Asyst Technologies Reports 46% Net Sales Growth for Fiscal First Quarter
Book-to-Bill is 1.46
FREMONT, Calif.--(BUSINESS WIRE)--July 17, 2002--Asyst Technologies, Inc., (Nasdaq NM: ASYT - News), a leading provider of integrated automation solutions that maximize the productivity of semiconductor manufacturing, today announced financial results for its first fiscal quarter ended June 30, 2002. Results were in line with company guidance.
Net sales for the quarter were $55.9 million, up 46% sequentially from $38.4 million reported in the fourth quarter of fiscal 2002. Net orders in the quarter were $81.4 million, up 58% over $51.5 million in the prior sequential quarter, for a book-to-bill ratio of 1.46. Pro forma gross margin for the quarter was 29.2%, compared with 23.8% in the fourth quarter of fiscal 2002. Pro forma operating expenses were $27.6 million. (See footnote and tables for explanation of pro forma adjustments.)
"We are pleased to report strong sequential sales growth, and our second consecutive quarter of bookings growth well in excess of industry averages," said Mihir Parikh, chairman and CEO of Asyst. "Our strong outperformance, albeit early in the recovery, is being driven by the strength of our relationships and products across a broad spectrum of customers and markets. Both directly and via OEM relationships, we are seeing demand from U.S. IC manufacturers that are building out 300mm capacity, current customers in China that are expanding 200mm foundry capacity, and other Asian foundry customers who are upgrading 200mm lines and simultaneously expanding 300mm capacity. This broad exposure to both 200mm and 300mm, our leading market position in foundries, and our enviable sales and support infrastructure in Asia have positioned Asyst well for this upturn."
Pro forma net loss for the quarter was $9.8 million, or $(0.27) per share. Including all items, the company reported a GAAP net loss of $13.5 million, or $(.37) per share.
At quarter-end, the company had $82.8 million of cash and short-term investments, down $2 million from levels at the end of the fourth quarter of fiscal 2002.
Outlook
For the second fiscal quarter ending September 30, 2002, the company expects net sales of approximately $70 million, which would represent quarterly sequential growth of approximately 25%. Depending on sales mix, for the fiscal second quarter the company expects to be at or near break even on a pro forma operating basis.
Recent Highlights
On July 12, the company announced the introduction of the Plus(TM) Portal XT , which is the next generation in its Plus Portal line of fully automated equipment front-end systems. The new system provides up to 10% greater throughput and offers higher levels of carrier interoperability.
Also on July 12, the company announced the introduction of the Axys FastSwap atmospheric wafer-handling robot. The FastSwap uses a dual-yaw wrist architecture, which allows wafer exchanges on the order of 50 to 100 percent faster than currently available commercial robots used for this application.
On July 10, the company announced the availability of its SmartFab(TM) Suite of 300mm fab productivity software tools. The suite optimizes the performance of Asyst's 300mm load ports, wafer carriers and Auto-ID systems to provide up to a 2% improvement in overall equipment effectiveness.
On June 27, Asyst announced that it has shipped volume quantities of its new G3 CoolCase(TM) 300mm FOUP wafer carrier to a major North American microelectronics manufacturer. Asyst now is the majority supplier of wafer carriers to approximately three-fourths of the world's 300mm production fabs.
On May 24, the company announced the signing of a definitive agreement related to its previously announced planned joint venture with the Automated Materials Handling Systems (AMHS) division of Shinko Electric Co. of Japan. Under terms of the agreement, Asyst will purchase a 51% interest in the joint venture, which will contain the entire AMHS business of Shinko. Shinko is the world's leading supplier of 300mm AMHS products and services, having won half of the 300mm AMHS installations to date.
Pro Forma Adjustments: Pro forma adjustments include the impact of amortized acquisition-related stock-based compensation, the amortization of acquired intangible assets, in-process research and development costs of acquired businesses, and related tax effect.
About Asyst
Asyst Technologies, Inc. is a leading provider of integrated automation systems for the semiconductor manufacturing industry, which enable semiconductor manufacturers to increase their manufacturing productivity and protect their investment in silicon wafers during the manufacture of integrated circuits, or ICs. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable solutions allow chipmakers and original equipment manufacturers, or OEMs, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is asyst.com
Conference Call Details
A live webcast of the conference call to discuss the quarter's financial results will take place today at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at asyst.com. A replay of the Webcast may be accessed via the same address. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 483854. The audio instant replay is available from July 17 at 7:30 p.m. Eastern Time through July 31 at 7:30 p.m. ET.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to: the volatility of semiconductor industry cycles, failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers, risks associated with the acceptance of new products and product capabilities, including our Plus Portal systems, competition in the semiconductor equipment industry, failure to efficiently integrate acquired companies, failure to retain employees, and other factors more fully detailed in the Company's annual report on Form 10-K for the year ended March 31, 2002, filed with the Securities and Exchange Commission
Asyst Technologies, Inc.
