Exhibit 99.1

 

Contacts:   Jeffrey C. Benzing      Robin Yim
  Chief Administrative Officer      Investor Relations
  Novellus Systems, Inc.      Novellus Systems, Inc.
  Phone: (408) 943-9700      Phone: (408) 943-9700

FOR IMMEDIATE RELEASE

NOVELLUS SYSTEMS REPORTS FOURTH QUARTER AND YEAR-END RESULTS

SAN JOSE, Calif., February 3, 2010—Novellus Systems, Inc. (NASDAQ: NVLS) today reported operating results for its fourth quarter and year ended December 31, 2009. Net sales for the fourth quarter were $244.2 million, up $67.3 million or 38.1 percent from third quarter 2009 net sales of $176.9 million, and up $55.7 million or 29.6 percent from fourth quarter 2008 net sales of $188.5 million. Net income for the fourth quarter was $35.2 million, or $0.36 per diluted share, up $39.2 million from the third quarter 2009 net loss of $4.0 million, or $0.04 per diluted share, and up $165.4 million from the fourth quarter 2008 net loss of $130.3 million, or $1.36 per diluted share.

Fourth quarter 2009 results of operations include $2.5 million in charges related to the consolidation of manufacturing facilities in our Tualatin, Oregon facility and $1.0 million in additional charges primarily due to reductions in workforce. Fourth quarter 2009 net income without those items was $38.2 million or $0.39 per diluted share. Excluding certain charges and benefits, third quarter 2009 and fourth quarter 2008 net loss was $2.5 million and $20.0 million, respectively, or $0.03 and $0.21 per diluted share, respectively. A reconciliation of non-GAAP operating results to U.S. generally accepted accounting principles (“GAAP”) is included below.

Net sales for fiscal year 2009 were $639.2 million, down $371.8 million or 36.8 percent from net sales of $1.01 billion in fiscal year 2008. The net loss for the year was $85.2 million or $0.88 per diluted share compared with fiscal year 2008 net loss of $115.7 million or $1.18 per diluted share.

Fiscal year 2009 results include $42.9 million of other charges. Fiscal year 2009 net loss was $49.1 million or $0.51 per diluted share excluding those items. Excluding certain charges and benefits, fiscal year 2008 net income was $7.1 million or $0.07 per diluted share. A reconciliation of non-GAAP operating results to U.S. GAAP is included below.

Bookings in the fourth quarter were $257.6 million, up $86.1 million and 50.2 percent from third quarter 2009 bookings of $171.5 million. Shipments of $244.5 million in fourth quarter 2009 increased by $79.0 million or 47.8 percent from $165.4 million reported for the third quarter of 2009. Deferred revenue at the end of the fourth quarter was $35.9 million, an increase of $3.6 million or 11.1 percent from $32.3 million at the end of the third quarter of 2009.

Cash, cash equivalents, and short-term investments as of December 31, 2009 were $501.4 million, an increase of $17.8 million or 3.7 percent from the third quarter 2009 ending balance of $483.6 million. Long-term investments and restricted cash and cash equivalents as of December 31, 2009 were $211.9 million, a decrease of $8.3 million or 3.8 percent from the third quarter 2009 ending balance of $220.1 million. During the fourth quarter of 2009, we purchased approximately 0.6 million shares of our common stock, at an average price of $20.76 per share, for $13.1 million.

Richard S. Hill, Chairman and Chief Executive Officer said, “I’m pleased to report that efforts to restore our business model have paid off, and we ended a very difficult year with solid financial performance in the fourth quarter. Our increased operating leverage will enable us to drive for greater profitability cycle to cycle.” Hill also added, “We believe the continued momentum behind the recovery in our industry is sustainable, as it is based on the return of fundamental end market demand drivers similar to the ones we saw a decade ago. While the future is never certain, we expect to see continued growth in semiconductor demand, which ultimately drives our business. This demand is being fueled by a worldwide acceleration of information technology infrastructure expansion, including the adoption of Windows 7, massive government spending worldwide to enhance security around the globe, and the rise of the Chinese consumer (who is forecasted to spend nearly four times as much on electronics as the U.S. or European consumer over the next five years). Technology has consistently been a key driver for improvement in the quality of life around the globe, and we believe there is no end in sight to the application of semiconductors to help achieve this goal.”

Management uses non-GAAP measures to evaluate operating performance. The presentation of net income (loss) excluding certain charges and benefits and the discussion of revenue on a shipments basis are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. We present net income (loss) on a non-GAAP basis, excluding certain charges and benefits, because we believe this helps both management and investors to assess the operating performance of our business by comparing it to prior periods on a more consistent basis. A reconciliation between our GAAP and non-GAAP results is provided below. Non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures.

 


The following information was filed by Novellus Systems Inc on Wednesday, February 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Novellus Systems Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Novellus Systems Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account