Rudolph Technologies
Investor Presentation Sidoti & Company, LLC Fifteenth Annual Emerging Growth Institutional Investor Forum March 22, 2011
Paul F. McLaughlin
Safe Harbor Statement The following material contains forward-looking statements relating to at least the following matters: industry projections and the company’s long
term operating model. Other forward-looking statements may be preceded by words such as “expects”, “anticipates” and “intends.” These forwardlooking statements are based on our current expectations and projections. However, they are subject to various risks and uncertainties that could cause actual results to differ materially from those projected in such statements, including the following: cyclicality of the semiconductor industry, customer concentration, introduction of new products by our competitors, and sole or limited sources of supply. Other risks and uncertainties are detailed in our respective Annual Reports on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission (SEC).
2
Rudolph Technologies Evolution
2010: RTEC Business 10% Inspection
30%
60%
Software
1999: IPO
100%
Metrology
2010: $195M Revenue 2010: RTEC Markets
Front-end Metrology $38M Revenue Back-end
Front-end
40%
60%
3
Evolution - Building, Diversifying & Growing Inspection
Proven track record with synergistic and valueadded partnerships
Metrology 2010- Yield Dynamics (MKSI) Parametric analysis and Data Mining Software
Software
2009 - Adventa Control Technologies Inc. Process control software complements RTEC’s existing process analysis software = total solution
2008 - RSVI Inspection Industry-leading 3D technology, complements RTEC’s industry-leading 2D technology
2007- Applied Precision-Semiconductor Division Expanded reach across test floor-- #1 in probe card test & analysis
2006 - August Technology Expanded front-end macro presence and entered back-end inspection
2002- ISOA Entered macro defect inspection market
1999
Successful M&A a core competence
100% Metrology
4
Rudolph Technologies Evolution Importance… Balanced portfolio for all cycles
High margins through share leadership Above average growth markets Inspection
Metrology Software
2010 60% Front-end
40% Back-end
5
Rudolph Technologies “Hitting on all cylinders”! 150% growth overall in 2010….firmly positioned to out-perform in 2011 B.E. Macro Defect Inspection
40 30
20 10
Data Analysis Software Solutions
0 2010
• 221% revenue growth
RTEC Revenue
Transparent Film Metrology
RTEC Revenue
2009
RTEC Revenue
50
2009
10
Opaque Film Metrology
5
2009
20 15
2010
• 100% revenue growth
10 5 0
2010
• 110% revenue growth
15
0
25
60 50 40 30 20 10 0
20
RTEC Revenue
RTEC Revenue
F.E. Macro Defect Inspection
25 20 15
10 5 0
2009
• 365% revenue growth
2010
2009
2010
• 279% revenue growth Gartner data, 2010; Rudolph estimates.
6
60 50 40 30 20 10 0 2010
RTEC % Market Share
#1 in market share
Transparent Thin Film Metrology
Data Analysis Software Solutions
10 0
2009
2010
10 0 2010
#2 in market share
30 20
10 0 2009
2010
20
#1 in market share
2009
40
#1 in market share
30
30 20
B.E. Macro Defect Inspection
40
Gartner data, 2010; Rudolph estimates.
RTEC % Market Share
2009
RTEC % Market Share
F.E. Macro Defect Inspection
RTEC % Market Share
RTEC % Market Share
Rudolph Technologies “Hitting on all cylinders”! Winning and protecting market share on all fronts
Opaque Film Metrology 80 60 40 20 0 2009
2010
#1 in market share
7
Inspection Market (2010) - $1,913M Front-end market
Back-end market Macro
$204M
Macro-pattern $84M
AMAT KLAC Hitachi
#1 RTEC 50% KLAC Nikon
#1 RTEC 30% CAMT Toray
Bare Wafer
Micro-pattern
SEM Review
$186M
$1279M
KLAC Hitachi Topcon
KLAC AMAT Hitachi
$160M
RTEC 2010 Estimated Market $244M Front-end
Back-end CAGR (09-14)
CAGR (09-14) Macro Defect Inspection
29.6%
Wafer Fab Equipment
Gartner data, 2010; Rudolph estimates.
0.0%
Semiconductor Revenue
9.6%
20.0%
24.1%
Pkg. & Assembly Equip.
