ASTeX Announces Fiscal 2000 Second Quarter Results; Reports Third Consecutive All Time Record Quarterly Revenues and Earnings.Business/Technology Editors WOBURN Woburn, village, England Woburn (w  `bərn), village, Bedfordshire, S central England. , Mass.--(BUSINESS WIRE)--Jan. 25, 2000
Applied Science and Technology, Inc. (&uot;ASTeX&uot;) (Nasdaq:ASTX) today reported financial results for the fiscal 2000 second quarter ended December December: see month. 25, 1999. Total revenue for the second quarter of fiscal 2000 was an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record $31.1 million, an increase of 84% from $16.9 million reported in the second quarter of fiscal 1999. Net earnings for the quarter grew to an all-time record $3.2 million, or $0.26 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to a net loss of $0.4 million, or $0.05 per share diluted, in the second quarter of fiscal 1999. Earnings for the second quarter of fiscal 2000 were enhanced by a reduced effective tax rate for the quarter, due to the retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a reinstatement Reinstatement The restoration of an insurance policy after it has lapsed for nonpayment of premiums. of the research and experimentation tax credit. Revenues for the six months ended December 25, 1999, rose 113% to $61.7 million, vs. $29.0 million reported in the comparable six months of fiscal 1999. Net earnings for the six months rose to $5.8 million, or $0.48 million per share diluted, compared to a net loss of $3.9 million, or $0.46 per share diluted, in the comparable period last year. The prior year net loss included a $1.5 million restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. associated with consolidating two manufacturing facilities and $1.3 million of additional one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs. Without these one-time charges, the net loss in the first half of fiscal 1999 would have been $2.1 million adjusting for any tax benefit, or a loss of $0.25 per share diluted. Dr. Richard S Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a . Post, president and chief executive officer, commented, &uot;We are extremely pleased in the sequential improvement of gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , to 41.8% in the second quarter of fiscal 2000 from 36.5% in the first quarter. Our financial performance in the quarter was driven by the success of our new products, by the strength of our ozone and microwave products for semiconductor production, and by a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. We are also seeing the effects of last year's plant consolidations together with improved manufacturing efficiencies. During the second quarter of fiscal 2000, we consolidated the manufacturing activities of the Integrated Solutions Group (&uot;ISG&uot;) into our facility in Wilmington Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , MA. &uot;Dr. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. K. Smith, co-founder of Applied Science and Technology, Inc., has stepped down from the Board of Directors as a result of time commitments to his new business. Don's contribution to ASTeX has been outstanding, not only in product development for which he is well known but also for his broad impact on the company. &uot;We continued to strengthen our management team and our global infrastructure during the quarter. As previously announced, Bill Hurley Hurley has become the English version of at least three distinct original Irish names: the Ó hUirthile, part of the Dál gCais tribal group, based in Clare and North Tipperary; the Ó Muirthile, based around Kilbritain in west Cork; and the OhIarlatha, from the district of joined us as Senior Vice President and Chief Financial Officer, bringing thirty years of accounting and financial experience in public accounting, high tech firms, and large public companies. We have also added John Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. , formerly of Applied Magnetics Mag`net´ics n. 1. The science of magnetism. Noun 1. magnetics - the branch of science that studies magnetism magnetism , as Vice President, Business Development. John will work initially with our ISG ISG Iraq Study Group ISG Iraq Survey Group ISG International Steel Group ISG Integrated Security Gateway ISG Information Systems Group ISG Information Systems Group (IBM) ISG Integrated Starter/Generator group to ensure our success in meeting customer commitments and to evaluate new market opportunities. As a part of our continuing commitment to our global customers, ASTeX has established two new Global Customer Operations sites: ASTeX Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan in Hsinchu Hsinchu or Hsin-chu (both: shĭn`j `), city (1995 pop. 340,255), NW Taiwan. , Taiwan, and ASTeX France in
Provence Provence (prôväNs`), region and former province, SE France. It now encompasses Var, Vaucluse, and Bouches-du-Rhône depts. and (in part) Alpes-de-Haute-Provence and Alpes-Maritimes depts. , France. These new sites will provide expanded service and
sales support critical to our customer's success.&uot;
Dr. Post concluded, &uot;Based on current trends, we anticipate continuing revenue growth during the remainder of this fiscal year driven by the strength of our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and semiconductor business, the expanding adoption by customers of our new products, and the interest expressed by potential customers in our ISG product lines for advanced packaging, magnetic sensors
ASTeX provides precision reactive reactive /re·ac·tive/ (re-ak´tiv) characterized by reaction; readily responsive to a stimulus. re·ac·tive adj. 1. Tending to be responsive or to react to a stimulus. 2. gas processing solutions and specialty power sources to the OEM semiconductor, medical, and industrial markets, and complete process systems for advanced packaging, magnetic sensors, and optoelectronics applications. ASTeX's broad product line is based on one or more of our core technologies including precision reactive gas processing, power sources, and system integration. Depending on customer needs, ASTeX provides varying levels of integration - from components to integrated subsystems to complete process solutions. For more information, visit the ASTeX web site at www.astex.com. &uot;Safe Harbor&uot; statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties, including, but not limited to, the impact of industry business cycles, competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, general economic conditions, availability of raw materials, fluctuations in operating results, and other risks detailed from time to time in our filings with the Securities and Exchange Commission.
