Ultratech Announces First Quarter 2008 Results

SAN JOSE, Calif.--(Business Wire)--
Ultratech, Inc. (NasdaqGM: UTEK) today announced unaudited results
for the three-month period ended March 29, 2008.

For the first quarter of fiscal 2008, Ultratech reported net sales
of $31.1 million compared to $27.4 million during the first quarter of
2007. Ultratech's net income for the first quarter of 2008 was $2.0
million or $0.08 per share (diluted) compared to a net loss of $3.2
million or $0.14 per share for the same quarter last year.

Arthur W. Zafiropoulo, Ultratech Chairman and Chief Executive
Officer stated, "During the quarter, Ultratech executed effectively
and achieved higher than expected revenue and earnings. We are
especially proud of the continued improvements to profitability that
our product portfolio generated during the first quarter."

"While we realize that there is significant uncertainty in the
economic environment, we believe our technology based business model
is focused to improve our operating results, create long-term growth
and provide value to our stockholders," Zafiropoulo concluded.

At March 29, 2008, Ultratech had $141 million in cash, cash
equivalents and short-term investments. Working capital was $165
million and stockholders' equity was $ 7.72 per share based on
23,371,055 total shares outstanding on March 29, 2008.

Conference Call Information

The conference call will be broadcast live over the Internet
beginning at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on
Thursday, April 17, 2008. To listen to the call over the Internet or
to obtain telephone dial-in information for the call, please go to
Ultratech's web site at www.ultratech.com.

If you are unable to attend the live conference call, a replay
will be available on Ultratech's web site. If you do not have Internet
access, a replay of the call will be available three hours after the
conclusion of the call and run until 9:00 p.m. Pacific Time, April 19,
2008. You may access the telephone replay by dialing 800-642-1687 for
domestic callers, 706-645-9291 for international callers and entering
access code: 41617557.

Profile

Ultratech, Inc. (NasdaqGM: UTEK) designs, manufactures and markets
photolithography equipment used worldwide in the fabrication of
semiconductor and nanotechnology devices, and has expanded its
technology scope in pioneering laser processing technology for IC
manufacturing. Founded in 1979, Ultratech is a market leader in gold
and solder bump lithography. Its products are designed to
substantially reduce the cost of ownership for manufacturers in the
electronics industry. The company's home page on the World Wide Web is
located at www.ultratech.com.

Certain of the statements contained herein, which are not
historical facts and which can generally be identified by words such
as "anticipates," "expects," "intends," "will," "could," "believes,"
"estimates," "continue," and similar expressions, are forward-looking
statements under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that involve risks and uncertainties, such as risks related
to our dependence on new product introductions and market acceptance
of new products and enhanced versions of our existing products;
lengthy sales cycles, including the timing of system installations and
acceptances; lengthy and costly development cycles for
laser-processing and lithography technologies and applications;
integration, development and associated expenses of the laser
processing operation; delays, deferrals and cancellations of orders by
customers; cyclicality in the semiconductor and nanotechnology
industries and general economic conditions including impact on capital
spending; pricing pressures and product discounts; high degree of
industry competition; intellectual property matters; expiration of
licensing arrangements, and the resulting adverse impact on our
licensing revenues; changes to financial accounting standards; changes
in pricing by us, our competitors or suppliers; customer
concentration; international sales; timing of new product
announcements and releases by us or our competitors; ability to volume
produce systems and meet customer requirements; sole or limited
sources of supply; ability and resulting costs to attract or retain
sufficient personnel to achieve our targets for a particular period;
dilutive effect of employee stock option grants on net income per
share, which is largely dependent upon us achieving and maintaining
profitability and the market price of our stock; mix of products sold;
rapid technological change and the importance of timely product
introductions; outcome of litigation; manufacturing variances and
production levels; timing and degree of success of technologies
licensed to outside parties; product concentration and lack of product
revenue diversification; inventory obsolescence; asset impairment;
effects of certain anti-takeover provisions; announced and future
acquisitions; volatility of stock price; foreign government
regulations and restrictions; business interruptions due to natural
disasters or utility failures; environmental regulations; and any
adverse effects of terrorist attacks in the United States or
elsewhere, or government responses thereto, or military actions in
Iraq, Afghanistan and elsewhere, on the economy, in general, or on our
business in particular. Such risks and uncertainties are described in
Ultratech's SEC reports including its Annual Report on Form 10-K filed
for the year ended December 31, 2007. Due to these and additional
factors, the statements, historical results and percentage
relationships set forth herein are not necessarily indicative of the
results of operations for any future period. These forward-looking
statements are based on management's current beliefs and expectations,
some or all of which may prove to be inaccurate, and which may change.
We undertake no obligation to revise or update any forward-looking
statements to affect any event or circumstance that may arise after
the date of this release.

