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Novellus Systems Reports Fourth Quarter and Year-End Results

SAN JOSE, Calif. Jan. 31, 2011 December 31, 2010 $384.4 million $17.2 million $367.2 million $140.2 million $244.2 million $81.5 million $0.89 $5.2 million $76.3 million $0.82 $46.3 million $35.2 million $0.36

http://photos.prnewswire.com/prnh/20091020/SF95832LOGO

$2.4 million Germany $9.9 million $0.7 million $94.3 million $1.03 $81.3 million $38.2 million $0.88 $0.39

$1.3 billion $710.0 million $639.2 million $262.3 million $2.79 $85.2 million $0.88

$7.2 million Germany $0.5 million $0.9 million Oregon $1.4 million $4.4 million $284.8 million $3.03 $49 $0.51

$410.6 million $3.7 million $406.9 million $417.9 million $54.6 million $363.3 million $75.8 million $28.4 million $47.4 million $59.7 million $32.4 million

December 31, 2010 $671.3 million $76.7 million $594.5 million December 31, 2010 $189.9 million $1.4 million $191.3 million $29.50 $103.2 million $98.6 million $88.4 million $6.6 million $81.8 million

Richard S. Hill $263 million $2 billion China

Management uses non-GAAP measures to evaluate operating performance. The discussion of bookings and shipments and the discussion of gross profit, operating expenses, operating income (loss), income (loss) before taxes,  provision for income taxes, effective tax rate, net income (loss), and net income (loss) per diluted share, each excluding certain charges and benefits are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. We discuss these non-GAAP measures because we believe these metrics provide additional insight into underlying operating results and prospects for the future, allowing investors to assess certain business trends in the same way that these trends are utilized by management in its financial and operational decision making.  Shipments consist of products shipped to customers, without regard to net sales adjustments such as deferrals associated with customer acceptance. Bookings consist of current period orders less current period cancellations and other adjustments.  We do not report bookings for systems with delivery dates more than 12 months from the latest balance sheet date.  Shipments and bookings are used to forecast and plan future operations.  Non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995:

December 31, 2009 March 27, 2010 June 26, 2010 September 25, 2010

About Novellus:

San Jose, CA www.novellus.com

NOVELLUS SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Year Ended

(In thousands, except per share amounts)

(Unaudited)

December 31,

2010

September 25,

2010

December 31,

2009

December 31,

2010

December 31,

2009

Net sales

$  384,357

$  367,203

$  244,194

$1,349,158

$  639,194

Cost of sales

190,357

186,774

130,556

683,824

398,104

Gross profit

194,000

180,429

113,638

665,334

241,090

%

50.5%

49.1%

46.5%

49.3%

37.7%

Operating expenses:

Selling, general and administrative

54,974

46,426

38,560

189,483

164,125

Research and development

49,992

44,271

36,732

174,740

149,101

Restructuring and other charges

716

240

282

1,373

3,840

Total operating expenses

105,682

90,937

75,574

365,596

317,066

%

27.5%

24.8%

30.9%

27.1%

49.6%

Income (loss) from operations

88,318

89,492

38,064

299,738

(75,976)

%

23.0%

24.4%

15.6%

22.2%

-11.9%

Other income (expense), net

1,330

(132)

2,517

4,920

6,595

Income (loss) before income taxes

$  89,648

$  89,360

$  40,581

$   304,658

$  (69,381)

Provision for income taxes

8,145

13,095

5,390

42,326

15,854

Net income (loss)

$  81,503

$  76,265

$  35,191

$   262,332

$   (85,235)

Net income (loss) per share:

Basic

$   0.91

$  0.83

$   0.37

$   2.83

$  (0.88)

Diluted

$  0.89

$  0.82

$   0.36

$   2.79

$  (0.88)

Shares used in basic per share calculation

89,576

91,512

96,053

92,690

96,487

Shares used in diluted per share calculation

91,934

92,859

97,161

94,084

96,487

NOVELLUS SYSTEMS, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)

Three Months Ended

Year Ended

(In thousands, except per share amounts)

(Unaudited)

December 31,

2010

September 25,

2010

December 31,

2009

December 31,

2010

December 31,

2009

Gross profit – GAAP

$      194,000

$      180,429

$    113,638

$    665,334

$      241,090

% of sales

50.5%

49.1%

46.5%

49.3%

37.7%

Adjustment for:

Consolidation of IAG manufacturing in Germany

1,403

2,474

3,877

Reductions in workforce

(288)

126

2,630

Consolidation of semiconductor manufacturing in Oregon

2,187

485

3,338

Accelerated stock vesting retirement plan adoption

809

809

Impairment of inventory and evaluation systems

     —

      —

     —

     —

4,867

Gross profit excluding certain charges and benefits

$      196,212

$      182,903

$    115,537

$    670,631

$      251,925

% of sales

51.0%

49.8%

47.3%

49.7%

39.4%

Operating expenses – GAAP

$      105,682

$        90,937

$      75,574

$    365,596

$      317,066

% of sales

27.5 %

24.8%

30.9%

27.1%

49.6%

Adjustment for:

Consolidation of IAG manufacturing in Germany

(968)

(2,387)

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