Asyst Technologies Reports Fiscal Year 1999
Fourth Quarter and Year-End Results
Fourth Quarter Sales in Line With Strong Bookings Momentum
FREMONT, Calif.--(BUSINESS WIRE)--May 11, 1999--Asyst Technologies, Inc. (Nasdaq:ASYT - news), the leading
supplier of Standard Mechanical InterFace (SMIF) isolation and manufacturing automation solutions to the semiconductor
industry, today reported financial results for its fourth quarter and fiscal year ended March 31, 1999.
Net sales for fiscal year 1999 were $84.2 million, compared to net sales of $165.5 million posted for fiscal year 1998. Net
loss from continuing operations for fiscal 1999 was $21 million, or ($1.80) per share. This compares to fiscal 1998 net
income from continuing operations of $18.2 million, or $1.51 per share.
Fourth quarter 1999 net sales were $17.2 million, as compared to fourth quarter fiscal year 1998 net sales of $45.2 million.
Net loss from continuing operations for fourth quarter 1999 was $5.4 million, or ($0.47) per share, compared to fourth
quarter 1998 income from continuing operations of $5.3 million, or $0.42 per share. Included in these fourth quarter
results is a charge of $2.6 million (pretax) principally related to the restructuring of certain overseas operations. Excluding
the restructuring charge, the net loss from continuing operations for fourth quarter fiscal year 1999 was $3.7 million, or
($0.32) per share.
Doug McCutcheon, senior vice president and chief financial officer, commented on the Company's financial performance,
''With revenue levels of $17.2 million, the quarter's reported sales were in line with expectations. We saw a sharp rise in
production marked by heavy turns in the March timeframe and were quickly able to apply resources to meet those needs.
Although Asyst's gross margins declined to 33 percent in the past quarter due in part to one-time items, we believe that the
Company will have an improved gross margin trend over the next several quarters.''
''It is our belief that Asyst Technologies is well positioned for the growth opportunities that new fabs, fab expansions and
fab upgrades provide,'' noted Asyst's Chairman and Chief Executive Officer Dr. Mihir Parikh. ''As an indication that our
business strategies are well focused, the Company continues to preserve its market-share leadership position. The breadth
of our business continues to show strength, as indicated by the recently announced major upgrade of a Texas Instruments
fab. While the 150-200 mm upgrade market represents a substantial growth arena for Asyst, the Company believes that it
will further strengthen its position in the 300 mm market with its previously announced intent to acquire Progressive
Systems Technologies, Inc., an Austin-based automation company.''
Parikh continued, ''The Company's strong bookings momentum has resulted in a book-to-bill ratio that is in alignment
with the improving industry average. We are also pleased to see significant results from the programs Asyst has initiated
for long-term growth. By maintaining our strategic focus during the industry's downturn, we were well positioned to
address varying types of customer needs, new market requirements and securing of orders. We remain confident in the
continuing acceptance of SMIF-based automation technologies.''
Asyst President and Chief Operating Officer Terry Moshier, commented, ''One of Asyst's key strategies is to capitalize on
emerging market opportunities. The Company's acquisitions in the areas of robotics, auto-ID and wafer management
systems further position Asyst to address these opportunities. Additionally, we made key recruiting efforts and
strengthened our commitment to maintaining customer relationships. Our ongoing focus on asset and cost management
continues. We are confident that our efforts will position Asyst to realize significant improvements in business levels as the
semiconductor market improves.''
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 most recent
Forms 10-K and 10-Q, and annual report to shareholders.
About Asyst: The pioneer of the Standard Mechanical InterFace (SMIF), Asyst Technologies, Inc. is the leading provider
of automated material handling systems and software critical to seamless factory automation in the most advanced fabs
worldwide. Asyst's comprehensive solutions, which include industry-leading loadport, auto ID, environmental control,
robotic, and automation software products for 200 mm and 300 mm applications, result in greater fab profitability and
productivity. Asyst's homepage is located on the World Wide Web at asyst.com.
Asyst Technologies, Inc.
Condensed Consolidated Statement of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
1999 1998 1999 1998
--------- --------- --------- ---------
(unaudited) (unaudited)
Net sales $ 17,247 $ 45,155 $ 84,154 $ 165,463
Cost of sales 11,613 24,461 52,689 91,737
--------- --------- --------- ---------
Gross profit 5,634 20,694 31,465 73,726
--------- --------- --------- ---------
Operating expenses:
Research and
development 3,721 3,902 14,688 13,290
Selling, general and
administrative 7,726 8,503 38,164 34,098
Purchased in-process
research and
development -- -- 7,100 --
Restructuring expense 2,620 -- 5,542 --
--------- --------- --------- ---------
Total operating
expenses 14,067 12,405 65,494 47,388
--------- --------- --------- ---------
Operating income (loss) (8,433) 8,289 (34,029) 26,338
Other income, net 215 67 2,243 2,157
--------- --------- --------- ---------
Income (loss) from
continuing operations
before provision
(benefit) for income
taxes (8,218) 8,356 (31,786) 28,495
Provision (benefit) for
income taxes (2,794) 3,008 (10,807) 10,258
--------- --------- --------- ---------
Income (loss) from
continuing operations (5,424) 5,348 (20,979) 18,237
Discontinued operations:
Loss on closure of
Asyst Automation,
Inc., net of
applicable income
taxes -- -- -- (1,840)
--------- --------- --------- ---------
Net income (loss) $ (5,424) $ 5,348 $ (20,979) $ 16,397
========= ========= ========= =========
Basic earnings (loss) per share:
Income (loss)
per share from
continuing
operations $ (0.47) $ 0.44 $ (1.80) $ 1.61
========= ========= ========= =========
Net income (loss)
per share $ (0.47) $ 0.44 $ (1.80) $ 1.44
========= ========= ========= =========
Diluted earnings (loss) per share:
Income (loss) per
share from
continuing
operations $ (0.47) $ 0.42 $ (1.80) $ 1.51
========= ========= ========= =========
Net income (loss)
per share $ (0.47) $ 0.42 $ (1.80) $ 1.36
========= ========= ========= =========
Shares used in per share calculation of:
Basic earnings (loss)
per share 11,512 12,047 11,653 11,359
========= ========= ========= =========
Diluted earnings
(loss) per share 11,512 12,759 11,653 12,101
========= ========= ========= =========
Asyst Technologies, Inc.
Condensed Consolidated Balance Sheet
(Dollars in thousands)
March 31, March 31,
1999 1998
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 6,116 $ 12,288
Short-term investments 29,380 70,487
Accounts receivable, net 13,875 26,534
Inventories 17,341 18,851
Prepaid expenses and other current assets 3,412 4,241
Deferred tax asset 19,142 7,697
Net current assets of discontinued operations -- 1,438
--------- ---------
Total current assets 89,266 141,536
Property and equipment, net 11,648 11,133
Other assets, net 18,852 1,802
--------- ---------
$ 119,766 $ 154,471
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,403 $ 8,671
Accrued liabilities and other current
liabilities 9,079 13,124
Customer deposits 1,806 1,267
Income taxes payable 676 606
--------- ---------
Total current liabilities 15,964 23,668
--------- ---------
Shareholders' equity:
Common stock 111,927 116,347
Retained earnings (deficit) (8,125) 14,456
--------- ---------
Total shareholders' equity 103,802 130,803
--------- ---------
$ 119,766 $ 154,471
========= ========= |
