MCT Reports Sales up 35% in Second Quarter

2008-08-06 15:01:00

MCT Reports Sales up 35% in Second Quarter

ST. PAUL, Minn.–(EMWNews)–Micro Component Technology, Inc. (OTCBB: MCTI) today reported results

for its second quarter ended June 28, 2008. Net sales for the second

quarter of 2008, at $3.0 million, increased 35% over the first quarter

of 2008; however, net sales were down 25% from the second quarter of

2007. Net loss was $685,000, or $0.02 per share in the second quarter of

2008, compared to a net loss of $1.1 million in the first quarter of

2008 and a net loss of $280,000 in the second quarter of 2007. Net sales

for six months ending June 28, 2008 were $5.2 million, down 30% from

2007. Net loss for the six months was $1.8 million, compared to $439,000

in 2007.

MCTs Chairman and Chief Executive Officer,

Roger E. Gower, commented, Our strong

bookings in the first and second quarter of 2008 were clearly reflected

in our sales increase of 35% over the first quarter of 2008. In

addition, MCT shipped another new product in the second quarter, which

continues the new product market expansion begun in the first quarter.

It should also be noted that the second quarter results included

non-cash expense of $282,000 for amortization of warrant discounts

associated with the refinancing of our loan agreements, as well as a

$78,000 restructuring charge. In a Form 8-K filed with the SEC today,

MCT announced that additional financing has been obtained from our

secured lender. We believe that this financing transaction provides the

capability to allow MCT to move forward with various strategic

initiatives not available previously.

MCT is a leading manufacturer of test handling and automation solutions

satisfying the complete range of handling requirements of the global

semiconductor industry. MCT has recently introduced several new products

under its Smart Solutions line of

automation products, including Tapestry®,

SmartMark, SmartSort,

and SmartTrak, which are designed to

automate the back-end of the semiconductor manufacturing process. MCT

believes it has the largest installed IC test handler base of any

manufacturer, with over 11,000 units worldwide. MCT is headquartered in

St. Paul, Minnesota, with its core manufacturing operation in Penang,

Malaysia and is traded on the OTC Bulletin Board under the symbol MCTI.

For more information on the Company, visit its web site at http://www.mct.com

Except for the historical information contained herein, the matters

discussed in this news release are forward looking statements that

involve risks and uncertainties, including the timely development and

acceptance of new products, the impact of competitive products and

pricing, the impact on cash and results of operations from a flattening

or renewed downturn in the semiconductor capital equipment market, the

need for additional financing, and the other factors detailed from time

to time in the Company’s SEC reports, including but not limited to the

discussion in the Risk Factors and Management’s Discussion & Analysis

included in Form 10-K for the year ended December 31, 2007 and Form 10-Q

for the quarter ended March 29, 2008.

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share data)

Three months ended

Six months ended

June 28,

June 30,

June 28,

June 30,

2008

2007

2008

2007

 

Net sales

$

2,963

$

3,960

$

5,161

$

7,337

Cost of sales

1,531

1,875

2,664

3,479

 

Gross profit

1,432

2,085

2,497

3,858

Gross margin

48.3

%

52.7

%

48.4

%

52.6

%

 

Selling, general and administrative

1,054

1,121

2,216

2,226

Research and development cost

432

484

896

984

Restructuring charge

78

137

78

137

Total operating expenses

1,564

1,742

3,190

3,347

 

Operating income (loss)

(132

)

343

(693

)

511

 

 

Interest

(271

)

(287

)

(520

)

(558

)

Interest – amortization of warrant discounts and debt issue costs

(282

)

(306

)

(563

)

(451

)

Other income (expense)

(30

)

(25

)

59

 

 

Net income (loss)

$

(685

)

$

(280

)

$

(1,801

)

$

(439

)

 

Net income (loss) per share:

 

Basic

$

(0.02

)

$

(0.01

)

$

(0.05

)

$

(0.01

)

Diluted

$

(0.02

)

$

(0.01

)

$

(0.05

)

$

(0.01

)

 

Weighted average shares outstanding:

 

Basic

37,877

36,665

37,877

36,665

Diluted

37,877

36,665

37,877

36,665

 

 

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

June 28,

Dec. 31,

2008

2007

Assets

Current assets

Cash and cash equivalents

$

392

$

373

Accounts receivable, net

2,418

3,044

Inventories, net

1,538

1,671

Other current assets

165

108

Total current assets

4,513

5,196

 

Property, net

96

114

 

Debt issue costs and other, net

152

199

 

Micro Component Technology, Inc.
Roger E. Gower, President/C.E.O.,

651-697-4000
or
Michelle Sprunck, Investor Relations,

651-697-4026

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