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) July 9, 1998
CREDENCE SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 000-22366 94-2878499
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(State of incorporation (Commission (IRS Employer
or organization) File Number) Identification No.)
215 Fourier Avenue, Fremont, California 94539
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (510) 657-7400
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None
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Former name or former address, if changed since last report.
<PAGE>
ITEM 5. OTHER EVENTS
Registrant is filing this Form 8-K solely for the purpose of disclosing the
effect of adoption of FAS 128, "Earnings per share", on the Annual Report Form
10-K for the fiscal year ended October 31, 1997 (the 1997 Form 10-K) and the
related restatement of earnings per share thereon, so that such information may
be incorporated by reference into a Registration Statement on Form S-8 to be
filed after this Form 8-K is filed. Restatement of selected financial data is
for fiscal quarters in each of the years ended October 31, 1997 and October 31,
1996 and the five fiscal years ended October 31, 1997, October 31, 1996, October
31, 1995, October 31, 1994 and October 31, 1993, and related disclosures as
prescribed by FAS 128.
Restatement of selected data as it relates to the adoption of FAS 128,
"Earnings per share" is attached hereto as Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
( c ) EXHIBITS
99.1 Restatement of selected data as it relates to the
adoption of FAS 128, "Earnings per share".
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, as
amended, the registrant duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
CREDENCE SYSTEMS CORPORATION
------------------------------------------
(Registrant)
July 9, 1998 /s/ WILMER R. BOTTOMS
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Date Wilmer R. Bottoms
Chief Executive Officer
<PAGE>
EXHIBIT INDEX
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Exhibit
Number
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99.1 Restatement of selected data as it relates to the adoption of FAS
128, "Earnings per share".
27. EDGAR Financial Data Schedules
<PAGE>
EXHIBIT 99.1
------------
In 1997, the Financial Accounting Standards Board issued statement No. 128,
"Earnings per share" (FAS 128). FAS 128 replaced the calculation of primary and
fully diluted net income (loss) per share with basic and diluted income (loss)
per share. Unlike primary net income (loss) per share, basic net income (loss)
per share excludes any dilutive effects of options, warrants and convertible
securities. Diluted net income (loss) per share is very similar to the
previously reported fully diluted net income (loss) per share.
Restatement of selected financial data is for fiscal quarters in each of
the years ended October 31, 1997 and October 31, 1996 and the five fiscal years
ended in October 31, 1997, October 31, 1996, October 31, 1995, October 31, 1994
and October 31, 1993, and related disclosures as prescribed by FAS 128.
QUARTERLY INFORMATION
The following information presents the quarterly net income (loss) per
share amounts in accordance with FAS 128.
<TABLE>
<CAPTION>
QUARTERS ENDED
--------------
----------- --------- ---------- -----------
October 31, July 31, April 30, January 31,
1997 1997 1997 1997
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<S> <C> <C> <C> <C>
Net income (loss) per share as previously
reported on Quarterly Report on Form 10Q: .. $ 0.32 $ (0.04) $ 0.15 $ 0.05
Net income (loss) per share restated:
Basic: .................................... $ 0.33 $ (0.04) $ 0.15 $ 0.05
Diluted: .................................. $ 0.32 $ (0.04) $ 0.15 $ 0.05
</TABLE>
<TABLE>
<CAPTION>
QUARTERS ENDED
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----------- --------- ---------- -----------
October 31, July 31, April 30, January 31,
1996 1996 1996 1996
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<S> <C> <C> <C> <C>
Net income per share as previously reported
on Quarterly Report on Form 10Q: .......... $ 0.20 $ 0.53 $ 0.52 $ 0.48
Net income per share restated:
Basic: ................................. $ 0.20 $ 0.54 $ 0.53 $ 0.49
Diluted: ............................... $ 0.20 $ 0.53 $ 0.52 $ 0.48
</TABLE>
FISCAL YEAR INFORMATION
The following information presents the fiscal year net income (loss) per share
amounts in accordance with FAS 128.
