Fremont, CA — October 25, 2001 — Asyst Technologies, Inc. (Nasdaq NM: ASYT), a leading provider of semiconductor fabrication automation solutions, today reported results for the second quarter of its fiscal year 2002, ended September 30, 2001.

Net sales for the quarter were $51.0 million, consistent with the company's expectations in light of current weak demand in global semiconductor markets. This compares with net sales of $126.0 million for the same quarter 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 ($12.8 million), or a loss of ($0.36) per diluted share, compared to net income of $16.6 million, or $0.48 per diluted share for the year-ago period.

Mihir Parikh, chairman and chief executive officer, said, "For the past several quarters, the global semiconductor industry has been on the downslope of its typical cyclical pattern, which is being exacerbated by uncertainty related to recent world events. Asyst's quarterly financial performance has mirrored these broader trends and, while the steep industry-wide revenue decline during this downturn is particularly challenging, we are finding bright spots. Under the circumstances, we are pleased that Asyst was able to achieve revenue consistent with the expectations we outlined in July."

Parikh continued, "In our core product areas of FOUPs, front-loads, and portals, our field surveys indicate that we have gained market share in the still nascent 300mm fab automation market, where we believe we currently are essentially tied for the number one share position. We are maintaining our dominant market position in the 200mm fab automation market, and we recently have won a number of hotly contested opportunities in new product areas, including 300mm wafer sorters, reticle sorters and robotics."

Geoffrey Ribar, senior vice president and chief financial officer, said, "In light of business conditions, during the second fiscal quarter we continued to reduce operating costs. As of the end of the quarter, we had reduced operating expenses by $2.7 million, or 8%, compared with the prior quarter. In combination with our efforts to reduce manufacturing costs, we kept the second quarter operating cash out flow to ($8.4) million. We believe further progress on the cost side of the business is achievable in coming quarters and will be working diligently to bring costs in line with lower revenue expectations while at the same time preserving the investments that will be critical to our competitiveness at the upturn."

Gross margin for the quarter was 24.5%, a decline of only 1.5% from first fiscal quarter levels despite a $16 million decline in revenue. Net bookings for the quarter were $36.5 million.

Including amortization of acquired intangible assets of $4.8 million and nonrecurring charges of $1.5 million, net loss for the second quarter of the fiscal year 2002 was ($18.3) million, or a loss of ($0.52) per share. The company's non-recurring charges were comprised of $0.5 million of fixed asset writeoff and $1.0 million of severance cost related to reduction in our workforce.

For the six months ended September 30, 2001, the company had net sales of $118.3 million, versus net sales of $248.5 million for the first half of fiscal 2001. Net loss before amortization of acquired intangible assets and nonrecurring charges net of their related tax benefit for the first six months of fiscal 2002 was ($24.4) million, or ($0.70) per share, compared to net income before amortization of acquired intangible assets and cumulative effect of change in accounting principle net of their related tax benefit of $32.1 million or $0.91 per share diluted for the same period last year.

Highlights of the Quarter

• 300mm AMHS - Asyst and Taiwan Semiconductor Manufacturing Co. entered into a strategic collaboration on next-generation 300mm automation solutions to expand the capabilities of Asyst's FasTrack™ automated material handling system (AMHS) for high-capacity intrabay applications.

• 300mm Auto-ID - The company shipped more than 4,000 Smart-Traveler™ System auto-ID readers for 300mm load ports to 300mm fabs and semiconductor equipment manufacturers. Asyst believes it now holds more than 65 percent of the 300mm auto-ID and connectivity solutions market.

• 300mm connectivity - To further expand its leadership in the 300mm connectivity market, Asyst introduced LinkManager™, its next-generation connectivity product aimed at simplifying integration of key 300mm front-end components.

• Service Award - Asyst received an outstanding service award from Atmel Corporation, recognizing Asyst's excellence in the areas of automated material handling systems (AMHS) and robotic SMIF technology implementation.

Three Primary Goals
Dr. Parikh concluded, "Our goals during this period of uncertainty are threefold: First, to leverage the customer relationships we have earned over many years to increase market share. Second, to manage the expense side of the business and maintain the health of our balance sheet. And third, to continue to direct necessary resources toward the products and capabilities that will position us to rapidly build on our leadership position when the cycle turns."

