Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Andy Moring - CFO

Dave Dutton - CEO

Analysts

Patrick Ho - Stifel Nicolaus

Peter Kim - Deutsche Bank

Bill Ong - American Technology Research

Wenga Yang - Oppenheimer

Brian Lee - Citi

Brad - Caris & Company

Joe Fan - JP Morgan

Mattson Technology Inc. (MTSN) Q2 2008 Earnings Call July 23, 2008 5:30 PM ET

Operator

Good day and welcome to the Mattson Technology Inc. Second Quarter 2008 Financial Results Conference Call. Today’s conference is being recorded. Information provided in today’s conference call contains forward-looking statements regarding the company’s future prospects, including but not limited to anticipated market position, bookings, revenue, margins, earnings per share, tax rate and fully diluted shares outstanding for future periods. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially. Such risks and uncertainties include but are not limited to those described in today's news release and in the company's Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information provided in this conference call.

At this time I would like to turn the conference over to Mr. Andy Moring, Chief Financial Officer of Mattson Technology. Please go ahead sir.

Andy Moring

Thank you and welcome to our 2008 second quarter conference call. With me today is our CEO, Dave Dutton. After I review the financial performance and give guidance, Dave will comment on the business and then we will open up the call for Q&A.

As most of you know this is my first conference call as Mattson CFO. I have been a part of Mattson team for the past two years and I am certainly proud of the advances that company has made. I have met many of you over the last six weeks particularly at Silicon West last week, and I look forward to seeing you at upcoming investor conferences and as I am on the road.

Now let’s turn to the results for the quarter. Semiconductor capital equipment companies continue to operate on a highly challenging environment with weak spending for memory chip makers compounded by economic dynamic. Despite the challenges, we have continued to advance our new products and they are making good progress, laying a foundation for future growth and out-performance of the industry in the next up cycle. While Dave will discuss this in greater detail there are a few key points I would like to emphasize relative to our financial performance for the second quarter.

Our cash position remains strong at $2.75 per outstanding share. We continue to invest in spending the research and development and the marketing for our new product introductions, yet have maintained our cost structure by cuts in manufacturing an office board organization.

These points are important particularly in light of current market dynamic and our direct result of the financial discipline reflected in our successful CFE outsourcing model.

Now to a more detailed look at our Q2 financial results. Net sales for the second quarter were $41.8 million down 14% from the previous quarter and down 52% from the second quarter of 2007. Net sales for the second quarter included royalties of $6.4 million related to the settlement of the patent infringement deal with DMF. This will be the final payment we will receive relative to this settlement. As we noted in our pre-announcement the decline in revenues was due to continuing weakness in the memory market which caused delays in system shipments to certain customer’s fabrication plan.

In addition, lower production levels at customer facilities also caused barriers in service sales to be less than we have anticipated. By region the Q2 revenue percentage breakdown was: Japan 36%, Taiwan 23%, Southeast Asia 13%, Korea 10%, China 5%, North America 7% and Europe 6%.

Memory was the largest segment at 71% followed by foundry at 16% and logic and other applications at 13%. Gross margin for the second quarter was 44.1% up 1.3 percentage points from the previous quarter and down 4 percentage points from the second quarter of 2007. Excluding the royalty income from DNS gross margin was $12.1 million or 34.1%.

As explained in our pre-announcement the decline in gross margin was attributable to under absorption in factories as a result of lower revenue, higher installation costs and the shift in the company’s product and distribution delay, caused by the push out and low [SPS] revenue.

Second quarter total operating expenses of $25.7 million were higher by $1 million in the first quarter of 2008 due to restructuring and severance expenses incur during the quarter. Second quarter R&D expenses were $1.4 million higher than the previous quarter, due to our new product development efforts, entirely offset by a reduction in SG&A spending.

We are continually optimizing the organization and aligning our headcount needs to current requirements, while ensuring we maintain our critical investment in new products. During the quarter we undertook a number of cost cutting measures, including a headcount reduction of about 25 jobs or 5% of our workforce in selected manufacturing and office support organizations.

The restructuring is designed to reduce costs, while allowing us to continue investments in new products and product support and we hope to optimize our organization and position Mattson for standard growth.

We are moving rapidly from development to production and are accelerating new product launches. We are being operationally prudent and have been lowering costs throughout the organization to offset these very critical investments and holding overall expenses as low as we can.

Net loss for the second quarter was $6.8 million or $0.14 per share, compared with the loss of $4.2 million or $0.09 a share for the previous quarter, and income of $11.5 million or $0.22 per share for the second quarter of 2007. The net loss included non-recurring for DNS royalties of $6.4 million, restructuring expenses of $700,000 and severance expenses of $200,000. The net impact of these three non-recurring adjustments was a favorable $0.11 per share.

Turning now to the balance sheet. Our balance sheet remained strong and reflects sound financial and operational controls. As before, we have no exposure to auction rate securities, SIVs or investment impairments, and additionally, we continue to have no debt.

Cash, cash equivalents and short-term investments at the end of the second quarter were $136 million, down $10 million from the previous quarter. There were stock repurchases during the quarter. We recognize that was the continued lead market that it is going to be essential that we maintain a healthy cash position and minimize reductions in our cash balances. We believe that the current balance and our ongoing cash management disciplines are more than adequate and will enable us to withstand the protracted downturn.

Inventories rose by $5.4 million in the quarter, mostly due to finished goods and work-in-process inventory for the tools pushed out of the quarter, evaluation inventories shipped to customers and increases in spares inventory for customer satisfaction purposes.

Approximately 15% of our inventory balance is relate to evaluation tools already placed in the field and customer pass. Evaluation tools as I highlight that have being turned into revenue open within system to nine months of shipment. Another 10% of inventory balance is relate to new products that are currently being built for shipment to the field.

I will now turn to our guidance for Q3 fiscal year 2008. Based on continued weakness in the memory market, our guidance is Q3 revenues to be in the range of $29 million to $37 million, gross margins to be in the range of 33% to 37%, Q3 losses to be in the range of $0.30 to $0.22 per share.

So, let me summarize. While these are clearly challenging times in our industry, we will continue to work diligently to manage our operating expenses and minimize our cash losses without sacrificing our new product development and introduction efforts. We maintain healthy levels of cash which gives some stability to continue our investment in new products and effectively penetrate them in the customers production wise and thereby setting the speeds for future growth.

Now, I will turn the call over to Dave who will elaborate further on Mattson’s business results and prospects. Dave?

Dave Dutton

Thanks, Andy, and good afternoon everyone. The copper equipment industry continued to be marked by weakness and further declines in memory CapEx spending, and our financial results for the second quarter reflect the environment. However, it is important to note that none of the revenue shortfall for the quarter was attributable to the competitive losses. In fact, we continued to gain share in this drift.

As Andy noted, we continue to take proactive steps and have reduced our cost structure in selected organizations through our recently announced reduction in force and implementation of additional cost saving initiatives and our positioning the company for the future.

We continued to advance our technical programs in core product areas and are on-track with our strategic new product investments growth initiatives and end-market diversification.

Most companies in our sector have very limited visibility on the outlook for the industry as a whole. At the beginning of the year the industry’s expectation was that the market would recover from the oversupply situation as the year progress. That did not transpire.

For Mattson, we are experiencing a greater than normal slowdown in our core products, especially those that have a higher exposure to memory market. Memory spending is highly cyclical and tied to consumer spending and is exacerbated by slower macro economy condition. Despite the challenging industry conditions our focus remains on advancing our new products and market expansions, both areas in which we are making steady progress.

The next cycle will be fueled in part by increasing demand for DRAM and flash products, which in turn drive demand for silicon. Copper is being introduced into memory, which is an area where we can leverage our recently introduced Alpine system. And finally, advanced junction formation requires thermal procession, which is strategically aligned to Mattson’s Millios System, while our Nexion Etch System fine tunes geometry photography.

Our new products enable our customers to meet their next-generation specification requirements and we are committed to ensuring that they are optimally positioned for the industry’s next up-cycle.

Now, let’s turn to the product front and our core markets of RTP and strip. RTP has felt the impact of the dramatic drop-off in memory spending to the greatest degree, specifically because it is the area most tied directly to DRAM. It is also the area in which we are furthest from our plan.

However, it is important to note that we haven’t loss competitively or when we have gone head to head. Our customer position remained strong and during the quarter we continued to shipping the DRAM, NAND and wafer manufacturing segments, although at a lower volume. Our [octivation] technology, which was introduced in late 2006, is running roughly flat with last year, which in the down market, is a positive trend.

We are strongly focused on advanced millisecond anneal processing and continue to see increased entrance and acceptance of our flash RTP system Millios, based on the system’s capabilities to address challenging sub-45 nanometer applications. During the quarter, we shipped the system to a leading global semiconductor manufacturer. We are engaged at other leading accounts and expect to drive more placements as we move into early next year.

On the Suprema front, we continue to win new accounts and gain acceptance by leading global IC manufacturers, resulting in market share gain for Mattson in the dry strip arena. We recently announced the first order from a Japan-based manufacturer. The order which is expected to ship in Q3 is a new account and is a result of our valued partnership with Canon. Mattson is a leading dry strip supplier to the Japan market, and this order reaffirms our growing presence in this key region.

In addition, we’ve received multiple orders for production from a leading foundry in Asia. We recently undertook an internal analysis of our competitive position in the strip market, and the results indicate Mattson gained market share in the first half of 2008 as compared to the same period in 2007.

We have seen strong Suprema unit shipments year-over-year, which clearly demonstrates the system’s market leadership even though a significant market downturn. With the foundation firmly established over the past year, Suprema has taken on the market and we fully expect that going forward it will continue to make strong contribution to the company’s strategy to outgrow the industry.

Now, let’s turn to the Alpine system, which we introduced this quarter. During the quarter we shipped the initial system to a major semiconductor manufacturer in Taiwan and the qualification is on-track for Q3 acceptance. In addition, we are engaged in Alpine demo work for additional customers, which are showing good results. Even with the industry slowdown, we continually expect shipments this year.

And finally, let’s move to etch and our Nexion product, which is advancing to the next stage in spite of a tough memory environment. Our initial plan did not go as quickly as we had originally anticipated, which we updated during our Q4 2004 conference call. We now have shipped multiple Nexion systems into a number of fabs, which will be utilized for production, and we recently received final acceptance in revenue on the initial Nexion system.

Nexion gives us entry into the growing etch market with innovative products targeting high volume dielectric etch application and grants the company’s future growth opportunities by doubling temp. We are seeing increasing interest from our customers across all market segments due to its enabling capability.

Nexion is drawing their attention to other applications, which allows us to expand the applications that this tool serves. We are in the demonstration process with customers from all segments and expect placements at multiple customer sites in the second half of 2008.

In summary, in the current down cycle we are experiencing oversupply and reduced demand conditions not seen since the dotcom bust in 2001. Despite these conditions, we see a strong future for Mattson with significant opportunities, specifically with etch, millisecond anneal, and core product gains.

We have the resources to position all of our fronts for accelerated growth in the next up-cycle, which will come, and always does. We have solved some of the most challenging technical variant to bring leading edge products to the market and we are committed to the challenge of reaching the up-cycle with the products and position of strong balance sheet and a globally flexible enterprise that will deliver with excellence into these new positions.

Mattson’s value proposition of solid technology at best cost of ownership is aligned to our customers’ need in an era where decreasing their costs is as important as advancing [more law].

And with that, I would like to thank you very much for listening to our Q2 conference call. We are now open for your questions. Operator?

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions). We’ll take our first question from Patrick Ho with Stifel Nicolaus.

