Fremont, CA, July 26, 2001 - Asyst Technologies, Inc. (Nasdaq NM: ASYT), the leading provider of Standard Mechanical Interface (SMIF)-based manufacturing automation systems, today reported results for its first quarter of the fiscal year 2002, ended June 30, 2001. Net sales for the quarter were $67.3 million. This compares with net sales of $122.5 million reported for the comparable period in the prior fiscal year. Excluding amortization of acquired intangible assets and nonrecurring charges net of their related tax benefit, net loss for the quarter was ($10.6) million, or a loss of ($0.30) per share, compared to net income of $12.9 million, or $0.36 per share for the year-ago period. All per share amounts are stated on a dilutive basis. The company reported gross margins for the quarter of 26.0 percent. Net bookings for the quarter were $62.6 million.

Including amortization of acquired intangible assets of $3.5 million and nonrecurring charges of $20.6 million, net loss for the first quarter of the fiscal year 2002 was ($27.6) million, or a loss of ($0.79) per share. The company's non-recurring charges were comprised of a $15.0 million impairment charge for the land previously planned for the development of new corporate headquarters, $2.9 million for the write off of leasehold improvement costs incurred for the planned new facility, $2.0 million for the write-off of in-process research and development costs associated with the acquisition of GW Associates, Inc. and $0.7 million for severance costs.

Summary

• Despite the challenging environment and subsequent financial loss incurred for the first quarter, Asyst is positioning its technology and market share leadership to capitalize on an upturn.
• Recent acquisitions, while resulting in charges to first quarter results, will allow Asyst to broaden the markets it serves, thereby increasing its competitive advantage.
• Expanding global reach is creating significant future opportunity, especially in China.

"The difficulties of the current operating environment have not abated," said Mihir Parikh Ph.D., Asyst's chairman and chief executive officer, "and we are not immune to the global issues facing our industry. We are pleased, however, with the company's key customer wins and increased market share during the quarter; achieved in spite of what appears to be a protracted recovery period.

"We believe that Asyst's position in the marketplace has strengthened," continued Parikh, "as evidenced by further competitive wins in the 300mm FOUP arena, an area in which we continue to be a leader. In order to position the company for future growth, while maintaining our leadership, we are making necessary investments during the current down-cycle."

Parikh outlined the company's multi-faceted strategy:

• Expand on Asyst's 300mm Plus PortalTM and automation foundry penetration with leading global equipment manufacturers.
• Become the leader in 300mm intrabay fab automation (transport and equipment-loading) with the FasTrackTM and FastLoadTM product lines.
• Provide integrated circuit manufacturers with the capability to upgrade their aging (and, often, non-SMIF -optimized) 200mm fabs.
• Expand the company's leading market share in high-growth Asian regions, especially China, as well as build on Asyst's strength in Japan.
• Further strengthen Asyst's connectivity offering through its recent acquisition of GW Associates.

"We continue to see demand for 200mm products in China, where we believe the ramp up will occur very quickly," stated Parikh. "China rapidly emerged as a significant market and a strong opportunity exists for Asyst to be a leader in this region. Currently, Asyst's technology is employed in two major China fabs, including the previously announced win with Semiconductor Manufacturing International Corporation (SMIC)."

The company noted that due to uncertainties in the current difficult operating environment, it had taken specific measures at the onset of the current cyclical downturn to increase the efficiencies of its operations and strengthen its competitive position. These measures include:

• Reorganization of the company around product groups, thereby strengthening its strategic position for the next upturn;
• Increased focus on cost management, asset management and key consolidations of activities and manufacturing;
• Cancellation of the construction of new corporate headquarters in Fremont, California in June 2001, along with amendment of the contractual arrangements with the bank syndicate financing the project;
• Reduced global headcount and
• Closing the recent private placement of convertible subordinated notes, providing the company with total net proceeds of approximately $82.9 million. These proceeds are additive to the $84.6 million cash and short-term investments balance on hand at the end of the first quarter.

Douglas McCutcheon, senior vice president and chief financial officer, commented, "We took these prudent steps in order to provide the company maximum flexibility should the recovery period be protracted, as some industry experts are predicting. At the same time, we continue to focus on our strengths and believe that the key to our success worldwide is earning our customers' loyalty by providing them with a complete package that includes support, services and quality products. With these efforts in place, we believe Asyst is well positioned to withstand the uncertainties of the current operating environment and to take advantage of a market upturn."

Outlook

The following outlook is for ongoing business only. The outlook excludes any impact of non-recurring items.

The company expects revenues for the second quarter of fiscal year 2002 to be approximately $50 - $55 million.

