Asyst Reports Record Annual and Quarterly Revenues; Sequential Quarterly Revenue Growth of 47 Percent.Business Editors FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--April 26, 2000 Asyst Technologies, Inc. (Nasdaq:ASYT), today reported financial results for its fourth quarter and fiscal year ended March 31, 2000. Record net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for fiscal 2000 were $225.5 million, up 142 percent over the $92.9 million posted for the fiscal year ended March 1999. Net income before non-recurring charges for fiscal 2000 was $16.4 million, or $0.53 per share. Net income after non-recurring charges for fiscal 2000 was $10.0 million, or $0.32 per share. This compares to a net loss of $26.9 million, or ($1.15) per share, for fiscal year 1999. All per share amounts are stated on a dilutive basis. For the fourth quarter of fiscal 2000, revenues reached $94.0 million, also a company record. This represents a year-over-year increase of 403 percent over the $18.7 million recorded for the fiscal 1999 fourth quarter, and a sequential One after the other in some consecutive order such as by name or number. increase of 47 percent over third quarter fiscal 2000 revenues of $63.8 million. Net income before non-recurring charges for the quarter was $12.2 million, or $0.34 per share. Net income after non-recurring charges for the quarter was $9.8 million, or $0.27 per share. This compares to a net loss of $7.5 million, or ($0.32) per share, for the comparable period in the prior fiscal year. Included in the results for fiscal 2000 fourth quarter were non-recurring charges related to the company's move to establish a significant direct presence in Japan. These one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges of $3.2 million (pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ) were for the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of a distribution relationship in Japan and for in process R&D in connection with the acquisition of a majority stake in MECS Corporation. "We are extremely pleased with the results for the quarter and for the year," commented Asyst Chairman and Chief Executive Officer, Mihir Parikh Parikh is a widely used last name amongst Indian Hindu people. However, it can also be seen in the Jain and Swaminarayan religions, which were also founded in India. It is commonly found in families of high status and power. . "This marks the company's fourth sequential greater-than-forty-percent quarterly revenue increase. We believe that this is an indication that Asyst is achieving not only an increased level of technology adoption, but also is gaining market share for both 200 mm and 300 mm markets. The results speak for themselves. Our order momentum continues its strength and our revenue growth is significantly greater than that of our immediate peers in the automation sector. It is our belief that Asyst is positioned in the forthcoming quarter to be the first $100 million revenue-per-quarter company in the automation sector." "The 300 mm ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale is real," added Dr. Parikh, "and we are particularly pleased by the manner in which our 200 mm market leadership has positioned us for success in the 300 mm market. This is evident as we continue to be selected as the supplier of choice for the new 300 mm FOUP FOUP Front Opening Unified Pod by major IC manufacturers as well as for Front-Load front-load v. front-load·ed, front-load·ing, front-loads v.tr. To concentrate costs or benefits of (a financial obligation or deal) in an early period: systems by the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and equipment manufacturers. This has led to a dramatic 449 percent sequential quarterly revenue increase for our 300 mm products. Noting the company's position and potential, Parikh concluded, "Our very strong 200 mm market position continues to get stronger through our increased market share in new regions, most notably in both of the new fabs in Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. . The recent completion of our acquisition of the Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and MECS Corporation greatly expands our direct presence in Japan and positions us for a complete front end or `Portal' offering of both Japanese and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions to equipment manufacturers worldwide." Commenting on the company's financial performance, Doug DOUG Dumb Old Utility Guy McCutcheon The name McCutcheon or MacCutcheon may refer to: People
Average collection period. remain in the mid 60s and inventory turns increased dramatically from 4.0 last quarter to 5.0 in the current quarter, excluding the MECS inventories and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed which were added at the very end of the quarter. Asset management of this caliber has enabled the company to generate positive cash flow before outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. for the MECS acquisition -- even in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of this strong growth in shipments." Except for statements of historical fact, the statements in this press release are 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. . Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, semiconductor industry cycles, risks associated with the acceptance of new products and product capabilities and other factors more fully detailed in the Company's recent 10-Q quarterly report on file with the SEC. About Asyst: Asyst Technologies, Inc. is the leading provider of SMIF-based minienvironment and manufacturing automation systems that enable semiconductor manufacturers to protect customers' valued assets throughout the manufacturing process while increasing manufacturing productivity. Asyst offers a broad range of 200 mm and 300 mm products that enable the Company to provide semiconductor manufacturers and OEMs automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. manufacturing solutions for the transfer of wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. and information between the process equipment and the fab line. Asyst's homepage See home page. is http://www.asyst.com.
Asyst Technologies, Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
Three Months Ended Year Ended
March 31, March 31,
2000 1999 2000 1999
Net sales $ 93,956 $ 18,695 $225,554 $ 92,948
Cost of sales 49,827 13,143 122,499 59,895
-------- -------- -------- --------
Gross profit 44,129 5,552 103,055 33,053
-------- -------- -------- --------
Operating expenses:
Research and development 7,595 4,505 21,584 18,027
General, selling and
administrative 18,478 8,608 56,292 41,859
Goodwill amortization 659 -- 2,539 --
Non-recurring charges 3,184 2,620 7,184 12,642
-------- -------- -------- --------
Total operating
expenses 29,916 15,733 87,599 72,528
-------- -------- -------- --------
Operating income (loss) 14,213 (10,181) 15,456 (39,475)
Other income, net 983 (110) 2,071 1,737
-------- -------- -------- --------
Income (loss) before
provision (benefit) for
income taxes 15,196 (10,291) 17,527 (37,738)
Provision (benefit) for
income taxes 5,384 (2,794) 7,508 (10,807)
-------- -------- -------- --------
Net income (loss) $ 9,812 $ (7,497) $ 10,019 $(26,931)
======== ======== ======== ========
Earnings (loss) per share:
Basic earnings (loss)
per share $ 0.31 $ (0.32) $ 0.36 $ (1.15)
======== ======== ======== ========
Dilutive earnings
(loss) per share $ 0.27 $ (0.32) $ 0.32 $ (1.15)
======== ======== ======== ========
Shares used in per share
calculation of:
Basic earnings (loss)
per share 31,475 23,204 27,639 23,460
======== ======== ======== ========
Dilutive earnings (loss)
per share 35,999 23,204 30,986 23,460
======== ======== ======== ========
Asyst Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
March 31, March 31,
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents $ 12,754 $ 6,382
Short-term investments 93,450 29,380
Accounts receivable, net 72,634 14,511
Inventories 47,444 19,373
Prepaid expenses and other current assets 15,368 3,474
Deferred tax asset 20,502 19,142
--------- ---------
Total Current Assets 262,152 92,262
Property and equipment, net 27,312 12,923
Other assets, net 38,009 19,103
--------- ---------
$ 327,473 $ 124,288
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 5,207 $ 2,190
Short term loans and notes payable 30,996 --
Accounts payable 30,458 5,055
Accrued liabilities and other current
liabilities 14,773 10,051
Customer deposits 5,768 1,806
Income taxes payable 5,223 676
--------- ---------
Total Current Liabilities 92,425 19,778
--------- ---------
Long-term Liabilities:
Long-term debt, net of current portion 1,942 2,876
Convertible preferred stock -- 5,000
--------- ---------
Total Long-term Liabilities 1,942 7,876
--------- ---------
Total Liabilities 94,367 27,654
--------- ---------
Shareholders' equity:
Common stock 240,594 111,851
Retained earnings (deficit) (7,488) (15,217)
--------- ---------
Total Shareholders' Equity 233,106 96,634
--------- ---------
$ 327,473 $ 124,288
========= =========
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