Patrick Ho - Stifel Nicolaus

Thanks. Guys, is the biggest lever for gross margins still factory absorption, are you feeling any increasing pressures given the current market environment?

Andy Moring

This is Andy. No, I think the biggest issue, as we have said before, is the factor absorption. We feel that that has as much as 5 or 6 percentage points impact on our margins. We have not seen any erosion on ASPs due to the continuing downturn.

Patrick Ho - Stifel Nicolaus

Hey great. And in term of the overall market, Dave, you have gone over the memory CapEx market, and I think that we know the situation there. On an incremental basis, looking forward, which segment do you think, I guess, is worse looking forward, DRAM or NAND flash? And do you believe these push-outs and particularly that we are seeing right now, are they only for second half ‘08 or do you see them bending into 2009?

Dave Dutton

Yeah. So, Patrick I think it’s too early to call what’s going to happen in ‘09. Certainly, the macroeconomic conditions will improve as we go through the Christmas season. I would have concern going into ‘09. And we’ve already been feeling the pressure of the DRAM side of the memory segments, and now we are starting to see some pressure on NAND side. I think recently, Toshiba and [San Jose] just announced, and you can see how difficult that flash market is becoming. So, we remain extremely cautious and at this point we don’t have the visibility to see where the inflection point is on either of these.

Patrick Ho - Stifel Nicolaus

Great. Thanks a lot guys.

Dave Dutton

Thank you, Patrick.

Operator

And we’ll take our next question from Peter Kim with Deutsche Bank.

Peter Kim - Deutsche Bank

Hi, thanks for taking my questions. I just wanted to get – Andy, I wanted to get a clarification on the inventories. There were two items from the inventories, one for delivery system, and one for regular inventory. And, you mentioned that approximately 15% of the inventory was evlas. So, was there any evlas in the 7.5 million?

Andy Moring

No. The 7.5 represents tools that have been delivered to customers that have not been taken to revenue due to our revenue recognition practices. So, that would be above and beyond any evals that we have in the regular inventory.

Peter Kim - Deutsche Bank

Okay. And then with regards to the Alpine, do you expect to recognize revenue from these systems in 2008?

Dave Dutton

Yes.

Peter Kim - Deutsche Bank

Okay. And lastly, with respect to the Nexion, you talked about having multiple sites, when do you expect to have multiple customer bases.

Dave Dutton

Yes, I mentioned in my remarks that we expect that multiple customer base, as we move into the second half of the year.

Peter Kim - Deutsche Bank

Okay. I heard you said multiple sites, and that doesn’t always equate to multiple customer base, so I just wanted to get that clarification. Thank you.

Dave Dutton

Yeah, okay.

Peter Kim - Deutsche Bank

Great. Thanks.

Andy Moring

Thank you.

Operator

We will take our next question from Bill Ong with American Technology Research.

Bill Ong - American Technology Research

Yeah. Good afternoon, gentleman. So, last week in analyst meeting, you talked about breakeven revenue level in the low $50 million range, so that’s about 50% increase and your guidance midpoint at $3 million. So, I am not really giving guidance beyond third quarter, but we are not likely to see a big snap back in order. So, even you assume like a 10%, quarter-to-quarter growth rate probably in Q4, it seems like at that you probably be breaking even in Q3 and Q4 time period. Can you just comment on that assessment? And what type of cash burn rate can we expect over the next 12 months?

Dave Dutton

We acknowledge that what we have guided to is quite a large loss, and of course, the management team is quite concerned with the loss. What we are going to be doing is focusing during Q3 on executing all our opportunities for revenue upside to the best of our ability and also to continue with our cost reduction programs. We are going to do everything we can to minimize our losses during the quarter without impacting the new products. In terms of cash burn that again will depend on how quickly we can react to the market conditions. Essentially, I think what we have tried to do is just continue to work all upsides and we will try to keep the as we said $50 million to $55 million is still where we think we are right now and we will try to work that down as much as possible over the intervening months.

Bill Ong - American Technology Research

So what will be cash burn rate for Q3?