Highlights of the Quarter

New product successes:

• In June, Asyst announced it had received an order for its 200mm SMIF products from China's SMIC. The company believes that the order, totaling more than $15 million, indicates Asyst's market share leadership of the 200mm SMIF market in the region.
• At the end of the quarter, Asyst announced the completion and acceptance of the first phase of the planned four-phase FasTrackT installation for Atmel Corporation.
• Asyst's 300mm position continues to be one of strength.
  • Growth in shipments of 300mm FOUPS of nearly 200 percent in the first quarter versus the fourth quarter.
  • Four new OEM 300mm Plus PortalTM design wins during the first quarter.

Growth strategy:

• In May, Asyst broadened its leadership position in providing comprehensive fab automation solutions through the acquisition of the connectivity market leader, privately held GW Associates.

Additional initiatives:

• In June, Asyst announced a private placement of $86.25 million of convertible subordinated notes due 2008, which subsequently closed on July 3, 2001.

Awards:

• In June, Asyst announced that Texas Instruments had selected Asyst for its 2000 Supplier Excellence Award.
• After the close of the quarter, Asyst also announced that Atmel Corporation had recognized Asyst for its outstanding service in the areas of automated material handling systems and robotic SMIF technology implementation at Atmel's facilities.

Conference Call Details
A live webcast of the conference call to discuss the first quarter of the fiscal year 2002 financial results for Asyst Technologies, Inc. will take place on July 26 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 August 2, 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 368586. The telephone instant replay service is available from July 26, 2001 at 7:00 p.m. Eastern Time and will conclude August 2, 2001 at 7:00 p.m. Eastern Time.

"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 filed with the Securities and Exchange Commission on June 19, 2001, as amended.

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. Through its "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, while reducing IC damage caused by human, environmental, mechanical and chemical factors. 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.

Condensed Consolidated Statement of Operations
Condensed Consolidated Balance Sheet

			Three Months Ended
			June 30,
			2001 (unaudited)		2000 (unaudited)
Net sales			$67,259		$122,483
Cost of sales			49,765		67,151
		Gross profit	17,494		55,332
Operating expenses:
	Research and development		11,319		9,721
	Selling, general and administrative		23,075		21,451
	Non-recurring charges		18,652		---
	In-process research and development of acquired businesses		2,000		---
	Goodwill amortization		3,542		1,702
		Total operating expenses	58,588		32,874
Operating income (loss)			(41,094)		22,458
	Other income (expense), net		(32)		1,311
Income (loss) before provision for income taxes and     cumulative effect of a change in accounting principle			(41,126)		23,769
Provision (benefit) for income taxes			(13,571)		8,380
Income (loss) before cumulative effect of a change in     accounting principle			(27,555)		15,389
Cumulative effect of change in accounting principle, net of tax			---		(2,506)
Net income (loss)			$(27,555)		$12,883
Basic earnings per share:
	Income (loss) before cumulative effect of change in     accounting principle		$(0.79)		$0.48
	Cumulative effect of change in accounting principle		---		(0.08)
	Basic net income (loss) per share		$(0.79)		$0.40
Diluted earnings per share:
	Income (loss) before cumulative effect of change in     accounting principle		$(0.79)		$0.43
	Cumulative effect of change in accounting principle		--		(0.07)
	Diluted net income (loss) per share		$(0.79)		$0.36
Shares used in basic per share calculations			35,007		32,162
Shares used in diluted per share calculations			35,007		35,377

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	June 30, 2001 (unaudited)	March 31, 2001
ASSETS
Current assets: Cash and cash equivalents Resticted cash equivalents and short-term investments Short-term investments Accounts receivable, net Inventories Deferred tax asset Prepaid expenses and other current assets	$  41,613 43,032 - 57,650 69,750 32,057 12,133	$  34,749 52,500 3,000 77,660 76,972 20,068 16,017
Total current assets	256,235	280,966
Property and equipment, net	40,914	40,160
Goodwill and other assets, net	131,120	87,306
	$ 428,269	$ 408,432
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Current portion of long-term debt Short-term loans Accounts payable Accrued liabilities and other Deferred revenue	$  1,808 63,622 19,075 44,719 8,995	$  1,791 28,776 29,560 36,495 5,190
Total current liabilities	138,219	101,812
Long-term liabilities: Long-term debt, net of current portion Other long-term liabilities	4,883 378	3,683 474
Total long-term liabilities	5,261	4,157
Shareholders' equity: Common stock Retained earnings (accumulated deficit)	292,805 (8,016)	282,925 19,538
Total shareholders' equity	284,789	302,463
	$ 428,269	$ 408,432