Amtech Systems Inc. announces the results of operations for fiscal year 1994.TEMPE, Ariz.--(BUSINESS WIRE)--Jan. 6, 1995--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) Friday reported net income of $94,000, or $.10 per primary share, on revenues of $10,555,000 for fiscal 1994 which ended Sept. 30, 1994. In comparison, net income of $509,000, or $.51 per primary share, on revenues of $8,342,000 was reported for fiscal 1993. Income before income taxes was $106,000 in fiscal 1994, a decline of $493,000 from the $599,000 amount earned in fiscal 1993. Income before income taxes would have been higher in fiscal 1994 as compared to 1993 except for the fact that research and development costs increased in 1994 and fiscal 1993 includes the recognition of non-recurring income. The company increased research and product development expenditures in fiscal 1994 by $257,000 in an attempt to expand its primary business, the semiconductor equipment business. The reason for the increase was the $355,405 expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. for a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. by the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. to demonstrate the practical application of its patented photo-assisted chemical vapor deposition Chemical vapor deposition (CVD) is a chemical process used to produce high-purity, high-performance solid materials. The process is often used in the semiconductor industry to produce thin films. ("CVD CVD Cardiovascular disease, see there ") process. The results of the study are expected to be available to the company by June 30, 1995. Non-recurring income totalling $271,000 was recognized in fiscal 1993, with no comparable items in fiscal 1994, which accounts for the remaining decline in 1994 earnings as compared to 1993. Specifically, in fiscal 1993 the company realized $141,000 from the settlement of patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. initiated in an earlier year. Also, the company recognized deferred EPiC revenue net of accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. warranty expense of $130,000. Amtech Systems Inc. manufactures capital equipment used in the production of semiconductors. In addition, through its Baltimore-based wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Echelon Service Co., Amtech provides technical contract personnel services to customers in the corridor stretching from Philadelphia to Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. . -0-
Amtech Systems Inc.
Condensed Statements of Operations
For the Years Ended
Sept. 30,
1994 1993
Revenues:
Semiconductor
equipment $4,331,079 $4,087,886
Technical contract
personnel 6,224,205 4,254,594
Consolidated
revenues $10,555,284 $8,342,480
Operating Profit:
Semiconductor
equipment 87,210(a) 679,869(b)(c)
Technical contract
personnel 223,473 136,280
Total operating profit 310,683 816,149
Corporate expenses 259,858 252,979
Income from operations 50,825 563,170
Net income $94,004 $508,670
Income per share
Primary $.10 $.51
Weighted average
shares outstanding 964,542 991,262
(a) The $355,405 cost of the University feasibility study is
expensed as R&D in 1994.
(b) 1993 includes recognition of $130,000 of deferred EPiC revenue
net of a warranty accrual.
(c) Also included in 1993 is $140,549 of income from the patent
infringement recovery.
Amtech Systems Inc.
Condensed Balance Sheets
Sept. 30, Sept. 30,
1994 1993
Cash and cash equivalents $736,984 $1,001,765
Short-term investments 343,992 893,277
Accounts receivable 1,541,945 1,605,470
Inventories and prepaid expenses 473,810 312,963
Total current assets 3,096,731 3,813,475
Property, plant and equipment
net 517,188 132,762
All other assets 361,003 173,691
Total assets $3,974,922 $4,119,928
Accounts payable 297,767 399,154
Other current liabilities 554,336 691,959
Total current liabilities 852,103 1,091,113
Total stockholders' investment 3,122,819 3,028,815
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Total liabilities &
stockholders' investment $3,974,922 $4,119,928
Tangible book value per
common share $2.82 $2.92
CONTACT: Amtech Systems Inc., Tempe Robert T. Hass, 602/967-5146 |
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