Asyst Reports Results for Second Quarter of Fiscal 2007.FREMONT, Calif. -- Asyst Technologies, 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 :ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time manufacturing productivity, today reported financial results for its fiscal second quarter ended Sept. 30, 2006. 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 the quarter were $123 million, up from $117 million in the prior sequential quarter. Net sales of tool and fab automation products at ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. were $50 million, which compares with $51 million in the prior sequential quarter. Net sales of Automated Material Handling Systems (AMHS AMHS ATS Message Handling System (air traffic control) AMHS Alaska Marine Highway System AMHS Automated Message Handling System AMHS Aeronautical Message Handling System AMHS Academic Magnet High School ) at Asyst Shinko, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ) were $72 million, which compares with $66 million in the prior sequential quarter. For the fiscal second quarter, net loss according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). was $2.4 million, or $(0.05) per share, which compares with a net loss of $0.5 million, or $(0.01) per share, in the prior sequential quarter. Net loss for the quarter included the following: * Purchase accounting adjustments of $4.4 million net of tax related to the purchase of an additional 44.1% of ASI, which closed on July 14, 2006. This includes $3.0 million charged to cost-of-sales and $1.4 million for the write-off of in-process research and development costs. The company currently is finalizing its purchase accounting analysis, which will result in adjustments to certain values which the company currently estimates will increase the GAAP net loss by up to $0.01 per share from these fiscal second quarter results. Any adjustments will be reflected upon filing of its Form 10-Q Form 10-Q See 10-Q. for the quarter ended Sept. 30, 2006. * $2.8 million in legal and accounting fees and expenses related to the company's previously announced inquiry into past stock option grants and practices. * A benefit of $5.2 million (approximately $3.0 million net of tax) related to reduction of the allowance for bad debt. Non-GAAP net income, which excludes these charges, the net impact of intangibles amortization, stock-based compensation expense and certain other costs, but includes the impact of the reduction in the bad debt provision, was $8.2 million, or $0.17 per share, which compares with non-GAAP net income of $4.4 million, or $0.09 per share for the prior sequential quarter. The company has consistently included the impact of increases or decreases in the allowance for bad debt in its GAAP and non-GAAP operating results. Total bookings for the quarter were $119 million, which compares with $172 million in the prior sequential quarter. Bookings at ATI were $50 million, down 9% from $55 million in the fiscal first quarter. Bookings at ASI were $69 million, which was down from $118 million in the prior sequential quarter. ASI's bookings were expected to decline following two near-record quarters in which multiple key customers placed orders for projects that are expected to take 6 to 12 months to fully install. The company's overall book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can was 0.97:1 and backlog as of the end of the quarter was approximately $207 million. "Results for the fiscal second quarter were in line with our current objectives and reflected the impact of our increased ownership in ASI as of mid-July," said Steve Schwartz Dr. Schwartz founded Unitrends in 1989 in Myrtle Beach, South Carolina. Schwartz is considered the initial developer of a data recovery and restoration technique known as bare-metal restore and is recognized in the software industry as the developer of CTAR (Compressing Tape Archiver) and , chairman and chief executive officer of Asyst. "Our focus going forward is to maximize the return on this increased ownership. This includes new products that already are being evaluated by customers, improvements in the ASI supply chain that promise more competitive costs, a unified sales approach that gives us opportunities to package higher level solutions for customers, greater emphasis on services, and other cost and tax synergies. In addition, in the fiscal third quarter we expect ASI's bookings to rise as a number of key customers place orders for the next phases of their ongoing capacity expansion. This gives us increased confidence in the industry outlook for calendar year 2007 and in our opportunity to continue to leverage our ongoing operational improvements." The company provided the following guidance for the fiscal third quarter (ending Dec. 31, 2006) and subsequent periods: * Net sales for the fiscal third quarter are expected to be in the range of $125 to $135 million. * Gross margin at ATI is expected to be in the range of 41% to 43%. Gross margin at ASI (excluding the impact of acquisition-related charges reflected in ASI's gross margin for the fiscal second quarter) is expected to be essentially flat in the fiscal third quarter, but over ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. quarters is expected to return to the company's near-term targeted range of 26% to 30%. * For the fiscal third quarter, GAAP operating results are expected to be in the range of 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 to a net loss of $1 million, or $0.00 to $(0.02) per share. * Non-GAAP net income for the fiscal third quarter is expected to be in the range of $6 million to $7.5 million, or $0.12 to $0.15 per share. In calculating non-GAAP net income, the company expects to exclude:
- Approximately $2.0 million of legal and accounting fees
and expenses related to the company's now-completed inquiry
into past stock option grants and practices (and the
follow-on derivative actions).
