Amtech Systems, Inc. Reports a 21% Increase in Pro Forma Revenue and a 9% Increase in Pro Forma Net Income for Fiscal 2001.Business Editors and Technology Writers TEMPE, Ariz.--(BUSINESS WIRE)--Jan. 16, 2002 Amtech Systems, Inc. (Nasdaq:ASYS) reported that net revenue for the fiscal year ended September September: see month. 30, 2001, was $22.9 million, or 20% higher than the $19.0 million reported for fiscal 2000. Total revenue for fiscal 2001 reflects the adoption of the Securities and Exchange Commission Staff Accounting Bulletin No. 101 ("SAB SAB Spontaneous abortion. See Abortion. 101"), "Revenue Recognition in Financial Statements." Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net revenue increase by 21% in fiscal 2001 to $22.9 million, compared to $18.9 million in fiscal 2000, which reflects the adoption of SAB 101 as of the beginning of fiscal 2000. The increase in revenue in fiscal 2001 compared to fiscal 2000 reflects strong demand for the Company's systems, which was driven by multiple system orders from the optical telecom component manufacturers secured in the last half of fiscal 2000 and the first quarter of fiscal 2001. For fiscal 2001, income before the cumulative effect of the change in accounting principle (i.e. the adoption of SAB 101) was $1.2 million, or $.41 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 $1.3 million, or $.56 per diluted share reported for fiscal 2000. Pro forma income before cumulative effect of a change in accounting principle for fiscal 2000, which reflects the adoption of SAB 101 as of the beginning of fiscal 2000, was $1.1 million, or $.45 per diluted share. Thus, had SAB 101 been adopted prior to fiscal 2000, net income for fiscal 2001 would have reflected a 9% increase to $1.2 million, or $.41 per diluted share, compared to $1.1 million, or $.45 per diluted share for fiscal 2000. The decline in earnings per share on this basis in fiscal 2001 compared to fiscal 2000 is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the issuance of 383,000 shares of common stock in a private placement completed in the last month of fiscal 2000. Net income reported for fiscal 2001 includes a $.7 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. , net of a $.4 million deferred income tax benefit, for the cumulative effect of adopting SAB 101 as of October October: see month. 1, 2000. As a result, net income as reported for fiscal 2001 was $.5 million, or $.16 per diluted share, compared to $1.3 million, or $.56 per diluted share, reported for fiscal 2000. 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, and the newly adopted SAB 101 accounting principle that requires deferral deferral - Waiting for quiet on the Ethernet. of certain revenue to future periods, I am immensely pleased with the 21% increase in fiscal 2001 pro forma revenue and 9% increase in pro forma net income. These results are a great tribute to our business model given the challenging economic and market conditions. The Company's successful expansion into the optics market fueled our growth in fiscal 2001 and 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. Our strategy is to continue the expansion of our existing markets, 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):
v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: evaluation process for potential acquisitions that might contribute to our growth program. 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. .
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CONDENSED STATEMENTS OF OPERATIONS
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FISCAL YEAR ENDED SEPTEMBER 30,
-------------------------------------------
2001 2000 1999
------------ ------------ -------------
Net revenues $ 22,851,920 $ 19,027,446 $ 14,766,075
============ ============ =============
Income before cumulative
effect of change in
accounting principle 1,153,292 1,325,421 362,307
Cumulative effect of
change in accounting
principle, net of tax (690,211) -- --
------------ ------------ -------------
Net income $ 463,081 $ 1,325,421 $ 362,307
============ ============ =============
DILUTED EARNINGS PER SHARE:
Income before cumulative
effect of change in
accounting principle $ .41 $ .56 $ .17
Cumulative effect of change
in accounting principle,
net of tax (.25) -- --
------------ ------------ -------------
Diluted earnings per share $ .16 $ .56 $ .17
============ ============ =============
Number of diluted shares
used in per share
calculations 2,821,583 2,336,497 2,189,201
PRO FORMA AMOUNTS WITH THE CHANGE IN ACCOUNTING PRINCIPLE RELATED
TO REVENUE APPLIED RETROACTIVELY:
Net revenues $ 22,851,920 $ 18,908,378 $ 15,678,058
Income before cumulative
effect of change in
accounting principle 1,153,292 1,060,619 480,845
Diluted Earnings per share $ .41 $ .45 $ .22
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CONDENSED BALANCE SHEETS
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SEPTEMBER 30,
-----------------------------------
2001 2000
---------------- ----------------
CASH AND EQUIVALENTS $ 5,998,120 $ 5,784,500
ACCOUNTS RECEIVABLE - NET 3,829,867 4,929,948
INVENTORIES AND PREPAID EXPENSES 4,890,100 4,309,022
DEFERRED INCOME TAXES 1,525,000 577,000
------------ ------------
TOTAL CURRENT ASSETS 16,243,087 15,600,470
PLANT AND EQUIPMENT - NET 1,484,437 1,093,707
GOODWILL AND OTHER ASSETS-NET 843,046 789,083
------------- ------------
TOTAL ASSETS $ 18,570,570 $ 17,483,260
============= ============
ACCOUNTS PAYABLE $ 880,006 $ 2,144,197
ACCRUED COMPENSATION AND RELATED TAXES 671,075 635,354
ACCRUED WARRANTY AND INSTALLATION COSTS 304,228 484,794
DEFERRED PROFIT 1,777,173 25,000
INCOME TAXES PAYABLE 135,000 670,000
OTHER ACCRUED LIABILITIES AND CUSTOMER
DEPOSITS 973,070 707,442
------------- -------------
TOTAL CURRENT LIABILITIES 4,740,552 4,666,787
LONG-TERM OBLIGATIONS 246,184 236,590
TOTAL STOCKHOLDERS' EQUITY 13,583,834 12,579,883
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 18,570,570 $ 17,483,260
============= =============
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. . 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 cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. 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, 2001. |
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