ACM Research Reports Fourth Quarter and Fiscal Year 2019 Results

FREMONT, Calif., March 18, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ:ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today reported financial results for its fourth quarter and fiscal year ended December 31, 2019.

ACM’s President and Chief Executive Officer Dr. David Wang commented, “2019 was a remarkable year for ACM Research as we expanded our customer base, launched new products, and ramped production capacity at our second factory. We delivered 44% revenue growth, expanded operating margins, and generated more than $9 million in cash flow from operations. We grew our cash balance to $58 million at year-end, with an additional $60 million of proceeds held in restricted cash from the private equity funding into our ACM Shanghai subsidiary.”

Dr. Wang continued, “Our operating plans for 2020 anticipate solid growth from our core SAPS product offering, and meaningful contributions from our new Ultra C Tahoe, TEBO, ECP AP and ECP MAP products. The COVID-19 outbreak is impacting our first quarter results, but to date has not changed our outlook for the year. We expect business activities to normalize as we progress through the year, with visibility now extending into our third quarter. Regardless of the pace of the recovery, we remain committed to becoming a major player in the semiconductor equipment market. We are investing in R&D to support current and new products, we are growing our global sales team to penetrate new customers, and we are in advanced stages in our plans to expand our long-term production capacity.”

  Three Months Ended December 31,
  GAAP   Non-GAAP(1)
   2019     2018       2019    2018 
  
 (dollars in thousands, except per share amounts)
Revenue$24,608  $20,848   $ 24,608     $ 20,848 
Gross margin(2) 50.6%  49.5%  50.7%  49.6%
Income from operations(2)$  3,849   $   2,640     $   4,502     $   3,232  
Net income attributable to ACM Research, Inc.(2) $   3,944     $   2,286     $   4,597     $   2,878  
Basic EPS(2) $   0.22     $   0.14     $   0.25     $   0.18  
Diluted EPS(2) $   0.19     $   0.13     $   0.23     $   0.16  

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