Asyst Technologies Reports 96% Bookings Growth for Fiscal Fourth Quarter
Upward Guidance
FREMONT, Calif.--(BUSINESS WIRE)--May 16, 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 fourth fiscal quarter and year ended March 31, 2002. Results were in line with company guidance.
Net sales for the quarter were $38.4 million, up sequentially from $37.3 million reported in the third fiscal quarter. Net orders in the quarter were $51.5 million, up 96% over $26.3 million reported in the prior sequential quarter, for a book-to-bill ratio of 1.34. Pro forma gross margin for the quarter was 23.8%, compared with 20.2% in the third fiscal quarter. Pro forma operating expenses were $25.7 million. (See footnote and tables for explanation of pro forma adjustments.)
"We are pleased to report sequential sales growth and strong sequential bookings growth after four consecutive quarters of declines due to the industry downturn," said Mihir Parikh, chairman and CEO of Asyst. "Although the recovery is only a couple of months old, we can see bookings growth across all of our core product lines, both 200mm and 300mm, and across a broad customer base. The relative strength of our core tool automation business is gratifying, as we believe it indicates market share gains in addition to market growth. Bookings in our OEM business are particularly strong, as global equipment manufacturers are embracing our unique Plus(TM) Portal as a fully integrated 300mm tool automation solution that includes load ports, wafer ID systems, atmospheric robotics and environmental control.
"We also are excited about recent developments in our new and emerging sources of revenue. First, in AMHS, where we have vaulted into the 300mm leadership position through the combination of our FasTrack(TM) system and our planned joint venture with Shinko. Second, in Connectivity Solutions, which was solidified early this quarter with our announcement of the acquisition of domainLogix, a premier product development and consulting services company, and with the creation of our India-based integration services platform."
Pro forma net loss for the quarter was $11.9 million, or $(0.33) per share. Including all items, the company reported a GAAP net loss of $13.2 million, or $(.37) per share.
At quarter-end, the company had $84.8 million of cash and short-term investments. As a result of improving business conditions, the company expects cash burn of approximately $5 million for its first fiscal quarter ending June 2002.
Outlook
For the first fiscal quarter ending June 30, 2002, the company expects net sales in the range of $50 to $55 million, which would represent quarterly sequential growth of approximately 35%. The company expects to achieve continued improvement in gross margin to the 28-30% range, and is currently forecasting operating expenses to increase slightly to $26.5 to $27.5 million as it discontinues bi-weekly shutdown days, a temporary cost-cutting measure, and adds the expenses of domainLogix.
Recent Highlights
On April 16, Asyst announced that it has signed a Basic Agreement to form a joint venture company, Asyst Shinko Inc., which will contain all of the highly successful Automated Materials Handling Systems (AMHS) business of Shinko Electric Co. Ltd. Asyst has agreed to purchase 51% interest in the joint venture, with Shinko retaining 49%. Shinko is the leader in AMHS for 300mm semiconductor manufacturing, having won more than half of the current worldwide installations, including the two largest 300mm production fabs.
On April 9, the company announced that it has formed a Connectivity Solutions Group. The group is comprised of Asyst's GW Associates, which is the leading developer of tool connectivity software products; domainLogix Corp., a newly acquired software product development, consulting, and services company; and Asyst Integration Services (India) Ltd., which will offer software development and integration services augmented by an exclusive partnership with Satyam Computer Services Ltd.
On April 8, Asyst announced the introduction of the Isoport(TM) 300mm load port. The company believes this new interface will offer industry-leading cost-of-ownership advantages in addition to high performance and functionality. Shipments are expected to commence in the company's third fiscal quarter.
