VRGY » Topics » Overview

This excerpt taken from the VRGY 10-Q filed Jun 5, 2009.

Overview

We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry. We offer a single platform for each of the two general categories of devices being tested: our V93000 Series platform, designed to test System-on-a-Chip (“SOC”), System-in-a-Package (“SIP”) and high-speed memory devices, and our V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages. In the first quarter of fiscal year 2009, we introduced our V6000 Series platform, which is the successor to the V5000 platform and is designed to test both flash memory and dynamic random access memory (“DRAM”) devices. Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices under simultaneous test. The test platforms’ flexibility also allows for a single test system to test a wide range of semiconductor device applications. Our single scalable platform strategy allows us to maximize operational efficiencies such as relatively lower research and development costs, engineering headcount, support requirements and inventory risk. This platform strategy also provides economic benefits to our customers by allowing them to move their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs. In addition to our test platforms, our product portfolio includes advanced analysis tools, as well as consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

As of April 30, 2009, we have installed nearly 2,000 V93000 Series systems and almost 2,600 V5000 Series systems worldwide. We have a broad customer base which includes integrated device manufacturers (“IDMs”), test subcontractors, also referred to as subcontractors or outsourced sub-assembly and test providers (“OSATs”), which includes specialty assembly, package and test companies as well as wafer foundries, and fabless companies that design, but contract with others for the manufacture of integrated circuits (“ICs”).

This excerpt taken from the VRGY 10-Q filed Mar 6, 2009.

Overview

We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry. We offer a single platform for each of the two general categories of devices being tested: our V93000 Series platform, designed to test System-on-a-Chip (“SOC”), System-in-a-Package (“SIP”) and high-speed memory devices, and our V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages. In the first quarter of fiscal year 2009, we introduced our V6000 Series platform which is the successor to the V5000 platform and was designed to test both flash memory and dynamic random access memory (“DRAM”) devices. Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices under simultaneous test. The test platforms’ flexibility also allows for a single test system to test a wide range of semiconductor device applications. Our platform strategy allows us to maximize operational efficiencies such as relatively lower research and development costs, engineering headcount, support requirements and inventory risk. This platform strategy also provides economic benefits to our customers by allowing them to move their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs. In addition to our test platforms, our product portfolio includes advanced analysis tools as well as consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

As of January 31, 2009, we have installed more than 1,900 V93000 Series systems and almost 2,600 V5000 Series systems worldwide. We have a broad customer base which includes integrated device manufacturers (“IDMs”), test subcontractors, also referred to as subcontractors or outsourced sub-assembly and test providers outsourced sub-assembly and test providers (“OSATs”), which includes specialty assembly, package and test companies as well as wafer foundries, and fables companies that design, but contract with others for the manufacture of integrated circuits (“ICs”).

This excerpt taken from the VRGY DEF 14A filed Feb 26, 2009.

Overview

We believe that the quality, experience, skills, engagement and dedication of our executive officers are critical factors affecting Verigy’s performance and our ability to drive long-term growth of shareholder value. These factors guide our primary executive compensation philosophy: that total compensation should be established at a competitive level to attract, motivate and retain the superior executive talent necessary to achieve our business objectives. Our compensation philosophy recognizes that we compete for superior executive talent in a highly competitive market and that retention of executive talent is enabled through reinforcement of a strong pay for performance compensation system which provides the opportunity to earn above average compensation in return for business and financial success, and the sustained delivery of the results, leadership and innovation necessary to drive long-term growth of shareholder value.

We regularly monitor trends, conduct benchmarking studies and generally strive to position our executives’ overall compensation between the 25th and 75th percentiles of compensation levels of our peer groups. However, we do not adhere to specific formulas, internal pay multiples or market positioning when determining any individual executive’s compensation.

These excerpts taken from the VRGY 10-K filed Dec 19, 2008.

Overview

        Verigy Ltd. ("we," "us" or the "Company") designs, develops, manufactures and supports semiconductor test equipment and provides test system solutions that are used in the manufacture of System-on-a-Chip ("SOC"), System-in-a-Package ("SIP"), high-speed memory and memory devices. In addition to our test equipment, our product portfolio includes advanced analysis tools as well as consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

        Prior to our initial public offering, we were a wholly owned subsidiary of Agilent Technologies, Inc. ("Agilent"). We became an independent company on June 1, 2006, when we separated from Agilent. On June 13, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and innovation in semiconductor testing. Effective October 31, 2006, Agilent distributed the 50 million Verigy ordinary shares it owned to its shareholders.

Overview




        Verigy Ltd. ("we," "us" or the "Company") designs, develops, manufactures and supports semiconductor test equipment and provides
test system solutions that are used in the manufacture of System-on-a-Chip ("SOC"), System-in-a-Package ("SIP"),
high-speed memory and memory devices. In addition to our test equipment, our product portfolio includes advanced analysis tools as well as consulting, service and support offerings such as
start-up assistance, application services and system calibration and repair.



