EXHIBIT 99.1




NEWS RELEASE

 

 

FOR IMMEDIATE RELEASE

CONTACT:

Brian James

 

 

Executive VP and Chief Financial Officer

 

 

(781) 467-3500

 

 

ADE Corporation Exceeds Third-Quarter Guidance

 

Revenue, Gross Margin, Income, Bookings and Cash Rise Sequentially

 

WESTWOOD, Mass. – March 7, 2006 – ADE Corporation (Nasdaq: ADEX) today reported its financial results for its third quarter of fiscal 2006 ended January 31, 2006.

 

Revenue for the third quarter of fiscal 2006 was $26.3 million, compared with $23.6 million for the second quarter of fiscal 2006 and $29.5 million for the third quarter of fiscal 2005. ADE posted net income of $4.7 million, or $0.32 per diluted share, for the third quarter of fiscal 2006. This figure includes a tax benefit of approximately $980,000 related to 2005 tax deductions. This compares with net income of $2.9 million, or $0.20 per diluted share, for the second quarter of fiscal 2006, and $6.4 million, or $0.45 per diluted share, for the third quarter of fiscal 2005.

 

Gross margin for the third fiscal quarter of 2006 was 57 percent. This compares with 56 percent for the prior quarter and 53 percent for the year-ago third fiscal quarter. ADE ended the third fiscal quarter with $88.2 million in cash, cash equivalents and marketable securities. This is an increase of 20 percent from $73.7 million at the end of fiscal 2005. ADE’s backlog on January 31, 2006 was $41.8 million. This compares with $40.2 million on October 31, 2005 and $48.2 million on January 31, 2005.

 

“ADE continued to perform well in the third fiscal quarter, exceeding its financial guidance range for revenue and net income, and showing growth in new orders and gross margin as well as cash,” said Dr. Chris L. Koliopoulos, ADE’s president and chief executive officer. “We continued to capitalize on the ongoing expansion in 300mm wafer capacity, generated additional momentum with our recent product launches and increased our cash position to record levels.”

 

“For the third quarter, revenue was strongest geographically from Japan, which accounted for 45% of total revenue,” said Brian James, executive vice president and chief financial officer of ADE. “Asia and the United States, meanwhile, each contributed approximately 25% of sales, with Europe delivering the remainder.”

 

“Utilization rates remain high in both 200mm and 300mm wafer fabs, and demand for metrology and defect inspection equipment continues to grow as capacity expansion plans are announced and 300mm wafer production escalates,” continued Dr. Koliopoulos. “Quote activity remained strong during the quarter, and customer interest in our new NanoXam™, WaferXam™ and FabVision™ tools continues to build momentum. Our data storage segment is also tracking the growth in hard disk drives as consumer demand increases.”

 

 



The following information was filed by Ade Corp on Tuesday, March 7, 2006 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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