Amtech Systems, Inc. Reports Strong Second Quarter Results 59% Increase in Revenues and 400% in Earnings for the Quarter.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, today reported its net income for the second quarter ended March 31, 2005. Revenues for the second quarter of 2005 totaled $8.9 million, an increase of 59% from $5.6 million in the second quarter of 2004. The increase in second quarter revenues was primarily due to the 84% increase in the revenues of our semiconductor equipment segment. Our newest subsidiary, 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, contributed $2.6 million to the increase in second quarter revenues. Revenues of Bruce Technologies were greatly enhanced by the shipment of a major system in the second quarter of 2005. Revenues of our polishing supplies segment increased 6%. Revenues for the six months ended March 31, 2005 were $16.1 million, an increase of 68% from $9.6 million for the six months ended March 31, 2004. The increase in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues was also primarily attributable to the increase in revenues of our semiconductor equipment segment, including recognition of $0.2 million of previously deferred revenues in excess of revenues deferred from fiscal year 2005 shipments. Bruce Technologies contributed $4.1 million to the year-to-date increase in revenues. Year-to-date revenues of our polishing supplies segment increased 10% compared to 2004 year-to-date revenues. Net income during the second quarter of 2005 was $0.5 million, a 400% increase, or $.18 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 $0.1 million, or $.03 per diluted share, for the second quarter of 2004. The increase in net income resulted directly from the significant increase in revenues. Also, income tax expense was reduced by the reversal of the valuation allowance on the portion of the deferred tax assets utilized during the second quarter of fiscal 2005. Net income during the six months ended March 31, 2005 was $0.6 million, a 500% increase, or $.21 per diluted share, compared with $0.1 million, or $.04 per diluted share, for the comparable period in 2004. As of March 31, 2005, our 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 decreased to $4.6 million, from $8.5 million at December December: see month. 31, 2004. The Company's backlog has historically been and continues to be volatile due to the size and timing of large system orders. As of May 12, 2005, our order backlog has recovered to a level in excess of $7 million. Our backlog includes customer orders expected to ship within the next 12 months and revenue deferred pursuant to our 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. However, we do expect that third quarter revenues and earnings will be lower than in our second quarter. Mr. J.S. Whang, President and Chief Executive Officer, stated, "We are very pleased and encouraged by the strong second quarter profits resulting from our efforts to increase revenue and profit in both our semiconductor equipment and polishing supplies segments. There are signs of our industry continuing to be in a down cycle, which will make our near term recovery less than consistent, however we remain confident and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our longer term future." 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. These products include horizontal diffusion diffusion, in chemistry, the spontaneous migration of substances from regions where their concentration is high to regions where their concentration is low. Diffusion is important in many life processes. furnaces, and related automation and polishing carriers, templates and machines. 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, the inability to complete the announced acquisition or to integrate the acquisition due to unforeseen circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , industry specific and general business conditions, competitive market conditions, the success of Amtech's growth and sales strategies, the possibility of customer changes in delivery schedules, the cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and the 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 March 31, 2005.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share data)
----------------------------------------------------------------------
QUARTER ENDED SIX MONTHS ENDED
MARCH 31, MARCH 31,
----------------------- -----------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net Revenues $ 8,915 $ 5,631 $ 16,087 $ 9,552
Operating Income $ 508 $ 162 $ 607 $ 163
Net Income $ 503 $ 98 $ 572 $ 99
Earnings Per Share:
----------------------
Basic $ .19 $ .04 $ .21 $ .04
Diluted $ .18 $ .03 $ .21 $ .04
Weighted Average
Shares Outstanding:
----------------------------------------------
Basic 2,705,121 2,700,671 2,705,121 2,700,387
Diluted 2,753,522 2,787,533 2,757,121 2,795,492
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CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
------------------------------------------------------------------
MARCH 31, SEPTEMBER 30,
2005 2004
---------- --------------
Cash and Equivalents
-- NOTE A $ 909 $ 1,675
Accounts Receivable -
Net 6,475 3,629
Inventories 5,888 5,994
Income Taxes
Receivable and
Prepaid Expenses 871 968
---------- ----------
Total Current Assets 14,143 12,266
Property, Plant and
Equipment - Net 2,112 2,220
Goodwill and Other
Assets - Net 2,092 2,174
---------- ----------
$ 18,347 $ 16,660
========== ==========
Current Liabilities 5,175 4,531
Long-Term Obligations 843 474
Total Stockholders'
Equity 12,329 11,655
---------- ----------
$ 18,347 $ 16,660
========== ==========
NOTE A -- On April 22, 2005, the company obtained $1.9 million in net
proceeds from the issuance of preferred stock.
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