Brooks Automation Reports Fiscal 2002 First Quarter Results
CHELMSFORD, Mass., Jan. 23 /PRNewswire-FirstCall/ -- Brooks Automation, Inc. (NASDAQ:
BRKS - news), a leading provider of automation solutions for the semiconductor
manufacturing and related industries, announced the results for its first quarter of fiscal year
2002, ended December 31, 2001. Included in the results are the partial-quarter contributions
of its three recent acquisitions, General Precision, Inc., Tec-Sem AG and the Automation
Systems Group of Zygo Corporation.
Revenues for the first quarter of fiscal 2002 totaled $61.5 million, within the guidance set
forth in the previous quarter and unchanged sequentially from the preceding quarter's
revenues, but 45% lower than the $111.4 million of revenues achieved in the first quarter of
fiscal 2001. Before amortization of acquired intangible assets, acquisition-related and
restructuring charges and other charges ("BAAI"), the net loss for the quarter was $5.3
million, or $0.27 per share, compared to net income BAAI of $10.3 million, or $0.56 per diluted
share, in the comparable prior year quarter, meeting the earnings guidance that was given.
Bookings for the quarter were $55.6 million, resulting in a book-to-bill ratio of 0.90 for the first
quarter of fiscal 2002, compared to a ratio of 1.01 for the first quarter of fiscal 2001.
"As the worldwide semiconductor capital equipment market approaches the bottom of its
down cycle, Brooks saw its business remaining essentially flat from the previous quarter," said
Robert J. Therrien, President and Chief Executive Officer of Brooks Automation. "Continued
reductions in semiconductor capital spending adversely affected our OEM-driven tool
automation division, while both our factory software and factory hardware divisions were up
slightly sequentially, doing a fine job of resisting the downward pressures of the market. We
are encouraged by the signs of increasing focus by our customers on the 300mm market,
where we have a favorable position. In the first quarter, approximately 39% of Brooks'
revenues were from 300mm customers, compared to 21% for the first quarter of fiscal 2001.
While the industry continues to work its way along the bottom of the cycle, we are patiently
taking necessary measures to control costs without sacrificing the essential investments in
R&D and infrastructure that will enable us to ramp quickly in the next up-cycle. We expect to
complete the acquisition of PRI Automation on schedule as previously announced and believe
that this transaction is absolutely right for our company and our customers by creating the
footprint and scale to deliver high quality pre-integrated, pre-tested solutions. We believe
that customers want to deal with fewer suppliers and with fewer part numbers. In spite of
the pockets of optimism that we are seeing, however, we believe the quarter ending in March
will remain challenging in our industry, and revenue expectation for our fiscal second quarter
is flat compared to the first quarter, plus or minus five percent, with earnings per share
(BAAI) in the range of a $0.40 to $0.50 loss per share."
On October 24, 2001, Brooks Automation announced that it had signed a definitive agreement
to acquire PRI Automation, Inc. and subsequently announced that the Department of Justice
had issued a second request for more information under the United States' Hart-Scott-Rodino
("HSR") Anti-Trust Improvements Act.
Q1 Fiscal 2002 Highlights:
* Completed the acquisition of General Precision, Inc. on October 5,
2001;
* Completed the acquisition of Tec-Sem AG on October 9, 2001;
* Appointed Akira Kuwahara -- who served many years at Toshiba, including
the position of president and CEO of Toshiba Engineering Corporation -
as President of Brooks Automation, Japan, K.K.;
* Entered into an agreement on October 23, 2001 to acquire PRI
Automation, Inc., which would create the semiconductor industry's
leading supplier of semiconductor automation systems and solutions;
* Received final acceptance of the installation of CLASS MCS in a 300mm
facility of Samsung Electronics, Kiheung, Korea;
* Successfully held several key customer events, including the Brooks
Automation European Simulation Symposium in October, the 5th Annual
Brooks Taiwan Symposium for Planning and Logistics Solutions in
November and the first Brooks Minneapolis Area Users Group meeting in
December;
* Introduced iProcess(TM), the Web-based process and tool analysis
product, at Semicon Japan, held December 5-7, 2001; and
* Completed the acquisition of the Automation Systems Group of Zygo
Corporation on December 13, 2001.
NOTICE OF CONFERENCE CALL
Date: Thursday, January 24, 2002
Time: 9:00 a.m. EST, 8:00 a.m. CST, 7:00 a.m. MST, 6:00 a.m. PST
Live Webcast: investor.brooks.com
Dial In #: 913/981-5519
Passcode: 606571
Replay: (719)457-0820 (beginning @ 2:00 p.m. Thursday, January 24,
2002) available 7 days
Passcode: 606571
This event will also be available in the Audio Archive section of our Investor Relations Web
Page.
About Brooks Automation, Inc.