        Prior
to our initial public offering, we were a wholly owned subsidiary of Agilent Technologies, Inc. ("Agilent"). We became an independent company on June 1, 2006, when we
separated from Agilent. On June 13, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and
innovation in semiconductor testing. Effective October 31, 2006, Agilent distributed the 50 million Verigy ordinary shares it owned to its shareholders.



This excerpt taken from the VRGY 10-Q filed Sep 5, 2008.

Overview

 

Prior to our initial public offering, we were a wholly-owned subsidiary of Agilent Technologies, Inc (“Agilent”).  We became an independent company on June 1, 2006, when we separated from Agilent.  On June 13, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and innovation in semiconductor testing.  We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry.  We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages.  Our test solutions are both scalable and flexible.  Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices under simultaneous test.  Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices.  Our scalable platform architecture provides us with internal operating model efficiencies such as relatively lower research and development costs, engineering headcount, support requirements and inventory risk.  The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs.  In addition to our test equipment, our solutions include advanced analysis tools as well as consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

 

We have a broad customer base, with almost 1,900 93000 Series systems and more than 2,550 V5000 Series systems installed worldwide as of July 31, 2008.  Our customers include integrated device manufacturers (“IDMs’), test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

 

This excerpt taken from the VRGY 10-Q filed Jun 6, 2008.

Overview

 

Prior to our initial public offering, we were a wholly-owned subsidiary of Agilent Technologies, Inc (“Agilent”).  We became an independent company on June 1, 2006, when we separated from Agilent.  On June 13, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and innovation in semiconductor testing.  We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry.  We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages.  Our test solutions are both scalable and flexible.  Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices under simultaneous test.  Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices.  Our scalable platform architecture provides us with internal operating model efficiencies such as relatively lower research and development costs, engineering headcount, support requirements and inventory risk.  The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs.  In addition to our test equipment, our solutions include advanced analysis tools as well as consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

 

We have a broad customer base, with more than 1,800 93000 Series systems and more than 2,500 V5000 Series systems installed worldwide as of April 30, 2008.  Our customers include integrated device manufacturers (“IDMs’), test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

 

This excerpt taken from the VRGY 10-Q filed Mar 7, 2008.

Overview

 

Verigy became an independent company on June 1, 2006, when we separated from Agilent Technologies Inc.  We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry.  We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our Versatest V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages.  Our test solutions are both scalable and flexible.  Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices.  Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices.  Our scalable platform architecture provides us with internal operating model efficiencies such as reduced research and development costs, engineering headcount, support requirements and inventory risk.  The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs.  We also provide test and application expertise, and service and support through our worldwide service organization.

 

We have a broad customer installed base, having sold over 1,700 of our 93000 Series systems and over 2,500 Versatest Series systems as of January, 31, 2008.  Our customers include integrated device manufacturers, or IDMs, test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

 

This excerpt taken from the VRGY DEF 14A filed Feb 25, 2008.

Overview

        Our executive compensation program is integral to our goal of maximizing long-term shareholder value. The executive team consists of highly sought after individuals with readily available opportunities and ascertainable market values. Our primary goal is to provide these market competitive opportunities while strongly linking realized values to the creation of superior long-term shareholder value creation.

        We regularly monitor trends, conduct benchmarking studies and generally strive to position our executives between the competitive 25th and 75th percentiles. However, we do not adhere to specific formulas, internal pay multiples or market positioning when determining any individual executive's compensation.

This excerpt taken from the VRGY 10-K filed Dec 21, 2007.

Overview

        Verigy ("we," "us" or the "Company") designs, develops, manufactures and supports semiconductor test equipment and provides test system solutions that are used in the manufacture of System-on-a-Chip (SOC), System-in-a-Package (SIP), high-speed memory and memory devices. In addition to test equipment, our solutions include consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

        Prior to our initial public offering, we were a wholly owned subsidiary of Agilent. On June 16, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and innovation in semiconductor testing. Effective October 31, 2006 ("the distribution date"), Agilent distributed the 50 million Verigy ordinary shares it owned to its shareholders. See Note 4, "IPO, Separation from Agilent and Distribution" for further information regarding our initial public offering, our separation from Agilent and Agilent's distribution of our ordinary shares to its shareholders.

This excerpt taken from the VRGY 10-Q filed Sep 7, 2007.

Overview

Verigy became an independent company on June 1, 2006, when we separated from Agilent Technologies Inc.  We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry.  We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our Versatest V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages.  Our test solutions are both scalable and flexible.  Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices.  Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices.  Our scalable platform architecture provides us with internal operating model efficiencies such as reduced research and development costs, engineering headcount, support requirements and inventory risk.  The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs.  We also provide test and application expertise, and service and support through our worldwide service organization.

