UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2003
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
Commission File Number: 000-27863
METRON TECHNOLOGY N.V.
(Exact name of registrant as specified in its charter)
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The Netherlands |
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98-0180010 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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4425 Fortran Drive |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: (408) 719-4600 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes |
ý |
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No |
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Title of Each Class |
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Outstanding at March 31, 2003 |
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Common shares, par value EUR 0.44 per share |
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13,121,222 |
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METRON TECHNOLOGY N.V.
INDEX
2
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands except per share)
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Three
months |
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Nine
months |
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||||||||
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|
|
2002 |
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2003 |
|
2002 |
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2003 |
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|
|
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Net revenue |
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$ |
46,733 |
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$ |
57,896 |
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$ |
176,271 |
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$ |
179,020 |
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Cost of revenue |
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36,931 |
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47,074 |
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141,981 |
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146,207 |
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||||
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Gross profit |
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9,802 |
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10,822 |
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34,290 |
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32,813 |
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||||
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Selling, general, administrative, and other expenses |
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12,446 |
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14,286 |
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39,330 |
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43,028 |
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||||
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Restructuring costs |
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432 |
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1,206 |
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1,083 |
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2,998 |
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||||
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Goodwill impairment |
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— |
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8,292 |
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— |
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8,292 |
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||||
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Other operating income, net of associated costs |
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1,354 |
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— |
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4,062 |
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1,354 |
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Operating loss |
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(1,722 |
) |
(12,962 |
) |
(2,061 |
) |
(20,151 |
) |
||||
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Equity in net earnings (loss) of joint ventures |
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(38 |
) |
— |
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(83 |
) |
36 |
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||||
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Loss from impairment of investment |
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— |
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— |
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(401 |
) |
— |
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Other income (expense), net |
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30 |
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(351 |
) |
(460 |
) |
(1,237 |
) |
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Loss before income taxes |
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(1,730 |
) |
(13,313 |
) |
(3,005 |
) |
(21,352 |
) |
||||
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Benefit for income taxes |
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(802 |
) |
(686 |
) |
(1,229 |
) |
(943 |
) |
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Net loss |
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$ |
(928 |
) |
$ |
(12,627 |
) |
$ |
(1,776 |
) |
$ |
(20,409 |
) |
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Loss per common share |
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Basic loss per common share |
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$ |
(0.07 |
) |
$ |
(0.96 |
) |
$ |
(0.14 |
) |
$ |
(1.56 |
) |
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Diluted loss per common share |
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$ |
(0.07 |
) |
$ |
(0.96 |
) |
$ |
(0.14 |
) |
$ |
(1.56 |
) |
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|
|
|
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Weighted average number of shares |
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|
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|
|
|
|
|
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Basic |
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12,867 |
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13,121 |
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12,846 |
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13,067 |
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Diluted |
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12,867 |
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13,121 |
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12,846 |
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13,067 |
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See accompanying Notes to Condensed Consolidated Financial Statements
3
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
(Dollars in thousands)
|
|
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Three
months |
|
Nine
months |
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||||||||
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|
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2002 |
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2003 |
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2002 |
|
2003 |
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Net loss |
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$ |
(928 |
) |
$ |
(12,627 |
) |
$ |
(1,776 |
) |
$ |
(20,409 |
) |
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Other comprehensive income (loss) |
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|
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Foreign currency translation |
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(627 |
) |
1,686 |
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(297 |
) |
3,083 |
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Gain (loss) from foreign currency forward contracts |
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(188 |
) |
27 |
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(263 |
) |
— |
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Comprehensive loss |
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$ |
(1,743 |
) |
$ |
(10,914 |
) |
$ |
(2,336 |
) |
$ |
(17,326 |
) |
See accompanying Notes to Condensed Consolidated Financial Statements
4
METRON TECHNOLOGY N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
|
|
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May 31, |
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February 28, |
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ASSETS |
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Cash and cash equivalents |
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$ |
19,949 |
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$ |
11,340 |
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Accounts receivable |
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42,160 |
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36,091 |
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Loan to officer/shareholder |
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110 |
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110 |
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