Pro Forma Adjustments: Pro forma adjustments include the impact of amortized acquisition-related stock-based compensation, the amortization of acquired intangible assets, 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 461905. The audio instant replay is available from May 16 at 7:30 p.m. Eastern Time through May 30 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, 2001 and quarterly report on Form 10-Q for the quarter ended Dec. 31, 2001, 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
March 31, Pro Forma Pro Forma
2002 Adjustments(1) Results
------------ ------------- ---------
Net sales $ 38,350 $ -- $ 38,350
Cost of sales 29,257 (17) 29,240
-------- -------- --------
Gross profit 9,093 9,110
-------- -------- --------
Operating expenses:
Research and development 8,967 (233) 8,734
Selling, general and
administrative 17,062 (54) 17,008
Amortization of acquired
intangible assets 1,682 (1,682) --
Reduction of goodwill and
other long-lived assets -- -- --
Non-recurring charges -- -- --
In-process research and
development costs of
acquired business -- --
-------- -------- --------
Total operating expenses 27,711 25,742
-------- -------- --------
Operating income (loss) (18,618) -- (16,632)
Other income (expense), net (2,143) -- (2,143)
-------- -------- --------
Income (loss) before
provision (benefit) for
income taxes (20,761) -- (18,775)
Provision (benefit) for
income taxes (7,588) 734 (6,854)
-------- -------- --------
Net income (loss) $(13,173) $ $(11,921)
======== ======== ========
Basic net income (loss)
per share $ (0.37) $ (0.33)
Diluted net income (loss)
per share $ (0.37) $ (0.33)
======== ========
Shares used in the per
share calculation:
Basic 35,779 35,779
======== ========
Diluted 35,779 35,779
======== ========
(1) Pro forma adjustments include the impact of amortized
acquisition-related stock-based compensation, the amortization of
acquired intangible assets, and related tax effect.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Twelve Months
Ended Ended
March 31, March 31,
2002 2002
------------ -------------
Net sales $ 38,350 $ 193,953
Cost of sales 29,257 160,133
--------- ---------
Gross profit 9,093 33,820
--------- ---------
Operating expenses:
Research and development 8,967 40,071
Selling, general and
administrative 17,062 80,536
Amortization of acquired
intangible assets 1,682 14,373
Impairment of goodwill and
other long-lived assets -- 60,354
Non-recurring charges -- 26,121
In-process research and
development costs of
acquired business -- 2,000
--------- ---------
Total operating expenses 27,711 223,455
--------- ---------
Operating income (loss) (18,618) (189,635)
Other income (expense), net (2,143) (4,002)
--------- ---------
Income (loss) before
provision (benefit) for
income taxes (20,761) (193,637)
Provision (benefit) for
income taxes (7,588) (44,720)
--------- ---------
Net income (loss) $ (13,173) $(148,917)
========= =========
Basic earnings (loss)
per share $ (0.37) $ (4.21)
========= =========
Diluted earnings (loss)
per share $ (0.37) $ (4.21)
========= =========
Shares used in the per
share calculation:
Basic 35,779 35,373
========= =========
Diluted 35,779 35,373
========= =========
Net Income (loss) before
amortization of acquired
intangible assets $ (12,046) $(139,287)
========= =========
Basic earnings (loss) per
share before amortization
of intangibles $ (0.34) $ (3.94)
========= =========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31, March 31,
2002 2001 2001
--------- -------- ---------
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 74,738 $ 94,738 $ 34,749
Restricted cash equivalents
and short-term investments 5,052 3,242 52,500
Short-term investments 5,000 7,636 3,000
Accounts receivable, net 29,715 34,603 77,660
Inventories 45,110 50,419 76,972
Deferred tax asset 33,906 25,265 20,068
Prepaid expenses and other
current assets 15,006 9,259 16,017
--------- --------- ---------
Total current assets 208,527 225,162 280,966
--------- --------- ---------
Long-term assets:
Property and equipment, net 38,366 40,543 40,160
Deferred tax asset 30,294 32,669 --
Intangible assets and other
assets, net 67,228 66,776 87,306
--------- --------- ---------
Total long-term assets 135,888 139,988 127,466
--------- --------- ---------
$ 344,415 $ 365,150 $ 408,432
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans $ 16,707 $ 20,144 $ 28,776
Current portion of long-term
debt and finance leases 2,130 2,164 1,791
Accounts payable 10,246 13,488 29,560
Accrued liabilities and other 47,859 57,071 36,495
Deferred revenue 4,476 5,136 5,190
--------- --------- ---------
Total current liabilities 81,418 98,003 101,812
--------- --------- ---------
Long-term liabilities:
Long-term debt and finance
leases, net of current portion 91,265 90,615 3,683
Other long-term liabilities 6,795 330 474
--------- --------- ---------
Total long-term liabilities 98,060 90,945 4,157
--------- --------- ---------
Shareholders' equity:
Common Stock 294,046 292,407 282,925
Retained earnings (deficit) (129,109) (116,205) 19,538
--------- --------- ---------
Total shareholders' equity 164,937 176,202 302,463
--------- --------- ---------
$ 344,415 $ 365,150 $ 408,432
========= ========= ========= |
