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ACM Research posts Q2 2019 financial results

Aug 07, 2019 (MarketLine via COMTEX) --

ACM Research has reported financial results for its second fiscal quarter ended June 30, 2019.

ACM’s President and Chief Executive Officer Dr. David Wang commented, "We are pleased with our second quarter results, and the momentum we have been building throughout 2019. Despite the industry cycle, we executed well in the June quarter, achieving strong top- and bottom-line growth.  As we look ahead to the remainder of 2019, we are excited by our business opportunities.  We have strong demand, our visibility remains solid, and the team is executing to plan."

Dr. Wang continued, “We recently secured an initial order from a new DRAM customer in China, bringing our total to five front-end IC manufacturing customers.  This is a key milestone for ACM, a testament to our proven single-wafer cleaning solutions.  We are also encouraged by positive traction for our new electrical copper plating (ECP) products at front-end customers and advanced wafer level package (WLP) customers.  On the strategic front, I am pleased with the progress we have made towards our plan to list shares of our ACM Shanghai subsidiary on the STAR Market.  In summary, we have made great progress so far this year on our mission to become a major player in the semiconductor equipment market.”

Operating Highlights

Shipments.  Total shipments in the second quarter of 2019 were $33 million, versus $14 million last quarter and $21 million in the second quarter of 2018.  Shipments include deliveries for revenue in the quarter and deliveries of systems awaiting customer acceptance for potential revenue in future quarters.Expanding Customer Base in Memory.  ACM received a purchase order for a SAPS-V single wafer cleaning tool from an emerging manufacturer of DRAM memory chips in China.  The Company intends to deliver this first tool in the fourth quarter of 2019, with revenue recognition upon qualification and acceptance.Update on Ultra-C Tahoe.  ACM delivered its first Ultra-C Tahoe evaluation tool to an important strategic customer in January of 2019.  Evaluation of this first tool is progressing as planned, and the test results are encouraging.  The Ultra-C Tahoe tool incorporates innovative and patented technology to deliver high cleaning performance, but uses 10% or less of the sulfuric acid typically consumed by conventional high temperature single wafer cleaning tools.The following figures refer to the second quarter of 2019 compared with the second quarter of 2018, unless otherwise noted.

Revenue increased 39.0% to $29.0 million, due to an increased volume of tools shipped for revenue and higher prices associated with these tools.  Revenue for the second quarter included repeat shipments and several customer acceptances of tools shipped in previous quarters.Gross margin was 45.3%, compared to 41.8% in the second quarter of 2018.  Gross margin was slightly above the high-end of the range of 40.0% to 45.0% set forth in the Company’s long-term business model.  The strong gross margin performance was due to a higher mix of higher-margin products. The Company expects gross margin to continue to vary from period to period due to a variety of factors, such as sales volume and product mix.Operating expenses were $8.5 million, an increase of 32.5%.  GAAP operating expenses as a percent of revenue decreased to 29.2%, compared to 30.6% in the second quarter of 2018.  Non-GAAP operating expenses, which remove stock-based compensation, were $7.9 million, an increase of 26.7%.  Non-GAAP operating expenses as a percent of revenue decreased to 27.2%, compared to 29.7% in the second quarter of 2018.Net income was $4.3 million, compared to $3.2 million in the second quarter of 2018.  Non-GAAP net income was $4.9 million, compared to $3.4 million in the second quarter of 2018.Net income per diluted share was $0.23, compared to $0.18 in the second quarter of 2018.  Non-GAAP net income per diluted share was $0.26, compared to $0.19 in the second quarter of 2018. Cash and equivalents at quarter-end were $27.6 million, up from $27.4 million at the end of the first quarter of 2019 and $17.4 million at the end of the second quarter of 2018.Outlook

The Company has increased its full year 2019 revenue guidance to $105 million, an increase of $5 million from the Company’s previous 2019 revenue guidance.
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