Asyst Announces Revised Business Outlook
FREMONT, Calif.--(BUSINESS WIRE)--March 13, 2001--Asyst Technologies, Inc. (Nasdaq NM:ASYT - news), the world's largest semiconductor fab automation company, today revised its business outlook. Citing the sharp economic slowdown and accompanying inventory corrections in worldwide technology markets, the company revised its expectations for revenues in the fourth quarter of fiscal year 2001 (ending March 31, 2001).
The company now anticipates that fourth quarter revenues will be approximately fifteen percent lower than the previous sequential quarter, yet as much as 15 percent above the $94 million revenues reported in the year-ago period. Previous company guidance, provided on January 25, 2001, anticipated flat sequential revenues from the third to the fourth quarter. All revenue expectations are stated before the impact of the adoption of Staff Accounting Bulletin No. 101, and before accounting for the recent acquisitions of Advanced Machine Programming and Semifab, Inc.
``Weak global economic conditions are affecting business across the board in our customers' fabs, and they are in turn reducing their capital spending,'' stated Mihir Parikh, Asyst's chairman and chief executive officer. ``Although we cannot predict the length of the current slowdown, we continue to capture additional opportunities in the 300mm interfaces, portal and FOUP product arenas, further demonstrating our 300mm market leadership.''
The company further noted that the uncertainty surrounding current industry dynamics prevents it from providing meaningful guidance at this time for the fourth quarter of fiscal 2001 with reference to gross margin, operating expenses as a percent of revenue or net income.
To accommodate lowered revenue expectations, the company has implemented several cost-reduction measures, including reducing worldwide headcount by approximately 17 percent and lowering non-essential discretionary spending. The headcount reductions affected both temporary and regular full-time positions and were implemented during the past two weeks.
``Although employee headcount reductions are painful measures,'' noted Parikh, ``our goal is to allocate resources in line with revenue levels, while maintaining our critical spending in areas related to development of innovative automation products and foundry services that enable IC and equipment manufacturers to improve their productivity and profitability.''
The company also reminded the investing public that as of March 17, 2001, Asyst will maintain a ``Quiet Period.'' During this time, the company does not intend to provide any additional updates to its guidance until the close of market on May 3, 2001, when Asyst plans to issue its fourth-quarter and year-end financial report. In addition, at 5:00 p.m. Eastern Time on that day, the company will conduct a conference call to discuss its fourth-quarter financial results and its guidance for the upcoming quarter. Information on how to access a webcast of the conference call will be provided on the company's website at www.asyst.com
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, general economic conditions, semiconductor industry cycles, risks associated with the acceptance of new products and product capabilities and other factors more fully detailed in the Company's recent 10Q quarterly report on file with the Securities Exchange Commission.
About Asyst: Asyst Technologies, Inc. is the leading provider of isolation and automation technologies that enable semiconductor makers to protect their valued assets throughout the manufacturing process while increasing manufacturing productivity. Through this ``Value-Assured Fab'' strategy, Asyst offers a broad range of 200mm and 300mm solutions that enable the safe transfer of wafers and information between the process equipment and the fab line throughout the IC fabrication process, preventing human, environmental, mechanical and chemical harm. Encompassing robotics, portals, wafer and reticle carriers, connectivity and interface products, and transport and loading products, Asyst's modular, interoperable solutions allow chipmakers and original equipment manufacturers (OEMs) to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is asyst.com |