[snip]
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, September 30,
2001 2001
(unaudited)
ASSETS
Cash, cash equivalents and marketable
securities $170,164 $203,832
Accounts receivable, net 85,937 93,565
Inventories 54,450 49,295
Other current assets 38,139 36,444
Total current assets 348,690 383,136
Property, plant and equipment
Buildings and land 32,368 31,910
Computer equipment and software 39,532 38,497
Machinery and equipment 18,272 17,349
Furniture and fixtures 11,634 11,240
Leasehold improvements 11,261 10,069
Construction in progress 14,509 11,026
127,576 120,091
Less: Accumulated depreciation (58,088) (53,632)
Net property, plant and equipment 69,488 66,459
Long-term marketable securities 132,474 125,887
Intangible assets, net 142,425 100,916
Other assets 37,323 33,306
Total assets $730,400 $709,704
LIABILITIES, MINORITY INTERESTS,
CONVERTIBLE REDEEMABLE
PREFERRED STOCK AND STOCKHOLDERS'
EQUITY
Current liabilities $103,250 $100,973
Convertible subordinated notes 175,000 175,000
Other long-term liabilities 8,431 8,800
Total liabilities 286,681 284,773
Minority interests 705 762
Stockholders' equity 443,014 424,169
Total liabilities,
minority interests and
stockholders' equity $730,400 $709,704
Cash, cash equivalents, short-term
and long-term marketable securities
December 31, 2001 $302,638
September 30, 2001 $329,719
June 30, 2001 $333,706
March 31, 2001 $148,417
December 31, 2000 $225,734
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
2001 2000 (1)
Revenues $61,455 $111,391
Cost of revenues 37,341 60,772
Gross profit 24,114 50,619
Operating expenses:
Research and development 14,134 13,579
Selling, general and administrative 18,905 23,770
Acquisition-related and
restructuring charges 100 --
33,139 37,349
Income (loss) from operations before
amortization of acquired intangible assets (9,025) 13,270
Amortization of acquired intangible assets 3,633 5,693
Income (loss) from operations (12,658) 7,577
Interest (income) expense, net (246) (3,750)
Other (income) expense, net (553) 841
Income (loss) before income taxes and
minority interests (11,859) 10,486
Income tax provision (benefit) (4,068) 5,028
Income (loss) before minority
interests (7,791) 5,458
Minority interests in loss of
consolidated subsidiary (57) (57)
Net income (loss) (7,734) 5,515
Accretion and dividends on preferred
stock -- (30)
Net income (loss) attributable to
common stockholders $(7,734) $5,485
Earnings (loss) per share
attributable to common stockholders:
Basic $(0.39) $0.31
Diluted $(0.39) $0.30
Shares used in computing earnings
(loss) per share attributable
to common stockholders:
Basic 19,886 17,592
Diluted 19,886 18,391
Net income (loss) attributable to
common stockholders before amortization
of acquired intangible assets,
acquisition-related and restructuring
charges and other charges, net of taxes $(5,285) $10,324
Net income (loss) attributable to
common stockholders before
amortization of acquired intangible
assets, acquisition-related and
restructuring charges and other
charges, net of taxes, assuming
dilution $(5,285) $10,324
Earnings (loss) per share attributable
to common stockholders before
amortization of acquired intangible
assets, acquisition-related and
restructuring charges and other
charges, net of taxes
Basic $(0.27) $0.59
Diluted $(0.27) $0.56
Shares used in computing earnings (loss)
per share attributable to common stockholders
before amortization of acquired intangible
assets, acquisition-related and restructuring
charges and other charges, net of taxes
Basic 19,886 17,592
Diluted 19,886 18,391
(1) Amounts have been restated to reflect the acquisition of Progressive
Technologies, Inc. in a pooling of interests transaction effective
July 12, 2001.
BROOKS AUTOMATION, INC.
CALCULATION OF BAAI
FOR THE THREE MONTHS ENDED DECEMBER 31, 2001
(in thousands, except per share data)
(unaudited)
Amortization
of acquired
intangible
assets,
acquisition-
related and
restructuring
charges and
other
U.S. GAAP charges BAAI
Revenues $61,455 $-- $61,455
Cost of revenues 37,341 -- 37,341
Gross profit 24,114 -- 24,114
Operating expenses:
Research and development 14,134 359 13,775
Selling, general and administrative 18,905 -- 18,905
Acquisition-related and
restructuring charges 100 100 -
33,139 459 32,680
Income (loss) from operations before
amortization of
acquired intangible assets (9,025) (459) (8,566)
Amortization of acquired intangible
assets 3,633 3,633 --
Income (loss) from operations (12,658) (4,092) (8,566)
Interest (income) expense, net (246) -- (246)
Other (income) expense, net (553) -- (553)
Income (loss) before income taxes and
minority interests (11,859) (4,092) (7,767)
Income tax provision (benefit) (4,068) (1,643) (2,425)
Income (loss) before minority
interests (7,791) (2,449) (5,342)
Minority interests in loss of
consolidated subsidiary (57) -- (57)
Net income (loss) (7,734) (2,449) (5,285)
Accretion and dividends on preferred
stock -- -- --
Net income (loss) attributable to
common stockholders $(7,734) $(2,449) $(5,285)
Earnings (loss) per share
attributable to common stockholders:
Basic $(0.39) $(0.27)
Diluted $(0.39) $(0.27)
Shares used in computing earnings
(loss) per share attributable
to common stockholders:
Basic 19,886 19,886
Diluted 19,886 19,886
CONTACT: Mark Chung, Director of Investor Relations of Brooks Automation,
+1-978-262-2459, or fax, +1-978-262-7606, or
mark.chung@brooks.com
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