We have a broad customer installed base, having sold over 1,550 of our 93000 Series systems and over 2,450 Versatest Series systems as of July, 31, 2007.  Our customers include integrated device manufacturers, or IDMs, test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

This excerpt taken from the VRGY 10-Q filed Jun 7, 2007.

Overview

Verigy became an independent company on June 1, 2006, when we separated from Agilent Technologies Inc. We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry. We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our Versatest V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages. Our test solutions are both scalable and flexible. Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices. Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices. Our scalable platform architecture provides us with internal operating model efficiencies such as reduced research and development costs, engineering headcount, support requirements and inventory risk. The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs. We also provide test and application expertise, and service and support through our worldwide service organization.

We have a broad customer installed base, having sold over 1,500 of our 93000 Series systems and over 2,400 Versatest Series systems. Our customers include integrated device manufacturers, or IDMs, test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

This excerpt taken from the VRGY 10-Q filed Mar 14, 2007.

Overview

Verigy became an independent company on June 1, 2006, when we separated from Agilent Technologies Inc. We design, develop, manufacture and sell advanced test systems and solutions for the semiconductor industry. We offer a single platform for each of the two general categories of devices being tested: our 93000 Series platform, designed to test System-on-a-Chip (SOC), System-in-a-Package (SIP) and high-speed memory devices, and our Versatest V5000 Series platform, designed to test memory devices, including flash memory and multi-chip packages. Our test solutions are both scalable and flexible. Our test platforms are scalable across different frequency ranges, different pin counts and different numbers of devices. Our test platforms’ flexibility allows for a single test system to test a wide range of applications for semiconductor devices. Our scalable platform architecture provides us with internal operating model efficiencies such as reduced research and development costs, engineering headcount, support requirements and inventory risk. The scalability and flexibility of our test solutions also provides economic benefits to our customers by allowing them to get their complex, feature-rich semiconductor devices to market quickly and to reduce their overall costs. We also provide test and application expertise, and service and support through our worldwide service organization.

We have a broad customer installed base, having sold over 1,450 of our 93000 Series systems and over 2,300 Versatest Series systems. Our customers include integrated device manufacturers, or IDMs, test subcontractors, also referred to as subcontractors, which includes specialty assembly, package and test companies as well as wafer foundries, and fabless design companies.

This excerpt taken from the VRGY 10-K filed Dec 22, 2006.

Overview

Verigy (“we,” “us” or the “Company”) designs, develops and manufactures semiconductor test equipment and provides test system solutions that are used in the manufacture of System-on-a-Chip (SOC), System-in-a-Package (SIP), high-speed memory and memory devices. In addition to test equipment, our solutions include consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

Prior to our initial public offering, we were a wholly owned subsidiary of Agilent. On June 16, 2006, we completed our initial public offering and became a separate stand-alone publicly-traded company incorporated in Singapore focused on technology and innovation in semiconductor testing. Effective October 31, 2006 (“the distribution date”), Agilent distributed the 50 million Verigy ordinary shares it owned to its shareholders. See Note 4, “IPO, Separation from Agilent and Distribution” for further information regarding our initial public offering, our separation from Agilent and Agilent’s distribution of our ordinary shares to its shareholders.

Our fiscal year end is October 31, and our fiscal quarters end on January 31, April 30, and July 31.

Amounts included in the accompanying combined and consolidated financial statements are expressed in U.S. dollars.

This excerpt taken from the VRGY 10-Q filed Sep 7, 2006.

Overview

Verigy (“we,” “us” or the “Company”) designs, develops and manufactures semiconductor test equipment and provides test system solutions that are used in the manufacture of System-on-a-Chip (SOC), System-in-a-Package (SIP), high-speed memory and memory devices.  In addition to test equipment, our solutions include consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

On August 15, 2005, Agilent Technologies Inc. announced its intention to separate our business into a stand-alone publicly traded company focused on technology and innovation in semiconductor testing.  As of May 31, 2006, we had issued 50,000,000 ordinary shares to our then sole shareholder, Agilent. The separation of our business from Agilent was completed on June 1, 2006.  Until the completion of our initial public offering (“IPO”) on June 16, 2006, we were a wholly owned subsidiary of Agilent.