Andy Moring

Well we don’t really announce that but I think you can just extrapolate it looking at previous run-rates that we had over the last couple of quarters.

Bill Ong - American Technology Research

Okay and then my last question, given that we have seen more material pricing going up such as aluminum, can you just talk about maybe your increase in material pricing have you been able to pass this costs to your customer or found other way to reduce costs as an offset?

Andy Moring

I haven't seen that as the problem as yet though. I don’t anticipate that pricing issues going to come to us and have a material impact on us.

Bill Ong - American Technology Research

Okay. Thank you very much.

Operator

And we will take our next question from Gary Hsueh with Oppenheimer.

Wenga Yang - Oppenheimer

Hi this is [Wenga Yang] for Gary Hsueh. I look at your Q3 guidance regarding the growth margin it has a full percentage point spread. Normally you have guided two percentage point spread. Granted the revenue range is a little bit higher but does that mean that your Q3 has more just raising your product mix?

Dave Dutton

Well the one thing that we did notice in Q2 was that our product mix it has more than impacted it has been in the past. There was a fair amount of push outs and fewer pull-ins when we had in the past. So, yes there is little bit more margin [for error] I think built into our guidance.

Wenga Yang - Oppenheimer

Got it, the next question is regarding on the expenses. I noticed that Q2 on the expenses is the highest in the last probably two to three years. So, are we expecting the R&D expenses to remain the level or it will come down in the coming quarters?

Andy Moring

I am sorry, could you clarify which expense you said was --?

Wenga Yang - Oppenheimer

R&D expenses?

Andy Moring

R&D expenses, no that was as we have been saying we were continuing to invest in our Research and Development expenses and you will note that we entirely offset that with the reductions in SG&A. So, again with our new product introductions with continuing efforts to bring the new products to provision that was not a big surprise to us.

Wenga Yang - Oppenheimer

Okay, thank you.

Operator

We go next to Timothy Arcuri with Citi.

Brian Lee - Citi

Hi, this is actually [Brian Lee] calling in for Tim. I jumped on the call late so I apologize if you have already answered these, but what were bookings in the quarter?

Dave Dutton

Well I think at the beginning of the year we announced that we were no longer going to be giving bookings, guidance or reporting actuals going forward.

Brian Lee - Citi

Okay, okay well maybe as a follow-up to that, were there any new Nexion systems booked in the quarter?

Dave Dutton

Yeah, we updated that -- we shift two Nexion into multiple sites that one of our customers early in the quarter, or active within the Q1 I am sorry and there weren’t any actual Nexion in the second quarter.

Brian Lee - Citi

Okay, so no additional shipments beyond what you did in Q1 on the Nexion side?

Dave Dutton

Right.

Brian Lee - Citi

Okay.

Dave Dutton

We highlight that we did receive revenue on our first Nexion.

Brian Lee - Citi

Okay, correct me if I am wrong but right now the status of Nexion is three system ship one has been revenue and that’s recognized in Q2 is that correct?

Dave Dutton

That’s correct.

Brian Lee - Citi

And that’s all at one customer, correct?

Dave Dutton

That’s correct.

Brian Lee - Citi

Okay, and the last thing from me is there any change here to the view, I think last call you were talking about 10% of revenues in calendar '08 coming from on the edge market is that still the view you gain?

Dave Dutton

That’s currently still a view in this market.

Brian Lee - Citi

Okay. Thanks a lot guys.

Operator

We go next to Ben Pang with Caris & Company.

Brad - Caris & Company

Hi, this is Brad here for Ben Pang. Thanks for taking my question. I was just wondering if you could provide me an update on your outsourcing model and if you foresee the percentage of in-house and outsourcing changing going forward?