17.5%
Semiconductor Revenue
Wafer Level Inspection
40.0%
0.0%
13.4% 9.6%
10.0%
20.0%
30.0%
8
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011 B.E. Macro Defect Inspection • 221% revenue growth • Penetrating fringe of “micro” market
RTEC Revenue
50 40
30 20 10
RTEC Revenue
F.E. Macro Defect Inspection
0 2009
60 50 40 30 20 10 0
2010
• 110% revenue growth • Ensuring participation in all applications of new WLP market segment
2009
2010
F.E. Macro Defect Inspection 60 50 40 30 20 10 0 2009
2010
• #1 in market share • ~ 20 point share gain in 2010 • ~ 50% market share • New F30 product
RTEC % Market Share
RTEC % Market Share
Winning and protecting market share on all fronts! B.E. Macro Defect Inspection 40 30 20 10
• #1 in market share • Advanced packaging market projected to be fastest growing in ’11 • New NSX320 product • New applications • New partnerships
0 2009
2010 Gartner data, 2010; Rudolph estimates.
9
Optical Film Metrology 2010 TAM ≈ $409M
Overlay $94M KLAC NANO ASML
Thin Film $180M
Optical CD $135M NANO KLAC Nova
Transparent Film $125M KLAC
RTEC #2 …16% Nova
2010 market-share projections, based on Gartner data, released Sept.2010, and RTEC estimates.
Opaque Film $55M #1 RTEC ..….60% Jordan Valley ReVera
Rudolph’s 2010 Projected Metrology TAM $180M 10
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011 Transparent Film Metrology • 365% revenue growth • Newly established with key NAND and foundry customers.
20
15 10 5
0 2009
RTEC Revenue
RTEC Revenue
25
Opaque Film Metrology 25
• 279% revenue growth • Supplier to 90% of the top-tier manufacturers
20 15
10 5 0
2010
2009
2010
Transparent Film Metrology • #2 in market share • Doubled market share • New S3000S product
30 20 10 0 2009
2010
RTEC % Market Share
RTEC % Market Share
Winning and protecting market share on all fronts ! Opaque Film Metrology
• #1 in market share • Expanding into new metal applications • New MetaPULSE G product
70 60 50 40 30 20 10 0 2009
2010 Gartner data, 2010; Rudolph estimates.
11
Data Analysis and Review Business Unit (DARBU) Over 20 years of supplying defect and yield management solutions
Process Control Software Market Share Estimate 2010
Over 15 years supplying APC software to high volume semiconductor manufacturers >14,000 systems installed worldwide
Rudolph, 26% Other, 37% KLA, 10%
Broad product portfolio: Front-end: FDC, APC/R2R, Discover® Back-end: FDC, APC/R2R, Discover/Genesis® Fabless: YMS/Genesis
Magma/ Synopsys,Knights, 15% 12%
Rudolph is #1 in Process Control Software
Global Sales and Support (Direct) Margins > 90%, highest operating margins in RTEC
Build once / sell many times business model Gartner data, 2010; Rudolph estimates.
12
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011
RTEC Revenue
Data Analysis Software Solutions 20
• 100% revenue growth • Widest portfolio of products in the market
15 10 5 0 2009
2010
RTEC % Market Share
Winning and protecting market share on all fronts! Data Analysis Software Solutions • #1 in market share
• Double the share of next competitor • Consolidating technologies – creating new solutions
40 30 20 10 0 2009
2010 Gartner data, 2010; Rudolph estimates.
13
Rudolph’s Public Launch into LED Market! To date, Rudolph has been collaborating with a number of LED manufacturers in order to secure a technology leadership prior to “launch”
Six different customers Forty systems in operation Hundreds of software system licenses Both R&D and High Volume Manufacturing Both Front-end process control and OQA Installations in US, Europe, and SE Asia
Timing of Launch: The industry has matured to focus beyond simply capacity. It is now investing in yield-performance improvement. Rudolph is leveraging its #1 market-share in semiconductor products, along with its early entry into the LED space, to ensure a market leadership position is achieved in this market as well.
