Amtech Systems, Inc. Reports Third Quarter Fiscal 2003 Results.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 20, 2003 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 results for the third quarter of fiscal 2003, which ended June June: see month. 30, 2003. Revenues for the third quarter of fiscal 2003 totaled $3.6 million, a decrease of 18% from $4.4 million in the third quarter of fiscal 2002. Revenues for the nine months ended June 30, 2003, were $13.4 million, a 14% decline compared to $15.5 million for the nine months ended June 30, 2002. The decline in revenue for the third quarter and nine months of fiscal 2003 was due to the sharp decline in net new orders during the first quarter of the year and the fact that a significant portion of the 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. at the beginning of the third quarter was represented by a large order not scheduled for shipment until the fourth quarter. The net loss for the third quarter of 2003 was $.1 million, or $.04 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 with net income of $.1 million, or $.05 per diluted share, for the comparable period in fiscal 2002. The net loss for the nine months ended June 30, 2003, was $.5 million, or $.19 per diluted share, compared with net income of $.3 million, or $.09 per diluted share, for the comparable period in fiscal 2002. The loss for the third quarter and nine months of fiscal 2003 was due to the decline in revenue. Net new orders for the third quarter of fiscal 2003 were $7.5 million, the highest level they have been since the second quarter of fiscal 2001, which was near the beginning of the latest industry 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. . As of June 30, 2003, the order backlog had increased by $3.9 million to $10.7 million, compared to $6.8 million at March 31, 2003. Amtech's backlog as of any specific point in time is not necessarily indicative of actual revenue or earnings for any succeeding period due to possible customer changes in delivery schedules or cancellation of orders and because a backlog does not provide any assurance of a profit from those orders. Mr. J.S. Whang, President and Chief Executive Officer, stated, "We anticipated the decline in revenue in the third quarter and are pleased that despite the difficult industry conditions, the operations provided positive cash flow during the second and third quarter of this fiscal year. We believe that, as a result of the recent increase in backlog, the fourth quarter shipments and revenue will be over $6.0 million and that quarter and the second half of this fiscal year will reflect significant improvement in revenue and profitability, as compared to the fourth quarter and second half of fiscal 2002." 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. 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 September: see month. 30, 2002, and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the quarterly periods ended December December: see month. 31, 2002, March 31, 2003, and June 30, 2003.
CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except share data)
QUARTER ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
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2003 2002 2003 2002
--------- --------- --------- ---------
Revenue $ 3,622 $ 4,446 $ 13,398 $ 15,481
Operating Income (Loss) $ (195) $ 180 $ (798) $ 323
Net Income (Loss) $ (121) $ 134 $ (505) $ 263
Earnings (Loss) Per Share:
--------------------------
Basic $ (.04) $ .05 $ (.19) $ .10
Diluted $ (.04) $ .05 $ (.19) $ .09
Weighted Average Shares
Outstanding:
Basic 2,694,689 2,682,491 2,691,087 2,681,639
Diluted 2,694,689 2,770,678 2,691,087 2,781,715
CONDENSED BALANCE SHEETS
(in thousands)
JUNE 30, SEPTEMBER 30,
2003 2002
--------- ---------
CASH AND EQUIVALENTS $ 7,584 $ 8,046
ACCOUNTS RECEIVABLE -- NET 2,733 2,556
INVENTORIES AND PREPAIDS 4,957 3,242
INCOME TAXES RECEIVABLE 428 -
DEFERRED INCOME TAXES 1,162 1,044
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TOTAL CURRENT ASSETS 16,864 14,888
PLANT AND EQUIPMENT -- NET 1,507 1,642
DEFERRED INCOME TAXES 144 88
GOODWILL AND OTHER ASSETS -- NET 767 775
--------- ---------
$19,282 $17,393
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CURRENT LIABILITIES 4,571 2,722
LONG-TERM OBLIGATIONS 555 459
TOTAL STOCKHOLDERS' EQUITY 14,156 14,212
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$19,282 $17,393
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