- Advanced Packaging Drives Record Sales Year;
- Lithography Business Unit Completes Third Consecutive Year of Growth
FLANDERS, N.J. — (BUSINESS WIRE) — February 1, 2016 — Rudolph Technologies, Inc. (NYSE: RTEC), a leading provider of process characterization equipment, lithography equipment and software for wafer fabs and advanced packaging facilities, today announced financial results for the fourth quarter and year ended 2015.
2015 Fourth Quarter Financial Highlights
- Fourth quarter revenue of $51.1 million was in-line with Company guidance and included two JetStep® lithography system sales.
- Gross margins remained strong at 52 percent for the quarter.
- GAAP net income of $2.9 million, or $0.09 per diluted share; Non-GAAP net income of $5.1 million, or $0.16 per diluted share, was in-line with Company guidance.
- Company fourth quarter Book-to-Bill ratio was significantly ahead of industry ratio.
- Cash and marketable securities increased to $161.5 million.
2015 Year-End Financial Highlights
- 2015 record revenue of $221.7 million increased 22 percent, compared with $181.2 million in 2014, resulting in record year.
- 2015 gross margins of 54 percent increased as compared to 53 percent for 2014.
- Advanced Packaging revenue increased by 47 percent in 2015.
- Lithography sales increased over 30 percent year-over-year, ending at $16.5 million.
- Record year for software sales, representing 12 percent of revenue.
Michael Plisinski, chief executive officer, commented, With strong demand for our products and integrated solutions, our many successes in 2015 set the stage for a strong 2016. Fourth quarter revenues of $51.1 million completed a record year for Rudolph. Our core inspection business grew by 30 percent in 2015, driven by strong demand for our unique blend of 2D macro inspection, 3D metrology, and software in a variety of advanced packaging applications. Further enhancing our growth in advanced packaging, lithography sales of $16.5 million grew over 30 percent from 2014, and we recognized revenue on two JetStep advanced packaging lithography systems in the 2015 fourth quarter. Since its introduction in 2012, we have expanded our lithography business at a compound-annual-growth-rate of approximately 30 percent, with several significant wins paving the way for further success. This morning we announced a new lithography customer with an order for our first JetStep S-Series panel system from a leading Taiwanese outsourced assembly and test (OSAT) customer for the semiconductor advanced packaging industrys first panel manufacturing line.
Mr. Plisinski continued, Advanced packaging will remain a strong growth driver for Rudolph as customers continue to invest in a variety of new and challenging packaging technologies such as Cu-pillar, wafer level fan-out, and through-silicon vias (TSVs) to lower cost and increase performance of mobile devices.
Another growth driver for Rudolph was from the radio-frequency (RF) filter market. We expanded our sales in RF filters for mobile applications, increasing our footprint in this fast-growing market segment by over 50 percent. This included multiple orders from a leading RF filter manufacturer that included inspection and metrology tools as well as process control software, which span both front-end and back-end applications. With the rapid advancement of the Internet of Things, manufacturing of these components is likely to grow dramatically, and several manufacturers have already announced increased capital spending for 2016. During the year, we also extended our leadership in the growing MEMs market with a win at Robert Bosch for both front-end and back-end inspection and software applications.
Increasing demand for comprehensive process control solutions in 2015 also drove our software business unit to a record year, with revenues amounting to just over 12 percent of the Companys revenue.
Mr. Plisinski concluded, In 2015 we strengthened our position as a comprehensive solutions provider, combining product, services and software to solve high-value customer problems. We expect to further capitalize on the gains we have made in the coming year. We remain confident that our strategy to leverage our broad product portfolio to provide more comprehensive solutions to a diverse customer base serving a variety of end markets will allow us to continue to drive growth, maintain a strong balance sheet, and return value to shareholders.