Mattson Slides After Q2 Results; Files $75 Million Shelf Offering

Mattson Technology (MTSN) shares are down sharply this morning after the company reported Q2 results after the close yesterday.

For the quarter, the semiconductor equipment provider posted sales of $32.1 million, up from $25.2 million in Q1, and $8.1 million a year ago, and a bit ahead of the Street at $31.1 million. The company lost $8.4 million or 17 cents a share in the quarter, a penny worse than expected.

For Q3 the company sees $37 million to $40 million in sales, and a loss of 10-14 cents a share. The Street has been expecting $36.2 million and a loss of 10 cents.

The company also announced a universal shelf registration to sell up to $75 million of stock, debt or other securities. Mattson says it has no immediate plans for an offering.

Caris & Co. analyst Ben Pang notes that a recovery in revenues “was offset by poor margin performance.” Pang adds that he thinks the company’s products continue to show strong growth potential, gaining share in the etch market. But he adds that “we would like to see margins and cash generation improve before we can become more positive on MTSN shares.” He keeps his Average rating and $4 price target.

MTSN is down 44 cents, or 12.%, to $3.22.