Amtech Systems Inc. Reports First Quarter Fiscal 2003 Results.Business Editors/High-Tech Writers TEMPE, Ariz.--(BUSINESS WIRE)--Feb. 18, 2003 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), a global supplier of production and automation systems and related supplies for the semiconductor, silicon wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. , solar cell 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. and microelectromechanical system microelectromechanical system (MEMS) Miniature devices formed by combining mechanical parts and electronic circuits, typically on a semiconductor chip, with dimensions from tens to a few hundred micrometres (millionths of a metre). (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) industries, today reported results for the first quarter of fiscal 2003, which ended Dec. 31, 2002. Revenues for the first quarter of fiscal 2003 totaled $4.3 million, down 22% from $5.5 million in the first quarter of fiscal 2002. The net loss for the first quarter of 2003 was $116,568, or $.04 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 with net income of $166,862, or $.06 per diluted share for the comparable period in fiscal 2002. Net new orders for the first quarter of fiscal 2003 were $2.3 million, down 59% from $5.6 million in the fourth quarter of fiscal 2002 and up 5% from $2.2 million in the first quarter of fiscal 2002. As of Dec. 31, 2002, the order backlog had decreased by $2.2 million to $5.7 million, compared to $7.9 million at Sept. 30, 2002. The backlog at Dec. 31, 2002 includes $1.3 million of revenue deferred to future periods in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the company's revenue recognition policy, compared to $1.4 million of such deferred revenue at Sept. 30, 2002. As of Dec. 31, 2002, the backlog was again at its lowest level since March 31, 2002. "Worldwide demand for capital equipment remains weak due to ongoing economic weakness and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. uncertainties," stated J.S. Whang, 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. of Amtech Systems Inc. "Despite the ongoing downturn in the semiconductor industry, we are seeing persistent interest in our products which is evidenced by our quotation activity and specification inquiries from customers. We believe this activity will result in an increase in orders and backlog during the second quarter of fiscal 2003. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we continue to manage costs to maintain our strong financial position in support of our strategic growth plan." 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, MEMS and solar cells. 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. All statements other than statements of historical fact are hereby identified as "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. 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 and failure to satisfy customer acceptance requirements under Securities and Exchange Commission Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements." 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, 2002 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Dec. 31, 2002.
CONDENSED STATEMENTS OF OPERATIONS
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(amounts in thousands, except share data)
Quarter ended
Dec. 31,
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2002 2001
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Revenue $4,329 $5,457
Operating Profit (Loss) $(194) $213
Net Income (Loss) $(117) $167
Earnings (Loss) Per Share:
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Basic $(.04) $.06
Diluted $(.04) $.06
Weighted Average Shares Outstanding:
Basic 2,689,006 2,680,891
Diluted 2,689,006 2,798,330
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CONDENSED BALANCE SHEETS
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(amounts in thousands)
Dec. 31, Sept. 30,
2002 2002
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CASH AND EQUIVALENTS $6,082 $8,046
ACCOUNTS RECEIVABLE - NET 3,928 2,695
INVENTORIES AND PREPAIDS 3,733 3,103
DEFERRED INCOME TAXES 1,084 1,044
INCOME TAXES REFUNDABLE 495 -
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TOTAL CURRENT ASSETS 15,322 14,888
PLANT AND EQUIPMENT - NET 1,614 1,642
DEFERRED INCOME TAXES 88 88
GOODWILL AND OTHER ASSETS - NET 772 775
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$17,796 $17,393
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CURRENT LIABILITIES 3,209 2,722
LONG-TERM DEFERRED PROFIT AND OBLIGATIONS 333 459
TOTAL STOCKHOLDERS' EQUITY 14,254 14,212
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$17,796 $17,393
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