Tegal Corporation (NASDAQ:TGAL) today announced financial
results for the Fourth Quarter and Fiscal Year 2012, which ended
March 31, 2012.
Fiscal 2012 Fourth Quarter Financial Statement
Highlights
- The Company’s Net (Loss) per share in
the Fourth Quarter of Fiscal Year 2012 was ($1.32), compared with
($0.42) in the Fourth Quarter of the prior fiscal year and $1.34 in
the Third Quarter of Fiscal Year 2012.
- Tegal recorded a Net Loss of ($2,227)
in the Fourth Quarter of Fiscal Year 2012. The Company wrote off
the investment in Sequel Power and recognized its proportionate
share of Sequel Power’s operating loss of ($1,545) in the Fourth
Quarter of Fiscal Year 2012.
- Tegal ended the Fourth Quarter of
Fiscal Year 2012 with approximately $7.8 million in cash.
Fiscal 2012 Financial Statement Highlights
- The Company’s Net (Loss) per share
decreased to ($0.85) for the year from a comparable ($1.85) from
the prior fiscal year.
- The Company ended the fiscal year with
$7.8 million in cash, an increase over the prior year of
approximately $0.2 million. This balance reflects the use of cash
for the investment in NanoVibronix and proceeds of the IP asset
sale.
Fiscal 2012 Business Highlights
Tegal and its portfolio companies achieved numerous milestones
in Fiscal Year 2012. Tegal’s two portfolio companies are Sequel
Power, a private company dedicated to the development and operation
of large scale photovoltaic (PV)-based solar utility projects, and
NanoVibronix Inc., a private company that develops medical devices
and products that implement its proprietary therapeutic ultrasound
technology.
Among the highlight’s of Fiscal 2012:
- Tegal awarded patents to multiple
bidders for three of the four bid lots of Tegal’s NLD Patent
Portfolio recently offered for sale for an aggregate consideration
of approximately $4 million. Tegal received approximately $3.8
million in the Fiscal Year 2012. Tegal sold over 30 patents from
the NLD portfolio—which includes more than 35 U.S. and
international patents in the areas of pulsed-chemical vapor
deposition (CVD), plasma-enhanced atomic-layer deposition (ALD) and
NLD. NLD is a process technology that bridges the gap between high
throughput, non-conformal chemical vapor deposition and lower
throughput, highly conformal atomic layer deposition (ALD). Tegal
offered the patent portfolio for sale earlier in 2011 in an effort
to complete the divestment of its semiconductor capital equipment
assets. Tegal also reported ongoing discussions regarding placement
of Lot 4 of the NLD Patent portfolio, which applies to copper
barrier and low-k dielectric technology. Interest in Lot 4 is
coming primarily from IC device manufacturers, the company
said.
- Tegal made a $300,000 strategic
investment in NanoVibronix Inc., a medical device company focused
on creating products utilizing its proprietary low-intensity
surface acoustic wave (SAW) technology. The company's unique,
patented approach enables the transmission of low-frequency,
low-intensity ultrasound waves through a variety of soft, flexible
materials, including skin and tissue, enabling low-cost,
breakthrough devices targeted at large, high-growth markets.
- Sequel Power opened offices in Buenos
Aires, Argentina, and Santiago, Chile, during the Fourth Quarter.
The offices serve Sequel Power’s customers and partners in South
America and are overseen by Prince Alexander von Sachsen, Sequel
Power’s Chairman of South America and Middle East/Africa. Sequel
Power is currently working on South American large-scale
photovoltaic-based solar utilities projects in California, Chile
and Ecuador.
“Tegal emerges from Fiscal 2012 with a substantially
strengthened balance sheet and excellent prospects for additionally
monetizing our IP portfolio,” said Thomas Mika, President and Chief
Executive Officer of Tegal. “Our investment focus became more
tightly focused on healthcare technologies, whose growth is driven
by government mandates and increasing demands for efficiency. We
expect healthcare technology to be a significant part of our growth
in Fiscal 2013.”
Safe Harbor Statement
Except for historical information, matters discussed in this
news release contain forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Forward-looking statements, which are based on
assumptions and describe our future plans, strategies and
expectations, are generally identifiable by the use of the words
"anticipate," "believe," "estimate," "expect," "intend," "project"
or similar expressions. These forward-looking statements are
subject to risks, uncertainties and assumptions about the Company
including, but not limited to industry conditions, economic
conditions, acceptance of new technologies, market acceptance of
the Company's products and services, the Company’s exploration and
execution of strategic alternatives. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph. For a further discussion of these risks and
uncertainties, please refer to the Company's periodic filings with
the Securities and Exchange Commission.
About Tegal
Since its founding in 1972, Tegal Corporation has been dedicated
to the development and application of emerging technologies. Often
on the forefront of major inventions, Tegal’s process and capital
equipment know-how enabled the development and manufacturing of
leading-edge devices – from early microprocessors to advanced
memory and LEDs, as well as to newest filtering and sensing devices
that are present in the most advanced smart phones. Tegal draws
upon its historic market and technology leadership in
semiconductors and MEMS devices to engage in the promotion of other
emerging technologies, including PV-based solar power generation
and medical diagnostic and therapeutic devices. Tegal is actively
evaluating opportunities for partnerships with diversified
technology-based companies in order to exploit our shared
experience and to enhance our value as a public company. Tegal is
headquartered in Petaluma, California. Please visit us on the web
at www.tegal.com.
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
ASSETS
March 31,2012
March 31,2011
Current assets: Cash and cash equivalents $ 7,820 $ 7,575
Restricted Cash -- 200 Prepaid expenses and other current assets 56
139 Other assets of discontinued operations 418
1,129 Total current assets 8,294 9,043 Property and
equipment, net 56 112
Investment in unconsolidated affiliate
-- 2,046 Investment in convertible promissory note 312
-- Total assets
$ 8,662
$ 11,201 LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $
1 $ 262 Common Stock Warrant Liability 19 26 Accrued expenses and
other current liabilities 316 94 Liabilities on discontinued
operations 246
1,410 Total liabilities
582
1,792
Stockholders’ equity: Common stock 17 17 Additional paid-in capital
129,052 128,977 Accumulated other comprehensive income (142) (167)
Accumulated deficit
(120,847)
(119,418) Total stockholders’ equity
8,080 9,409 $
8,662 $ 11,201
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
data)
Year Ended
March 31,
2012 2011 Revenue – related party $ 100
$ 16 Operating expenses: General and administrative expenses
2,615 1,883 Total operating expenses
2,615 1,883 Operating loss (2,515) (1,867) Equity in
(loss) and impairment of unconsolidated affiliate (2,046) (179)
Other income (expense), net 18 337 Loss before
income tax benefit (4,543) (1,709) Income tax expense (benefit)
expense -- -- Loss from continuing operations
(4,543) (1,709) Gain on sale of discontinued operations, net of tax
2,930 506 Income (loss) from discontinued operations, net of taxes
184 (1,927) Income (loss) from discontinued
operations 3,114 (1,421) Net loss
$ (1,429) $
(3,130)
Other comprehensive income (loss)
25 (18) Total comprehensive (loss)
$ (1,404) $
(3,148) Net (loss) income per share from
continuing operations: Basic and diluted $ (2.69) $ (1.01) Net
(loss) income per share from discontinued operations: Basic and
diluted $ 1.84 $ (0.84) Net (loss) income per share: Basic and
diluted $ (0.85) $ (1.85) Weighted average shares used in
per share computation: Basic and diluted 1,689 1,689
The weighted average number of shares and the
(loss) income per share reflect a 1-for-5 reverse split effected by
the Company on June 15, 2011
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