Amtech Systems Inc. Reports Its 2004 First Quarter Results.Business Editors/High-Tech Writers TEMPE, Ariz.--(BUSINESS WIRE)--Feb. 17, 2004 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 its first quarter ended Dec. 31, 2003. Revenues for the first quarter of fiscal 2004 totaled $3.9 million, a decrease of 9% from $4.3 million in the first quarter of fiscal 2003. This decrease was caused by the delay in shipment of two system orders that were scheduled for shipment in December 2003 and a lower backlog at the beginning of the first quarter of 2004, as compared to the backlog at the start of the first quarter of 2003. Net income for the first quarter of 2004 was $1,862, or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations in terms of earnings 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 a net loss of $0.1 million, or $(.04) per diluted share, for the first quarter of 2003. The improvement in net income during the first quarter of 2004 was primarily attributable to increased production activity, which caused a $1.2 million increase in work-in-process inventory ("WIP WIP Work In Progress WIP Work in Process WIP World Internet Project WIP Women in Prison (movie genre) WIP World Institute of Pain WIP Wash-In-Place WIP Women in Publishing WIP Work In Place WIP Wireless Internet Protocol ") and the absorption of an additional $0.3 million of manufacturing labor and overhead costs overhead costs see fixed costs. into WIP during the first quarter of 2004. The increased WIP was primarily related to customer orders that were scheduled to ship in December 2003, but were not completed and shipped until the second quarter of 2004. As of Dec. 31, 2003, our order backlog had decreased slightly to $7.4 million, from $7.6 million at Sept. 30, 2003. Backlog includes customer orders scheduled to ship within the next 12 months and revenue deferred pursuant to our revenue recognition policies. Our backlog at any specific point in time is not necessarily indicative of actual revenues or earnings for any succeeding period due to possible customer changes in delivery schedules or cancellation of orders, and because backlog does not provide any assurance of a profit from those orders. J.S. Whang, president and chief executive officer, stated, "We are pleased by the improvement in our net income during the first quarter of fiscal 2004, compared to the first quarter of fiscal 2003. While new orders for the first quarter of 2004 were lower than the quarterly average orders booked during 2003, we are encouraged by the improvement we are seeing in the order flow of our polishing supplies segment. We believe that there are certain signs in the industry that the long awaited a·wait v. a·wait·ed, a·wait·ing, a·waits v.tr. 1. a. To wait for. See Synonyms at expect. b. recovery will be realized in 2004. We are continuing to pursue our growth strategy, and are currently engaged in active discussions with an acquisition candidate. We believe that our financial condition remains very strong, and that we are well-positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. any future recovery in the semiconductor industry." 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. 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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, 2003 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Dec. 31, 2003.
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CONDENSED STATEMENTS OF OPERATIONS
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Quarter ended
Dec. 31,
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2003 2002
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(amounts in thousands,
except share data)
Net Revenues $3,921 $4,329
Operating Income (Loss) $1 $(194)
Net Income (Loss) $2 $(117)
Earnings (Loss) Per Share:
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Basic $- $(.04)
Diluted $- $(.04)
Weighted Average Shares Outstanding:
Basic 2,700,084 2,689,006
Diluted 2,802,739 2,689,006
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CONDENSED BALANCE SHEETS
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Dec. 31, Sept. 30,
2003 2003
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(amounts in thousands)
Cash and Equivalents $6,682 $7,453
Accounts Receivable - Net 3,220 3,005
Inventories and Prepaids 5,165 4,088
Income Taxes Receivable 498 460
Deferred Income Taxes 961 980
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Total Current Assets 16,526 15,986
Property, Plant and Equipment - Net 1,495 1,503
Deferred Income Taxes 150 150
Goodwill and Other Assets - Net 757 760
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$18,928 $18,399
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Current Liabilities 3,493 3,259
Long-Term Obligations 669 641
Total Stockholders' Equity 14,766 14,499
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$18,928 $18,399
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