Ultratech Inc. (Ultratech) has reported total net sales of $131.7 million for the year-end 2008, compared with the total net sales of $112.3 million in the previous year-end. It has also reported a net income of $11.8 million, or $0.50 per share, for the year-end 2008, compared with the net loss of $1 million, or $0.04 loss per share, in the previous year-end.
For the fourth quarter of 2008, the company has reported net sales of $34.1 million, as compared to $29.7 million during the fourth quarter of 2007. The company’s net income for fourth quarter of 2008 was $3.9 million, or $0.17 per share (diluted), as compared to net income of $2.1 million, or $0.09 per share (diluted) for the year-ago quarter.
Arthur W. Zafiropoulo, chairman and chief executive officer, said, Ultratech’s performance in the fourth quarter was exemplary. During the quarter, the company focused on executing its fundamental business strategies and on continued cost discipline, while at the same time generating operating cash flow. The advanced packaging area supplied over one-half of the revenue for the quarter and, in the laser processing area, orders increased over the previous quarter as our customer base continued to expand.
In 2008, we met our aggressive goals that were set forth at the beginning of the year, continued Zafiropoulo. Due to focused operational management and financial discipline, Ultratech was able to achieve revenue growth year over year and generate cash flow at historic levels, as well as solidify its position as a market leader in all of its served markets. It was a great year for our company as we continued to provide our customers with state-of-the-art solutions that offer competitive advantages in both technology and cost-efficiency.
2009 marks the company’s 30year anniversary in the semiconductor equipment industry. As we enter this historic year for the company, it is a most challenging time for our country, our company and our customers. Global economic uncertainty has caused many semiconductor manufacturers to aggressively search for ways to minimize costs and optimize processes. While we cannot predict the duration, our strategic focus remains intact to continue to be a market leader and increase market share in 2009 in both advanced packaging and laser processing. We believe this strategic focus and our strong balance sheet, along with cost control discipline, will enable us to extend our market leadership in our served markets and emerge even stronger when the economy recovers, added Zafiropoulo.
At December 31, 2008, the company had $158 million in cash, cash equivalents and short-term investments. The working capital was $184 million and stockholders’ equity was $8.23 per share based on 23,516,198 total shares outstanding on December 31, 2008.