14
Rudolph Technologies’ Potential Fab Penetration: A 20,000 wpm HB-LED Manufacturing Fab
Emerging in 2014:
Front-End Wafer Processing (six lithography levels)
OQA (100% inspection)
Wafer-Level Packaging (100% inspection) -post lens deposition -post bump -final OQA
MetaPULSE - LED (Post-epitaxy metrology) 10% sampling
NSX 320 - LED
NSX xxx - LED
F30 LED -ADI -Post-epi -Post laser lift-off 25% sample inspection Discover Enterprise - LED ARTIST - LED AutoShell - LED ProcessWORKS - LED
2011-2014: Rudolph TAM per fab ~ $11M X 15 new fabs required per year = $165M
2014 - - : Rudolph TAM per fab ~ $18M X 15 new fabs required per year = $270M
15
Rudolph Technologies TAM (Semi and LED) 800 700 600 500 400 300
200 100 0
Packaging Software LED OQA Process Control B.E. Inspection F.E. Inspection Data Analysis Transparent Metrology Metals Metrology Probe Card Analysis
16
Financial Summary
Rudolph Technologies Confidential 17
2010 Outstanding… 2011 Forecast Even Better $60.0
$0.36
$0.40 $0.35
$50.0
$0.34
$0.30
$0.29
$40.0
$0.25
$30.0
$0.20 $0.15
$20.0 $0.11
$0.10
$10.0
$0.05
$-
$Q1
Q2
Q3
2010 Revenue: $195.3
Q4
Drivers Market share gains across all product lines and capacity buys in FEOL and BEOL Technology buys for new applications: TSVs, eWLB, wafer level processing, bump
High-growth potential in adjacent markets: Solar, LED Strong ASPs in areas where RTEC maintains solid leadership positions
EPS Non-GAAP $1.10, GAAP $0.86
18
Balance Sheet - Highlights Cash & Investments ($ IN MILLIONS)
December 31, 2010
$80 $60
Cash and Investments
$ 71.8M
Working Capital
$159.7M
$20
Fixed Assets
$13.7M
$0
Total Assets
$219.0M
$40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009
Long-Term Debt Shareholders’ Equity
$0 $ 185.0M
2010
Track record of positive cash flow History of cash funded M&A Demonstrated ability to fund R&D through cycles
Strong Debt Free Balance Sheet - Minimizes Impact of Downturns
19
Structured for Operating and Earnings Leverage Q4' 10 Quarterly Revenue ($M) Gross Margin
$54.0
Target Model $40.0
$50.0
$60.0
$70.0
54%
54%
56%
58%
59%
54%
58%
59%
59%
60%
98%
92%
94%
95%
96%
33%
33%
33%
33%
33%
Operating Expense
34%
49%
39%
33%
29%
Operating Income
20%
5%
17%
25%
30%
Non-GAAP Operating Income
24%
11%
22%
29%
33%
Systems GM Software GM Service and Upgrades GM
Non-GAAP Operating Income excludes restructuring, stock-based compensation and other non-recurring charges.
20
1Q 2011 – Guidance Q1Revenue Q1 revenue flat to down 10% ($48.6M to $54.0 M) 1H2011 revenue to be flat +/- 5% with the Q3 and Q4 2010 levels ($101.0M to $111.6 M)
Q1 Earnings Q1 GAAP EPS of $0.18 to $0.24 per share compared with $0.30 in Q4’10 Doubling of tax rate and higher operating expenses impacts earnings by $0.06 per share in Q1
Full Year Expect double digit revenue growth and commensurate growth in EPS resulting in all time revenue and operating earnings records Guidance set forth January 31, 2011. Company assumes no obligation to update guidance
21
Rudolph Technologies (RTEC) as an Investment • Performance Characteristics – – – – – –
Revenue of $195 M; up 148% from 2009 FY earnings of $27 M Q4 18% income after taxes of $9.6 M hit all time Rudolph high Market-share gains in every market segment of participation New products + leveraged business model for 2011 Entering new high-growth markets RTEC - a GROWTH stock
• Value Characteristics (stock price of $9.47 on 3/17/11) – – – –
Cash per share ≈ $2.30 Current P/E of 8.6 Forward P/E of 9.6 (using Sidoti 2011 estimate) P/S of 1.5 P/Book of 1.6 RTEC - a VALUE stock Return on Equity of 16.1%
22
Current status in Japan • March 16, 2011 CEO letter on web site • www.Rudolphtech.com
Investor Relations
• Rudolph Technologies Japan, KK 1. 2. 3. 4. 5.
