Fremont, CA, May 2, 2001 - Asyst Technologies, Inc. (Nasdaq NM: ASYT), a leading semiconductor fab automation company, today reported results for its fourth quarter and fiscal year ended March 31, 2001. Pro forma results for fiscal year 2001 are results from operations before one-time charges and the effect of adopting Staff Accounting Bulletin 101 (SAB 101). Fiscal year 2000 comparative results exclude non-recurring charges and in-process research and development.

Pro forma net sales for fiscal 2001 were $491.4 million, up 118 percent over the $225.5 million reported for the fiscal year ended March 2000. For fiscal 2001, pro forma net income before amortization of acquired intangible assets (BAAI) was $51.7 million, or $1.48 per share. This compares to fiscal year 2000 pro forma net income BAAI of $16.4 million, or $0.53 per share, representing a year-over-year increase of 215 percent in net income and 179 percent on a per share basis. All per share amounts in this release are stated on a fully diluted basis.

For the fourth quarter of fiscal 2001, pro forma net sales were $113.4 million. This represents a year-over-year increase of 21 percent over the $94.0 million recorded for the fiscal 2000 fourth quarter. Pro forma net income BAAI for the fourth quarter was $1.8 million, or $0.05 per share. This compares to pro forma net income BAAI of $12.2 million, or $0.34 per share, for the comparable period in the prior fiscal year.

The following results include fourth quarter one-time charges of $24.7 million and reflect the adoption of SAB 101. Net sales for fiscal 2001 were $491.5 million. Net income BAAI for fiscal 2001 was $35.7 million, or $1.03 per share. Net sales for fourth quarter fiscal 2001 were $115.1 million. Fourth quarter net loss BAAI was $14.1 million, or a loss of ($0.41) per share.

"Looking at fiscal year 2001, we are pleased to report a year-over-year pro forma revenue growth of 118 percent, with pro forma operating income growing at an even faster rate of 192 percent," stated Mihir Parikh, Ph.D., Asyst's chairman and chief executive officer. "We did not foresee the very sudden and severe industry downturn until late in the fourth fiscal quarter, which led to very disappointing results for the quarter. However, despite the industry downturn, we were still able to generate $15 million in cash from operations.

"Although the industry continues to be marked by near-term uncertainties," Dr. Parikh continued, "we believe that we are continuing to strengthen our market position. Specifically, we are pleased with our accomplishments and subsequent positioning in five areas: (1) 300mm Tool Portal (Front-End) and Automation Foundry offerings; (2) 300mm Continuous-Flow-Technology-based IntraBay FASTRACK™ transport and loading/microstocking products; (3) 200mm aging fab upgrade opportunities; (4) growth in China and (5) Japan-based robotics and automation."

Dr. Parikh concluded, "Our goal during this industry downturn is to position Asyst such that during the next industry upturn, Asyst will not only continue in its position as the leading automation company, but will also have annualized revenues of over one billion dollars with predictable and consistent earnings growth."

Analysis

Fourth Quarter Pro-Forma Results

• Pro forma results are results from operations before one-time charges and the effect of adopting SAB 101. Pro forma net sales were $113.4 million and pro forma net income BAAI was $1.8 million.

• Included in pro forma results is the impact of AMP and Semifab, two companies acquired by Asyst during the quarter. On a combined basis, the acquired companies contributed $6.9 million to revenue and $1.0 million to net income BAAI.

• The adoption of SAB 101 contributed $1.7 million to fourth quarter revenues. The contribution to net income BAAI was $1.0 million, or $0.03 per diluted share.

"Our business climate changed significantly late in the fourth quarter," noted Doug McCutcheon, senior vice president and chief financial officer. "The dramatically reduced 200mm product demand, coupled with the accelerating demands by our customers for our 300mm and newer products, led to under absorption of manufacturing overhead costs and a greater shift in product mix than had been anticipated. The reduction in sales of mature 200mm products, coupled with short lead-time pull in the demand of new, immature (typically 300mm) products, led to significantly lower gross margins than in previous quarters.

"As a result of underabsorption of overhead and the severe mix shift," McCutcheon continued, "pro forma gross margins for the quarter declined from 45 percent in the previous third quarter to 32 percent in the fourth quarter. The mix shift we experienced was away from the historically strong 200mm product lines with higher shipments of newer products such as 300mm FOUPs and Front Loads. The under-absorption of manufacturing overhead occurred because costs were not reduced as rapidly as production levels declined."

McCutcheon commented further on the company's cost management efforts, "During the latter part of the fourth quarter, we took action designed to enable the company to better manage its costs during the downturn, while positioning Asyst for strong performance through an upturn." Measures taken to decrease costs included a 17 percent reduction in global headcount, reduced discretionary spending, a salary cut for executives and a deferment of merit increases for all employees. In addition, the continued decline in business necessitated a further reduction in global headcount by approximately 12 percent, which was undertaken in late April. "As we have done in previous downturns, we will continue to aggressively manage spending while also preparing ourselves to emerge in a stronger competitive position in the inevitable up-cycle," McCutcheon said.

Fourth quarter fiscal 2001 results included non-recurring charges of $24.7 million, comprised of a severance/restructuring charge of $1.0 million, reserves, principally for inventory of approximately $19.4 million and a loss reserves charge of $4.3 million. McCutcheon noted, "The severance/restructuring charge results from the reduction in force effected in March, along with the estimated costs of closing a satellite operation in Kyushu, Japan. The inventory reserves are being taken for discontinued 150mm product lines, selected low volume products of acquired companies and for the anticipated lower demand for earlier versions of improved products, both 200mm and 300mm. The loss reserves charge is being taken now because of our inability to yet achieve cost reduction targets on several new products. We have plans in place to reach and exceed our cost goals, but not before being required to produce and deliver such new products to meet customers' needs."

McCutcheon concluded, "Although net cash balances declined by $11 million during the quarter, this includes the usage of approximately $26 million for the acquisitions of AMP and Semifab. We are pleased that we were able to generate $15 million in cash, net of acquisitions, which was due in large part to our successes in reducing accounts receivables. As a result, our days sales outstanding for the fourth quarter declined from a third quarter metric of 75 days to 62 days."

McCutcheon noted that during the fourth quarter of fiscal 2001 Asyst adopted Staff Accounting Bulletin 101 as a cumulative adjustment. The attached table entitled "Impact of SAB 101 Adoption" references the quarterly impact of this accounting change.

Outlook

The following outlook is for ongoing business only. The outlook is following the implementation of SAB 101, and excludes any impact of non-recurring items.

The company expects revenues for the first quarter fiscal year 2002 to be approximately $75 million. It is expected that gross margins will be lower than the pro forma gross margins of the fiscal 2001 fourth quarter, resulting in a loss for the fiscal first quarter.

Summary

"While we are pleased with our year-over-year growth and profitability," noted Dr. Parikh, "the abrupt downturn that is affecting all participants in our industry, including Asyst, is very disappointing. Nonetheless, we remain very confident that with appropriate and definitive actions to reduce costs as well as maintaining specific strategic programs and organizational initiatives, we are positioning Asyst not only for the next upturn, but also for further gains in market leadership."

Highlights for Fiscal Year 2001

Market Successes:

• Significantly increased market-share in automation product offerings from 32 percent to 40 percent and became the largest global Integrated Circuit (IC) fab Automation Company.
• Achieved Q3 record quarterly revenues of $127.4 million (pre SAB 101).
• Achieved Q2 record operating profits BAAI of 20.2 percent of sales, or $25.6 million (pre SAB 101).
• Grew Japan revenues to a company record of $100 million, with a 5-year compound annual growth rate of 77 percent.
• Penetrated the emerging China market with comprehensive design wins at two new fabs.
• Grew sales in Europe to a company record of $41.6 million.
• Recipient of Texas Instruments' Supplier Excellence Award.

Product Successes:

• Achieved leading market share in 300mm FOUPs with multimillion-dollar orders from five out of six new 300mm fabs.
• Achieved significant 300mm multi platform Portal wins at two of the top-five global Original Equipment Manufacturers (OEMs).
• Received multimillion dollar, multi-customer 300mm and 200mm sorter systems orders from global IC manufacturers.
• Obtained a multimillion dollar 200mm FASTRACK order from Atmel Corporation.
• Shipped 1000th VersaPort Load Port for 200mm and 300mm applications.
• Pioneered the creation of the Automation Foundry Business Model through the acquisitions of AMP and Semifab.

About Asyst

Asyst Technologies, Inc. is a leading provider of isolation and automation technologies that enable semiconductor makers to protect their valued assets throughout the manufacturing process, while increasing their 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.

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.

Conference Call Details

A live webcast of the conference call to discuss the fourth quarter and annual fiscal year 2001 financial results for Asyst Technologies, Inc. will take place on May 2nd at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com/frame/confcall_frame.html. A replay of the Webcast may be accessed via the same address until May 9, 2001 at 7:00 p.m. Eastern Time.

