Amtech Systems, Inc. Reports Its 2005 First Quarter Results.TEMPE, Ariz. -- Amtech Systems, Inc. (Nasdaq:ASYS), a global supplier of production and automation systems and related supplies for the semiconductor, silicon wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. , solar cell 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. and microelectromechanical system microelectromechanical system (MEMS) Miniature devices formed by combining mechanical parts and electronic circuits, typically on a semiconductor chip, with dimensions from tens to a few hundred micrometres (millionths of a metre). (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) industries, reported results yesterday for its first quarter ended December December: see month. 31, 2004. Revenues for the first quarter of fiscal year 2005 totaled $7.2 million, an increase of 85% from $3.9 million in the first quarter of fiscal year 2004 and a 47% increase from the fourth quarter of fiscal year 2004. Revenues from Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Technologies, Inc., the business acquired by Amtech Systems, Inc. during the fourth quarter of fiscal year 2004, contributed $1.7 million of revenues during the first quarter of fiscal year 2005; an increase of $0.6 million compared to revenues from that business during the fourth quarter of fiscal year 2004. All existing operations of Amtech Systems, Inc. contributed to the year-over-year increase in the company's revenues. Net income for the first quarter of fiscal year 2005 was $68,000 or $0.02 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, compared to net income of $2,000, or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations in terms of earnings per diluted share, for the first quarter of fiscal year 2004. Gross margin as a percent of revenues was 31% and 30% for the first quarters of fiscal years 2005 and 2004, respectively. Increased Selling, General and Administrative (SG&A) expenses partially offset the increased gross margin resulting in the net income of one percent of revenues. Approximately $175,000 of the SG&A expenses in the first quarter of fiscal year 2005 related to activities that are not expected to recur. As of December 31, 2004, Amtech Systems' 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. had increased 16% to $8.5 million, from $7.3 million at September September: see month. 30, 2004. Backlog includes customer orders that are expected to ship within the next 12 months and revenue deferred pursuant to the company's revenue recognition policies. Our backlog at any specific point in time is not necessarily indicative of actual revenues or earnings for any succeeding period due to possible customer changes in delivery schedules or cancellation of orders, and because backlog does not provide any assurance of a profit from those orders. Mr. J.S. Whang, President and Chief Executive Officer, stated, "We are pleased by the improvement in our revenues during the first quarter of fiscal year 2005. Revenue increases were realized across the board in each business unit. Also encouraging are the 17% increase in new orders from the previous quarter, and the 16% increase in our backlog as of December 31, 2004 from the September 30, 2004 backlog." 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 certain thermal processes and related automation used in fabricating semiconductor devices, MEMS and solar cells. 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. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. 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 and failure to satisfy customer acceptance requirements. 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, 2004 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended December 31, 2004.
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CONDENSED STATEMENTS OF OPERATIONS
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Quarter ended
December 31,
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2004 2003
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(amounts in thousands,
except share data)
Net Revenues $ 7,172 $ 3,921
Operating Income $ 98 $ 1
Net Income $ 68 $ 2
Earnings Per Share:
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Basic $ .03 $ -
Diluted $ .02 $ -
Weighted Average Shares Outstanding:
Basic 2,705,121 2,700,084
Diluted 2,759,653 2,802,739
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CONDENSED BALANCE SHEETS
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December 31, September 30,
2004 2004
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(amounts in thousands)
Cash and Equivalents $ 2,135 $ 1,675
Accounts Receivable - Net 4,844 3,629
Inventories 6,862 5,994
Income Taxes Receivable and Prepaid
Expenses 849 968
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Total Current Assets 14,690 12,266
Property, Plant and Equipment - Net 2,214 2,220
Goodwill and Other Assets - Net 2,115 2,174
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$ 19,019 $ 16,660
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Current Liabilities 6,099 4,531
Long-Term Obligations 905 474
Total Stockholders' Equity 12,015 11,655
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$ 19,019 $ 16,660
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