Asyst Reports Second Quarter Results.FREMONT, Calif.--(BUSINESS WIRE)--Oct. 23, 1996--Asyst Technologies Inc. (NASDAQ:ASYT) today reported financial results for its 1997 fiscal second quarter ended Sept. 30, 1996. The company said that revenues for the quarter were $40.6 million, an increase of 45% compared to revenues of $27.9 million for the same quarter last year. The company had net income of $2.4 million or $0.47 per share, compared to net income of $2.7 million and $.50 per share for the same period last year. For the first six months of fiscal 1997, Asyst reported that revenues increased 75% to $82.9 million compared to $47.2 million in revenues for the same six-month period a year ago. Fiscal 1997 first half net income was $5.6 million or $1.07 per share, compared to net income of $4.8 million or $0.90 per share for the same six-month period in fiscal 1996. Mihir Parikh, Asyst's chairman and chief executive officer, said that management was not able to achieve its objectives for the quarter due to customer order re-scheduling and product mix issues. "We are juggling our customers' changing demands while at the same time making strategic investments in Asyst products and infrastructure. "While we feel very good about our long-term opportunities, near term market turbulence has made it difficult to reach some of our short-term financial goals." "Major semiconductor companies worldwide continue to choose our Asyst minienvironment/SMIF SMIF - SMAD4-Interacting Transcription Factor SMIF - Soldier Management Individual File SMIF - Standard Mechanical Interface SMIF - Stream-based Model Interchange Format and Automation material management solutions. During the second quarter we expanded our global market penetration, receiving large contracts from leading U.S., European and Asian manufacturers. "We are broadening our market opportunity with new products such as the SMIF-LPT LPT - Local Printer Terminal LPT - Landings Per Tire (aviation) LPT - Laser Propulsion Test LPT - Licensed Penetration Tester LPT - Licensed Physical Therapist LPT - Licensed Psychiatric Technician LPT - Light Pressure Turbo (automotive) LPT - Limited Performance Test LPT - Limited Power Technician (Minnesota State Board of Electricity license) LPT - Limited Private Type LPT - Limited Production Test LPT - Line Printer 2200, which optimizes ergonomics during wafer loading and unloading, and the recently announced SMIF-LPO LPO - La Porte, Indiana (Airport Code) LPO - Last Patient Out (clinical trials) LPO - Late Payment Offer (insurance) LPO - Lattice Preferred Orientation LPO - Launch Panel Operator LPO - Launch Program Office LPO - Lead Project Office LPO - Leading Petty Officer LPO - Lean Promotion Office LPO - Least Principle of Omniscience LPO - Libertarian Party of Ohio LPO - Licensed Prosthetist Orthotist LPO - Ligue pour la Protection des Oiseuax (France) 2200 which provides SMIF integration for platform-type tools and extends our capabilities to now address fully 100% of the wafer processing tools provided by OEMs (original equipment manufacturers). "These equipment suppliers are vocal in their support for Asyst SMIF solutions and have been a factor in our ability to secure major customer orders. We are complementing our hardware solutions with extended software capability from Asyst Software Inc., our new software subsidiary. "Additionally, through acquisitions such as Radiance Systems Inc., we are bringing into Asyst experienced managers for key positions to help shape and influence the company's growth. We believe these combined actions will allow us to position Asyst to more effectively meet the needs of our customers and shareholders alike in the future," Parikh concluded. This document may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to: the timing of significant customer orders; the timing of product shipments; variations in the mix of products sold; new product introductions by the company; changes in customer buying patterns; fluctuations in the semiconductor equipment market; customers' acceptance of new products; and general industry conditions. These factors are more fully discussed in the company's most recent Form 10-K for the fiscal year ended March 31, 1996. About Asyst: Asyst Technologies Inc. is the leading provider of material control and automation systems that help semiconductor manufacturers improve their integrated circuit (IC) manufacturing productivity. The company's Asyst-SMIF System combines state-of-the-art minienvironments with advanced robotics to create ultraclean processing environments that are both comprehensive and flexible. The SMART-Traveler System (STS) works in tandem with SMIF to eliminate misprocessing. Both Asyst-SMIF and its companion STS products are integral to seamless factory automation. Asyst's subsidiary, Asyst Automation Inc., focuses on material handling control software and inter-bay/intra-bay automation systems. The company's newest subsidiary, Asyst Software Inc., is dedicated to the development of software products for equipment communications and automated material handling, identifications and tracking. Founded in 1984, Asyst Technologies Inc. is headquartered in Fremont, with facilities in Europe and the Far East. Asyst Automation Inc. is located outside Boston, and Asyst Software is located in San Jose, Calif. The company's common stock trades on the NASDAQ Stock Market under the symbol ASYT. About SMIF: SMIF stands for Standard Mechanical InterFace, the material handling approach that enables wafer transfer to and from the sealed SMIF environments without exposure to cleanroom ambient conditions. SEMI standards exist for 150- and 200-mm wafer sizes and are now being defined for 300mm. A full-text copy of this announcement, recent stock price information, and other recent news announcements can be downloaded from the Web by visiting Asyst's "News on the Net" page at "http://www.businesswire.com/cnn" -- search on "Asyst Technologies." -0-
ASYST TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Net sales $ 40,587 $ 27,900 $ 82,879 $ 47,231
Cost of sales 25,318 16,020 51,204 25,101
Gross margin 15,269 11,880 31,675 22,130
Operating expenses:
Research and
development 2,851 2,354 6,716 4,070
Selling, general and
administrative 8,935 5,325 16,578 10,756
Total operating expenses 11,786 7,679 23,294 14,826
Operating income 3,483 4,201 8,381 7,304
Other income, net 169 221 311 637
Income before income
taxes 3,652 4,422 8,692 7,941
Provision for income
taxes 1,239 1,769 3,141 3,178
Net income $ 2,413 $ 2,653 $ 5,551 $ 4,763
Net income per common
share $ 0.47 $ 0.50 $ 1.07 $ 0.90
Weighted average
common and common
equivalent shares 5,166 5,294 5,181 5,281
ASYST TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Sept. 30, March 31,
1996 1996
(unaudited)
ASSETS
Current assets:
Cash and short-term investments $ 12,264 $ 14,426
Accounts receivable, net 36,841 33,591
Inventories 32,047 27,124
Prepaid expenses and other assets 5,979 8,030
Total current assets 87,131 83,171
Property and equipment, net 13,037 12,206
Licenses and patents, net 1,141 986
Other assets 596 125
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$101,905 $ 96,488
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,959 $ 13,484
Accrued liabilities 7,851 5,743
Customer deposits 4,248 11,387
Income taxes payable 2,294 1,784
Total current liabilities 31,352 32,398
Shareholders' equity:
Common stock 63,686 62,774
Retained earnings 6,867 1,316
Total shareholders' equity 70,553 64,090
------ ------
$101,905 $96,488
CONTACT: Asyst Technologies Inc., Fremont Doug McCutcheon, 510/661-5000 |
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