Applied Science and Technology, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands except per share data)
Three Months Ended Six Months Ended
December December December December
25, 26, 25, 26,
1999 1998 1999 1998
(unaudited)(unaudited)(unaudited)(unaudited)
Product sales, net $ 28,784 $ 15,726 $ 57,300 $ 26,573
Research contract revenue 0 116 32 236
Other revenue 2,282 1,012 4,336 2,145
Total revenue 31,066 16,854 61,668 28,954
Cost of sales and revenue:
Product sales and other
revenue 18,087 12,301 37,504 23,145
Research contracts 0 54 3 135
Total cost of
sales and
revenue 18,087 12,355 37,507 23,280
Gross profit 12,979 4,499 24,161 5,674
Operating expenses:
Research and development
expenses 3,397 2,244 6,092 4,569
Selling expenses 2,138 1,173 4,165 2,375
General and administrative
expenses 3,039 1,808 5,611 3,672
Restructuring expenses 0 0 0 1,497
Total operating
expenses 8,574 5,225 15,868 12,113
Earnings (loss) from
operations 4,405 (726) 8,293 (6,439)
Other income (expense):
Interest expense 0 (8) 0 (20)
Interest income 441 63 848 187
Other income (expense) (99) 77 (107) 69
Total other income
(expense) 342 132 741 236
Earnings (loss)
before income taxes 4,747 (594) 9,034 (6,203)
Income tax expense (benefit) 1,584 (158) 3,242 (2,286)
Net earnings (loss) $ 3,163 $ (436) $ 5,792 $ (3,917)
Basic net earnings (loss)
per share $ 0.27 $(0.05) $ 0.50 $ (0.46)
Diluted net earnings (loss)
per share $ 0.26 $(0.05) $ 0.48 $ (0.46)
Weighted average common
shares outstanding
used to calculate basic
earnings (loss) per share 11,602 8,603 11,501 8,594
Weighted average common
shares outstanding
used to calculate diluted
earnings (loss) per share 12,349 8,603 12,182 8,594
ADDITIONAL INFORMATION:
Earnings (loss) before
interest, taxes,
depreciation and amortization $ 5,258 $ 281 $ 9,904 $ (5,666)
Applied Science and Technology, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
Assets December 25, June 26,
1999 1999
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 17,628 $ 31,775
Trade receivables 22,680 18,093
Other receivables 647 906
Investments, short term 4,988 0
Inventories 16,290 12,419
Prepaid expenses and other assets 549 386
Deferred income taxes 1,091 1,514
Total current assets 63,873 65,093
Property, plant and equipment:
Land 473 473
Building and improvements 1,652 1,652
Equipment 14,117 11,181
Furniture and fixtures 1,054 1,043
Leasehold improvements 2,209 2,193
19,505 16,542
Less accumulated depreciation and
amortization (9,408) (8,394)
Net property, plant and equipment 10,097 8,148
Other assets:
Patents, net 988 992
Investments, long term 5,116 0
Goodwill, net of accumulated amortization 8,135 3,967
Deferred income taxes 2,600 1,936
Notes receivable, less current maturities 374 394
Other, net 0 5
Total other assets 17,213 7,294
$ 91,183 $ 80,535
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 5,357 5,496
Accrued expenses 4,750 3,471
Accrued compensation expense and
related costs 3,111 2,624
Accrued income taxes 1,596 607
Commissions payable and customer advances 1,183 616
Total current liabilities 15,997 12,814
Stockholders' equity:
Common stock 116 114
Additional paid-in capital 71,648 70,045
Retained earnings (accumulated deficit) 3,668 (2,124)
Less: Notes receivable for
common stock purchases 0 (148)
Accumulated comprehensive income (loss) (246) (166)
Total stockholders' equity 75,186 67,721
$ 91,183 $ 80,535
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