Status of Japanese staff and families Status at Takatsu facility Program for customer support in Japan Status of supply chain Forecast
Rudolph Technologies Confidential
Thank You
24
Paul F. McLaughlin
Safe Harbor Statement The following material contains forward-looking statements relating to at least the following matters: industry projections and the company’s long
term operating model. Other forward-looking statements may be preceded by words such as “expects”, “anticipates” and “intends.” These forwardlooking statements are based on our current expectations and projections. However, they are subject to various risks and uncertainties that could cause actual results to differ materially from those projected in such statements, including the following: cyclicality of the semiconductor industry, customer concentration, introduction of new products by our competitors, and sole or limited sources of supply. Other risks and uncertainties are detailed in our respective Annual Reports on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission (SEC).
2
Rudolph Technologies Evolution
2010: RTEC Business 10% Inspection
30%
60%
Software
1999: IPO
100%
Metrology
2010: $195M Revenue 2010: RTEC Markets
Front-end Metrology $38M Revenue Back-end
Front-end
40%
60%
3
Evolution - Building, Diversifying & Growing Inspection
Proven track record with synergistic and valueadded partnerships
Metrology 2010- Yield Dynamics (MKSI) Parametric analysis and Data Mining Software
Software
2009 - Adventa Control Technologies Inc. Process control software complements RTEC’s existing process analysis software = total solution
2008 - RSVI Inspection Industry-leading 3D technology, complements RTEC’s industry-leading 2D technology
2007- Applied Precision-Semiconductor Division Expanded reach across test floor-- #1 in probe card test & analysis
2006 - August Technology Expanded front-end macro presence and entered back-end inspection
2002- ISOA Entered macro defect inspection market
1999
Successful M&A a core competence
100% Metrology
4
Rudolph Technologies Evolution Importance… Balanced portfolio for all cycles
High margins through share leadership Above average growth markets Inspection
Metrology Software
2010 60% Front-end
40% Back-end
5
Rudolph Technologies “Hitting on all cylinders”! 150% growth overall in 2010….firmly positioned to out-perform in 2011 B.E. Macro Defect Inspection
40 30
20 10
Data Analysis Software Solutions
0 2010
• 221% revenue growth
RTEC Revenue
Transparent Film Metrology
RTEC Revenue
2009
RTEC Revenue
50
2009
10
Opaque Film Metrology
5
2009
20 15
2010
• 100% revenue growth
10 5 0
2010
• 110% revenue growth
15
0
25
60 50 40 30 20 10 0
20
RTEC Revenue
RTEC Revenue
F.E. Macro Defect Inspection
25 20 15
10 5 0
2009
• 365% revenue growth
2010
2009
2010
• 279% revenue growth Gartner data, 2010; Rudolph estimates.
6
60 50 40 30 20 10 0 2010
RTEC % Market Share
#1 in market share
Transparent Thin Film Metrology
Data Analysis Software Solutions
10 0
2009
2010
10 0 2010
#2 in market share
30 20
10 0 2009
2010
20
#1 in market share
2009
40
#1 in market share
30
30 20
B.E. Macro Defect Inspection
40
Gartner data, 2010; Rudolph estimates.
RTEC % Market Share
2009
RTEC % Market Share
F.E. Macro Defect Inspection
RTEC % Market Share
RTEC % Market Share
Rudolph Technologies “Hitting on all cylinders”! Winning and protecting market share on all fronts
Opaque Film Metrology 80 60 40 20 0 2009
2010
#1 in market share
7
Inspection Market (2010) - $1,913M Front-end market
Back-end market Macro
$204M
Macro-pattern $84M
AMAT KLAC Hitachi
#1 RTEC 50% KLAC Nikon
#1 RTEC 30% CAMT Toray
Bare Wafer
Micro-pattern
SEM Review
$186M
$1279M
KLAC Hitachi Topcon
KLAC AMAT Hitachi
$160M
RTEC 2010 Estimated Market $244M Front-end
Back-end CAGR (09-14)
CAGR (09-14) Macro Defect Inspection
29.6%
Wafer Fab Equipment
Gartner data, 2010; Rudolph estimates.
0.0%
Semiconductor Revenue
9.6%
20.0%
24.1%
Pkg. & Assembly Equip.
