Amtech Systems Inc. Reports Fiscal 2006 Third Quarter Results; 88% 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 (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. 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 third fiscal quarter ended June 30, 2006. Revenues for the third quarter of fiscal 2006 totaled $10.4 million, an increase of 88% from $5.5 million in the third quarter of fiscal 2005. The increase in third quarter revenues was due to a 142% increase in revenues in the semiconductor equipment segment driven by higher 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. sales. At June 30, 2006, our order backlog was $13.5 million (including $3.2 million to the solar market) compared to $6.3 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 $0.1 million, or $0.04 per diluted share, for the second quarter of 2005. The increase in net income was driven by higher diffusion furnace sales within the semiconductor equipment segment. Included in the quarter ended June 30, 2006, are $0.1 million of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to the consolidation of our automation business from Tempe, Ariz., to our manufacturing operation in Billerica, Mass. The restructuring is expected to generate annual savings on a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern basis of approximately $0.3 million. Revenues for the nine months ended June 30, 2006, were $29.2 million, an increase of 35% compared to $21.6 million in the same period last year. Net income for the first nine months of fiscal 2006 was $0.8 million, or $0.24 per diluted share, compared to $0.7 million, or $0.24 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 third quarter revenue growth fueled by our semiconductor equipment segment. In fact, our revenues for the first nine months of fiscal 2006 exceeded our revenues for the entire 2005 fiscal year. We continue to enhance our marketing strategies and the efficiency of 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. which should improve our gross margins and overall profitability, as evidenced by the restructuring of our automation business." As previously announced, the company was awarded approximately $3 million in new orders from the solar industry. These orders are 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 the photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. or 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 June 30, 2006.
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SELECTED INCOME STATEMENT DATA - CONSOLIDATED (Unaudited)
(amounts in thousands, except share data)
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QUARTER ENDED NINE MONTHS ENDED
June 30 June 30
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2006 2005 2006 2005
---------- ------------ ---------- ----------
Net Revenues $10,351 $5,507 $29,157 $21,594
Operating Income $178 $122 $1,088 $729
Net Income $168 $132 $822 $704
Earnings Per Share:
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Basic $.05 $.04 $.25 $.25
Diluted $.05 $.04 $.24 $.24
Weighted Average Shares
Outstanding:
-----------------------
Basic 3,436,629 2,705,121 2,980,020 2,705,121
Diluted 3,521,173 3,177,480 3,445,112 2,896,165
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SELECTED BALANCE SHEET DATA - CONSOLIDATED
(in thousands)
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June 30 Sept. 30
2006 2005
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(Unaudited)
Cash and Equivalents $3,574 $3,309
Accounts Receivable - Net 8,594 4,997
Inventories 5,906 4,308
Prepaid and Other 417 1,104
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Total Current Assets 18,491 13,718
Property, Plant and Equipment - Net 2,173 1,937
Goodwill and Other Assets - Net 1,983 2,046
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$22,647 $17,701
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Current Liabilities 7,091 3,752
Long-Term Obligations 650 740
Total Stockholders' Equity 14,906 13,209
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$22,647 $17,701
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