GaSonics '94 sales zoom

Electronic News, Nov 14, 1994

San Jose, Calif. - GaSonics International reported fiscal 1994 sales increased 59 percent to $66.6 million from $41.9 million in the prior year. This was said to reflect continued strong demand in the company's core North American market and significant growth in international markets.

Earnings, before a $956,000 pre-tax gain on sale of stock, were $9.3 million, up 164 percent from $3.5 million a year ago. Earnings per share, exclusive of the gain on the sale of stock, were $1.23 compared with 50 cents per share in fiscal 1993. Fiscal 1994 net, including the stock sale gain, was $9.9 million, or $1.30 per share. Backlog at Sept. 30, 1994 was $29.1 million, up 33 percent from $21.9 million at the end of fiscal 1993.

"Higher unit sales of our industry-leading photoresist removal systems, improvements in operating efficiencies, cycle time reductions and a price increase instituted late in fiscal 1993 contributed to significant increases in our margins and record operating results," said Dave Toole, president and chief operating officer. "For the year, gross margin increased to 57 percent of net sales, up from 51 percent a year ago. Operating expense increases lagged revenue growth resulting in a 150 percent increase in operating income to $14.5 million, up from $5.8 million in 1993.

"In addition, several items contributed to a stronger balance sheet," Mr. Toole continued. "The initial public offering in March of 1994 enabled GaSonics to repay its long-term debt and establish significant cash balances. As a result, the company reported net interest income of $130,000 in fiscal 1994, compared with a net interest expense of $467,000 in fiscal 1993. Finally, during the fourth quarter, we liquidated a portion of our holdings in Integrated Process Equipment Corp., resulting in a $956,000 pretax gain on sale of stock."

For the fourth quarter ended Sept. 30, 1994, GaSonics reported sales grew 26 percent to $17.1 million from $13.6 million in the same quarter a year ago. Earnings exclusive of the gain on sale of stock were $2.3 million, or 28 cents per share, up 23 percent from $1.9 million, or 27 cents per share, in the fourth quarter of fiscal 1993. Net income in the fourth quarter including the gain on sale of stock, was $2.9 million, or 36 cents per share.