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What: Shares of Ultratech (NASDAQ:UTEK) dropped today by as much as 13% after the company reported earnings that fell short of expectations.

So what: Revenue in the second quarter came in at $42.9 million, which resulted in $0.03 per share in net profit. Both top and bottom line figures were shy of the Street's forecasts, which called for $44.9 million in revenue and $0.04 per share in profit.

Now what: Ultratech's figures also looked bad relative to a year ago, when it put up $59.1 million in revenue and $0.41 per share in earnings. Gross margin also declined from 54% a year ago to 47% this quarter. Despite the weakening results, CEO Arthur W. Zafiropoulo expressed confidence in Ultratech's long-term prospects.

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