August 12, 2011
Petaluma, Calif., August 12, 2011 — Tegal Corporation (NASDAQ: TGAL) today announced financial results for Q1 fiscal year 2012, which ended June 30, 2011.
Financial Statement Highlights
- The Company’s Net Loss per share decreased to ($0.59) from ($1.46) in the first quarter of the prior fiscal year;
- The Net Loss of ($994K) consisted primarily of G&A expenses of $873K, which included over $500K of expensed items for audit fees, special meeting expenses and annual cash bonuses which will not recur in later quarters of this fiscal year. In addition, the Company recognized its proportionate share of Sequel Power’s operating loss of ($150K);
- Tegal ended the quarter year with approximately $7.2 million in cash (including restricted cash).
- On June 15, 2011, following a 70% affirmative vote of the Stockholders, the Company effected a 1 for 5 reverse split. The number of outstanding shares is 1,688,943 at June 30, 2011.
Safe Harbor Statement
Except for historical information, matters discussed in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements, which are based on assumptions and describe our future plans, strategies and expectations, are generally identifiable by the use of the words "anticipate," "believe," "estimate," "expect," "intend," "project" or similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company including, but not limited to industry conditions, economic conditions, acceptance of new technologies, market acceptance of the Company's products and services, the Company’s exploration and execution of strategic alternatives. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. For a further discussion of these risks and uncertainties, please refer to the Company's periodic filings with the Securities and Exchange Commission.
About Tegal
Since its founding in 1972, Tegal Corporation has been dedicated to the development and application of emerging technologies. Often on the forefront of major inventions, Tegal’s process and capital equipment know-how enabled the development and manufacturing of leading-edge devices – from early microprocessors to advanced memory and LEDs, as well as to newest filtering and sensing devices that are present in the most advanced smart phones. Tegal is currently marketing its substantial NLD Intellectual Property Portfolio (which includes over 35 granted patents and applications) to interested third-parties. Through its recent investment in sequel Power, Tegal is engaged in the promotion of solar power plant development projects worldwide and other renewable energy projects. In addition, Tegal is actively evaluating opportunities for partnerships with other diversified technology-based Tegal Q1 2012 Earnings Release companies in order to exploit our shared experience and to enhance our value as a public company. Tegal is headquartered in Petaluma, California. Please visit us on the web at www.Tegal.com.
Consolidated Financial Statement
Contact:
Tegal Corporation
Christine Hergenrother (Vice President & CFO), 707/763-5600
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