<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K/A
AMENDMENT NO. 1 TO CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 26, 1996
----------------------------
SubMicron Systems Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-19507 13-3607944
- --------------------- --------------------------- ------------------------
(State or other (Commission File Number) (IRS employer
jurisdiction of identification no.)
Incorporation)
6330 Hedgewood Drive, No. 150, Allentown, PA 18106
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 391-9200
------------------------
<PAGE> 2
Item 7 of the Current Report on Form 8-K dated March 26, 1996 of SubMicron
Systems Corporation (the "Company") is hereby amended and restated in its
entirety to read as follows:
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) Financial Statements of Business Acquired.
Imtec Acculine, Inc.
Independent Auditors' Report
Balance Sheets as of December 31, 1995 and 1994
Statements of Operations for the years ended December 31, 1995,
1994 and 1993
Statements of Shareholders' Equity for the years ended December
31, 1995, 1994 and 1993
Statements of Cash Flows for the years ended December 31, 1995,
1994 and 1993
Notes to Financial Statements
(b) Pro Forma Financial Information.
SubMicron Systems Corporation and Subsidiaries
Pro Forma condensed combined Balance Sheets as of December 31,
1995
Pro Forma condensed combined Statements of Income for the year
ended December 31, 1995
Notes to Pro Forma condensed combined Financial Statements
(c) Exhibits.
2 Stock Agreement and Plan of Merger dated March 26, 1996 by
and among the Company, SubImtec Acquisition Corporation and
Imtec Acculine, Inc. (incorporated by reference to the
Company's Current Report on Form 8-K dated March 26, 1996)
23.1 Consent of Ireland, San Filippo & Company, Independent
Auditors
2
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
SUBMICRON SYSTEMS CORPORATION
Date: June 7, 1996 By: \s\ R.G. Holmes
-------------------
Name: R.G. HOLMES
Title: CHIEF FINANCIAL OFFICER
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Page
--- ----------- ----
<S> <C>
2 Agreement and Plan of Merger dated
March 26, 1996 by and among
SubMicron Systems Corporation,
SubImtec Acquisition Corporation,
Imtec Acculine, Inc. (incorporated by
reference to the Company's Current
Report on Form 8-K dated March 26, 1996)
23.1 Consent of Ireland, San Filippo & Company
Independent Auditors
</TABLE>
4
<PAGE> 5
SUBMICRON SYSTEMS CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
(Unaudited)
The accompanying Pro Forma Condensed Combined Balance Sheet as of December 31,
1995 and the related Pro Forma Condensed Combined Statement of Income for the
year then ended, give effect to the acquisition (the "Acquisition") of Imtec
Acculine, Inc. by SubMicron Systems Corporation and Subsidiaries (SubMicron or
the Company), as if this transaction had occurred as of December 31, 1995 in
the case of the Pro Forma Condensed Combined Balance Sheet or as of January 1,
1995 in the case of the Pro Forma Condensed Combined Statement of Income for
the year ended December 31, 1995.
The Company's Pro Forma Condensed Combined Financial Statements have been
prepared by management and should be read in conjunction with the historical
financial statements of SubMicron and Imtec. The Pro Forma Condensed Combined
Financial Statements are based on certain assumptions and preliminary estimates
which are subject to change. These statements do not purport to be indicative
of the financial position or results of operations that might have occurred,
nor are they indicative of future results.
