ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
March 31, December 31, March 31,
2003 2002 2002
-------------- -------------- --------------
ASSETS
Current assets:
Cash and cash
equivalents $ 96,214 $ 60,133 $ 74,577
Restricted cash equivalents
and short-term investments 3,088 2,836 5,052
Short-term investments - 14,000 5,000
Accounts receivable,
net 74,878 93,696 28,307
Inventories 22,204 16,269 39,296
Deferred tax asset - - 33,906
Prepaid expenses and
other current assets 10,317 11,232 14,618
-------------- -------------- --------------
Total current
assets 206,701 198,166 200,756
-------------- -------------- --------------
Long-term assets:
Property and equipment,
net 24,295 33,255 34,399
Deferred tax asset 200 - 30,294
Goodwill 38,919 37,106 -
Intangible assets, net 103,448 84,992 29,901
Other assets, net 21,662 21,678 32,180
Assets of discontinued
operations - 8,985 16,885
-------------- -------------- --------------
Total long-
term assets 188,524 186,016 143,659
-------------- -------------- --------------
Total Assets $ 395,225 $ 384,182 $ 344,415
============== ============== ==============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans and
notes payable $ 17,976 $ 20,557 $ 16,707
Current portion of long-
term debt and finance
leases 1,273 1,199 1,076
Accounts payable 45,027 44,029 9,193
Accrued liabilities and
other 50,572 54,820 46,819
Deferred revenue 2,130 4,430 4,367
-------------- -------------- --------------
Total current
liabilities 116,978 125,035 78,162
-------------- -------------- --------------
Long-term liabilities:
Long-term debt and finance
leases, net of current
portion 114,812 115,297 90,331
Other long-term
liabilities 36,508 11,434 6,795
Liabilities of
discontinued operations - 2,990 4,190
-------------- -------------- --------------
Total long-term
liabilities 151,320 129,721 101,316
-------------- -------------- --------------
Minority interest 58,893 63,175 -
Shareholders' equity:
Common stock 328,664 325,857 294,351
Accumulated other
comprehensive income 3,002 2,207 (35)
Accumulated deficit (263,632) (261,813) (129,379)
-------------- -------------- --------------
Total
shareholders'
equity 68,034 66,251 164,937
-------------- -------------- --------------
Total liabilities and
shareholders' equity $ 395,225 $ 384,182 $ 344,415
============== ============== ==============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2003 2002 2003 2002
------------- ------------- ---------- --------------
Net sales $ 59,687 $ 35,773 $ 259,495 $ 183,234
Cost of sales 48,488 22,544 184,443 142,306
------------- ------------- ---------- --------------
Gross profit 11,199 13,229 75,052 40,928
------------- ------------- ---------- --------------
Operating
expenses:
Research and
development 8,549 8,734 40,059 39,010
Selling,
general and
administrative 19,828 16,266 74,175 76,262
Amortization of
acquired
intangible
assets 4,778 1,098 14,051 7,078
Restructuring
charges - 88 7,019 26,088
Asset
impairment
charges - - 15,519 22,574
In-process research
and development
costs of acquired
business - - 7,832 2,000
------------- -------------- --------- --------------
Total
operating
expenses 33,155 26,186 158,655 173,012
------------- -------------- --------- --------------
Operating
income (loss) (21,956) (12,957) (83,603) (132,084)
Gain on sale of
WARC, net of
tax 28,420 - 28,420 -
Other income
(expense), net (1,690) (1,812) (6,918) (3,456)
------------- -------------- --------- --------------
Income (loss)
before
provision
(benefit) for
income taxes 4,774 (14,769) (62,101) (135,540)
Provision
(benefit) for
income taxes (1,293) (4,536) 57,335 (38,026)
Minority
interest 161 - (4,663) -
------------- -------------- --------- --------------
Net income
(loss)
continuing
operations 5,906 (10,233) (114,774) (97,514)
Discontinued
operations,
net of income
tax (7,725) (2,942) (19,478) (51,404)
------------- -------------- --------- --------------
Net Income
(loss) (1,820) (13,175) (134,252) (148,918)
============= ============== ========= ==============
Basic earnings
(loss) per
share:
Continuing
operations $ 0.16 $ (0.29) $ (3.06) $ (2.76)
Discontinued
operations 0.21 (0.08) (0.52) (1.45)
------------- ------------------------ --------------
Basic net
income (loss)
per share $ (0.05) $ (0.37) $ (3.58) $ (4.21)
============= ======================== ==============
Diluted
earnings
(loss) per
share:
Continuing
operations $ 0.15 $ (0.29) $ (3.06) $ (2.76)
Discontinued
operations (0.19) (0.08) (0.52) (1.45)
------------- ------------- ---------- --------------
Diluted
earnings
(loss) per
share $ (0.04) $ (0.37) $ (3.58) $ (4.21)
============= ============= ========== ==============
Shares used in
the per share
calculation:
Basic 38,005 35,779 37,489 35,373
============= ============= ============== ============
Diluted 40,586 35,779 37,489 35,373
============= ============= ============== ============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months
Ended
