Asyst Reports Second Quarter Fiscal Year 2002 Financial Results.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)--Oct. 25, 2001 Results Consistent With Company's Revenue Expectations; Company Continuing to Manage Costs in Line With Revised Industry Outlook Asyst Technologies, Inc. (Nasdaq NM: ASYT), a leading provider of semiconductor fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. automation solutions, today reported results for the second quarter of its fiscal year 2002, ended September 30, 2001. 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 $51.0 million, consistent with the company's expectations in light of current weak demand in global semiconductor markets. This compares with net sales of $126.0 million for the same quarter in the prior fiscal year. Excluding amortization of acquired intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". net of their related tax benefit, net loss for the quarter was ($12.8 million), or a loss of ($0.36) 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 to net income of $16.6 million, or $0.48 per diluted share for the year-ago period. Mihir Parikh, chairman and chief executive officer, said, "For the past several quarters, the global semiconductor industry has been on the downslope n. 1. a downward slope. Noun 1. downslope - a downward slope or bend declivity, declination, declension, fall, decline, descent downhill - the downward slope of a hill of its typical cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. pattern, which is being exacerbated by uncertainty related to recent world events. Asyst's quarterly financial performance has mirrored these broader trends and, while the steep industry-wide revenue decline during this 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. is particularly challenging, we are finding bright spots. Under the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , we are pleased that Asyst was able to achieve revenue consistent with the expectations we outlined in July." Parikh continued, "In our core product areas of FOUPs, front-loads, and portals, our field surveys indicate that we have gained market share in the still nascent nascent /nas·cent/ (nas´ent) (na´sent) 1. being born; just coming into existence. 2. just liberated from a chemical combination, and hence more reactive because uncombined. 300mm fab automation market, where we believe we currently are essentially tied for the number one share position. We are maintaining our dominant market position in the 200mm fab automation market, and we recently have won a number of hotly hot·ly adv. In an intense or fiery way: a hotly contested will. Adv. 1. hotly - in a heated manner; "`To say I am behind the strike is so much nonsense,' declared Mr Harvey heatedly"; "the contested opportunities in new product areas, including 300mm 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. sorters, reticle ret·i·cle n. A grid or pattern placed in the eyepiece of an optical instrument, used to establish scale or position. [Latin r sorters and 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 ." Geoffrey Ribar, senior vice president and chief financial officer, said, "In light of business conditions, during the second fiscal quarter we continued to reduce operating costs operating costs npl → gastos mpl operacionales . As of the end of the quarter, we had reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by $2.7 million, or 8%, compared with the prior quarter. In combination with our efforts to reduce manufacturing costs, we kept the second quarter operating cash out flow to ($8.4) million. We believe further progress on the cost side of the business is achievable in coming quarters and will be working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to bring costs in line with lower revenue expectations while at the same time preserving the investments that will be critical to our competitiveness at the upturn." Gross margin for the quarter was 24.5%, a decline of only 1.5% from first fiscal quarter levels despite a $16 million decline in revenue. Net bookings for the quarter were $36.5 million. Including amortization of acquired intangible assets of $4.8 million and nonrecurring charges of $1.5 million, net loss for the second quarter of the fiscal year 2002 was ($18.3) million, or a loss of ($0.52) per share. The company's non-recurring charges were comprised of $0.5 million of fixed asset writeoff writeoff A reduction to zero in the value of an asset carried on a firm's financial statement. Companies often hesitate to make writeoffs because profits reported to stockholders are reduced. and $1.0 million of severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when cost related to reduction in our workforce. For the six months ended September 30, 2001, the company had net sales of $118.3 million, versus net sales of $248.5 million for the first half of fiscal 2001. Net loss before amortization of acquired intangible assets and nonrecurring charges net of their related tax benefit for the first six months of fiscal 2002 was ($24.4) million, or ($0.70) per share, compared to net income before amortization of acquired intangible assets and cumulative effect of change in accounting principle net of their related tax benefit of $32.1 million or $0.91 per share diluted for the same period last year. Highlights of the Quarter -- 300mm AMHS - Asyst and Taiwan Semiconductor Manufacturing Co. entered into a strategic collaboration on next-generation 300mm automation solutions to expand the capabilities of Asyst's FasTrack(TM) automated material handling system (AMHS) for high-capacity intrabay applications. -- 300mm Auto-ID - The company shipped more than 4,000 Smart-Traveler(TM) System auto-ID readers for 300mm load ports to 300mm fabs and semiconductor equipment manufacturers. Asyst believes it now holds more than 65 percent of the 300mm auto-ID and connectivity solutions market. -- 300mm connectivity - To further expand its leadership in the 300mm connectivity market, Asyst introduced LinkManager(TM), its next-generation connectivity product aimed at simplifying integration of key 300mm front-end components. -- Service Award - Asyst received an outstanding service award from Atmel Corporation, recognizing Asyst's excellence in the areas of automated material handling systems (AMHS) and robotic SMIF technology implementation Three Primary