Outlook
Consistent with the current economic slowdown, and recognizing the challenges of near-term forecasting in the uncertain geopolitical environment, the company expects revenues for the third quarter of fiscal year 2002 in the $35 - $40 million range.

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.

Conference Call Details
A live webcast of the conference call to discuss the second quarter of the fiscal year 2002 financial results for Asyst Technologies, Inc. will take place on October 25 at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com. A replay of the Webcast may be accessed via the same address until November 8, 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 400312. The telephone instant replay service is available from October 25, 2001 at 7:00 p.m. Eastern Time and will conclude November 8, 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 and quarterly report on Form 10-Q for the quarter ended June 30, 2001, filed with the Securities and Exchange Commission

Condensed Consolidated Statements of Operations
Condensed Consolidated Balance Sheets

			Three Months Ended				Six Months Ended
			September 30,				September 30,
			2001		2000		2001		2000
Net sales			$ 51,015		$ 126,000		$ 118,274		$ 248,483
Cost of sales			38,521		67,157		88,286		134,308
Gross profit			12,494		58,843		29,988		114,175
Operating expenses:
	Research and development		10,316		10,851		21,634		20,572
	Selling, general and administrative		21,382		22,984		44,456		44,435
	Amortization of acquired intangible assets		4,782		1,366		8,324		3,068
	Non-recurring charges		1,549		---		20,201		---
	In-process research and development of acquired businesses		---		---		2,000		---
		Total operating expenses	38,029		35,201		96,615		68,075
Operating income (loss)			(25,535)		23,642		(66,627)		46,100
Other income (expense), net			(719)		1,648		(752)		2,959
Income (loss) before provision (benefit) for income taxes			(26,254)		25,290		(67,379)		49,059
Provision (benefit) for income taxes			(7,913)		8,709		(21,484)		17,089
Income (loss) before cumulative effect of change in accounting principle			(18,341)		16,581		(45,895)		31,970
Cumulative effect of change in accounting principle			---		---		---		(2,506)
Net income (loss)			$ (18,341)		$ 16,581		$ (45,895)		$ 29,464
	Basic earnings (loss) per share      Income (loss) before cumulative effect of change in       accounting principle		$ (0.52)		$ 0.51		$ (1.31)		$ 0.99
	Cumulative effect of change in accounting       principle		---		---		---		(0.08)
	Basic net income (loss) per share		$ (0.52)		$ 0.51		$ (1.31)		$ 0.91
	Diluted earnings (loss) per share      Income (loss) before cumulative effect of change in       accounting principle		$ (0.52)		$ 0.48		$ (1.31)		$ 0.91
	Cumulative effect of change in accounting       principle		---		---		---		(0.07)
	Diluted net income (loss) per share		$ (0.52)		$ 0.48		$ (1.31)		$ 0.84
	Shares used in the per share calculation:
		Basic	35,286		32,308		35,147		32,235
		Diluted	35,286		34,840		35,147		35,109

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	September 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	$  94,700 43,981 18,077 49,955 64,356 41,909 13,088	$  34,749 52,500 3,000 77,660 76,972 20,068 16,017
Total current assets	326,066	280,966
Property and equipment, net	42,056	40,160
Intangible assets and other assets, net	131,678	87,306
	$ 499,800	$ 408,432
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Short-term loans and notes payable Current portion of long-term debt and finance leases Accounts payable Accrued liabilities and other current liabilities Deferred revenue	$ 62,282 1,867 18,076 53,718 9,473	$ 28,776 1,791 29,560 36,495 5,190
Total current liabilities	145,416	101,812
Long-term liabilities: Long-term debt and finance leases, net of current portion Other long-term liabilities	90,619 364	3,683 474
Total long-term liabilities	90,983	4,157
Shareholders' equity: Common stock Retained earnings (deficit)	289,758 (26,357)	282,925 19,538
Total shareholders' equity	263,401	302,463
	$ 499,800	$ 408,432