Asyst Technologies Closing Additional Financing
Thursday October 3, 2:14 pm ET
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 3, 2002--Asyst Technologies, Inc., (Nasdaq:ASYT - News), a leading provider of integrated automation solutions that maximize semiconductor manufacturing productivity, today announced that it has reached agreement with a U.S. commercial bank for a $25 million credit facility. Combined with current balances of cash and short-term investments and the previously announced approximately $20 million the company anticipates receiving for certain inventory as a result of its outsourcing agreement, the company will have approximately $120 million of cash and short-term investments.
As previously announced, and consistent with all previous guidance, the company expects to report sales of approximately $70 million for its second fiscal quarter ended Sept. 30, 2002.
The company consumed $2 million of cash in its first fiscal quarter ended June 2002 and, consistent with its previous guidance, the company consumed approximately $5 million of cash in its just-completed second fiscal quarter, primarily to support the ramp of accounts receivable related to its significant sequential increase in sales. The company anticipates managing its consumption of cash to a maximum of $5-$10 million per quarter going forward. While the company may in the future consider additional financing options to further strengthen its balance sheet, any future decision will depend upon market conditions at the time.
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
"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 company's final funding of its credit facility, its ability to raise additional capital, and other factors more fully detailed in the Company's annual report on Form 10-K for the year ended March 31, 2002 and quarterly report on Form 10-Q for the quarter ended June 30, 2002, filed with the Securities and Exchange Commission
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Contact:
Asyst Technologies, Inc.
John Swenson, 510/661-5000
jswenson@asyst.com
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Source: Asyst Technologies, Inc. |
