Rubicon Technology, Inc. Reports Record Fourth Quarter 2010 Results of Operations

 
Rubicon Technology, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
 
      December 31,       December 31,
2010 2009
Assets (unaudited) (audited)
Cash and cash equivalents $ 16,073 $ 3,860
Restricted cash 533 8
Short-term investments 66,131 40,716
Accounts receivable, net 18,676 4,967
Inventories, net 11,135 6,597
Other current assets   9,683   3,444
Total current assets 122,231 59,592
Property and equipment, net 82,511 39,525
Investments 2,000 2,000
Other assets   -   69
Total assets $ 206,742 $ 101,186
 
Liabilities and Stockholders' Equity
Accounts payable $ 9,255 $ 2,056
Accrued and other current liabilities   5,393   1,690
Total liabilities 14,648 3,746
 
Stockholders' equity   192,094   97,440
Total liabilities and stockholders’ equity $ 206,742 $ 101,186
 
 
Rubicon Technology, Inc.
Condensed Consolidated Statements of Operations (unaudited)
(in thousands except share and per share amounts)
 
    Three months ended December 31,     Twelve months ended December 31,
2010     2009 2010     2009
 
Revenue $ 29,537 $ 8,528 $ 77,362 $ 19,808
Cost of goods sold   10,857     7,471     36,205     23,427  
Gross profit (loss) 18,680 1,057 41,157 (3,619 )
 
General and administrative expenses 2,965 1,387 9,883 4,811
Sales and marketing expenses 375 338 1,267 1,137
Research and development expenses 373 235 1,079 801
(Gain) loss on disposal of assets   (100 )   -     234     -  
Total operating expenses   3,613     1,960     12,463     6,749  
Income (loss) from operations 15,067 (903 ) 28,694 (10,368 )
 
Other income (expense):
Interest income (expense) and other, net   214     148     346     738  
Income (loss) before income taxes 15,281 (755 ) 29,040 (9,630 )
Income tax (benefit) expense   (71 )   -     (71 )   0  
Net income (loss) $ 15,352   $ (755 ) $ 29,111   $ (9,630 )
 
Net income (loss) per common share:
Basic $ 0.67 ($0.04 ) $ 1.34 ($0.48 )
Diluted $ 0.64 ($0.04 ) $ 1.28 ($0.48 )
 

Weighted average common shares outstanding used in computing net income (loss) per common share:

Basic 22,945,906 20,131,271 21,726,090 20,117,543
Diluted 23,835,924 20,131,271 22,790,896 20,117,543
 
 
Rubicon Technology, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
 
    Three months ended December 31,     Twelve months ended December 31,
2010     2009 2010     2009
Cash flows from operating activities        
Net income (loss) $ 15,352 ($755 ) $ 29,111 ($9,630 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization 1,827 1,366 6,066 5,342
Other 586 244 2,478 890
Changes in operating assets and liabilities
Accounts receivable, net (6,103 ) (1,572 ) (13,709 ) (2,425 )
Inventories (2,643 ) 650 (4,464 ) 1,285
Other current assets (2,052 ) (658 ) (6,194 ) 1,474
Accounts payable 4,629 1,127 7,129 (445 )
Accrued expenses and other current liabilities   1,710     731     3,642     217  
Net cash provided by (used in) operating activities   13,306     1,133   $ 24,059     (3,292 )
 
Cash flows from investing activities
Purchases of property and equipment, net of proceeds from disposals of assets (14,431 ) (2,306 ) (49,285 ) (5,530 )
Purchases of investments, net of proceeds from sales of investments   4,984     847     (25,417 )   7,229  
Net cash (used in) provided by investing activities   (9,447 )   (1,459 )   (74,702 )   1,699  
 
Cash flows from financing activities
Purchase of treasury stock - - - (2,577 )
Proceeds from issuance of common stock, net of issuance costs (3 ) - 61,720 -
Other financing activities   262     386     1,115     417  
Net cash provided by (used in) financing activities   259     386     62,835     (2,160 )
 
Effect of foreign exchange rate changes on Cash and cash equivalents (7 ) (16 ) 21 (16 )
 
Net increase (decrease) in cash and cash equivalents 4,111 44 12,213 (3,769 )
Cash and cash equivalents, beginning of period   11,962     3,816     3,860     7,629  
Cash and cash equivalents, end of period $ 16,073   $ 3,860   $ 16,073   $ 3,860  
 




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