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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.  20549
 
FORM 10-Q
 
[Mark One]
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2003
 
OR
 
 
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 0-26482
 
TRIKON TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4054321
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
Ringland Way, Newport, Gwent NP18 2TA, United Kingdom
 
              
(Address of principal executive offices)
 
(Zip Code)
 
 
 
Registrant’s telephone number, including area code 44-1633-414-000
 
Not Applicable
Former name, former address and former fiscal year, if changed since last report
 
Indicate by check whether the registrant (1) has filed all reports required to be filed by Sections 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.
 
Yes       No  
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act.
 
Yes       No  
 
As of May 6, 2003, the total number of outstanding shares of the Registrant’s common stock was 14,032,320.
 
 
Trikon Technologies, Inc.
 
INDEX
 
 
 
PAGE NUMBER
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Trikon Technologies, Inc.
 
PART 1 -   FINANCIAL INFORMATION
 
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
 
 
 
March 31, 2003
 
December 31, 2002
 
 
 
 
 
 
 
 
(Unaudited)
 
 
(Note A)
 
Assets
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
37,729
 
$
42,557
 
Accounts receivable, net
 
 
5,507
 
 
8,948
 
Inventories, net
 
 
18,509
 
 
20,486
 
Prepaid and other current assets
 
 
2,619
 
 
2,671
 
 
 
 
 
Total current assets
 
 
64,364
 
 
74,662
 
Property, equipment and leasehold improvements, net
 
 
18,172
 
 
19,636
 
Demonstration systems, net
 
 
2,912
 
 
2,669
 
Other assets
 
 
185
 
 
221
 
 
 
 
 
Total assets
 
$
85,633
 
$
97,188
 
 
 
 
 
Liabilities and shareholders’ equity
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
5,038
 
$
4,510
 
Current portion of long-term debt
 
 
16,389
 
 
8,651
 
Deferred revenue
 
 
981
 
 
1,169
 
Other current liabilities
 
 
3,950
 
 
5,288
 
 
 
 
 
Total current liabilities
 
 
26,358
 
 
19,618
 
               
Long-term debt less current portion
 
 
495
 
 
10,717
 
Pension obligations
 
 
4,771
 
 
5,313
 
Other non-current liabilities.
 
 
955
 
 
1,020
 
 
 
 
 
Total liabilities
 
 
32,579
 
 
36,668
 
Shareholders’ equity:
 
 
 
 
 
 
 
Preferred Stock:
 
 
—
 
 
—
 
Authorized shares — 20,000,000
 
 
 
 
 
 
 
Issued and outstanding — Nil at March 31, 2003 and December 31, 2002
 
 
 
 
 
 
 
Common Stock, no par value:
 
 
254,540
 
 
254,536
 
Authorized shares — 50,000,000
 
 
 
 
 
 
 
Issued and outstanding — 14,031,322 at March 31, 2003 and 14,025,702 at December 31, 2002
 
 
 
 
 
 
 
Accumulated other comprehensive loss
 
 
(8,986
)
 
(8,400
)
Deferred compensation
 
 
(190
)
 
(569
)
Accumulated deficit
 
 
(192,310
)
 
(185,047
)
 
 
 
 
Total shareholders’ equity
 
 
53,054
 
 
60,520
 
 
 
 
 
Total liabilities and shareholders’ equity
 
$
85,633
 
$
97,188
 
 
 
 
 
 
See Notes to Unaudited Condensed Consolidated Financial Statements.
 
3
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Trikon Technologies, Inc.
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
(In thousands, except for share data)
 
 
 
Three Months ended
 
 
 
 
 
 
March 31, 2003
 
March 31, 2002
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Product revenues
 
$
5,104
 
$
8,000
 
Costs and expenses:
 
 
 
 
 
 
 
Cost of goods sold
 
 
4,340
 
 
5,771
 
Research and development
 
 
2,318
 
 
2,279
 
Selling, general and administrative
 
 
4,800
 
 
4,935
 
Settlement of pension liabilities and related expenses
 
 
706
 
 
—
 
 
 
 
 
 
 
 
12,164
 
 
12,985
 
Loss from operations
 
 
(7,060
)
 
(4,985
)
Foreign currency (losses) gains
 
 
(278
)
 
111
 
Interest income (expense), net
 
 
98
 
 
(7
)
 
 
 
 
Loss before income tax charge (credit)
 
 
(7,240
)
 
(4,881
)
Income tax charge (credit)
 
 
24
 
 
(1,098
)
 
 
 
 
Net loss
 
$
(7,264
)
$
(3,783
)
 
 
 
 
Loss per share data:
 
 
 
 
 
 
 
Basic:
 
$
(0.56
)
$
(0.32
)
Diluted:
 
$
(0.56
)
$
(0.32
)
Weighted average common shares used in the calculation:
 
 
 
 
 
 
 
Basic:
 
 
12,880
 
 
11,720
 
Diluted:
 
 
12,880
 
 
11,720
 
 
See Notes to Condensed Consolidated Financial Statements.
 
4
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Trikon Technologies, Inc.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
 
 
Three Months ended
 
 
 
 
 
 
March 31,
 
March 31,
 
 
 
 
 
 
 
2003
 
2002
 
 
 
 
 
Operating Activities
 
 
 
 
 
 
 
Net loss
 
$
(7,264
)
$
(3,783
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
Depreciation and amortization of property plant and equipment
 
 
1,160
 
 
1,143
 
Amortization of deferred compensation
 
 
379
 
 
379
 
Provision for loss on accounts receivable
 
 
20
 
 
—
 
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable
 
 
3,421
 
 
5,704
 
Inventories (including demonstration systems)
 
 
1,734
 
 
40
 
Other current assets
 
 
52
 
 
731
 
Accounts payable and other liabilities
 
 
(810
)
 
452
 
Income tax payable
 
 
—
 
 
(799
)
Pension obligations
 
 
(542
)
 
—
 
Deferred revenue
 
 
(188
)
 
(3,340
)
 
 
 
 
Net cash (used in) provided by operating activities
 
 
(2,038
)
 
527
 
Investing Activities
 
 
 
 
 
 
 
Purchases of property, equipment and leasehold improvements
 
 
(101
)
 
(114
)
Other assets and liabilities
 
 
(29
)
 
(61
)
 
 
 
 
Net cash used in investing activities
 
 
(130
)
 
(175
)
Financing Activities
 
 
 
 
 
 
 
Issuance of common stock
 
 
4