390 -------- -------- ---------- ---------- Total revenues 736,388 579,036 2,731,229 2,070,627 -------- -------- ---------- ---------- Costs and operating expenses: Cost of revenues(1) 315,681 284,164 1,190,323 942,091 Engineering, research and development(1) 123,854 98,613 437,513 393,823 Selling, general and administrative(1) 121,989 121,379 513,525 424,922 -------- -------- ---------- ---------- Total costs and operating expenses 561,524 504,156 2,141,361 1,760,836 -------- -------- ---------- ---------- Income from operations 174,864 74,880 589,868 309,791 Interest income and other, net 21,436 20,081 87,367 68,067 -------- -------- ---------- ---------- Income before income taxes and minority interest 196,300 94,961 677,235 377,858 Provision for income taxes(1) 48,958 (35,534) 150,509 1,507 -------- -------- ---------- ---------- Income before minority interest 147,342 130,495 526,726 376,351 Minority interest - 1,181 1,372 4,101 -------- -------- ---------- ---------- Net income $147,342 $131,676 $ 528,098 $ 380,452 ======== ======== ========== ========== Net income per share: Basic $ 0.77 $ 0.66 $ 2.68 $ 1.92 Diluted $ 0.75 $ 0.65 $ 2.61 $ 1.86 Weighted average number of shares: Basic 191,370 198,989 197,126 198,625 Diluted 197,062 202,948 202,204 204,097 (1) includes the following amounts related to equity awards: Costs of revenues $ 5,965 $ 9,971 $ 29,183 $ 29,620 Engineering, research and development $ 8,447 $ 11,490 $ 42,431 $ 49,509 Selling, general and administrative $ 11,982 $ 16,355 $ 37,164 $ 85,613 Provision for income taxes $ (8,182) $(11,904) $ (33,778) $ (58,224)
Source: KLA-Tencor Corporation
Released July 26, 2007