All --You cannot escape reality.
AMTECH SYSTEMS, INC. Reported a 205% Increase in Operating Income
for Fiscal 1996
TEMPE, ARIZ. (Jan. 7) BUSINESS WIRE -January 7, 1997--AMTECH SYSTEMS,
INC. (NASDAQ:ASYS) reported that revenues for fiscal 1996 were $8,414,
000, an increase of $1,550,000, or 23%, from the $6,864,000 reported for
fiscal 1995. Income from continuing operations was 16% higher in fiscal
1996 than in fiscal 1995, or $198,000, $.05 per share, in the most
recent fiscal year, versus $171,000, $.04 per share, in the prior fiscal
year. The growth in revenues and income is due primarily to the 90%
increase in the sales of horizontal diffusion furnaces developed by the
Company and related after market parts, resulting from the continued
expansion of the manufacturing operations in The Netherlands.
Net income for fiscal 1996 increased 125% to $509,000, or $.10 per share,
from $227,000, or $.06 per share, in fiscal year 1995, due primarily to
the gain on the disposal of discontinued operations.
J.S. Whang, the Company's President and CEO, stated, "I am particularly
pleased that we were able to increase operating profit from continuing
operations by 205% to $121,000 in fiscal 1996, during a period in which
we increased expenditures on research and development by 40%, with the
goal of securing continued growth for the future."
Cash and short-term investments and stockholders' equity as of September
30, 1996, comprise 53% and 78%, respectively, of total assets. These
percentages are indicators of the Company's financial capacity for
future growth. Furthermore, the November 30, 1996 backlog is $3,875,000,
of which $2,875,000 is expected to be shipped in fiscal 1997.
Amtech Systems, Inc. manufactures capital equipment for use in the
production of semiconductors, including the Tempress Systems' horizontal
diffusion furnace, ATMOSCAN, an environmentally controlled wafer
processing system, IBAL, modular robotic devices which automate the
process of wafer loading and unloading, and load stations, which load
Tempress and other brands of furnaces. -0-
AMTECH SYSTEMS, INC.
CONDENSED STATEMENT OF OPERATIONS
FOR THE YEARS ENDED
SEPTEMBER 30,
-----------------------
1996 1995
---------- ----------
REVENUES $8,414,005 $6,864,068
INCOME FROM CONTINUING OPERATIONS $ 197,591 $ 171,053
DISCONTINUED OPERATIONS 26,757 55,515
GAIN ON DISPOSAL OF ECHELON 284,335 -
---------- ----------
NET INCOME $ 508,683 $ 226,568
========== ==========
INCOME PER SHARE:
FROM CONTINUING OPERATIONS $ .05 $ .04
NET INCOME $ .10 $ .06
CONDENSED BALANCE SHEETS
SEPT. 30, SEPT. 30,
1996 1995
---------- ----------
CASH AND EQUIVALENTS $1,994,217 $ 833,820
SHORT-TERM INVESTMENTS 2,464,120 3,671,569
ACCOUNTS RECEIVABLE 1,581,973 2,286,743
INVENTORIES AND PREPAID EXPENSES 786,136 569,463
DEFERRED INCOME TAXES 223,000 165,000
---------- ----------
TOTAL CURRENT ASSETS 7,049,446 7,526,595
PLANT AND EQUIPMENT - NET 976,331 649,798
ALL OTHER ASSETS 432,837 189,126
---------- ----------
$8,458,614 $8,365,519
========== ==========
CURRENT LIABILITIES $1,568,994 $1,363,291
LONG-TERM DEBT 265,355 --
TOTAL STOCKHOLDERS' EQUITY (Note 1) 6,624,265 7,002,228
---------- ----------
$8,458,614 $8,365,519
========== ==========
Note 1 - Stockholders' equity declined in fiscal 1996 as a result of
exchanging the shares of Echelon Service Company for shares
of the Company's $.01 par value common stock.
--30--jar/sf*
CONTACT: Robert T. Hass, CFO
602/967-5146
KEYWORD: ARIZONA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS REPEATS: New
York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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