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 Press Release Asyst Reports Results for Second Quarter of Fiscal 2007
FREMONT, Calif., Nov. 8, 2006 - Asyst Technologies, Inc. (NASDAQ: ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today reported financial results for its fiscal second quarter ended Sept. 30, 2006. Net sales for the quarter were $123 million, up from $117 million in the prior sequential quarter. Net sales of tool and fab automation products at ATI were $50 million, which compares with $51 million in the prior sequential quarter. Net sales of Automated Material Handling Systems (AMHS) at Asyst Shinko, Inc. (ASI) were $72 million, which compares with $66 million in the prior sequential quarter. For the fiscal second quarter, net loss according to GAAP was $2.4 million, or $(0.05) per share, which compares with a net loss of $0.5 million, or $(0.01) per share, in the prior sequential quarter. Net loss for the quarter included the following:
Non-GAAP net income, which excludes these charges, the net impact of intangibles amortization, stock-based compensation expense and certain other costs, but includes the impact of the reduction in the bad debt provision, was $8.2 million, or $0.17 per share, which compares with non-GAAP net income of $4.4 million, or $0.09 per share for the prior sequential quarter. The company has consistently included the impact of increases or decreases in the allowance for bad debt in its GAAP and non-GAAP operating results. Total bookings for the quarter were $119 million, which compares with $172 million in the prior sequential quarter. Bookings at ATI were $50 million, down 9% from $55 million in the fiscal first quarter. Bookings at ASI were $69 million, which was down from $118 million in the prior sequential quarter. ASI’s bookings were expected to decline following two near-record quarters in which multiple key customers placed orders for projects that are expected to take 6 to 12 months to fully install. The company’s overall book-to-bill ratio was 0.97:1 and backlog as of the end of the quarter was approximately $207 million. "Results for the fiscal second quarter were in line with our current objectives and reflected the impact of our increased ownership in ASI as of mid-July,” said Steve Schwartz, chairman and chief executive officer of Asyst. “Our focus going forward is to maximize the return on this increased ownership. This includes new products that already are being evaluated by customers, improvements in the ASI supply chain that promise more competitive costs, a unified sales approach that gives us opportunities to package higher level solutions for customers, greater emphasis on services, and other cost and tax synergies. In addition, in the fiscal third quarter we expect ASI’s bookings to rise as a number of key customers place orders for the next phases of their ongoing capacity expansion. This gives us increased confidence in the industry outlook for calendar year 2007 and in our opportunity to continue to leverage our ongoing operational improvements.” The company provided the following guidance for the fiscal third quarter (ending Dec. 31, 2006) and subsequent periods:
Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. 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 chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst’s homepage is http://www.asyst.com Conference Call DetailsA live webcast of the conference call to discuss the quarter’s results will take place today at 5:00 pm Eastern Time. The webcast will be publicly available on Asyst’s website at http://www.asyst.com and accessible by going to the investor relations page and clicking on the “webcast” link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst’s website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 11075210 #. The audio instant replay is available from Nov. 8 at 7:00 pm Eastern Time through Nov. 23 at 2:59 a.m. Eastern Time. About Our Non-GAAP Operating Results and Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles ("GAAP"), we use a non-GAAP measure of operating results that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains. Our non-GAAP net income (loss) gives an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income (loss) is among the primary indicators management uses as a basis for planning and forecasting future periods. This measure is not in accordance with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute non-GAAP net income (loss) by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles, restructuring and impairment charges, costs related to events outside the normal course of business, and other non-cash charges and gains. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP. Forward Looking Statements Except for statements of historical fact, the statements in this release are forward-looking. The forward-looking statements include statements regarding future financial results; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended March 31, 2006, and other reports filed with the Securities and Exchange Commission. 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: uncertainties whether the expected range of results discussed above will change as Asyst finalizes and files its financial statements; uncertainties relating to the time needed to complete the financial review and preparation of financial statements by Asyst, and the time needed by our independent registered public accounting firm to complete its audit, review and other procedures relating to the financial statements; the outcome of the previously announced SEC and Department of Justice inquiries into our past stock option grants and practices; distraction of management's attention from our operations as a result of past or future issues relating to past option grants; uncertainties arising from our inability to maintain effective internal control over financial reporting; the likelihood that fees and expenses associated with the special committee inquiry, governmental inquiries, accounting review, pending and potential lawsuits, or other matters arising from the company's prior stock option practices are or will be material in any reporting period; requests by current or former officers and directors of the company for indemnification or advancement or reimbursement of fees and expenses; the impact of lawsuits or other proceedings initiated in relation to the matters discussed above or the company's prior stock option grant practices; uncertainty that these or other matters could comprise a material weakness in the Company’s internal control over financial reporting, which could prevent the company from timely meeting its future reporting requirements or obligations to maintain effective internal control; distraction of management's attention from our operations; volatility in our stock price pending resolution of or resulting from the matters discussed above; the volatility of semiconductor industry cycles; our ability to achieve forecasted revenues, margins and profits; failure to respond to rapid demand shifts; dependence on a few significant customers; the timing and scope of decisions by customers to transition and expand fabrication facilities; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended March 31, 2006, and other reports filed with the Securities and Exchange Commission. “Asyst” is a registered trademark of Asyst Technologies, Inc. “Asyst Shinko” is a trademark of Asyst Shinko, Inc. All Rights Reserved.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
September 30, March 31,
2006 2006
------------- -------------
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investments $ 87,466 $109,926
Accounts receivable, net 161,983 141,453
Inventories 54,124 33,219
Prepaid expenses and other 23,529 26,831
------------- -------------
Total current assets 327,102 311,429
------------- -------------
LONG-TERM ASSETS:
Property and equipment, net 24,684 23,108
Goodwill 81,003 58,840
Intangible assets, net 50,850 19,334
Other assets 6,815 2,583
------------- -------------
Total long-term assets 163,352 103,865
------------- -------------
Total assets $490,454 $415,294
============= =============
LIABILITIES, MINORITY INTEREST AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable $ 23,506 $ 1,443
Current portion of long-term debt and
capital leases 7,221 1,368
Accounts payable 111,644 88,785
Accrued liabilities 70,161 62,902
Deferred revenue 7,609 5,335
------------- -------------
Total current liabilities 220,141 159,833
------------- -------------
LONG-TERM LIABILITIES:
Convertible notes 86,250 86,250
Long-term debt and capital leases, net
of current portion 60,912 918
Deferred tax and other long-term
liabilities 26,911 14,093
------------- -------------
Total long-term liabilities 174,073 101,261
------------- -------------
MINORITY INTEREST 6,037 66,521
------------- -------------
SHAREHOLDERS' EQUITY: 90,203 87,679
------------- -------------
Total liabilities, minority interest and
shareholders' equity $490,454 $415,294
============= =============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Six Months Ended
September September September September
30, 30, 30, 30,
2006 2005 2006 2005
--------- ---------- --------- ----------
(as (as
restated) restated)
NET SALES $122,649 $124,595 $239,630 $242,046
COST OF SALES 87,807 81,145 163,731 164,888
--------- ---------- --------- ----------
Gross profit 34,842 43,450 75,899 77,158
--------- ---------- --------- ----------
OPERATING EXPENSES:
Research and development 9,250 7,118 17,834 14,220
Selling, general and
administrative 20,433 22,226 41,633 41,451
