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To: Donald Wennerstrom who wrote (43185)	2/3/2009 4:59:21 PM
From: Donald Wennerstrom	2 Recommendations Respond to of 95680

Asyst Reports Third Quarter Fiscal 2009 Results Tuesday, Feb. 03, 2009 FREMONT, Calif. — Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today reported financial results for its fiscal third quarter ended Dec. 31, 2008. Net loss for the fiscal third quarter in accordance with GAAP was $7.3 million, or $0.14 per share. This compares with a net loss of $100.0 million, or $1.98 per share, in the fiscal second quarter, which included the impact of a non-cash goodwill impairment charge of $89.4 million. Non-GAAP net loss for the fiscal third quarter was $4.8 million, or $0.10 per share, which compares with $7.8 million, or $0.15 per share, in the prior sequential quarter. Net sales for the fiscal third quarter were $83.0 million, which compares with $95.1 million in the prior sequential quarter. Net sales related to automated material handling systems (AMHS) were $67.6 million, which compares with $70.1 million in the prior sequential quarter. Net sales related to tool and fab automation solutions were $15.4 million, which compares with $25.0 million in the prior sequential quarter. Steve Schwartz, chair and chief executive officer of Asyst, said, "We have taken significant action over the past several months to reduce the company’s cash breakeven level and to position the business for the challenging economic environment. Over the first three quarters of the current fiscal year, we have reduced ongoing annual operating expenses by approximately $25 million and reduced the quarterly cash breakeven sales level to approximately $75 million. In the fiscal fourth quarter we are taking further actions, which we expect will result in an additional $30-$35 million of annual savings and a $55 million quarterly cash breakeven level entering the fiscal year that begins April 1. In the fiscal third quarter we achieved gross margin of 31%, up significantly from the prior sequential quarter despite lower volume. This is consistent with our objectives and reflects continuing improvements in our supply chain. Bookings in the fiscal third quarter were $92 million, which allowed us to build backlog for the second consecutive quarter. All of these accomplishments are positioning us to weather what we believe will continue to be a challenging environment in the coming fiscal year.” Cash as of the end of the quarter was $77 million, which compares with $79 million in the prior quarter and $78 million for the same quarter last year. The company generated positive adjusted EBITDA of $0.4 million in the quarter, compared with an adjusted EBITDA loss of $2.6 million in the prior sequential quarter. In the current business conditions, the company is focused on generating positive cash flow before changes in working capital to support continued investment in new products and the servicing of its debt. The company was in compliance with the covenants under its principal credit facility as of Dec. 31, 2008. However, as previously announced, the company believes it is probable that it will need a waiver or amendment of certain covenants as of the quarter ending Mar. 31, 2009. The company believes that its bank relationships are good and currently is negotiating with its banks for such a waiver or amendment. However, there can be no assurance that a waiver or amendment will be granted or that the terms of any such waiver or amendment will be favorable to the company. The company provided the following guidance for the fiscal fourth quarter ending Mar. 31, 2009: Consolidated net sales are expected to be in the range of $65 to $75 million. AMHS sales are expected to be in the range of $55 to $60 million, and tool and fab automation sales are expected to be in the range of $10 to $15 million. Net loss in accordance with GAAP is expected to be in the range of $0.20 to $0.25 per share, including the impact of $3 to $5 million of restructuring charges related to the aforementioned cost reductions. Non-GAAP net loss is expected to be in the range of $0.15 to $0.19 per share. In calculating non-GAAP net loss per share, the company expects to exclude approximately $4 million to $6 million for restructuring charges and intangibles amortization, net of taxes. centredaily.com