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MKS Instruments Reports Q2 2009 Financial Results

Published on 2009-07-23. Author : SpecialChem

ANDOVER, Mass. -- MKS Instruments, Inc., a global provider of technologies that enable advanced processes and improve productivity, reported first quarter 2009 financial results.

Sales were $79.2 million, up 3 percent from $76.7 million in the first quarter of 2009, and down 54 percent from $171.0 million in the second quarter of 2008.

Due to continued weak macroeconomic factors as well as the prolonged adverse change in the business climate and market conditions, the Company performed an interim impairment testing of goodwill and intangible assets during the quarter. As a result, the Company recorded non-cash, special charges of $205.0 million for goodwill and intangible assets. The Company also recorded a $3.5 million charge related to a facility consolidation. After these special charges, our GAAP net loss was $207.1 million, or ($4.20) per basic share, compared to a net loss of $16.5 million, or ($0.34) per basic share in the first quarter of 2009, and net income of $9.2 million, or $0.18 per diluted share in the second quarter of 2008.

The non-GAAP net loss, which excludes special charges, was $9.2 million, or ($0.19) per share, compared to a non-GAAP net loss of $11.0 million, or ($0.23) per share in the first quarter of 2009, and non-GAAP net earnings of $10.5 million, or $0.21 per share, in the second quarter of 2008.

Leo Berlinghieri, Chief Executive Officer and President, said, "After two relatively stable quarters, we are beginning to see signs of recovery in the SEMI and flat panel markets. Utilization at semiconductor fabricators improved and we saw higher sales to device manufacturers worldwide as they brought tools back on line.

"Timing of a meaningful recovery in the semiconductor market, as well as the global economic recovery, remains uncertain. However, considering our limited visibility, the diversity of our markets and current levels of activity, we estimate that third quarter sales may range from $77 to $92 million. At these volumes, the GAAP and non-GAAP net loss could range from ($0.18) to ($0.07) per basic share on 49.5 million shares outstanding."

The financial results that exclude certain charges and special items are not in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP). MKS' management believes the presentation of non-GAAP financial measures, which exclude costs associated with acquisitions and special items, is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results.

About MKS Instruments, Inc.:

MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, materials delivery, gas composition analysis, electrostatic charge management, control and information technology, power and reactive gas generation, and vacuum technology. Our primary served markets are manufacturers of capital equipment for semiconductor devices, and for other thin film applications including flat panel displays, solar cells, data storage media, and other advanced coatings. We also leverage our technology in other markets with advanced manufacturing applications including medical equipment, pharmaceutical manufacturing, energy generation, and environmental monitoring.

forward-looking statements

This release contains projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act regarding MKS' future growth and the future financial performance of MKS. These projections or statements are only predictions. Actual events or results may differ materially from those in the projections or other forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the projections or other forward-looking statements are the fluctuations in capital spending in the semiconductor industry, fluctuations in net sales to MKS' major customers, potential fluctuations in quarterly results, the challenges, risks and costs involved with integrating the operations of MKS and any acquired companies, dependence on new product development, rapid technological and market change, acquisition strategy, manufacturing and sourcing risks, volatility of stock price, international operations, financial risk management, and future growth subject to risks. Readers are referred to MKS' filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, for a discussion of these and other important risk factors concerning MKS and its operations. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Mks instruments inc.


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