17.5%
Semiconductor Revenue
Wafer Level Inspection
40.0%
0.0%
13.4% 9.6%
10.0%
20.0%
30.0%
8
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011 B.E. Macro Defect Inspection • 221% revenue growth • Penetrating fringe of “micro” market
RTEC Revenue
50 40
30 20 10
RTEC Revenue
F.E. Macro Defect Inspection
0 2009
60 50 40 30 20 10 0
2010
• 110% revenue growth • Ensuring participation in all applications of new WLP market segment
2009
2010
F.E. Macro Defect Inspection 60 50 40 30 20 10 0 2009
2010
• #1 in market share • ~ 20 point share gain in 2010 • ~ 50% market share • New F30 product
RTEC % Market Share
RTEC % Market Share
Winning and protecting market share on all fronts! B.E. Macro Defect Inspection 40 30 20 10
• #1 in market share • Advanced packaging market projected to be fastest growing in ’11 • New NSX320 product • New applications • New partnerships
0 2009
2010 Gartner data, 2010; Rudolph estimates.
9
Optical Film Metrology 2010 TAM ≈ $409M
Overlay $94M KLAC NANO ASML
Thin Film $180M
Optical CD $135M NANO KLAC Nova
Transparent Film $125M KLAC
RTEC #2 …16% Nova
2010 market-share projections, based on Gartner data, released Sept.2010, and RTEC estimates.
Opaque Film $55M #1 RTEC ..….60% Jordan Valley ReVera
Rudolph’s 2010 Projected Metrology TAM $180M 10
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011 Transparent Film Metrology • 365% revenue growth • Newly established with key NAND and foundry customers.
20
15 10 5
0 2009
RTEC Revenue
RTEC Revenue
25
Opaque Film Metrology 25
• 279% revenue growth • Supplier to 90% of the top-tier manufacturers
20 15
10 5 0
2010
2009
2010
Transparent Film Metrology • #2 in market share • Doubled market share • New S3000S product
30 20 10 0 2009
2010
RTEC % Market Share
RTEC % Market Share
Winning and protecting market share on all fronts ! Opaque Film Metrology
• #1 in market share • Expanding into new metal applications • New MetaPULSE G product
70 60 50 40 30 20 10 0 2009
2010 Gartner data, 2010; Rudolph estimates.
11
Data Analysis and Review Business Unit (DARBU) Over 20 years of supplying defect and yield management solutions
Process Control Software Market Share Estimate 2010
Over 15 years supplying APC software to high volume semiconductor manufacturers >14,000 systems installed worldwide
Rudolph, 26% Other, 37% KLA, 10%
Broad product portfolio: Front-end: FDC, APC/R2R, Discover® Back-end: FDC, APC/R2R, Discover/Genesis® Fabless: YMS/Genesis
Magma/ Synopsys,Knights, 15% 12%
Rudolph is #1 in Process Control Software
Global Sales and Support (Direct) Margins > 90%, highest operating margins in RTEC
Build once / sell many times business model Gartner data, 2010; Rudolph estimates.
12
Growth at Rudolph Technologies Out-performed in 2010….firmly positioned for 2011
RTEC Revenue
Data Analysis Software Solutions 20
• 100% revenue growth • Widest portfolio of products in the market
15 10 5 0 2009
2010
RTEC % Market Share
Winning and protecting market share on all fronts! Data Analysis Software Solutions • #1 in market share
• Double the share of next competitor • Consolidating technologies – creating new solutions
40 30 20 10 0 2009
2010 Gartner data, 2010; Rudolph estimates.
13
Rudolph’s Public Launch into LED Market! To date, Rudolph has been collaborating with a number of LED manufacturers in order to secure a technology leadership prior to “launch”
Six different customers Forty systems in operation Hundreds of software system licenses Both R&D and High Volume Manufacturing Both Front-end process control and OQA Installations in US, Europe, and SE Asia
Timing of Launch: The industry has matured to focus beyond simply capacity. It is now investing in yield-performance improvement. Rudolph is leveraging its #1 market-share in semiconductor products, along with its early entry into the LED space, to ensure a market leadership position is achieved in this market as well.
