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Ultratech revenue up 27 percent year-over-year

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Highest ever net sales over the past four years following Veeco deal

Ultratech, a supplier of lithography, laser-processing and inspection systems for semiconductor devices and high-brightness LEDs, has announced unaudited results for the three-month period ended April 1, 2017.

For the first quarter of fiscal 2017, Ultratech net sales totaled $57.4 million, or 27 percent higher than the $45.2 million reported in the year ago quarter. This level of net sales is the highest achieved by Ultratech over the past four years, and it follows the announcement in February that process equipment company Veeco Instruments was intending to acquire Ultratech for $815 million.

On a GAAP basis, Ultratech's net income for the first quarter of fiscal 2017 was $3.0 million, or $0.11 per diluted share, as compared to net loss of $1.2 million, or $(0.04) per share, for the same quarter last year.

On a non-GAAP basis, Ultratech's net income for the first quarter of fiscal 2017 was $9.7 million, or $0.35 per share, as compared to net income of $2.7 million, or $0.10 per share, for the same quarter last year.

Arthur W. Zafiropoulo, chairman and CEO, stated: "Our first quarter results illustrate our market leading technology position, combined with the strong positive leverage in our business model. Sales grew by 27 percent versus the prior year, resulting in a 250 percent increase in non-GAAP earnings per share. 

"Robust demand for our laser spike annealing, and advanced packaging product lines drove strong bookings momentum, generating a book-to-bill ratio of more than 1 to 1. Ultratech's portfolio of advanced products continue to meet the existing and future needs of the various industries that we serve."

At April 1, 2017, Ultratech had $274.2 million in cash, cash equivalents and short-term investments. Working capital was $356.3 million and stockholders' equity was $13.08 per share based on 27,236,174 total shares outstanding as of April 1, 2017.

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