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 Press Release Asyst Technologies
Reports 96% Bookings
Growth For Fiscal Fourth Quarter; Upward Guidance FREMONT, Calif., May 16, 2002 - Asyst Technologies, Inc., (Nasdaq NM: ASYT), a leading provider of integrated automation solutions that maximize the productivity of semiconductor manufacturing, today announced financial results for its fourth fiscal quarter and year ended March 31, 2002. Results were in line with company guidance. Net sales for the quarter were $38.4 million, up sequentially from $37.3 million reported in the third fiscal quarter. Net orders in the quarter were $51.5 million, up 96% over $26.3 million reported in the prior sequential quarter, for a book-to-bill ratio of 1.34. Pro forma gross margin for the quarter was 23.8%, compared with 20.2% in the third fiscal quarter. Pro forma operating expenses were $25.7 million. (See footnote and tables for explanation of pro forma adjustments.) "We are pleased to report sequential sales growth and strong sequential bookings growth after four consecutive quarters of declines due to the industry downturn," said Mihir Parikh, chairman and CEO of Asyst. "Although the recovery is only a couple of months old, we can see bookings growth across all of our core product lines, both 200mm and 300mm, and across a broad customer base. The relative strength of our core tool automation business is gratifying, as we believe it indicates market share gains in addition to market growth. Bookings in our OEM business are particularly strong, as global equipment manufacturers are embracing our unique Plus™ Portal as a fully integrated 300mm tool automation solution that includes load ports, wafer ID systems, atmospheric robotics and environmental control. "We also are excited about recent developments in our new and emerging sources of revenue. First, in AMHS, where we have vaulted into the 300mm leadership position through the combination of our FasTrack™ system and our planned joint venture with Shinko. Second, in Connectivity Solutions, which was solidified early this quarter with our announcement of the acquisition of domainLogix, a premier product development and consulting services company, and with the creation of our India-based integration services platform." Pro forma net loss for the quarter was $11.9 million, or $(0.33) per share. Including all items, the company reported a GAAP net loss of $13.2 million, or $(.37) per share. At quarter-end, the company had $84.8 million of cash and short-term investments. As a result of improving business conditions, the company expects cash burn of approximately $5 million for its first fiscal quarter ending June 2002. Outlook Recent Highlights
Pro Forma Adjustments: Pro forma adjustments include the impact of amortized acquisition-related stock-based compensation and the amortization of acquired intangible assets. About Asyst Conference Call Details "Safe Harbor" Statement under
the Private Securities Litigation Reform Act of 1995
ASYST TECHNOLOGIES, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months
Ended
March 31, Pro Forma Pro Forma
2002 Adjustments(1) Results
------------ ------------- ---------
Net sales $ 38,350 $ -- $ 38,350
Cost of sales 29,257 (17) 29,240
-------- -------- --------
Gross profit 9,093 9,110
-------- -------- --------
Operating expenses:
Research and development 8,967 (233) 8,734
Selling, general and
administrative 17,062 (54) 17,008
Amortization of acquired
intangible assets 1,682 (1,682) --
Reduction of goodwill and
other long-lived assets -- -- --
Non-recurring charges -- -- --
In-process research and
development costs of
acquired business -- --
-------- -------- --------
Total operating expenses 27,711 25,742
-------- -------- --------
Operating income (loss) (18,618) -- (16,632)
Other income (expense), net (2,143) -- (2,143)
-------- -------- --------
Income (loss) before
provision (benefit) for
income taxes (20,761) -- (18,775)
Provision (benefit) for
income taxes (7,588) 734 (6,854)
-------- -------- --------
Net income (loss) $(13,173) $ $(11,921)
======== ======== ========
Basic net income (loss)
per share $ (0.37) $ (0.33)
Diluted net income (loss)
per share $ (0.37) $ (0.33)
======== ========
Shares used in the per
share calculation:
Basic 35,779 35,779
======== ========
Diluted 35,779 35,779
======== ========
(1) Pro forma adjustments include the impact of amortized
acquisition-related stock-based compensation, the amortization of
acquired intangible assets, and related tax effect.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2002 2001 2002 2001
