MCTI News MCT Reports 72% Increase in Revenue in 2006
ST. PAUL, Minn.--(BUSINESS WIRE)--Micro Component Technology, Inc. (OTCBB:MCTI) today reported results for its fourth quarter and fiscal year ended December 31, 2006.
Net sales for the fourth quarter ended December 31, 2006 were $2.9 million, a sequential increase of 42% from the fourth quarter of 2005. The net loss for the current quarter was $0.7 million or $0.02 per share compared to a loss of $1.5 million or $0.20 per share in the fourth quarter of 2005.
Net sales for the year ended December 31, 2006 were $12.2 million, an increase of 71.8% from net sales of $7.1 million in the prior year. The net loss for the 2006 was $3.7 million, or $0.12 per share, compared to a net loss of $5.1 million, or $0.20 per share in the prior year.
MCT’s Chief Executive Officer, Roger Gower, commented, “MCT in 2006 made strong progress from both the financial and marketing standpoint. Financially, the loss in 2006 of $3.7 million included non-cash charges of $1.8 million related to debt issuance costs and the conversion from debt to equity of $2.1 million of convertible notes. In addition, our EBITDA (excluding inventory adjustments) for 2006 was approximately $250,000, reflecting the impact of strong gross margins and the stringent expense controls implemented in 2006. From a market perspective, MCT introduced its new Tri Temp Tapestry product in June 2006 and received orders of over $3.6 million for this product during the remainder of 2006. This momentum is continuing into 2007, new orders of $2.3 million for the Tri Temp Product have already been received this year.”
MCT is a leading manufacturer of test handling and automation solutions satisfying the complete range of handling requirements of the global semiconductor industry. MCT has recently introduced several new products under its Smart Solutions™ line of automation products, includingTapestry®, SmartMark™, SmartSort™, and SmartTrakTM, which are designed to automate the back-end of the semiconductor manufacturing process. MCT believes it has the largest installed IC test handler base of any manufacturer, with over 11,000 units worldwide. MCT is headquartered in St. Paul, Minnesota, with its core manufacturing operation in Penang, Malaysia. MCT is traded on the OTC Bulletin Board under the symbol MCTI.
For more information on the Company, visit its web site at http://www.mct.com
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the timely development and acceptance of new products, the impact of competitive products and pricing, the impact on cash and results of operations from a flattening or renewed downturn in the semiconductor capital equipment market, the need for additional financing, and the other factors detailed from time to time in the Company's SEC reports, including but not limited to the discussion in the Risk Factors and Management's Discussion & Analysis included in Form 10-K for the year ended December 31, 2005 and Form 10-Q for the quarter ended April 1, 2006, July 1, 2006 and October 2, 2006.
MCT, Inc. (Year-End 2006) - Page Three
Condensed Consolidated Statements of Operations (Unaudited)
