April 10, 2006 – Process equipment maker Mattson Technology Inc., Fremont, CA, said it expects to restate financial results for fiscal years 2002-2004, and may also further tweak statements from the first three quarters of fiscal 2005. The company said it is currently reviewing its methodologies for recognizing royalty revenues, and that any restatement relating to royalty revenue would impact the timing, but not the total amount, of income recognized, and cash flows from operations would not be impacted.
Mattson noted it has delayed filing its 10-K annual report with the SEC covering the year ended Dec. 31, and has been warned by the Nasdaq of a possible delisting.
The company’s initial FY05 results indicated sales were down 16% on the year to $211.6 million, with a profit of $13.6 million, down 63% from 2004. Net bookings, sales, and profits in 4Q05 were up slightly sequentially, but down significantly from a year ago. The company had projected up to 10% increases in bookings and sales for 1Q06.