Goals Dr. Parikh concluded, "Our goals during this period of uncertainty are threefold: First, to leverage the customer relationships we have earned over many years to increase market share. Second, to manage the expense side of the business and maintain the health of our balance sheet. And third, to continue to direct necessary resources toward the products and capabilities that will position us to rapidly build on our leadership position when the cycle turns." Outlook Consistent with the current economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , and recognizing the challenges of near-term forecasting in the uncertain geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. environment, the company expects revenues for the third quarter of fiscal year 2002 in the $35 - $40 million range. About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation systems for the semiconductor manufacturing industry, which enable semiconductor manufacturers to increase their manufacturing productivity and protect their investment in silicon wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. during the manufacture of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. , or ICs. Through its "Value-Assured Fab" strategy, Asyst offers a broad range of 200mm and 300mm solutions that enable the safe transfer of wafers and information between the process equipment and the fab line throughout the IC fabrication process, while reducing IC damage caused by human, environmental, mechanical and chemical factors. 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, 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. 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 chipmakers and original equipment manufacturers, or OEMs, 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 second quarter of the fiscal year 2002 financial results for Asyst Technologies, Inc. will take place on October 25 at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com. A replay of the Webcast may be accessed via the same address until November 8, 2001 at 7:00 p.m. Eastern Time. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 400312. The telephone instant replay service is available from October 25, 2001 at 7:00 p.m. Eastern Time and will conclude November 8, 2001 at 7:00 p.m. Eastern Time. "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. " Statement under the Private Securities 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. Reform Act of 1995 Except for statements of historical fact, the statements in this press release are forward-looking. 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: the volatility of semiconductor industry cycles, failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers, risks associated with the acceptance of new products and product capabilities, including our Plus Portal systems portal system: see circulatory system. , competition in the semiconductor equipment industry, failure to efficiently integrate acquired companies, failure to retain employees, 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, 2001 and quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2001, filed with the Securities and Exchange Commission.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Net sales $ 51,015 $126,000 $118,274 $248,483
Cost of sales 38,521 67,157 88,286 134,308
Gross profit 12,494 58,843 29,988 114,175
Operating expenses:
Research and development 10,316 10,851 21,634 20,572
Selling, general and
administrative 21,382 22,984 44,456 44,435
Amortization of acquired
intangible assets 4,782 1,366 8,324 3,068
Non-recurring charges 1,549 -- 20,201 --
In-process research and
development costs of
acquired business -- -- 2,000 --
Total operating expenses 38,029 35,201 96,615 68,075
Operating income (loss) (25,535) 23,642 (66,627) 46,100
Other income (expense), net (719) 1,648 (752) 2,959
Income (loss) before
provision (benefit) for
income taxes (26,254) 25,290 (67,379) 49,059
Provision (benefit) for
income taxes (7,913) 8,709 (21,484) 17,089
Income (loss) before
cumulative effect of
change in accounting
principle (18,341) 16,581 (45,895) 31,970
Cumulative effect of change
in accounting principle -- -- -- (2,506)
Net income (loss) $(18,341) $ 16,581 $(45,895) $ 29,464
========= ========= ========= =========
Basic earnings (loss)
per share:
Income (loss) before
cumulative effect of
change in accounting
principle $ (0.52) $ 0.51 $ (1.31) $ 0.99
Cumulative effect of
change in accounting
principle -- -- -- (0.08)
Basic net income (loss)
per share $ (0.52) $ 0.51 $ (1.31) $ 0.91
========= ========= ========= =========
Diluted earnings (loss)
per share:
Income (loss) before
cumulative effect of
change in accounting
principle $ (0.52) $ 0.48 $ (1.31) $ 0.91
Cumulative effect of
change in accounting
principle -- -- -- (0.07)
Diluted net income
(loss) per share $ (0.52) $ 0.48 $ (1.31) $ 0.84
========= ========= ========= =========
Shares used in the per
share calculation:
Basic 35,286 32,308 35,147 32,235
========= ========= ========= =========
Diluted 35,286 34,840 35,147 35,109
========= ========= ========= =========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, March 31,
2001 2001
(unaudited)
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 94,700 $ 34,749
Restricted cash equivalents
and short-term investments 43,981 52,500
Short-term investments 18,077 3,000
Accounts receivable, net 49,955 77,660
Inventories 64,356 76,972
Deferred tax asset 41,909 20,068
Prepaid expenses and other
current assets 13,088 16,017
Total current assets 326,066 280,966
Property and equipment, net 42,056 40,160
Intangible assets and other assets, net 131,678 87,306
$ 499,800 $ 408,432
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans and notes payable $ 62,282 $ 28,776
Current portion of long-term debt
and finance leases 1,867 1,791
Accounts payable 18,076 29,560
Accrued liabilities and other
current liabilities 53,718 36,495
Deferred revenue 9,473 5,190
Total current liabilities 145,416 101,812
Long-term liabilities:
Long-term debt and finance leases,
net of current portion 90,619 3,683
Other long-term liabilities 364 474
Total long-term liabilities 90,983 4,157
Shareholders' equity:
Common Stock 289,758 282,925
Retained earnings (deficit) (26,357) 19,538
Total shareholders' equity 263,401 302,463
$ 499,800 $ 408,432
========= =========
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