TGAL Collabrx, Inc. (MM)

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 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.

TEGAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

ASSETS

 

June 30,   March 31, 2011 2011 Current assets: Cash and cash equivalents $ 7,027 $ 7,575 Restricted cash 200 200 Prepaid expenses and other current assets 82 139 Other assets of discontinued operations   479       1,129   Total current assets 7,788 9,043 Property and equipment, net 63 112

Investment in unconsolidated affiliate

  1,890       2,046   Total assets $ 9,741   $ 11,201     LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities: Accounts payable $ 71 $ 262 Common stock warrant liability 14 26 Accrued expenses and other current liabilities 288 94 Liabilities on discontinued operations   922    

1,410

  Total current liabilities 1,295  

1,792

  Stockholders’ equity: Common stock 17 17 Additional paid-in capital 129,008 128,977 Accumulated other comprehensive loss (167 ) (167 ) Accumulated deficit   (120,412 )   (119,418 ) Total stockholders’ equity 8,446   9,409   Total liabilities and stockholders’ equity $ 9,741   $ 11,201  

TEGAL CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

June 30,

2011   2010   Revenue, related party $ 19 $ -- Cost of revenue   --       --   Gross profit $ 19     $ --   Operating expenses: General and administrative   873       675   Total operating expenses   873       675   Operating loss (854 ) (675 ) Equity in (earnings) loss of unconsolidated affiliate 150 -- Other income, net   (12 )     (201 ) Loss before income tax expense (992 ) (474 ) Income tax expense -- -- Net loss from continuing operations (992 ) (474 ) Loss from discontinued operations, net of taxes   (2 )     (1,994 ) Net loss $ (994 ) $ (2,468 )   Net (loss) income per share from continuing operations: Basic $ (0.59 ) $ (0.28 ) Diluted $ (0.59 ) $ (0.28 ) Net (loss) income per share from discontinued operations: Basic $ (0.00 ) $ (1.18 ) Diluted $ (0.00 ) $ (1.18 ) Net (loss) income per share: Basic $ (0.59 ) $ (1.46 ) Diluted $ (0.59 ) $ (1.46 )   Weighted average shares used in per share computation: Basic 1,689 1,688 Diluted 1,689 1,688  

The weighted average number of shares and the net (loss) income per share reflect a 1-for-5reverse split effected by the Company on June 15, 2011