5
<PAGE> 6
SUBMICRON SYSTEMS CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED COMBINED BALANCE SHEET
December 31, 1995
(unaudited)
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------- -------------------------------------
SubMicron Imtec Adjustments Combined
---------------- ------------ ------------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 15,614,303 $ 396,000 $ 16,010,303
Accounts receivable, net 45,461,427 1,467,000 $ (309,868)(c) 46,618,559
Inventories 33,142,107 1,158,000 (168,100)(b) 34,132,007
Prepaids and other 2,695,559 17,000 23,602(b) 2,736,161
Deferred income taxes 1,772,123 114,000 1,886,123
--------------- --------------- --------------- ---------------
Total current assets 98,685,519 3,152,000 (454,366) 101,383,153
Property and equipment, net 12,519,656 111,000 12,630,656
Goodwill 1,911,677 0 1,911,677
Other assets 4,017,838 5,000 4,022,838
--------------- --------------- --------------- ---------------
Total assets $ 117,134,690 $ 3,268,000 $ (454,366) $ 119,948,324
============== ============== ============== ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Line of credit 15,934,000 316,000 16,250,000
Current portion of long-
term debt 1,183,413 0 1,183,413
Accounts payable 25,102,181 507,000 (309,868)(c) 25,299,313
Deferred revenue 2,615,441 0 2,615,441
Accrued expenses and other 8,747,401 187,000 8,934,401
Income taxes payable 0 47,000 (47,000)(b) 0
--------------- --------------- --------------- ---------------
Total current liabilities 53,582,436 1,057,000 (356,868) 54,282,568
Long-term debt, net of current 18,908,737 0 18,908,737
maturities
Deferred income taxes 628,073 0 628,073
Deferred revenues 106,417 0 106,417
--------------- --------------- --------------- ---------------
Total liabilities 73,225,663 1,057,000 (356,868) 73,925,795
--------------- --------------- --------------- ---------------
Stockholders' equity:
Preferred Stock $.0001 par value
5000 shares authorized
None issued and outstanding 0 0 0 0
Common stock $.0001 par value 1,599 18,000 (17,942)(a) 1,657
100,000,000 shares authorized
16,562,796 shares issued and
outstanding
Additional paid-in capital 39,204,683 17,942(a) 39,222,625
Retained earnings 5,007,516 2,193,000 (97,498)(b) 7,103,018
Deferred compensation (224,034) 0 (224,034)
Notes receivable (80,737) (80,737)
--------------- --------------- --------------- ---------------
Total stockholders' equity 43,909,027 2,211,000 (97,498) 46,022,529
--------------- --------------- --------------- ---------------
Total liabilities & stock-
holders' equity $ 117,134,690 $ 3,268,000 $ (454,366) $ 119,948,324
============== ============== ============== ==============
</TABLE>
6
<PAGE> 7
SUBMICRON SYSTEMS CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME
For The Year Ended December 31, 1995
(unaudited)
<TABLE>
<CAPTION>
Historical Pro Forma
----------------------------------- -----------------------------------
SubMicron Imtec Adjustments Combined
-------------- ---------------- ---------------- --------------
<S> <C> <C> <C> <C>
Net equipment sales $ 92,294,150 $ 0 $ $ 92,294,150
Net sales, other 25,410,804 7,797,000 (2,434,000)(b) 30,773,804
-------------- ---------------- --------------- --------------
Total net sales 117,704,954 7,797,000 (2,434,000) 123,067,954
-------------- ---------------- --------------- --------------
Cost of equipment sales 63,666,000 63,666,000
Cost of sales, other 18,365,636 4,586,000 (2,265,900)(b) 20,685,736
-------------- ---------------- --------------- --------------
Total cost of sales 82,031,636 4,586,000 (2,265,900) 84,351,736
-------------- ---------------- --------------- --------------
Gross Profit 35,673,318 3,211,000 (168,100) 38,716,218
Selling, general and administrative 26,843,739 2,265,000 29,108,739
Research and development 5,678,517 0 5,678,517
-------------- ---------------- --------------- --------------
Operating income 3,151,062 946,000 (168,100) 3,928,962
-------------- ---------------- ---------------- --------------
Other income (expense):
Interest income 336,911 63,000 399,911
Interest expense (1,826,182) (14,000) (1,840,182)
Other, net 2,698,220 0 0 2,698,220
-------------- ---------------- --------------- --------------
Total, other 1,208,949 49,000 1,257,949
-------------- ---------------- --------------- --------------
Income before provision
for income taxes 4,360,011 995,000 (168,100) 5,186,911
Provision for income taxes 1,150,291 418,000 (70,602)(b) 1,497,689
-------------- ---------------- --------------- --------------
Net income $ 3,209,720 $ 577,000 $ (97,498) $ 3,689,222
============= =============== ============== =============
Net Income
per Common Share $0.21 $0.23
============== ==============
Weighted Average Number
of Common Shares
Outstanding 15,584,687 16,159,687
============== ==============
</TABLE>
7
<PAGE> 8
SUBMICRON SYSTEMS CORPORATION AND SUBSIDIARIES
NOTES TO PRO FORMA CONSENSED COMBINED FINANCIAL STATEMENTS
(Unaudited)
1. HISTORICAL
The historical balances represent the financial position and results of
operations for each company and were derived from the respective financial
statements for the indicated period.