In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 325079. The telephone instant replay service is available from May 2, 2001 at 7:00 p.m. Eastern Time and will conclude May 9, 2001 at 7:00 p.m. Eastern Time.

Pro Forma
SAB 101 Table
Condensed Consolidated Statement of Operations
Condensed Consolidated Balance Sheet

	Three months ended		Twelve months ended
	March 31, 2001		March 31, 2001
Net sales	$ 113,355		$ 491,387
Cost of sales	77,485		282,998
Gross profit	35,870		208,389
Total operating expenses	33,412		134,698
Operating income	2,458		73,692
Net income	1,790		51,652
Net income per share
Basic	$ 0.05		$ 1.57
Diluted	$ 0.05		$ 1.48
Weighted average shares outstanding
Basic	34,198		32,771
Diluted	35,857		35,003

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			Three Months Ended				Twelve Months Ended
			March 31,				March 31,
			2001		2000		2001		2000
			(unaudited)		(unaudited)
Net sales			$ 115,078		$ 93,956		$ 491,542		$ 225,554
Cost of sales			101,502		49,826		305,796		122,499
Gross profit			13,576		44,130		185,746		103,055
Operating expenses:
	Research and development		11,649		7,596		44,263		21,584
	Selling, general and administrative		21,763		18,467		90,435		56,246
	Non-recurring charges		979		2,300		979		2,300
	In-process research and development of acquired businesses		---		884		---		4,884
	Goodwill amortization		2,559		670		6,963		2,585
		Total operating expenses	36,950		29,917		142,640		87,599
Operating income (loss)			(23,374)		14,213		43,106		15,456
Other income, net			226		983		3,655		2,071
Income (loss) before provision for income taxes and cumulative effect of a change in accounting principle			(23,148)		15,196		46,761		17,527
Provision (benefit) for income taxes			(6,906)		5,384		17,229		7,508
Income (loss) before cumulative effect of a change in accounting principle			(16,242)		9,812		29,532		10,019
Cumulative effect of change in accounting principle, net of tax			---		---		(2,506)		---
Net income (loss)			$ (16,242)		$ 9,812		$ 27,026		$10,019
	Basic earnings per share      Income (loss) before cumulative effect of change in       accounting principle		$ (0.47)		$ 0.31		$ 0.90		$ 0.36
	Cumulative effect of change in accounting       principle		---		---		(0.08)		---
	Basic net income (loss) per share		$ (0.47)		$ 0.31		$ 0.82		$ 0.36
	Diluted earnings per share      Income (loss) before cumulative effect of change in       accounting principle		$ (0.47)		$ 0.27		$ 0.85		$ 0.32
	Cumulative effect of change in accounting       principle		---		---		(0.07)		---
	Diluted net income (loss) per share		$ (0.47)		$ 0.27		$ 0.78		$ 0.32
	Shares used in basic per share calculations		34,198		31,345		32,771		27,639
	Shares used in diluted per share calculations		34,198		35,999		34,588		30,986
	Pro forma amounts with the change in accounting principle related to revenue applied retroactively (unaudited):
	Net revenues				$ 89,018				$ 220,518
	Net income				$ 6,638				$ 7,513
	Net income per share:
	Basic				$ 0.21				$ 0.27
	Diluted				$ 0.18				$ 0.24

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	March 31,
	2001	2000
ASSETS
Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Deferred tax asset Prepaid expenses and other current assets	$ 20,599 69,650 77,660 76,972 20,068 16,017	$ 12,638 93,450 74,278 49,482 20,501 15,368
Total current assets	280,966	265,717
Property and equipment, net Goodwill and other assets, net	40,160 87,306 $ 408,432	27,312 36,171 $329,200
Liabilities and Shareholders' equity
Current liabilities: Current portion of long term debt Short-term loans Accounts payable Accrued liabilities and other Customer deposits Deferred revenue Income taxes payable	$ 2,213 32,198 25,823 29,646 3,645 4,803 2,368	$ 5,285 22,816 38,638 14,294 8,144 --- 4,990
Total current liabilities	100,696	94,167
Long-term liabilities: Long-term debt, net of current portion Other long-term liabilities	4,799 474	910 1,017
Total long-term liabilities:	5,273	1,927
Shareholders' equity: Common stock Retained earnings (accumulated deficit)	282,925 19,538	240,594 (7,488)
Total shareholders' equity	302,463 $ 408,432	233,106 $ 329,200