Amortization of acquired
intangible assets 4,992 4,714 8,316 9,632
Restructuring charges
(credits) (26) - 1,786 93
--------- ---------- --------- ----------
34,649 34,058 69,569 65,396
--------- ---------- --------- ----------
Operating income 193 9,392 6,330 11,762
Other income (expense),
net (698) (911) (803) (1,470)
--------- ---------- --------- ----------
Income (loss) before
provision for income taxes
and minority interest (505) 8,481 5,527 10,292
PROVISION FOR INCOME TAXES (1,994) (6,583) (6,316) (9,684)
MINORITY INTEREST 60 (3,533) (2,027) (5,937)
--------- ---------- --------- ----------
NET LOSS PRIOR TO CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (2,439) (1,635) (2,816) (5,329)
Cumulative effect of change
in accounting principle - - (103) -
--------- ---------- --------- ----------
NET LOSS $ (2,439) $ (1,635) $ (2,919) $ (5,329)
========= ========== ========= ==========
Basic and Diluted net loss
per share
Prior to cumulative effect
of change in accounting
principle $ (0.05) $ (0.03) $ (0.06) $ (0.11)
Cumulative effect of change
in accounting principle - - (0.00) -
--------- ---------- --------- ----------
BASIC AND DILUTED NET LOSS
PER SHARE $ (0.05) $ (0.03) $ (0.06) $ (0.11)
========= ========== ========= ==========
SHARES USED IN THE PER SHARE
CALCULATION - BASIC AND
DILUTED 48,854 47,963 48,723 47,879
========= ========== ========= ==========
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET (INCOME) LOSS TO NON-GAAP NET INCOME (LOSS)
(Unaudited; in thousands, except per share data)
Three Months Ended
--------------------------------
September June 30, September
30, 2006 30,
2006 2005
------------ -------- ----------
(as
restated)
GAAP net loss $(2,439) $ (480) $(1,635)
Adjustments:
Stock based compensation expense 1,723 1,430 416
Cumulative effect of change in
accounting principle - (103) -
Amortization of intangible assets 4,992 3,324 4,714
Restructuring and impairment charges (26) 1,812 -
Stock - option investigation
expenses 2,750 - -
Acquisition of ASI expenses 4,392 - -
Severance charges - 317 -
Income tax benefit relating to
amortization of intangible assets
and ASI acquisition (1) (3,116)(1) (1,091) (1,592)
Minority interest relating to the
ASI adjustments above (2) (83)(2) (810) (1,159)
--------- -------- ----------
Total adjustments 10,632 4,879 2,379
--------- -------- ----------
Non-GAAP net income $ 8,193 $ 4,399 $ 744
========= ======== ==========
Non-GAAP net income per basic share $ 0.17 $ 0.09 $ 0.02
========= ======== ==========
Non-GAAP net income per diluted share $ 0.17 $ 0.09 $ 0.02
========= ======== ==========
Weighted shares used in the per share
calculation - basic 48,854 48,600 47,963
========= ======== ==========
Weighted shares used in the per share
calculation - diluted 49,649 49,691 48,522
========= ======== ==========
(1) Income tax adjustment relating to the amortization of intangibles
attributable to ASI.
(2) Reflects 4.9% minority interest adjustment relating to the net
adjustments at ASI.
ASYST TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended
September 30, 2006
------------------------------
Consolidated
ATI ASI Under GAAP
-------- -------- ------------
SUPPLEMENTAL STATEMENT OF OPERATIONS
NET SALES $50,314 $72,335 $122,649
COST OF SALES 28,342 59,465 87,807
-------- -------- ------------
Gross profit 21,972 12,870 34,842
-------- -------- ------------
OPERATING EXPENSES:
Research and development 5,800 3,450 9,250
Selling, general and administrative 17,773 2,660 20,433
Amortization of acquired intangible
assets 184 4,808 4,992
Restructuring credits (26) - (26)
-------- -------- ------------
Total operating expenses 23,731 10,918 34,649
-------- -------- ------------
Operating income (loss) (1,759) 1,952 193
Other income (expense), net (853) 155 (698)
-------- -------- ------------
Income (loss) before provision for
income taxes and minority interest (2,661) 2,156 (505)
PROVISION FOR INCOME TAXES (293) (1,701) (1,994)
MINORITY INTEREST (46) 106 60
-------- -------- ------------
NET INCOME (LOSS) $(3,000) $ 561 $ (2,439)
======== ======== ============
Basic net income (loss) per share
-------- -------- ------------
BASIC NET INCOME (LOSS) PER SHARE $ (0.06) $ 0.01 $ (0.05)
======== ======== ============
SHARES USED IN THE PER SHARE
CALCULATION - BASIC 48,854 48,854 48,854
======== ======== ============
Diluted net income (loss) per share
-------- -------- ------------
DILUTED NET INCOME (LOSS) PER SHARE $ (0.06) $ 0.01 $ (0.05)
======== ======== ============
SHARES USED IN THE PER SHARE
CALCULATION - DILUTED 48,854 49,649 48,854
======== ======== ============
CONTACT: Asyst Technologies, Inc.
John Swenson, 510-661-5000
Vice President, Investor Relations &
Corporate Communications
SOURCE: Asyst Technologies, Inc.
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