<TABLE>
<CAPTION>
----------- ----------- ----------- ----------- -----------
October 31, October 31, October 31, October 31, October 31,
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net income per share as previously
reported on Form 10K: .............. $ 0.47 $ 1.72 $ 1.45 $ 0.97 $ 0.39
Net income per share restated:
Basic: ........................... $ 0.49 $ 1.75 $ 1.50 $ 1.04 $ 0.42
Diluted: ......................... $ 0.47 $ 1.72 $ 1.45 $ 0.97 $ 0.39
Calculation
Numerator:
Numerator for basic and diluted
earnings per share - net income .. $ 10,693 $ 37,703 $ 30,354 $ 19,193 $ 6,000
Denominator:
Denominator for basic earnings per
share - weighted-average shares .. 21,865 21,532 20,273 18,543 14,145
Effect of dilutive
securities-employee stock options . 647 445 735 1,216 1,188
Denominator for basic earnings per
share - adjusted weighted-average
shares and assumed conversions ... 22,512 21,977 21,008 19,759 15,333
Basic earnings per share ............ $ 0.49 $ 1.75 $ 1.50 $ 1.04 $ 0.42
Diluted earnings per share .......... $ 0.47 $ 1.72 $ 1.45 $ 0.97 $ 0.39
</TABLE>
Antidilutive shares for the period ending October 31, 1997, October 31,
1996, October 31, 1995, October 31, 1994 and October 31, 1993 were 153,631,
481,851, 48,233, 9,185 and 20,902, respectively.
In the period ending October 31, 1997, the Company's convertible
subordinated notes are not dilutive potential common shares and, accordingly,
were excluded from the calculation of net income per share (diluted).
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated statements of operations, the consolidated balance sheets, and the
accompanying notes to the consolidated financial statements, and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000893162
<NAME> Credence Systems Corporation
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollar
<S> <C> <C> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 3-MOS 3-MOS 3-MOS 3-MOS
<FISCAL-YEAR-END> Oct-31-1997 Oct-31-1997 Oct-31-1997 Oct-31-1997 Oct-31-1997
<PERIOD-START> Nov-01-1996 Nov-01-1996 Nov-01-1996 Nov-01-1996 Nov-01-1996
<PERIOD-END> Oct-31-1997 Jan-31-1997 Apr-30-1997 Jul-31-1997 Oct-31-1997
<EXCHANGE-RATE> 1 1 1 1 1
<CASH> 142,763 49,672 57,501 55,926 142,763
<SECURITIES> 35,013 27,769 32,219 23,491 35,013
<RECEIVABLES> 57,009 52,910 43,424 45,846 57,009
<ALLOWANCES> 1,763 2,364 2,180 1,895 1,763
<INVENTORY> 42,125 34,976 35,668 36,405 42,125
<CURRENT-ASSETS> 288,148 170,030 174,735 171,101 288,148
<PP&E> 77,959 69,070 71,814 78,420 77,959
<DEPRECIATION> 34,909 31,637 34,227 36,328 34,909
<TOTAL-ASSETS> 358,141 218,144 221,743 225,639 358,141
<CURRENT-LIABILITIES> 37,812 26,343 26,643 29,839 37,812
<BONDS> 115,000 0 0 0 115,000
0 0 0 0 0
0 0 0 0 0
<COMMON> 22 22 22 22 22
<OTHER-SE> 204,889 191,779 195,078 195,350 204,889
<TOTAL-LIABILITY-AND-EQUITY> 358,141 218,144 221,743 226,639 358,141
<SALES> 204,092 40,261 43,355 51,082 69,394
<TOTAL-REVENUES> 204,092 40,261 43,355 51,082 69,394
<CGS> 89,956 19,439 18,374 21,638 30,505
<TOTAL-COSTS> 89,956 19,439 18,374 21,638 30,505
<OTHER-EXPENSES> 99,073 20,237 20,942 29,808 28,086
<LOSS-PROVISION> 0 0 0 0 0
<INTEREST-EXPENSE> 936 0 0 0 908
<INCOME-PRETAX> 18,224 1,612 4,913 647 11,058
<INCOME-TAX> 7,531 558 1,627 1,542 3,804
<INCOME-CONTINUING> 10,693 1,054 3,286 (897) 7,250
<DISCONTINUED> 0 0 0 0 0
<EXTRAORDINARY> 0 0 0 0 0
<CHANGES> 0 0 0 0 0
<NET-INCOME> 10,693 1,054 3,286 (897) 7,250
<EPS-PRIMARY> 0.49 0.05 0.15 (0.04) 0.33
<EPS-DILUTED> 0.47 0.05 0.15 (0.04) 0.32
</TABLE>