March 31, Pro Forma Pro Forma
2003 Adjustments Results
------------- ----------- ---------
Net sales $ 59,687 $ - $ 59,687
Cost of sales 48,488 (4,540) 43,948
------------- ----------- ---------
Gross profit 11,199 4,540 15,739
------------- ----------- ---------
Operating expenses:
Research and development 8,549 (70) 8,479
Selling, general and administrative 19,828 (876) 18,952
Amortization of acquired intangible
assets 4,778 (4,778) -
------------- ----------- ---------
Total operating expenses 33,154 (5,724) 27,431
------------- ----------- ---------
Operating income (loss) (21,956) (11,692)
Gain on sale of WARC, net of tax 28,420 (28,420) -
Other income (expense), net (1,690) - (1,690)
------------- ----------- ---------
Income (loss) before provision
(benefit) for income taxes 4,774 (13,382)
Provision (benefit) for income
taxes (1,293) - (1,293)
Minority interest 161 - 161
------------- ----------- ---------
Net income (loss) continuing
operations 5,906 (12,250)
Discontinued operations, net of
income tax (7,725) 7,725 -
------------- ----------- ---------
Net Income (loss) (1,819) 7,725 (12,250)
============= =========== =========
Basic earnings (loss) per share:
Continuing operations $ 0.16 $ (0.32)
Discontinued operations (0.21) -
------------- ---------
Basic net income (loss) per share $ (0.05) $ (0.32)
============= =========
Diluted earnings (loss) per share:
Continuing operations $ 0.15 $ (0.30)
Discontinued operations (0.19) -
------------- ---------
Diluted earnings (loss) per share $ (0.04) $ (0.30)
============= =========
Shares used in the per share
calculation:
Basic 38,005 38,005
============= =========
Diluted 40,586 40,586
============= =========
Asyst Technologies Inc., based on continuing operations
(1) Including Asyst Shinko as of Q3
------------ ------------
Q4 Q3
FY03 FY03
------------ ------------
Quarter Quarter
ended ended
3/31/03(1) 12/31/02(1)
Net Bookings by Region
North America 12.7 30% 22.2 46%
Japan 20.2 48% 10.7 22%
Taiwan 1.8 4% 3.7 8%
Other APAC 3.7 9% 8.4 17%
Europe 3.7 9% 3.2 7%
------------ ------------
TOTAL 42.0 100% 48.3 100%
============ ============
Billings by Region
North America 18.2 31% 23.5 31%
Japan 11.2 19% 16.7 22%
Taiwan 8.3 14% 9.3 12%
Other APAC 11.7 20% 21.6 29%
Europe 8.6 15% 4.5 6%
------------ ------------
TOTAL 58.0 100% 75.6 100%
============ ============
Net Bookings by Customer Type
OEM 16.4 39% 18.0 37%
End
User 25.5 61% 30.3 63%
------------ ------------
TOTAL 42.0 100% 48.3 100%
============ ============
Billings by Customer Type
OEM 21.6 37% 26.1 35%
End
User 36.4 63% 49.5 65%
------------ ------------
TOTAL 58.0 100% 75.6 100%
============ ============
Amount% of Amount% of
total total
------------ ------------
300mm Net Bookings 25.2 60% 27.0 56%
============ ============
Amount% of Amount% of
total total
------------ ------------
300mm Net Billings 24.3 42% 29.6 39%
============ ============
Amount% of Amount% of
total total
------------ ------------
FPD Net Bookings 1.4 3% 2.3 5%
============ ============
Amount% of Amount% of
total total
------------ ------------
FPD Net Billings 3.2 5% 9.3 12%
============ ============
------------ ------------ ------------
Q2 Q1 FY03
FY03 FY03
------------ ------------ ------------
Quarter Quarter
ended ended
9/30/02 6/30/02
Net Bookings by Region
North America 18.9 38% 23.1 30% 76.9 35%
Japan 11.5 23% 14.0 18% 56.4 26%
Taiwan 4.9 10% 20.9 27% 31.3 14%
Other APAC 10.6 21% 15.6 20% 38.2 18%
Europe 4.3 9% 4.0 5% 15.2 7%
------------ ------------ ------------
TOTAL 50.2 100% 77.4 100% 217.8 100%
============ ============ ============
Billings by Region
North America 26.0 36% 22.2 43% 89.9 35%
Japan 12.1 17% 7.7 15% 47.8 19%
Taiwan 18.1 25% 11.0 21% 46.7 18%
Other APAC 11.3 16% 6.2 12% 50.8 20%
Europe 4.9 7% 4.8 9% 22.7 9%
------------ ------------ ------------
TOTAL 72.3 100% 51.9 100% 257.9 100%
============ ============ ============
Net Bookings by Customer Type
OEM 30.2 60% 27.6 36% 92.2 42%
End
User 20.0 40% 49.8 64% 125.6 58%
------------ ------------ ------------
TOTAL 50.2 100% 77.4 100% 217.8 100%
============ ============ ============
Billings by Customer Type
OEM 34.0 47% 20.5 40% 102.5 40%
End
User 38.3 53% 31.3 60% 155.5 60%
------------ ------------ ------------
TOTAL 72.3 100% 51.9 100% 257.9 100%
============ ============ ============
Amount% of Amount% of Amount% of
total total total
------------ ------------ ------------
300mm Net Bookings 16.9 34% 30.4 39% 99.5 46%
============ ============ ============
Amount% of Amount% of Amount% of
total total total
------------ ------------ ------------
300mm Net Billings 24.3 34% 18.7 36% 96.9 38%
============ ============ ============
FPD Net Bookings
FPD Net Billings
--------------------------------------------------------------------------------
Contact:
Asyst Technologies, Inc.
John M. Swenson, 510/661-5112
--------------------------------------------------------------------------------
Source: Asyst Technologies