2. ACQUISITION OF IMTEC ACCULINE INC.
On March 26, 1996, the Company acquired Imtec Acculine, Inc. ("Imtec"), a
Sunnyvale, California corporation. Imtec's principal business is designing,
developing, testing, manufacturing and marketing temperate regulated baths
and high resolution photo plates for the semiconductor market and related
industries. The Company acquired all the outstanding stock of Imtec in
exchange for 575,000 shares of its Common stock. The transaction will be
accounted for as a pooling of interests and accordingly, historical financial
data in future reports will be restated to include Imtec.
The following pro forma adjustments are reflected as if the merger had
occurred as of December 31, 1995 in the case of the Pro Forma Condensed
Combined Balance Sheet or as of January 1, 1995 in the case of the Pro Forma
Condensed Combined Statement of Income for the year ended December 31, 1995.
PRO FORMA CONDENSED COMBINED BALANCE SHEET
(a) To reclassify Imtec equity
(b) To eliminate intercompany profit in inventory and related tax effects
(c) To eliminate intercompany payable/receivable
PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME
(b) To eliminate intercompany sales, cost of sales, intercompany profit in
inventory and related tax effects
8
<PAGE> 9
IMTEC ACCULINE, INC.
FINANCIAL STATEMENTS
DECEMBER 31, 1993, 1994 AND 1995
9
<PAGE> 10
REPORT OF IRELAND, SAN FILIPPO & COMPANY, INDEPENDENT AUDITORS
The Board of Director and Shareholders
Imtec Acculine, Inc.
We have audited the accompanying balance sheets of Imtec Acculine, Inc. (a
California Corporation) as of December 31, 1993, 1994 and 1995, and the related
statements of operations, shareholder's equity and cash flows for the years then
ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Imtec Acculine, Inc. at
December 31, 1993, 1994 and 1995, and the results of its operations and its
cash flows for each of the years then ended, in conformity with generally
accepted accounting principles.
IRELAND, SAN FILIPPO & COMPANY
Palo Alto, California
February 23, 1996
10
<PAGE> 11
IMTEC ACCULINE, INC.
-------------
BALANCE SHEET
(In thousands, except share amounts)
ASSETS
<TABLE>
<CAPTION>
December 31,
---------------------------------------------
1993 1994 1995
------------ ------------- -----------
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 312 $ 467 $ 396
Accounts receivable, net 685 1,010 1,467
Inventories 899 797 1,158
Other 59 80 131
------------ ----------- -----------
Total current assets 1,955 2,354 3,152
Property and equipment, net 147 138 111
Other assets 4 5 5
------------ ----------- -----------
$ 2,106 $ 2,497 $ 3,268
============ =========== ===========
</TABLE>
LIABILITIES AND SHAREHOLDER'S EQUITY
<TABLE>
<S> <C> <C> <C>
Liabilities:
Accounts payable $ 519 $ 468 $ 507
Accrued salary and employee benefits 122 95 154
Other accrued liabilities 8 18 33
Income taxes payable 61 268 47
Notes payable 214 14 316
------------ ----------- -----------
Total liabilities, all current 924 863 1,057
------------ ----------- -----------
Shareholder's equity:
Common stock, no par value, 1,000,000
shares authorized: 360,000 shares issued
and outstanding at December 31, 1993,
1994 and 1995, respectively 18 18 18
Retained earnings 1,164 1,616 2,193
------------ ----------- -----------
Total shareholder's equity 1,182 1,634 2,211
------------ ----------- -----------
2,106 2,497 3,268
============ =========== ===========
</TABLE>
11
<PAGE> 12
IMTEC ACCULINE, INC.
