Amtech Systems Inc. Reports Fiscal 2006 Second Quarter Results; 22% Increase in Revenues for the Quarter.TEMPE, Ariz. -- Amtech Systems Inc. (Nasdaq: ASYS), a global supplier of production and automation systems and related supplies for the 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. , semiconductor, silicon wafer 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 its second fiscal quarter ended March 31, 2006. Revenues for the second quarter of fiscal 2006 totaled $10.9 million, an increase of 22% from $8.9 million in the second quarter of fiscal 2005. The increase in second quarter revenues was primarily due to a 30% increase in revenues in our semiconductor equipment segment driven by the shipment of a major multifurnace system ($5.1 million) to Asia during the quarter. Revenues of our polishing supplies segment decreased slightly by $92,000. At March 31, 2006, our order backlog was $13.3 million (including $1.6 million in orders to the solar market) compared to $4.6 million a year ago. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months. Net income during the second fiscal quarter of 2006 was $0.2 million, or $0.05 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 to $0.5 million, or $0.18 per diluted share, for the second quarter of 2005. The decrease in net income resulted primarily from lower gross margins due to a change in product mix and from a net increase in deferred profit of $0.3 million (pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern ) related to the multifurnace system shipment. In addition, non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.1 million (pretax) were recorded in the second quarter of fiscal 2006 related to stock option expense for which there was no expense recorded in same quarter last fiscal year. Income tax expense increased $0.2 million from 2005 to 2006, resulting primarily from our utilization of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. in prior quarters. Net income per diluted share was negatively impacted by the issuance and subsequent conversion of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. into common stock which increased the number of shares outstanding. Revenues for the six months ended March 31, 2006, were $18.8 million, an increase of 17% compared to the same period last year. Net income for the first six months of fiscal 2006 was $0.7 million, or $0.19 per diluted share, compared to $0.6 million, or $0.21 per diluted share, for the same period of fiscal 2005. J.S. Whang, president and chief executive officer, stated, "We are very pleased and encouraged by the strong second quarter revenue growth fueled by our semiconductor equipment segment. We continue to improve our marketing strategies and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to improve our gross margins and profitability. As we work to achieve critical mass and to take advantage of our global manufacturing and support structure, we believe that successful execution of this and other strategic marking initiatives will result in improved profitability for the company." As previously announced, a major U.S. manufacturer of solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. products awarded the company an order for its Bruce Technologies(R) branded horizontal 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. . This order is further evidence of Amtech's commitment to serving the rapidly expanding solar market and the market's acceptance of Amtech's products. 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 certain thermal processes and related automation used in fabricating semiconductor devices, MEMS and solar cells. These products include horizontal diffusion furnaces, and related automation and polishing carriers, templates and machines. 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 such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. 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, 2005, as amended, and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 30, 2006.
----------------------------------------------------------------------
SELECTED INCOME STATEMENT DATA - CONSOLIDATED (Unaudited)
(amounts in thousands, except share data)
----------------------------------------------------------------------
QUARTER ENDED SIX MONTHS ENDED
MARCH 31, MARCH 31,
----------------------- ---------------------
2006 2005 2006 2005
---------- ------------ ---------- ----------
Net Revenues $10,892 $8,915 $18,807 $16,087
Operating Income $402 $508 $910 $607
Net Income $182 $503 $653 $572
Earnings Per Share:
-------------------
Basic $.05 $.19 $.20 $.21
Diluted $.05 $.18 $.19 $.21
Weighted Average Shares
Outstanding:
-----------------------
Basic 2,880,858 2,705,121 2,793,668 2,705,121
Diluted 3,480,616 2,753,522 3,437,855 2,757,121
----------------------------------------------------------------------
SELECTED BALANCE SHEET DATA - CONSOLIDATED
(in thousands)
----------------------------------------------------------------------
MARCH 31, SEPT. 30,
2006 2005
------------ ----------
(Unaudited)
Cash and Equivalents $1,470 $3,309
Accounts Receivable - Net 10,286 4,997
Inventories 6,744 4,308
Income Taxes Receivable and
Prepaid Expenses 423 1,104
------------ ----------
Total Current Assets 18,923 13,718
Property, Plant and Equipment -
Net 1,988 1,937
Goodwill and Other Assets - Net 2,034 2,046
------------ ----------
$22,945 $17,701
============ ==========
Current Liabilities 7,804 3,752
Long-Term Obligations 669 740
Total Stockholders' Equity 14,472 13,209
------------ ----------
$22,945 $17,701
============ ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion