ASYS
Amtech Systems, Inc. Reports 45% Increase in 2005 Revenues and $2.9 Million Improvement in Results
Amtech Systems, Inc. (Nasdaq:ASYS), a global supplier of production and automation systems and related supplies for the semiconductor, silicon wafer, solar cell and MEMS (microelectromechanical system) industries, today reported results for its fourth quarter and fiscal year ended September 30, 2005.
Revenues for the 2005 fiscal year were $27.9 million, a 45% increase compared to $19.3 million in fiscal 2004. Revenues of Bruce Technologies, acquired in July 2004, contributed $5.3 million to the increase in revenues for the full year. Revenues for the fourth quarter of fiscal 2005 totaled $6.3 million, an increase of 28% from $4.9 million in the fourth quarter of fiscal 2004.
The fiscal 2005 net loss was ($0.3 million) or ($0.12) per fully diluted common share, compared to the fiscal 2004 net loss of ($3.2 million) or ($1.17) per fully diluted common share, a $2.9 million improvement in the results. In fiscal 2005, an inventory write-down of $0.3 million contributed to the net loss. In fiscal 2004, Amtech recorded a charge of $1.1 million to provide a full valuation allowance on its net deferred tax assets at September 30, 2004.
Net new orders in fiscal 2005 increased to $35.0 million, an 84% increase, compared to $19.0 million in 2004 and Amtech's previous record of $30.0 million in fiscal 2000. As a result, the company's order backlog reached $14.4 million at September 30, 2005, a 97% increase from the $7.3 million backlog at September 30, 2004. Bookings of new customer orders in Q4 2005 were $14.4 million, a level not previously reached since the third quarter of 2000.
Mr. J.S. Whang, President and Chief Executive Officer, stated, "I am pleased with the improvement of our results versus last year. Particularly encouraging is the level of new orders, fueled in large part by activity in the solar cell industry."
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Amtech Systems, Inc.) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, industry specific and general business conditions, competitive market conditions, success of Amtech's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers, failure to satisfy customer acceptance requirements and other risk factors described in Amtech's SEC filings. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof and Amtech assumes no obligation to update this press release.
This earnings release should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2005.
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CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except share data)
----------------------------------------------------------------------
QUARTER ENDED FISCAL YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Revenue $ 6,305 $ 4,912 $ 27,899 $ 19,299
Operating Loss $ (867) $ (1,894) $ (138) $ (2,105)
Net Loss $ (963) $ (3,015) $ (259) $ (3,165)
Loss Per Share:
---------------
Basic $ (.37) $ (1.11) $ (.12) $ (1.17)
Diluted $ (.37) $ (1.11) $ (.12) $ (1.17)
Weighted Average
Share Outstanding:
Basic 2,705,138 2,705,121 2,705,125 2,702,060
Diluted 2,705,138 2,705,121 2,705,125 2,702,060
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CONDENSED BALANCE SHEETS
(in thousands)
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SEPTEMBER 30, SEPTEMBER 30,
2005 2004
-------------- --------------
CASH AND EQUIVALENTS $ 3,309 $ 1,674
ACCOUNTS RECEIVABLE -- NET 4,997 3,629
INVENTORIES 4,308 5,994
PREPAIDS AND INCOME TAXES RECEIVABLE 1,104 969
-------------- --------------
TOTAL CURRENT ASSETS 13,718 12,266
PLANT AND EQUIPMENT -- NET 1,937 2,220
GOODWILL AND OTHER ASSETS -- NET 2,046 2,174
-------------- --------------
$ 17,701 $ 16,660
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DEFERRED PROFIT 624 1,031
OTHER CURRENT LIABILITIES 3,128 3,500
LONG-TERM OBLIGATIONS 741 474
TOTAL STOCKHOLDERS' EQUITY 13,208 11,655
-------------- --------------
$ 17,701 $ 16,660
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Amtech Systems, Inc., Tempe
Robert T. Hass, 480-967-5146
Source: Business Wire (December 30, 2005 - 7:45 AM EST)
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