- $3.6 million of intangibles amortization, net of taxes.
- $1.6 million of stock option and stock compensation expense.
About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD (1) (Flat Panel Display) See LCD, plasma display, EL display, FED and flat panel display. (2) (Field Programmable Device) An umbrella term for all chips that can be programmed by the customer including SPLDs, CPLDs and FPGAs. See PLD. ) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, , substrate-handling 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 , automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable The ability for one system to communicate or work with another. See interoperability. solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com Conference Call Details A live webcast of the conference call to discuss the quarter's results will take place today at 5:00 pm Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com and accessible by going to the investor relations Investor relations The process by which the corporation communicates with its investors. page and clicking on the "webcast" link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst's website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 11075210 #. The audio instant replay is available from Nov. 8 at 7:00 pm Eastern Time through Nov. 23 at 2:59 a.m. Eastern Time. About Our Non-GAAP Operating Results and Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"), we use a non-GAAP measure of operating results that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains. Our non-GAAP net income (loss) gives an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income (loss) is among the primary indicators management uses as a basis for planning and forecasting future periods. This measure is not in accordance with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute non-GAAP net income (loss) by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles, restructuring and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, costs related to events outside the normal course of business, and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and gains. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP. Forward Looking Statements Except for statements of historical fact, the statements in this release are forward-looking. The 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. include statements regarding future financial results; and other factors more fully detailed in 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 year ended March 31, 2006, and other reports filed with the Securities and Exchange Commission. 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: uncertainties whether the expected range of results discussed above will change as Asyst finalizes and files its financial statements; uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the time needed to complete the financial review and preparation of financial statements by Asyst, and the time needed by our independent registered public accounting firm to complete its audit, review and other procedures relating to the financial statements; the outcome of the previously announced SEC and Department of Justice inquiries into our past stock option grants and practices; distraction of management's attention from our operations as a result of past or future issues relating to past option grants; uncertainties arising from our inability to maintain effective internal control over financial reporting; the likelihood that fees and expenses associated with the special committee inquiry, governmental inquiries, accounting review, pending and potential lawsuits, or other matters arising from the company's prior stock option practices are or will be material in any reporting period; requests by current or former officers and directors of the company for indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from or advancement or reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of fees and expenses; the impact of lawsuits or other proceedings initiated in relation to the matters discussed above or the company's prior stock option grant practices; uncertainty that these or other matters could comprise a material weakness in the Company's internal control over financial reporting, which could prevent the company from timely meeting its future reporting requirements or obligations to maintain effective internal control; distraction of management's attention from our operations; volatility in our stock price pending resolution of or resulting from the matters discussed above; the volatility of semiconductor industry cycles; our ability to achieve forecasted revenues, margins and profits; failure to respond to rapid demand shifts; dependence on a few significant customers; the timing and scope of decisions by customers to transition and expand fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facilities; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended March 31, 2006, and other reports filed with the Securities and Exchange Commission. "Asyst" is a registered trademark of Asyst Technologies, Inc. "Asyst Shinko" is a trademark of Asyst Shinko, Inc. All Rights Reserved. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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