Highlights for the fourth quarter and year ended
- Record annual revenue of
$64.7 million (2019:$32.7m ) and$14.9 million (Q419:$8.9m ) for the quarter; - Record annual adjusted EBITDA1 of
$22.8 million (2019:$7.2m ) or 35% (2019: 22%) of revenue and$3.7 million (Q419:$2.1m ) or 25% (Q419: 24%) for the quarter; - Record annual net income of
$14.1 million (2019:$2.4m ) and$1.2 million (Q419:$0.7m ) for the quarter; - Annual basic earnings per share of
$0.13 (2019:$0.02 ) and$0.02 (Q419:$0.01 ) for the quarter; - Annual gross margin of 60% (2019: 54%) and 55% (Q419: 53%) for the quarter;
- Record annual investment of
$5.7 million and$1.8 million for the quarter into Research and Development; - Record year-end backlog of
$30.3 million (2019:$20.8m ); and - Cash and cash equivalents of
$48.4 million atDecember 31, 2020 , increased$15.0 million fromDecember 2019 .
“We are very pleased to announce a record year for
The Company’s revenues are chiefly derived from the semiconductor capital equipment sector, and expenditures for Wafer Fabrication Equipment (“WFE”) have continued at record levels in Q4 of 2020 and Q1 of 2021 to date, and are expected to increase year-over-year in 2021.
Fourth Quarter and Annual 2020 Financial Results
Total revenue for Q420 increased to
Gross profit for Q420 increased to
Operating expenses for Q420 increased to
Net income for Q420 was
Adjusted EBITDA for Q420 was
At
Order backlog, defined as the unfilled value of sales orders received or scheduled for fulfillment, was
Business Outlook
We enter 2021 in the strongest financial position in Company history, with continued expectations that we will deliver strong operational execution and increase shareholder value in this robust and very healthy business environment. I want to thank all our stakeholders, including our customers, employees and suppliers for enabling us to deliver a record year in 2020 and in supporting another expected growth year for
Conference Call
Please call 1-800-319-4610 or +1-604-638-5340 approximately 10 minutes prior to the commencement of the call. The conference call will be broadcasted simultaneously and be available for replay. Further information can be found at https://www.photoncontrol.com/investors/.
Financial Statements and Management’s Discussion and Analysis
This news release should be read in conjunction with the Company’s consolidated financial statements and related notes, and management’s discussion and analysis for the year ended
Events and Conferences
- 33rd Annual
Roth Investor Conference –March 15 - 17, 2021 - 16th Annual
Needham Virtual Technology & Media Conference –May 17 - 20, 2021 - Stifel 2021
Virtual Cross Sector Insight Conference –June 8 - 10, 2021 - 13th Annual CEO Investor Summit 2021 –
June 15, 2021 - Oppenheimer 24th Annual
Technology, Internet & Communications Conference –August 10 - 11, 2021 - Jefferies 2021 Semiconductor, IT Hardware & Communications Infrastructure Summit –
August 31 - September 1, 2021 - 10th Annual NYC Investor Summit 2021 –
December 14, 2021
Details of the events will be made available at https://www.photoncontrol.com/investors/.
About
Investor Relations Contact:
IR@photoncontrol.com
Forward-Looking Statements
“This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “could”, “would”, “should”, “might”, “expect”, “estimate”, “anticipate”, “intend”, “consider”, “believe”, “plan”, “project”, “assume”, “strategy”, “goals”, “objectives”, “potential”, “possible”, “confident” or “continue” or the negative thereof or similar variations. Such forward-looking statements concern the business and anticipated financial performance of the Company and include, without limitation, the Company’s growth outlook.
These forward-looking statements are based on certain factors and assumptions, including, without limitation: the Company’s ability to develop, manufacture and sell new products that meet the needs of its customers and gain commercial acceptance; the Company’s ability to continue to sell its products in line with expected quantity, price and delivery times; the Company’s ability to attract new business; continued and future demand for the Company’s products; continued sales to the Company’s major customers; the Company’s operations not being adversely affected by supply, operating, cyber security, litigation or regulatory risks; the Company’s ability to react to the cyclical nature of the semiconductor industry; the Company’s ability to enhance revenue diversification and open new market opportunities; and, the Company’s expectations regarding market risk, including interest rate changes, tax changes and foreign currency fluctuations.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: uncertainties relating to the market for the Company’s products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company’s present reliance on its major customers for the majority of its sales; risks relating to the Company’s reliance on the financial health of and timing of cycles in the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward-looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward-looking statements. The Company’s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made.
For the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
1 The Company defines adjusted EBITDA as earnings before finance income, accretion expense, income taxes, depreciation, amortization and foreign exchange gain or loss. See “Non-GAAP Performance Measures” in the MD&A.
Source:
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