Amtech Systems, Inc. Reports 51% Increase in Revenue.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--Feb. 19, 2002 Amtech Systems, Inc. (Nasdaq:ASYS) reported consolidated revenue was $5,457,000 for the first quarter of fiscal 2002 (ended December December: see month. 31, 2001), an increase of $1,854,000, or 51%, compared to $3,603,000 in the first quarter of fiscal 2001. Net income was $167,000, or $.06 per 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. share, for the first quarter of fiscal 2002, an increase of $884,000, or 123%, compared to a net loss of $717,000, or $.27 per diluted share, in the first quarter of fiscal 2001. Revenue for the three months ended December 31, 2001 and 2000 included $.5 million and $.7 million, respectively, of revenue that was included in the cumulative effect adjustment as of October 1, 2000, arising from the Company's adoption of SAB SAB Spontaneous abortion. See Abortion. 101. During the quarter ended December 31, 2000, a significant portion of the systems sales were new products or the customer's specifications needed to be demonstrated, leading to the net deferral deferral - Waiting for quiet on the Ethernet. of $3.3 million of systems shipped that quarter. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , during the quarter ended December 31, 2001, the value of systems that were demonstrated to meet the customer's specifications exceeded the value of shipments by $1.1 million. Shipments for the first quarter of fiscal 2002 were $4.4 million, compared to $3.7 million in the fourth quarter of fiscal 2001 and $6.8 million in the first quarter of fiscal 2001, reflecting the continuation of the severe downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the semiconductor industry. At December 31, 2001, the order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was $7.3 million, a decrease of $2.2 million, or 23%, from the $9.5 million backlog at September 30, 2001. In addition, pursuant to SAB 101, the Company has deferred $3.4 million of revenue, which net of related deferred cost represents deferred profits of $1.4 million. During the first quarter of the current fiscal year, new orders for both business segments were approximately $2.2 million, significantly lower than any quarter since the quarter ended March 31, 1999, the end of the previous industry slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. . The Company cannot reasonably estimate the duration of the current industry slowdown or the extent to which it will adversely affect its future results of operations. J.S. Whang, the Company's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "In light of the fact that the semiconductor industry is experiencing one of, if not, the severest downturns since its inception, I am immensely pleased with the first quarter revenues of more than $5 million and our continued profitability. The Company's successful expansion into new markets fueled our growth in fiscal 2001 and has lessened less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. our dependence on the semiconductor industry. While the increase in revenue is primarily due to the volatility in revenue caused by new accounting requirements regarding revenue recognition, i.e. SAB 101, our business remains fundamentally sound despite the severe industry slowdown. Our strategy is to continue the expansion of our existing markets and to add new markets within our core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Amtech Systems, Inc. manufactures capital equipment and related consumables used in the manufacture of various thin-wafer materials, primarily silicon wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. for the semiconductor industry, and in automation and certain thermal process equipment used in fabricating semiconductor devices, optical components of high speed telecom switches and solar cells solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. . 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 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for 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. . Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Amtech Systems, Inc.) contains statements that are forward-looking. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, industry specific and general business conditions, competitive market conditions, success of Amtech's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers, failure to satisfy customer acceptance requirements and the effects of adopting Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements," issued by the Securities and Exchange Commission. This earnings release should be read in conjunction with the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 30, 2001 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended December 31, 2001.
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CONDENSED STATEMENTS OF OPERATIONS
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THE QUARTER ENDED
December 31,
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2001 2000
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Revenue $ 5,456,916 $ 3,602,650
Operating Profit $ 213,049 $ (146,807)
Cumulative effect of change in $ -- $ (690,211)
accounting principle, net of tax
Net Income $ 166,862 $ (717,094)
Earnings Per Share:
Basic $ .06 $ (.27)
Diluted $ .06 $ (.27)
Weighted Average Shares Outstanding:
Basic 2,680,891 2,604,964
Diluted 2,798,330 2,604,964
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CONDENSED BALANCE SHEETS
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December 31, September 30,
2001 2001
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Cash and cash equivalents $ 6,766,018 $ 5,998,120
Accounts receivable - net 3,900,927 3,829,867
Inventories and prepaid expenses 4,063,501 4,890,100
Deferred income taxes 1,520,000 1,525,000
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Total Current Assets 16,250,446 16,243,087
Property, Plant and Equipment - net 1,489,767 1,484,437
Goodwill and Other Assets - net 822,239 843,046
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$18,562,452 $18,570,570
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Current Liabilities 4,640,502 4,740,552
Long - Term Obligations 240,989 246,184
Total Stockholders' Equity 13,680,961 13,583,834
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$18,562,452 $18,570,570
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