-------------
STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
Years Ended December 31,
-------------------------------------------
1993 1994 1995
------------ ------------ -----------
<S> <C> <C> <C>
Revenues $ 6,028 $ 7,038 $ 7,797
Costs and expenses:
Cost of revenues 4,088 4,183 4,586
Selling, general and administrative 1,614 2,017 2,265
------------ ----------- -----------
Total costs and expenses 5,702 6,200 6,851
------------ ----------- -----------
Income from Operations 326 838 946
Interest expense (22) (11) (14)
Interest income and other, net 26 31 63
------------ ----------- -----------
Income before tax provision 330 858 995
Tax provision 100 406 418
------------ ----------- -----------
Net Income $ 230 $ 452 $ 577
============ =========== ===========
</TABLE>
12
<PAGE> 13
IMTEC ACCULINE, INC.
-------------
STATEMENT OF SHAREHOLDER'S EQUITY
(In thousands, except share amounts)
<TABLE>
<CAPTION>
Total
Common Retained Shareholder's
Stock Earnings Equity
----------- ------------ -----------
<S> <C> <C> <C>
Balance at December 31, 1992 $ 18 $ 934 $ 952
Net Income - 230 230
----------- ------------ -----------
Balance at December 31, 1993 18 1,164 1,182
Net Income - 452 452
----------- ------------ -----------
Balance at December 31, 1994 18 1,616 1,634
Net Income - 577 577
----------- ------------ -----------
Balance at December 31, 1995 $ 18 $ 2,193 $ 2,211
=========== ============ ===========
</TABLE>
13
<PAGE> 14
IMTEC ACCULINE, INC.
-------------
STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
<TABLE>
<CAPTION>
Years Ended December 31,
--------------------------------------------
1993 1994 1995
------------ ------------ ------------
<S> <C> <C> <C>
Operating activities:
Net income $ 230 $ 452 $ 577
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 40 39 38
Deferred income taxes (15) (26) (43)
Changes in operating assets and
liabilities:
Accounts receivable (152) (325) (457)
Inventories (106) 102 (361)
Other current assets (5) 6 (8)
Accounts payable 258 (50) 39
Accrued salary and employee
benefits 35 (19) 80
Income taxes payable 64 208 (227)
------------ ----------- -----------
Net cash provided by (used in)
operating activities: 349 385 (362)
Investing activities:
Property and equipment (73) (29) (11)
Other assets - (1) -
------------ ----------- -----------
Net cash used in investing activities (73) (30) (11)
Financing activities:
Proceeds from (principal payments on)
notes payable 17 (10) (3)
Proceeds from (payments on) line of
credit, net (30) (190) 305
------------ ----------- -----------
Net cash provided by (used in)
financing activities (13) (200) 302
Net increase (decrease) in cash and
cash equivalents 263 155 (71)
Cash and cash equivalents, beginning
of period 49 312 467
------------ ----------- -----------
Cash and cash equivalents, end of period $ 312 $ 467 $ 396
============ =========== ===========
Supplemental disclosure of cash flow
information:
Cash paid for interest $ 22 $ 11 $ 14
============ =========== ===========
Cash paid for taxes $ 51 $ 222 $ 687
============ =========== ===========
</TABLE>
14
<PAGE> 15
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Imtec Acculine, Inc. (the "Company") was incorporated under the laws of the
State of California on April 6, 1972 under the name Imtec Products, Inc. In
March of 1995, the Company changes its name to Imtec Acculine, Inc. for better
recognition in its marketplace. The accompanying consolidated financial
statements for 1993 and 1994 include Imtec Acculine, Inc. (formerly known as
Imtec Products, Inc.) and its former wholly owned subsidiary, Imtec Acculine,
Inc.
