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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 4, 1998
INTEGRATED PROCESS EQUIPMENT CORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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<S> <C> <C>
DELAWARE 0-20470 77-0296222
(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
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911 BERN COURT
SAN JOSE, CA 95112
(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (408) 436-2170
NOT APPLICABLE
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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Item 5. Other Events
On August 4, 1998, the Company announced financial results for its fourth
quarter and fiscal year ended June 30, 1998. The revenue for the fourth quarter
of fiscal 1998 was $38.5 million, compared to $41.3 million in the quarter
ending March 31, 1998 and to $42.6 million in the prior-year period. IPEC fully
reserved its net deferred tax asset. As a result, in the fourth quarter the
Company recognized a $25.9 million, non-cash charge for deferred tax expense.
During the fourth quarter, the Company also recorded non-recurring charges of
$11.5 million for severance compensation, inventory adjustments and additional
retrofit costs for modifications to installed CMP tools. Inclusive of these
charges, the loss for the quarter was $42.8 million or $2.42 per share. This
compares to net income of $4.3 million, or $0.24 per share, for the prior-year
period.
Revenue for the year ended June 30, 1998 was $189.0 million, a 31%
increase over revenue in the prior-year period, which was $144.7 million. For
the year ended June 30, 1998, IPEC posted pre-tax income from continuing
operations of $5.9 million, exclusive of the $11.5 million charge. This
compares to pre-tax income from continuing operations in the prior year of $9.5
million, exclusive of the $17.6 million program discontinuance charge. After a
net loss of $10.6 million from the disposal of IPEC Clean in the Company's
second fiscal quarter and the fourth quarter charges described above, the
Company recorded a net loss of $42.5 million (approximately 85% non-cash), or
$2.41 per share for the year ended June 30, 1998.
In the year ended June 30, 1997, IPEC reported net income from continuing
operations exclusive of charges, of $6.2 million, or $0.40 per share. After
charges of $28.6 million from discontinued operations, a $17.6 million program
discontinuance charge and a $400,000 withdrawn offering charge, the Company
reported a total net loss of $2.18 per share for the year ended June 30, 1997.
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Pursuant to the requirements of the Securities Exchange Act of 1934,
Integrated Process Equipment Corp. has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Integrated Process Equipment Corp.
By: /s/ John S. Hodgson
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John S. Hodgson
Vice President and Chief Financial Officer
Date: August 17, 1998
