Amtech Systems Inc. Reported 945% Earnings Increase for Third Quarter.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 15, 2000 Amtech Systems Inc. (Nasdaq:ASYS) Tuesday Tuesday: see week. reported net income in the third quarter of fiscal 2000 (which ended June June: see month. 30, 2000) of $292,000, or $0.13 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, a 945% increase compared to net income of $28,000, or $0.01 per share, earned in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, the company earned $690,000, or $0.31 per diluted share, a 385% increase over the $143,000, or $0.07 per share, earned in the comparable period of fiscal 1999. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenue was $4,693,000 for the third quarter of fiscal 2000, a 38% increase, compared to $3,404,000 in the third quarter of fiscal 1999. For the nine months ended June 30, 2000, consolidated revenue was $13,105,000, or 26% higher than the $10,376,000 of revenue reported for the corresponding period in fiscal 1999. Third quarter sales of semiconductor production equipment were $2,587,000 in the current fiscal year, or 38% higher than reported in the equivalent period of fiscal 1999. Polishing supplies and equipment sales were $2,106,000 in the third quarter of fiscal 2000, or 38% higher than in the third quarter of the prior fiscal year. The company continues to benefit from the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. in the semiconductor industry on which both segments are dependent. Within the semiconductor production equipment segment, sales of IBAL IBAL Irish Business Against Litter automation products increased 214%, or $1,021,000, to $1,498,000 in the third quarter of fiscal 2000, compared to $477,000 in the same period of fiscal 1999. The improvement in that component of the semiconductor equipment segment partially offset a 24% decline in the sales of 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. The other factor that contributed to the 945% increase in net income was an improvement in gross margin to 36% of revenue, which is eight percentage points higher than the 28% gross margin in the third quarter of the prior fiscal year. The growth in margins as a percentage of revenue is due to an improved product mix and the spreading of fixed and semi-fixed costs over the higher sales volume. J.S. Whang, the company's president and chief executive officer, stated, "I am pleased with the strong growth in our earnings and revenues during the past two quarters and with the recent increase in new orders. "I am especially pleased with our customers' enthusiastic reception of our new IBAL Automation products and our ability to produce significantly higher earnings while at that same time greatly increasing research and development spending. The Company has also stepped-up stepped-up adj. Increased in pace or intensity; heightened: a stepped-up political campaign. its acquisition efforts, which have greatly contributed to our past growth." 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 processes used in fabricating semiconductor devices. 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 and the success of Amtech's growth and sales strategies. For more information, review the company's filings with the Securities and Exchange Commission, including, but not limited to, Amtech Systems Inc.'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. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. .
Condensed Statements of Operations
Three Months Ended
June 30,
2000 1999
(Unaudited) (Unaudited)
Revenues $4,693,430 $3,403,801
Net Income $ 292,495 $ 27,998
Income Per Share:
Basic $ .14 $ .01
Diluted $ .13 $ .01
Weighted Average Shares:
Basic 2,163,808 2,109,736
Diluted 2,269,558 2,204,528
Nine Months Ended
June 30,
2000 1999
(Unaudited) (Unaudited)
Revenues $13,105,042 $10,375,713
Net Income $ 690,492 $ 142,502
Income Per Share:
Basic $ .32 $ .07
Diluted $ .31 $ .07
Weighted Average Shares:
Basic 2,131,992 2,110,198
Diluted 2,237,236 2,173,504
Condensed Balance Sheets
June 30, Sept. 30,
2000 1999
(Unaudited)
Cash and Equivalents $2,226,817 $1,124,685
Accounts Receivable - Net 3,064,462 3,208,488
Inventories and Prepaids 2,641,756 2,333,571
Refundable Income Taxes -- 34,000
Deferred Income Taxes 508,000 421,000
Total Current Assets 8,441,035 7,121,744
Plant and Equipment - Net 1,018,622 1,098,313
Goodwill and Other Assets-net 504,862 524,501
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$9,964,519 $8,744,558
Current Liabilities $2,398,932 $1,747,513
Long-term Obligations 259,984 286,828
Total Stockholders' Equity 7,305,603 6,710,217
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$9,964,519 $8,744,558
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