Amtech Systems Inc. reports first quarter losses from the start-up of operations in the Netherlands.TEMPE, Ariz.--(BUSINESS WIRE)--Feb. 23, 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) Thursday reported a net loss of $121,012 or 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on consolidated revenues of $2,476,224 for the first quarter of fiscal 1994 ended Dec. 31, 1994. In comparison, net income of $115,492 or 12 cents per share on revenues of $2,364,670 was reported for the first quarter of fiscal 1994. The net loss in first quarter of fiscal 1995 was expected and resulted from the $205,000 of start-up Start-up The earliest stage of a new business venture. losses of the new operation located in the Netherlands. That operation is developing a new 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. for use by semiconductor manufacturers. The Netherlands operation is expected to complete its first shipment in the second quarter of fiscal 1995. The semiconductor equipment segment's pre-tax operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the three months ended Dec. 31, 1994 was $153,830, a $343,542 decline from the operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of the comparable period of fiscal 1994, due to the start-up losses of the Netherlands operation discussed above. The U.S. operation had a product mix with a lower average gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. and design and pricing errors which together resulted in a decline in gross margin to 27 percent of sales from 42 percent of sales. The pre-tax operating profits of the technical contract personnel segment were $52,032 in the first quarter of fiscal 1995, compared to $58,191 in the first quarter of the prior year. The decline in the operating profits of this segment is due to the increased selling and general expenses of the permanent placement portion of this business. The segment is completing a very significant contract that was secured during mid-year of fiscal 1994. Unless that contract is replaced with new business some decline in revenue and profitability can be expected in the second quarter which ends March 31, 1995. Mr. J.S. Whang, the company's president, said, "The Company's financial condition is strong with no long or short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. , a current ratio that exceeds 5 to 1 and stockholders' investment that is 82 percent of total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. ." He also reported that the semiconductor equipment segment's 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. as of Dec. 31, 1994 was approximately $2,132,000, as compared to $1,049,000 as of Dec. 31, 1993 and $1,564,000 as of Sept. 30, 1994. 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 Company, 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
(unaudited)
Three Months Ended
Dec. 31,
1994 1993
(unaudited)
Revenues: Semiconductor equipment $1,112,338 $1,072,054 Technical contract personnel 1,363,886 1,292,616 Consolidated revenues 2,476,224 2,364,670 Operating Profit (loss): Semiconductor equipment $ (153,830) $ 189,712 Technical contract personnel 52,032 58,191 Total operating profit (loss) (101,798) 247,903 Corporate expenses 87,755 72,213 Income from operations (189,553) 175,690 Net income (loss) (121,012) $ 115,492 Income (loss) per share (12 cents) 12 cents Weighted average shares O/S 993,792 965,347
Condensed Balance Sheets
(unaudited)
Dec. 31, 1994 Sept. 30, 1994
Cash and cash equivalents $4,280,506 $ 736,984 Short-term investments 244,084 343,992 Accounts receivable 1,999,422 1,541,945 Inventories and prepaid expenses 796,574 473,810 Total current assets 7,320,586 3,096,731
Property, plant and
equipment -- net 535,489 517,188
All other assets 188,297 361,003
---------- ----------
$8,044,372 $3,974,922
Accounts payable $885,925 $297,767 Other current liabilities 533,258 554,336 Total current liabilities 1,419,183 852,103
Total stockholders' investment 6,625,189 3,122,819
---------- ----------
$8,044,372 $3,974,922
CONTACT: Amtech Systems Inc., Tempe Robert T. Hass, 602/967-5146 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion