Amtech Systems Inc. Reports Second Quarter Fiscal 2003 Results; New Orders at Highest Level in Past Two Years.Business Editors/High-Tech Writers TEMPE, Ariz.--(BUSINESS WIRE)--May 16, 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 second quarter of fiscal 2003, which ended March 31, 2003. Revenues for the second quarter of fiscal 2003 totaled $5.4 million, up 23% from $4.4 million in the first quarter of fiscal 2003 and down 4% from $5.6 million in the second quarter of fiscal 2002. Revenues for the six months ended March 31, 2003 were $9.8 million, an 11% decline, compared to $11.0 million for the six months ended March 31, 2002. The net loss for the second quarter of 2003 was $.3 million, or $.10 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 a net loss of less than $.1 million, or $.01 per diluted share, for the comparable period in fiscal 2002. The net loss for the six months ended March 31, 2003 was $.4 million, or $.14 per diluted share, compared with net income of $.1 million, or $.05 per diluted share, for the comparable period in fiscal 2002. Net new orders for the second quarter of fiscal 2003 were $6.5 million, the highest level they have been since the second quarter of fiscal 2001, which was near the beginning of the latest industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . As of March 31, 2003, the order 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. had increased by $1.1 million to $6.8 million, compared to $5.7 million at Dec. 31, 2002. Amtech's backlog as of any specific point in time is not necessarily indicative of actual revenue or earnings for any succeeding period due to possible customer changes in delivery schedules or cancellation of orders and because a backlog does not provide any assurance of a profit from those orders. "The strong interest in our products we observed in the first quarter of fiscal 2003 translated into increased orders in the second quarter of fiscal 2003. While we remain cautious about future order levels due to the extended global economic weakness in the semiconductor market, I am pleased that our current level of new orders is expected to result in improved operating results during the second half, particularly the fourth quarter, of fiscal 2003," 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. 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 that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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, 2002 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the quarterly periods ended Dec. 31, 2002 and March 31, 2003.
----------------------------------------------------------------------
CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands, except share data)
----------------------------------------------------------------------
THE QUARTER ENDED SIX MONTHS ENDED
MARCH 31, MARCH 31,
-------------------------------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Revenue $5,448 $5,577 $9,777 $11,034
Operating Income (Loss) $(409) $(70) $(602) $143
Net Income (Loss) $(268) $(39) $(384) $128
Earnings (Loss) Per Share:
--------------------------
Basic $(.10) $(.01) $(.14) $.05
Diluted $(.10) $(.01) $(.14) $.05
Weighted Average Share
Outstanding:
Basic 2,689,571 2,681,533 2,689,285 2,681,214
Diluted 2,689,571 2,681,533 2,689,285 2,789,185
----------------------------------------------------------------------
CONDENSED BALANCE SHEETS
(in thousands)
----------------------------------------------------------------------
MARCH 31, SEPT. 30,
2003 2002
---------- ----------
CASH AND EQUIVALENTS $7,090 $8,046
ACCOUNTS RECEIVABLE - NET 3,093 2,695
INVENTORIES AND PREPAIDS 3,234 3,103
INCOME TAXES RECEIVABLE 551 -
DEFERRED INCOME TAXES 1,076 1,044
---------- ----------
TOTAL CURRENT ASSETS 15,044 14,888
PLANT AND EQUIPMENT - NET 1,542 1,642
DEFERRED INCOME TAXES - 88
GOODWILL AND OTHER ASSETS - NET 770 775
---------- ----------
$17,356 $17,393
========== ==========
CURRENT LIABILITIES 2,700 2,722
LONG-TERM OBLIGATIONS 534 459
TOTAL STOCKHOLDERS' EQUITY 14,122 14,212
---------- ----------
$17,356 $17,393
========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion