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FSI Announces Q3 Results

MINNEAPOLIS, Minn. — FSI International, Inc. (Nasdaq: FSII), a manufacturer of capital equipment for the microelectronics industry, today reported financial results for the third quarter of fiscal 2011 and for the first nine months ended May 28, 2011.

Fiscal 2011 Third Quarter and First Nine Months
Sales for the third quarter of fiscal 2011 were $25.6 million, compared to $28.7 million for the same period in fiscal 2010. The company’s net income for the third quarter of fiscal 2011 was $4.1 million, or $0.10 per share (diluted), compared to net income of $5.9 million, or $0.18 per share, for the third quarter of fiscal 2010. Third quarter fiscal 2011 financial results included $274,000 of non-cash stock-based compensation charges, compared to $144,000 in the prior year comparable period. Sales for the first nine months of fiscal 2011 were $67.2 million, compared to $62.2 million for the same period of fiscal 2010. The company’s net income for the first nine months of fiscal 2011 was $6.5 million, or $0.17 per share, as compared to net income of $6.4 million, or $0.20 per share for the first nine months of fiscal 2010. The financial results for the first nine months of fiscal 2011 included $0.7 million of non-cash stock-based compensation charges, compared to $1.3 million in the prior year comparable period.

Balance Sheet
As of the end of the fiscal 2011 third quarter, the company had approximately $113.2 million in assets, including $29.5 million in cash, restricted cash, cash equivalents and long-term marketable securities. The company had a current ratio of 4.4 to 1.0 and a book value of $2.35 per share at the end of the fiscal 2011 third quarter. Outlook
Based on the backlog and deferred revenue levels at the end of the third quarter and expected additional fourth quarter orders, the company expects fourth quarter fiscal 2011 revenues to be between $25 and 30 million, as compared to $26 million in the third quarter of fiscal 2011.* Based upon the anticipated gross profit margin and the operating expense run rate, the company expects net income of $2.5 to $3.5 million for the fourth quarter of fiscal 2011.* The company expects to use cash in operating activities in the fourth quarter, primarily based upon the expected timing of fourth quarter shipments.*

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