Dave Dutton

So on our outsourcing model, we continue to expand our outsourcing model across our global footprint in. I would say really what's changed is all of our new products are very quickly driven into outsourcing. So, as we get ready for this next up cycle I mentioned make sure we have the flexible enterprise that will allow us to deliver into the accelerated revenues. I think the company is better positioned or it has been as far as the outsourcing infrastructure that’s going to be able to deliver not only on everybody work has been more on strip and some of the RTP, but even across the millisecond anneal NDH. So, we continue to drive that model and be prepared for the global markets we expect in Q2.

Brad - Caris & Company

Okay, and could you provide me number of your cash flow from operations?

Andy Moring

I believe it was probably $10 million that we talked about as the reduction from Q2 or in Q2 we will be pretty much operational entirely.

Brad - Caris & Company

Okay. Thank you.

Operator

(Operator Instructions). We will go next to [Joe Fan] with JP Morgan.

Joe Fan - JP Morgan

Hi, Dave. I have quick questions on the Nexion in previous calls you mentioned that you are in progress to qualify for NAND Flash, can you give us an update on that progress?

Dave Dutton

Joe, could you repeat that talk a little louder it was really hard to hear you for some reason.

Joe Fan - JP Morgan

Sure. My question was Nexion can you give us an update on your progress for NAND Flash qualification?

Dave Dutton

Yes, absolutely. So, as I mentioned in the remarks we talked about actually the Nexion is currently engaged in all segment. So, just beyond NAND Flash and DRAM is also engaged foundry and logic as well. In the demonstration phase so we have wafers in house in our lab that are being run to validate not only existing areas or applications that the Nexion has been working on but actually some expanded areas that really round up of our whole portfolio. So, we are pretty excited about the progress the team has made and I mentioned that we were expecting some of this work to turn into placements in the second half at new customer site.

Joe Fan - JP Morgan

So, can I assume that you qualify for the Flash at your customer site?

Dave Dutton

As far as -- at existing customer site we are in qualification on Flash and I think yes on some of that we referring to it and other layers are just beginning.

Joe Fan - JP Morgan

And then second question is in terms of like the linearity of orders through the quarter as it progress did you see worsening conditions in the last 30 days or how does it look in terms of linearity?

Dave Dutton

Yes, I guess if you look at the flow to the quarter maybe just on a higher level as visibility in the second half became a little more clear, what I think we saw was a softening essentially of any preparation for second half RAM at the moment and we just view the conditions that exist today continuing in the foreseeable future.

Joe Fan - JP Morgan

So any particular regions that we have another and their expectations?

Dave Dutton

No. I think it's pretty much across the Board.

Joe Fan - JP Morgan

Okay. Thanks a lot.

Operator

(Operator Instructions). We will take a follow-up from Patrick Ho with Stifel Nicolaus.

Patrick Ho - Stifel Nicolaus

Thanks. Just a follow-up in terms of the stock option expensing [and a deal] to breakdown for this quarters?

Andy Moring

It was pretty much the same as in the past somewhere between 1 and 1.1 million I think.

Patrick Ho - Stifel Nicolaus

All right. Thank you.

Operator

And gentleman that does conclude our question-and-answer session. I would like to turn everything back over to you Mr. Dutton for any additional or closing remarks.

Dave Dutton

Great. Thank you, Jenny. And once again thank you for joining our 2008 second quarter conference call. We are looking forward to updating you on the progress across the company as we go through 2008. Thank you.

Operator

And that does conclude today's conference. Thank you for your participation, you may disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha.

However, we view them as an important resource for bloggers and journalists,

and are excited to contribute to the democratization of financial information on

the Internet. (Until now investors have had to pay thousands of dollars in

subscription fees for transcripts.) So our reproduction policy is as follows: You

may quote up to 400 words of any transcript on the condition that you

attribute the transcript to Seeking Alpha and either link to the original

transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION

OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE

PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS

ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE

MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING

OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES

SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT

OR OTHER DECISIONS MADE BASED UPON THE INFORMATION

PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE

ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO

PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS

BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact

us at: transcripts@seekingalpha.com. Thank you!

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Mattson Technology Inc. Q2 Earnings Transcript Call
This Transcript
All Transcripts