Amtech Systems Inc. Reported a 17 Percent Increase in Revenues for the Nine Months Ended June 30, 1997.TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 26, 1997--Amtech Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASYS) reported that revenues for the nine months ended June June: see month. 30, 1997 were $7,396,000, a 17 percent increase from the $6,311,000 reported for the comparable period of fiscal 1996. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three quarters ended June 30, 1997 was $166,000, or $.04 per share, compared to the $147,000, or $.04 per share, earned during the corresponding period of fiscal 1996. The increase in revenue from continuing operations is due to the expansion of the company's horizontal horizontal /hor·i·zon·tal/ (hor?i-zon´t'l) 1. parallel to the plane of the horizon. 2. occupying or confined to a single level in a hierarchy. horizontal parallel to the plane of the horizon. 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. furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. business. The increase in earnings from continuing operations during the first nine months of fiscal 1997 primarily resulted from the sale of assets. Revenues for the three months ended June 30, 1997 were $2,806,000, a 13 percent decrease from the $3,232,000 of revenues reported during the comparable quarter of fiscal 1996. As a result, the company's net income declined to $701, or $.00 per share, for the third quarter of fiscal 1997, from $302,000, or $.05 per share, for the three months ended June 30, 1996. The revenues for the most recently completed quarter were lower than the third quarter of fiscal 1996, because the earlier period benefitted from the shipment of previously delayed orders. However, revenues for the third quarter of fiscal 1997 were more than 9 percent greater than either of the preceding two quarters of fiscal 1997 and 33 percent greater than the average quarterly revenue for all of fiscal 1996. The decline in sales volume, from the third quarter of last fiscal year, accounted for 37 percent of the reduction in income from continuing operations. A reduction in the gross margin percentage, attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an unfavorable product mix combined with higher than average installation and warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. expenses related to one particular furnace order, accounted for another 22 percent of the decrease in income from continuing operations. The remainder of the decline in earnings from continuing operations resulted from increased expenses, particularly commissions related to above average sales volume generated by outside representatives. Amtech Systems Inc. manufactures capital equipment for use in the production of semiconductors. -0-
Amtech Systems Inc.
Condensed Statement of Operations
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues $2,805,830 $3,232,173 $7,396,157 $6,311,328
Income from:
Continuing
operations
- (Note 1) $701 $277,993 $166,452 $147,016
Discontinued
operations - 23,834 - 306,092
Net income
- (Note 1) $701 $301,827 $166,452 $453,108
Income per share
- (Note 2):
From continuing
operations $ - $.05 $.04 $.04
Net income $ - $.05 $.04 $.09
Average shares
outstanding 4,153,103 6,315,734 4,145,255 6,381,556
Note 1 - Income from continuing operations and net income for the nine
month period ended June 30, 1997 include $95,000 as a result
of the after tax gain recorded on the disposal of certain
assets.
Note 2 - The modified treasury method was used in the fiscal 1996
periods because it was dilutive.
Condensed Balance Sheets
June 30, Sept. 30,
1997 1996
(Unaudited)
Cash and equivalents $2,299,906 $1,994,217
Short-term investments 1,179,489 2,464,120
Accounts receivable 3,503,444 1,581,973
Inventories and prepaid expenses 972,196 786,136
Deferred income taxes 356,000 223,000
Total current assets 8,311,035 7,049,446
Plant and equipment - net 950,772 976,331
All other assets 185,844 432,837
__________ __________
$9,447,651 $8,458,614
Current liabilities $2,584,707 $1,568,994
Long-term debt 222,364 265,355
Total stockholders' investment 6,640,580 6,624,265
__________ __________
$9,447,651 $8,458,614
CONTACT: Amtech Systems Inc., Tempe Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. T. Hass HASS Humanities, Arts, and Social Sciences (college department) HASS Highly Accelerated Stress Screening HASS High Availability Storage System HASS Higher, Adjacent, Support, Security , 602/967-5146 |
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