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ADE Corporation Exceeds Third-Quarter Guidance; Revenue, Gross Margin, Income, Bookings and Cash Rise Sequentially.

Article Excerpt
WESTWOOD, Mass. -- ADE Corporation (Nasdaq: ADEX) today reported its financial results for its third quarter of fiscal 2006 ended January 31, 2006.

Revenue for the third quarter of fiscal 2006 was $26.3 million, compared with $23.6 million for the second quarter of fiscal 2006 and $29.5 million for the third quarter of fiscal 2005. ADE posted net income of $4.7 million, or $0.32 per diluted share, for the third quarter of fiscal 2006. This figure includes a tax benefit of approximately $980,000 related to 2005 tax deductions. This compares with net income of $2.9 million, or $0.20 per diluted share, for the second quarter of fiscal 2006, and $6.4 million, or $0.45 per diluted share, for the third quarter of fiscal 2005.

Gross margin for the third fiscal quarter of 2006 was 57 percent. This compares with 56 percent for the prior quarter and 53 percent for the year-ago third fiscal quarter. ADE ended the third fiscal quarter with $88.2 million in cash, cash equivalents and marketable securities. This is an increase of 20 percent from $73.7 million at the end of fiscal 2005. ADE's backlog on January 31, 2006 was $41.8 million. This compares with $40.2 million on October 31, 2005 and $48.2 million on January 31, 2005.

"ADE continued to perform well in the third fiscal quarter, exceeding its financial guidance range for revenue and net income, and showing growth in new orders and gross margin as well as cash," said Dr. Chris L. Koliopoulos, ADE's president and...

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