ST. PAUL, Minn.--(BUSINESS WIRE)--Micro Component Technology, Inc. (OTCBB:MCTI) today reported results for
its third quarter ended September 30, 2006. Net sales for the third
quarter of 2006 were $3.3 million, an increase of 87% from net sales of
$1.8 million for the third quarter of 2005. Net loss was $1.9 million or
$0.06 per share in the third quarter of 2006, compared to net loss of
$1.0 million or $0.04 per share in the comparable prior year period. The
current quarter’s net loss of $1.9M included
$1.4 million of non-cash debt conversion expense from the 10%
subordinated convertible debt.
Net sales for the nine-months ended September 30, 2006 were $9.3
million, an increase of 85% from net sales of $5.0 million in the prior
year. The net loss for the nine-month period of 2006 was $3.0 million,
or $0.10 per share, compared to a net loss of $3.6 million, or $0.14 per
share in the prior year.
MCT’s President, Chairman and Chief Executive
Officer, Roger E. Gower, commented, “Our third
quarter revenue continued to demonstrate the sales strength that was
experienced in the previous first two quarters of 2006, by exceeding
like quarters of 2005 by over 85%. In addition, bookings continued
strong as noted in our recent announcement of a $1.2M, multi-unit order
scheduled to be shipped in Q4 of 2006. The 3rd
Quarter MCT financial performance was substantially impacted by two
major factors: (1) A non-cash debt conversion expense of $1.4M
associated with the conversions to stock of over $2.1M of convertible
debt and (2) a known low gross margin experience on a key new product
installation.”
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 SmartTrak™, 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 and July 1, 2006.
Condensed Consolidated Statements of Operations (Unaudited)