Our registration statement on Form S-1 was declared effective on June 12, 2006 (File No. 333-132291). Pursuant to the registration statement, we offered and sold 8.5 million of our ordinary shares in the IPO at a price of $15 per share, which less underwriting discount and commission, resulted in aggregate net proceeds of approximately $118.6 million, net of approximately $9 million of underwriting discounts and commissions. On July 6, 2006, the underwriters of the IPO exercised a portion of their over-allotment option which resulted in the issuance of additional 151,559 shares and generated approximately $2.1 million in net proceeds. The remaining portion of the underwriters’ over-allotment has lapsed.  As a result, we have approximately 58.7 million ordinary shares outstanding as of July 6, 2006.  In addition, Agilent made a payment to us of $19.3 million on July 14, 2006, the amount by which the aggregate net proceeds of our IPO were less than $140 million.

We will release Agilent by October 31, 2007 from specified guarantees or other security obligations that Agilent has entered into or will enter into on our behalf.  These guarantees and security arrangements relate to real property lease deposits and guarantees, security for company credit card programs and other credit arrangements and required deposits with governmental trade and tax agencies.   Since Agilent will have no obligation to maintain any such guarantees or other security obligations on our behalf following October 31, 2007, we will be liable for these deposits and guarantees that are currently estimated to be approximately $13 million in aggregate. 

Verigy and Agilent entered into a master separation and distribution agreement prior to the completion of our initial public offering that contains the key provisions relating to the separation, initial public offering and the distribution, which is currently intended to occur by the end of fiscal year 2006.  The master separation and distribution agreement describes generally the agreements and other documents that were delivered on the separation date, including the ancillary agreements.  These ancillary agreements include the general assignment and assumption agreement, the tax sharing agreement, the employee matters agreement, the intellectual property matters agreement, the manufacturing trademark license agreement and the transition services agreement. Agilent has advised us that it currently intends to distribute to its shareholders all of our ordinary shares that it holds by the end of its fiscal year, October 31, 2006.  In addition, pursuant to the master separation and distribution agreement, we entered into a revolving credit facility with Agilent on the separation date.  As of June 16, 2006, we have used part of our proceeds to repay Agilent $25 million, the amounts owing under a short-term revolving credit facility entered into with Agilent on the date of our separation.

Our fiscal year end is October 31, and our fiscal quarters end on January 31, April 30, and July 31.

This excerpt taken from the VRGY 10-Q filed Jul 14, 2006.

Overview

Verigy (“we,” “us” or the “Business”) design, develop and manufacture semiconductor test equipment and provide test system solutions that are used in the manufacture of System-on-a-Chip (SOC), System-in-a-Package (SIP), high-speed memory and memory devices. In addition to test equipment, our solutions include consulting, service and support offerings such as start-up assistance, application services and system calibration and repair.

On August 15, 2005, Agilent Technologies Inc. announced its intention to separate the Business into a stand-alone publicly traded company focused on technology and innovation in semiconductor testing. The separation of our business from Agilent was completed on June 1, 2006. Until  the completion of our initial public offering (“IPO”) on June 16, 2006, we were a wholly owned subsidiary of Agilent. Our registration statement on Form S-1 was declared effective on June 12, 2006 (File No. 333-132291). Pursuant to the registration statement, we offered and sold 8.5 million of our ordinary shares in the IPO at a price of $15 per share, which less underwriting discounts and commission related in aggregated net proceeds of approximately $118.6 million. On July 6, 2006, the underwriters of the IPO exercised a portion of their over-allotment option which resulted in the issuance of additional 151,559 shares and generated approximately $2.1 million in net proceeds. The remaining portion of the underwriters’ over-allotment has lapsed. As a result, we have approximately 58.7 million ordinary shares outstanding as of July 6, 2006. In addition, under the master separation and distribution agreement with Agilent, we expect Agilent to make a payment to us of $19.3 million, the amount by which the aggregate net proceeds of our IPO were less than $140 million.

We have also agreed to cause Agilent to be released by October 31, 2007 from specified guarantees or other security obligations that Agilent has entered into or will enter into on our behalf. Agilent will have no obligation to maintain any such guarantees or other security obligations on our behalf following October 31, 2007. These guarantees and security arrangements relate to real property lease deposits and guarantees, security for company credit card programs and other credit arrangements, and required deposits with governmental trade and tax agencies and are currently estimated to be approximately $13 million in the aggregate.

Verigy and Agilent entered into a master separation and distribution agreement prior to the completion of our initial public offering that contains the key provisions relating to the separation, initial public offering and the distribution, which currently intended to occur by the end of fiscal year 2006. The master separation and distribution agreement describes generally the agreements and other documents that were delivered on the separation date, including the ancillary agreements. These ancillary agreements include the general assignment and assumption agreement, the tax sharing agreement, the employee matters agreement, the intellectual property matters agreement, the manufacturing trademark license agreement and the transition services agreement. In addition, pursuant to the master separation and distribution agreement, we entered into a revolving credit facility with Agilent on the separation date.

Our fiscal year end is October 31, and our fiscal quarters end on January 31, April 30, and July 31.

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