--------- ---------- ---------- ----------
Net sales $ 38,350 $ 115,079 $ 193,953 $ 491,542
Cost of sales 29,257 101,503 160,133 305,796
--------- ---------- ---------- ----------
Gross profit 9,093 13,576 33,820 185,746
--------- ---------- ---------- ----------
Operating expenses:
Research and development 8,967 11,649 40,071 44,263
Selling, general and
administrative 17,062 21,763 80,536 90,435
Amortization of acquired
intangible assets 1,682 2,559 14,373 6,963
Impairment of goodwill and
other long-lived assets -- -- 60,354 --
Non-recurring charges -- 979 26,121 979
In-process research and
development costs of
acquired business -- -- 2,000 --
--------- ---------- ---------- ----------
Total operating expenses 27,711 36,950 223,455 142,640
--------- ---------- ---------- ----------
Operating income (loss) (18,618) (23,374) (189,635) 43,106
Other income (expense), net (2,143) 227 (4,002) 3,655
--------- ---------- ---------- ----------
Income (loss) before
provision (benefit) for
income taxes (20,761) (23,147) (193,637) 46,761
Provision (benefit) for
income taxes (7,588) (6,906) (44,720) 17,229
--------- ---------- ---------- ----------
Income (loss) before
cumulative effect of change
in accounting principle (13,173) (16,241) (148,917) 29,532
Cumulative effect of change
in accounting principle,
net of tax -- -- -- (2,506)
--------- ---------- ---------- ----------
Net Income (loss) (13,173) (16,241) (148,917) 27,026
========= ========== ========== ==========
Basic earnings (loss) per
share
Income (loss) before
cumulative effect of
change in accounting
principle $ (0.37) $ (0.48) $ (4.21) $ 0.90
Cumulative effect of
change in accounting
principle -- -- -- (0.08)
--------- ---------- ---------- ----------
Basic net income (loss) per
share $ (0.37) $ (0.48) $ (4.21) $ 0.82
========= ========== ========== ==========
Diluted earnings (loss) per
share
Income (loss) before
cumulative effect of
change in accounting
principle $ (0.37) $ (0.48) $ (4.21) $ 0.85
Cumulative effect of
change in accounting
principle -- -- -- (0.07)
--------- ---------- ---------- ----------
Diluted earnings (loss) per
share $ (0.37) $ (0.48) $ (4.21) $ 0.78
========= ========== ========== ==========
Shares used in the per share
calculation:
Basic 35,779 33,901 35,373 32,697
========= ========== ========== ==========
Diluted 35,779 33,901 35,373 34,928
========= ========== ========== ==========
Net Income (loss) before
amortization of acquired
intangible assets $(12,046) $ (14,445) $(139,287) $ 31,423
========= ========== ========== ==========
Basic earnings (loss) per
share before amortization
of intangibles $ (0.34) $ (0.43) $ (3.94) $ 0.96
========= ========== ========== ==========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31, March 31,
2002 2001 2001
--------- -------- ---------
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 74,738 $ 94,738 $ 34,749
Restricted cash equivalents
and short-term investments 5,052 3,242 52,500
Short-term investments 5,000 7,636 3,000
Accounts receivable, net 29,715 34,603 77,660
Inventories 45,110 50,419 76,972
Deferred tax asset 33,906 25,265 20,068
Prepaid expenses and other
current assets 15,006 9,259 16,017
--------- --------- ---------
Total current assets 208,527 225,162 280,966
--------- --------- ---------
Long-term assets:
Property and equipment, net 38,366 40,543 40,160
Deferred tax asset 30,294 32,669 --
Intangible assets and other
assets, net 67,228 66,776 87,306
--------- --------- ---------
Total long-term assets 135,888 139,988 127,466
--------- --------- ---------
$ 344,415 $ 365,150 $ 408,432
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans $ 16,707 $ 20,144 $ 28,776
Current portion of long-term
debt and finance leases 2,130 2,164 1,791
Accounts payable 10,246 13,488 29,560
Accrued liabilities and other 47,859 57,071 36,495
Deferred revenue 4,476 5,136 5,190
--------- --------- ---------
Total current liabilities 81,418 98,003 101,812
--------- --------- ---------
Long-term liabilities:
Long-term debt and finance
leases, net of current portion 91,265 90,615 3,683
Other long-term liabilities 6,795 330 474
--------- --------- ---------
Total long-term liabilities 98,060 90,945 4,157
--------- --------- ---------
Shareholders' equity:
Common Stock 294,046 292,407 282,925
Retained earnings (deficit) (129,109) (116,205) 19,538
--------- --------- ---------
Total shareholders' equity 164,937 176,202 302,463
--------- --------- ---------
$ 344,415 $ 365,150 $ 408,432
========= ========= =========
Asyst Technologies, Inc.
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