14
Rudolph Technologies’ Potential Fab Penetration: A 20,000 wpm HB-LED Manufacturing Fab
Emerging in 2014:
Front-End Wafer Processing (six lithography levels)
OQA (100% inspection)
Wafer-Level Packaging (100% inspection) -post lens deposition -post bump -final OQA
MetaPULSE - LED (Post-epitaxy metrology) 10% sampling
NSX 320 - LED
NSX xxx - LED
F30 LED -ADI -Post-epi -Post laser lift-off 25% sample inspection Discover Enterprise - LED ARTIST - LED AutoShell - LED ProcessWORKS - LED
2011-2014: Rudolph TAM per fab ~ $11M X 15 new fabs required per year = $165M
2014 - - : Rudolph TAM per fab ~ $18M X 15 new fabs required per year = $270M
15
Rudolph Technologies TAM (Semi and LED) 800 700 600 500 400 300
200 100 0
Packaging Software LED OQA Process Control B.E. Inspection F.E. Inspection Data Analysis Transparent Metrology Metals Metrology Probe Card Analysis
16
Financial Summary
Rudolph Technologies Confidential 17
2010 Outstanding… 2011 Forecast Even Better $60.0
$0.36
$0.40 $0.35
$50.0
$0.34
$0.30
$0.29
$40.0
$0.25
$30.0
$0.20 $0.15
$20.0 $0.11
$0.10
$10.0
$0.05
$-
$Q1
Q2
Q3
2010 Revenue: $195.3
Q4
Drivers Market share gains across all product lines and capacity buys in FEOL and BEOL Technology buys for new applications: TSVs, eWLB, wafer level processing, bump
High-growth potential in adjacent markets: Solar, LED Strong ASPs in areas where RTEC maintains solid leadership positions
EPS Non-GAAP $1.10, GAAP $0.86
18
Balance Sheet - Highlights Cash & Investments ($ IN MILLIONS)
December 31, 2010
$80 $60
Cash and Investments
$ 71.8M
Working Capital
$159.7M
$20
Fixed Assets
$13.7M
$0
Total Assets
$219.0M
$40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009
Long-Term Debt Shareholders’ Equity
$0 $ 185.0M
2010
Track record of positive cash flow History of cash funded M&A Demonstrated ability to fund R&D through cycles
Strong Debt Free Balance Sheet - Minimizes Impact of Downturns
19
Structured for Operating and Earnings Leverage Q4' 10 Quarterly Revenue ($M) Gross Margin
$54.0
Target Model $40.0
$50.0
$60.0
$70.0
54%
54%
56%
58%
59%
54%
58%
59%
59%
60%
98%
92%
94%
95%
96%
33%
33%
33%
33%
33%
Operating Expense
34%
49%
39%
33%
29%
Operating Income
20%
5%
17%
25%
30%
Non-GAAP Operating Income
24%
11%
22%
29%
33%
Systems GM Software GM Service and Upgrades GM
Non-GAAP Operating Income excludes restructuring, stock-based compensation and other non-recurring charges.
20
1Q 2011 – Guidance Q1Revenue Q1 revenue flat to down 10% ($48.6M to $54.0 M) 1H2011 revenue to be flat +/- 5% with the Q3 and Q4 2010 levels ($101.0M to $111.6 M)
Q1 Earnings Q1 GAAP EPS of $0.18 to $0.24 per share compared with $0.30 in Q4’10 Doubling of tax rate and higher operating expenses impacts earnings by $0.06 per share in Q1
Full Year Expect double digit revenue growth and commensurate growth in EPS resulting in all time revenue and operating earnings records Guidance set forth January 31, 2011. Company assumes no obligation to update guidance
21
Rudolph Technologies (RTEC) as an Investment • Performance Characteristics – – – – – –
Revenue of $195 M; up 148% from 2009 FY earnings of $27 M Q4 18% income after taxes of $9.6 M hit all time Rudolph high Market-share gains in every market segment of participation New products + leveraged business model for 2011 Entering new high-growth markets RTEC - a GROWTH stock
• Value Characteristics (stock price of $9.47 on 3/17/11) – – – –
Cash per share ≈ $2.30 Current P/E of 8.6 Forward P/E of 9.6 (using Sidoti 2011 estimate) P/S of 1.5 P/Book of 1.6 RTEC - a VALUE stock Return on Equity of 16.1%
22
Current status in Japan • March 16, 2011 CEO letter on web site • www.Rudolphtech.com
Investor Relations
• Rudolph Technologies Japan, KK 1. 2. 3. 4. 5.
Status of Japanese staff and families Status at Takatsu facility Program for customer support in Japan Status of supply chain Forecast
Rudolph Technologies Confidential
Thank You
24
