Amtech Systems Inc. Reports 229% Increase in Net Earnings for First Six Months of Fiscal 2001.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--May 15, 2001 Amtech Systems Inc. (Nasdaq:ASYS) reported net income of $748,000, or $.27 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, for the second quarter of fiscal 2001 ended March 31, 2001, an increase of $481,000, or 180%, compared to $267,000, or $.12 per diluted share in the second quarter of fiscal 2000. For the six months ended March 31, 2001, net income was $1,310,000, or $.47 per diluted share, an increase of $912,000, or 229%, compared to net income of $398,000, or $.18 per share, in the same period in fiscal 2000. 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 $7,026,000 in the second quarter of fiscal 2001, an increase of $2,477,000, or 54%, compared to $4,549,000 in second quarter of fiscal 2000. Consolidated revenue was $13,907,000 in the six months ended March 31, 2001, an increase of $5,495,000, or 65%, compared to $8,412,000 in same period in fiscal 2000. Sales grew by 85% and 16% in the semiconductor equipment segment and the polishing supplies segment, respectively, in the second quarter of fiscal 2001 as compared to the same quarter in the prior fiscal year. Approximately 70% of the fiscal year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. increase is due to the increased shipments of 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. systems, primarily to optical component manufacturers, a new market for the company's products. The company made its first sale to an optical component manufacturer in June June: see month. 2000. The remaining 30% of the increase is due to increased sales of the company's IBAL IBAL Irish Business Against Litter Automation products and polishing supplies. Consolidated gross margin increased by 51% to $2,539,000 in the second quarter of fiscal 2001. Gross margin as a percent of sales declined slightly to 36% from 37% in the first quarter of fiscal 2000, with the slight erosion resulting from product mix. Consolidated selling, general and administrative expenses declined to 18% of revenues in the second quarter of fiscal 2001, as compared to 24% in the same quarter of the prior fiscal year, a decline of six percentage points. As of March 31, 2001, the company had a 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. of $12.7 million, up 6% from Dec. 31, 2000, but 12% lower than the $14.5 million backlog at Sept. 30, 2000. New orders in the second quarter of fiscal 2001 exceeded shipments. Although there were significant declines in the backlog of orders for automation products and polishing supplies and equipment, they were more than offset by the increase in the backlog of orders for 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. While new orders in the first quarter of fiscal 2001 nearly equaled shipments, the backlog declined between Sept. 30, 2000 and Dec. 31, 2000 due to the 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 four systems orders in the Dec. 31, 2000 quarter. The March 31, 2001 backlog is approximately $8.3 million higher than the backlog at the same time last year, an increase of 187%. J.S. Whang, the company's president and chief executive officer stated, "The company's successful expansion into the optics market has fueled our growth in fiscal 2001. I am immensely pleased that with second quarter sales of more than $7 million, we have reported five consecutive quarters of sales growth. The fact that our backlog also grew over the past quarter continues to confirm my confidence in our growth strategy." 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, optical components of high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. telecom switches 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. . 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 of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers, failure to satisfy customer acceptance requirements and the effects of adopting Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements," which was issued by the Securities and Exchange Commission. 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 Sept. 30, 2000 and its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2001.
CONDENSED STATEMENTS OF OPERATIONS
The Quarter Ended Six Months Ended
March 31, March 31,
2001 2000 2001 2000
--------- ---------- ------------ ----------
REVENUES $7,025,583 $4,549,100 $ 13,907,314 $8,411,612
Gross Profit $2,539,266 $1,680,868 $4,665,770 $2,907,462
36.1% 36.9% 33.5% 34.6%
Total SG&A Expense $1,297,996 $1,080,420 $2,493,026 $2,040,101
18.4% 23.7% 17.9% 24.3%
R & D Expense $ 140,004 $ 196,336 $ 246,626 $ 249,582
2.0% 4.3% 1.8% 3.0%
Operating Profit $1,101,266 $ 404,112 $1,926,118 $ 617,779
NET INCOME $ 748,372 $ 267,170 $1,309,886 $3,697,997
EARNINGS PER SHARE:
Basic $ .28 $ .13 $ .50 $ .19
Diluted $ .27 $ .12 $ .47 $ .18
WEIGHTED AVERAGE
SHARES OUTSTANDING:
Basic 2,657,886 2,109,154 2,631,302 2,108,915
Diluted 2,792,835 2,274,526 2,767,070 2,257,517
CONDENSED BALANCE SHEETS
March 31, Sept. 30,
2001 2000
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Cash and Equivalents $6,280,412 $5,784,500
Accounts Receivable - Net 5,217,348 4,929,948
Inventories and Prepaids 5,178,642 4,309,022
Deferred Income Taxes 704,000 577,000
Total Current Assets 17,380,402 15,600,470
Plant and Equipment - Net 1,311,594 1,093,707
Goodwill and Other Assets - Net 765,319 789,083
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$ 19,457,315 $ 17,483,260
Current Liabilities 5,013,343 4,666,787
Long-term Obligations 232,950 236,590
Total Stockholders' Equity 14,211,022 12,579,883
----------- -----------
$ 19,457,315 $ 17,483,260
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