The Company's principal business is designing, developing, testing,
manufacturing and marketing temperature regulated baths and high resolution
photo plates for the semiconductor market and related industries.
Principles of consolidation
The consolidated financial statements for 1993 and 1994 include the accounts of
the Company and its wholly-owned subsidiary. All significant intercompany
accounts and transactions have been eliminated in consolidation.
Cash equivalents
For financial statement purposes, the Company considers all highly liquid debt
instruments purchased with a maturity at date of purchase of less than three
months to be cash equivalents.
Inventories
Inventories are stated at weighted-average cost.
Property and equipment
Property and equipment are carried at cost less accumulated depreciation.
Depreciation and amortization have been provided on a straight-line basis over
the following estimated useful lives:
<TABLE>
<S> <C>
Equipment 2 to 7 years
Furniture and fixtures 3 to 7 years
Leasehold improvements Estimated useful life or lease term, whichever is shorter
</TABLE>
Revenue recognition
Revenue from product sales in generally recorded at the time of shipment.
15
<PAGE> 16
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
Concentration of credit risk
Financial instruments which potentially subject the Company to concentration of
credit risk consist principally of investments in cash equivalents and trade
receivables.
Investments in cash equivalents consist of cash on deposit with a bank.
Amounts on deposit exceeded the federally insured limits by approximately
$330,000.
Investments in trade receivables arise from the sale of products to customers
in the semiconductor and related industries. The Company performs ongoing
credit evaluations of its customers' financial condition and generally requires
no collateral.
Use of estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
2. BANKING ARRANGEMENTS
During 1995, the Company had a revolving line of credit up to a maximum of
$500,000. The line of credit was available for working capital borrowing
subject to eligible accounts receivable with interest at the bank's prime rate
plus 1.25% (9.75% at December 1995). The line was secured by all of the assets
of the Company and expires in July 1996. The outstanding borrowing under this
line of credit at December 31, 1995 totaled $305,000.
Terms of the above bank arrangements required compliance with certain financial
covenants including the maintenance of certain ratios, minimum tangible net
worth and profitability. The Company was in compliance with the above
financial covenants at December 31, 1995.
16
<PAGE> 17
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
3. RETIREMENT PLANS
The Company maintains qualified retirement plans for eligible employees. The
Company maintains a money purchase pension plan, contributions to which are
based on a percentage of the employee's wages. Contributions to the plan for
the years ended December 31, 1993, 194 and 1995, were $66,000, $59,000 and
$69,000, respectively.
Effective July 1, 1994, the Company established a 401(K) profit sharing plan
for eligible employees. The plan is designed to provide employees with an
accumulation of funds at retirement. The Company may make contributions to the
plan at the discretion of the Board of Directors. Contributions to the plan
for the years ended December 31, 1994 and 1995 were $15,000 and $41,000,
respectively.