Pro Forma Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
Three Months Ended Pro Forma Pro Forma
June 30, 2002 Adjustments Results
--------------------------------------------
Net sales $ 55,902 $ -- $ 55,902
Cost of sales 39,589 (37) 39,552
-------- -------- --------
Gross profit 16,313 16,350
-------- --------
Operating expenses:
Research and development 10,511 (269) 10,242
Selling, general and
administrative 17,490 (115) 17,375
Amortization of acquired
intangible assets 2,000 (2,000) --
In-process research and
development costs of
acquired business 2,500 (2,500)
-------- -------- --------
Total operating expenses 32,501 27,617
-------- --------
Operating income (loss) (16,188) -- (11,267)
Other income (expense), net (1,756) -- (1,756)
-------- -------- --------
Income (loss) before
provision (benefit)
for income taxes (17,944) -- (13,023)
Provision (benefit)
for income taxes (4,486) 1,230 (3,256)
-------- -------- --------
Net income (loss) $(13,458) $ (9,767)
======== ========
Basic net income
(loss) per share $ (0.37) $ (0.27)
Diluted net income
(loss) per share $ (0.37) $ (0.27)
======== ========
Shares used in the per
share calculation:
Basic 36,565 36,565
======== ========
Diluted 36,565 36,565
======== ========
Asyst Technologies, Inc.
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
Three Months Three Months
Ended Ended
June 30, 2002 June 30, 2001
--------------- --------------
Net sales $ 55,902 $ 67,259
Cost of sales 39,589 49,765
-------- --------
Gross profit 16,313 17,494
-------- --------
Operating expenses:
Research and development 10,511 11,319
Selling, general and administrative 17,490 23,075
Amortization of acquired
intangible assets 2,000 3,542
Non-recurring charges -- 18,652
In-process research and
development costs of
acquired business 2,500 2,000
-------- --------
Total operating expenses 32,501 58,588
-------- --------
Operating income (loss) (16,188) (41,094)
Other income (expense), net (1,756) (32)
-------- --------
Income (loss) before provision
(benefit) for income taxes (17,944) (41,126)
Provision (benefit) for
income taxes (4,486) (13,571)
-------- --------
Net income (loss) $(13,458) $(27,555)
======== ========
Basic earnings (loss) per share $ (0.37) $ (0.79)
======== ========
Diluted earnings (loss) per share $ (0.37) $ (0.79)
======== ========
Shares used in the per share
calculation:
Basic 36,565 35,007
======== ========
Diluted 36,565 35,007
========= ========
Asyst Technologies, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30, March 31, June 30,
2002 2002 2001
---------- ----------- ----------
(unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 64,658 $ 74,738 $ 41,613
Restricted cash equivalents
and short-term investments 4,158 5,052 43,032
Short-term investments 14,000 5,000 --
Accounts receivable, net 40,545 29,715 57,650
Inventories 43,008 45,110 69,750
Deferred tax asset 33,937 33,906 34,460
Prepaid expenses and other
current assets 15,272 15,006 14,433
-------- -------- --------
Total current assets 215,578 208,527 260,938
-------- -------- --------
Long-term assets:
Property and equipment, net 39,162 38,366 40,914
Deferred tax asset 33,265 30,294 --
Intangible assets and other
assets, net 72,571 67,228 131,120
-------- -------- --------
Total long-term assets 144,998 135,888 172,034
-------- -------- --------
$360,576 $344,415 $432,972
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans $ 19,964 $ 16,707 $ 63,622
Current portion of long-term
debt and finance leases 1,880 2,130 1,808
Accounts payable 16,919 10,246 19,075
Accrued liabilities and other 34,064 47,859 49,179
Deferred revenue 7,555 4,476 8,995
--------- --------- ---------
Total current liabilities 80,382 81,418 142,679
--------- --------- ---------
Long-term liabilities:
Long-term debt and finance
leases, net of current
portion 91,238 91,265 4,883
Other long-term liabilities 6,520 6,795 378
--------- --------- ---------
Total long-term liabilities 97,758 98,060 5,261
--------- --------- ---------
Shareholders' equity:
Common Stock 325,273 294,316 293,049
Retained earnings (deficit) (142,837) (129,379) (8,017)
--------- ---------- ---------
Total shareholders' equity 182,436 164,937 285,032
--------- ---------- ---------
$ 360,576 $ 344,415 $ 432,972
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