Amtech Systems Inc. Reports 59 Percent Earnings Increase for Second Quarter.Business Editors TEMPE, Ariz.--(BUSINESS WIRE)--May 16, 2000 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 net income of $267,000, or $.12 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 59 percent increase compared to net income of $168,000, or $.08 per share, earned in the second quarter of fiscal 1999. For the first six months of fiscal 2000, the company earned $398,000, or $.18 per diluted share, which is 248 percent higher than the $115,000, or $.05 per share, earned in the comparable period of fiscal 1999. Consolidated revenue increased 27 percent to $4,549,000 for the second quarter of fiscal 2000, which ended March 31, 2000, compared to $3,593,000 in the second quarter of fiscal 1999. For the six months ended March 31, 2000, consolidated revenue was $8,412,000, or 21 percent higher than the $6,972,000 of revenue reported for the corresponding period in fiscal 1999. Second quarter sales of semiconductor production equipment were $2,541,000 in the second quarter of fiscal 2000, or 14 percent higher than reported in the equivalent period of fiscal 1999. Polishing supplies and equipment sales were $2,008,000 in the second quarter of fiscal 2000 or 48 percent higher than in the second quarter of last 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 82 percent, or $623,000, to $1,384,000 in the second quarter of fiscal 2000, compared to $761,000 in the same period of fiscal 1999. The improvement in that component of the semiconductor equipment segment was masked A state of being disabled or cut off. by a 23 percent 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, where sales competition was intense. The other factor that contributed to the 59 percent increase in net income was an improvement in gross margins to 37 percent of revenue, which is five percentage points higher than the 32 percent gross margin in the second quarter of last 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. The sales order The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. 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. , which is not always an accurate indicator of future revenue, increased 7 percent to $4,444,000 as of March 31, 2000 from $4,150,000 as of Dec. 31, 1999. The March 31, 2000 backlog was also 18 percent higher than the $3,759,000 sales order backlog as of Sept. 30, 1999 and was essentially unchanged from the same time last fiscal year. J.S. Whang, the company's president and chief executive officer, stated, "I am pleased with the significant increases in our earnings and revenues, our rapid recovery from the 1998-99 industry slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , market acceptance of our IBAL Automation products and that our earnings increase was achieved even with the increase in our share of the new technology asher Asher (ăsh`ər) [Heb.,=happy], in the Bible, tribe of Israel. Its eponym was Jacob's eighth son. It occupied the northwestern part of ancient Palestine, and its position laid Asher open to influence from other nations and attacks by them. research and development costs in the second quarter and first six months of fiscal 2000. "The company has also resumed 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. 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 SIX MONTHS ENDED
MARCH 31, MARCH 31,
------------------ ------------------
2000 1999 2000 1999
------ ------ ------ ------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
REVENUES $4,549,100 $3,593,204 $8,411,612 $6,971,912
NET INCOME $ 267,170 $ 167,526 $ 397,997 $ 114,504
INCOME PER
SHARE:
BASIC (a) $ .13 $ .08 $ .19 $ .05
DILUTED (a) $ .12 $ .08 $ .18 $ .05
WEIGHTED
AVERAGE SHARES:
BASIC (a) 2,109,154 2,110,510 2,108,915 2,110,429
DILUTED (a) 2,274,526 2,147,591 2,257,517 2,150,478
(a) All share and per share amounts have been adjusted to reflect the
one for two reverse split in fiscal 1999.
CONDENSED BALANCE SHEETS
MARCH 31, SEPT. 30,
2000 1999
----------- ---------
(UNAUDITED)
CASH AND EQUIVALENTS $1,869,031 $ 1,124,685
ACCOUNTS RECEIVABLE - NET 3,344,076 3,208,488
INVENTORIES AND PREPAIDS 2,628,306 2,333,571
REFUNDABLE INCOME TAXES 9,000 34,000
DEFERRED INCOME TAXES 482,000 421,000
TOTAL CURRENT ASSETS 8,332,413 7,121,744
PLANT AND EQUIPMENT - NET 994,181 1,098,313
GOODWILL AND OTHER ASSETS - NET 493,754 524,501
----------- -----------
$ 9,820,348 $ 8,744,558
CURRENT LIABILITIES $ 2,546,447 $ 1,747,513
LONG-TERM OBLIGATIONS 262,063 286,828
TOTAL STOCKHOLDERS' EQUITY 7,011,838 6,710,217
----------- -----------
$ 9,820,348 $ 8,744,558
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