4. TAX PROVISION
The tax provision consists of:
<TABLE>
<CAPTION>
December 31,
-------------------------------------------
1993 1994 1995
----------- ------------ -----------
(in thousands)
<S> <C> <C> <C>
Federal - current $ 75 $ 312 $ 321
State - current 25 94 97
----------- ------------ -----------
$ 100 $ 406 $ 418
=========== ============ ===========
</TABLE>
17
<PAGE> 18
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
The tax provision reconciles to the amount computed by multiplying income
before tax provision by the U.S. statutory tax rates as follows:
<TABLE>
<CAPTION>
December 31,
-------------------------------------------
1993 1994 1995
------------ ----------- -----------
(in thousands)
<S> <C> <C> <C>
Provision at statutory rates $ 112 $ 292 $ 338
State taxes, net of federal benefit 17 95 66
Nondeductible (nontaxable) items (5) 11 13
Adjust deferred tax balances for increase
in federal rate (5) - -
Other (19) 8 1
------------ ----------- -----------
$ 100 $ 406 $ 418
============ =========== ===========
</TABLE>
Significant components of the Company's deferred tax assets for federal and
state income taxes as of December 31, 1993, 1994 and 1995, are as follows:
<TABLE>
<CAPTION>
December 31,
-------------------------------------------
1993 1994 1995
------------ ----------- -----------
(in thousands)
<S> <C> <C> <C>
Deferred tax assets:
Bad debt reserve $ 4 $ 4 $ 16
Section 263A inventory adjustment 30 36 50
State taxes 10 32 29
Accrued vacation - - 19
------------ ----------- -----------
44 72 114
Valuation allowance - - -
------------ ----------- -----------
Net deferred tax assets $ 44 $ 72 $ 114
============ =========== ===========
</TABLE>
18
<PAGE> 19
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
5. INDUSTRY AND GEOGRAPHIC INFORMATION
The Company operates in a single industry segment. The Company markets its
products in the Unites States and in foreign countries through it sales
personnel and independent sales representatives. The Company's geographic
sales as a percent of net revenues are as follows:
<TABLE>
<CAPTION>
Years Ended December 31,
-------------------------------------------
1993 1994 1995
----------- ------------ -----------
<S> <C> <C> <C>
United States 89% 94% 85%
Export:
Europe 7% 3% 8%
Asia 4% 3% 7%
----------- ------------ -----------
100% 100% 100%
=========== ============ ===========
</TABLE>
6. MAJOR CUSTOMERS
Revenue from major customers constituting 10% or more of net revenues are as
follows:
<TABLE>
<CAPTION>
Years Ended December 31,
----------------------------------------------
1993 1994 1995
----------- ------------ --------------
<S> <C> <C> <C>
Customer A 23% 23% 31%
Customer B 25% 18% 14%
Customer C - 14% -
</TABLE>
19
<PAGE> 20
IMTEC ACCULINE, INC.
-------------
NOTES TO FINANCIAL STATEMENTS
(Information as of December 31, 1993, 1994 and 1995)
7. SELECTED BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
December 31,
-------------------------------------------
1993 1994 1995
------------ -------------- -----------
(in thousands)
<S> <C> <C> <C>
Accounts receivable:
Trade accounts receivable $ 694 $ 1,021 $ 1,505
Allowance for doubtful accounts (9) (11) (38)
------------ ----------- -----------
$ 685 $ 1,010 $ 1,467
============ =========== ===========
Inventories:
Raw materials $ 587 $ 516 $ 724
Work-in-process 161 82 202
Finished goods 151 199 232
------------ ----------- -----------
$ 899 $ 797 $ 1,158
============ =========== ===========
Other current assets:
Other receivables $ 12 $ 6 $ 5
Deferred income taxes 44 72 114
Prepaid expenses 3 2 12
------------ ----------- -----------
$ 59 $ 80 $ 131
============ =========== ===========
Property and equipment:
Equipment $ 282 $ 240 $ 264
Furniture and fixtures 113 99 87
Leasehold improvements 56 58 58
Vehicles 46 46 46
------------ ----------- -----------
497 443 455
Accumulated depreciation (350) (305) (344)
------------ ----------- -----------
$ 147 $ 138 $ 111
============ =========== ===========
</TABLE>
20
<PAGE> 1
CONSENT OF IRELAND, SAN FILIPPO & COMPANY
INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statements of
SubMicron Systems Corporation on Form S-8 (Nos. 33-71900, 33-91986 and
333-4514) and on Form S-3 (No. 33-79370 and 333-4516) of our report dated
February 23, 1996 on the financial statments of Imtec Acculine, Inc. appearing
in this Amendment No. 1 on Form 8-K/A to the Current Report on Form 8-k of
SubMicron Systems Corporation dated March 26, 1996.
Palo Alto, California
June 10, 1996