-Tables To Follow-

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*T
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

Mar. 29 Dec. 31,
(In thousands ) 2008 2007(a)
----------------------------------------------------------------------
ASSETS (Unaudited)

Current assets:
-------------------------------------------
Cash, cash equivalents, and short-term
investments $ 140,710 $ 131,998
Accounts receivable 24,005 30,562
Inventories 30,113 29,128
Prepaid expenses and other current
assets 3,238 3,874
----------------------------------------------------------------------
Total current assets 198,066 195,562

Equipment and leasehold improvements, net 16,557 16,826

Demonstration inventories, net 3,516 3,652

Other assets 2,750 2,601
----------------------------------------------------------------------

Total assets $ 220,889 $ 218,641
======================================================================

----------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
-------------------------------------------
Notes payable $ 5,082 $ 5,794
Accounts payable 10,135 8,200
Deferred product and service income 6,206 10,161
Other current liabilities 11,911 9,552
----------------------------------------------------------------------
Total current liabilities 33,334 33,707

Other liabilities 7,125 7,534

Stockholders' equity 180,430 177,400
----------------------------------------------------------------------

Total liabilities and stockholders' equity $ 220,889 $ 218,641
======================================================================

(a) The balance sheet as of December 31, 2007 has been derived from
the audited financial statements as of that date.
*T

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*T
ULTRATECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

----------------------------------------------------------------------
Three Months Ended
----------------------
Mar. 29 Mar. 31
(In thousands, except per share amounts) 2008 2007
----------------------------------------------------------------------
Total net sales(b) $ 31,136 $ 27,368
Cost of sales:
-----------------------------------------------
Cost of products sold 13,677 14,460
Cost of services 2,095 2,108
----------------------------------------------------------------------
Total cost of sales 15,772 16,568
----------------------------------------------------------------------
Gross profit 15,364 10,800
Operating expenses:
-----------------------------------------------
Research, development, and engineering 5,971 5,964
Selling, general, and administrative 8,512 9,302
----------------------------------------------------------------------
Operating income (loss) 881 (4,466)
Interest expense (72) (333)
Interest and other income, net 1,309 1,669
----------------------------------------------------------------------

Income (loss) before tax 2,118 (3,130)
Income taxes 166 115
----------------------------------------------------------------------
Net income (loss) $ 1,952 $ (3,245)
----------------------------------------------------------------------
Earnings per share - basic:
-----------------------------------------------
Net income (loss) $ 0.08 $ (0.14)
Number of shares used in per share
calculations - basic 23,456 23,285
Earnings per share - diluted:
-----------------------------------------------
Net income (loss) $ 0.08 $ (0.14)
Number of shares used in per share
calculations - diluted 23,473 23,285
----------------------------------------------------------------------

(b) Systems Sales $ 23,485 $ 18,806
Parts Sales 3,463 4,701
Service Sales 4,188 3,861
----------------------------------------------------------------------
Total Sales $ 31,136 $ 27,368
----------------------------------------------------------------------
*T

(UTEK-F)

Ultratech
Bruce Wright, 408-321-8835
Sr. Vice President, Finance/CFO
or
Laura Rebouche', 408-321-8835
Vice President of Investor Relations and
Corporate Communications

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