Asyst Reports Third Quarter Results; Announces Decision to Close Asyst Automation, Inc. Subsidiary.FREMONT, Calif.--(BUSINESS WIRE)--Jan. 27, 1997--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), today reported financial results for its 1997 fiscal third quarter ended December 28, 1996. Included with this news was the announcement that the Company had adopted a plan to close Asyst Automation, Inc. (AAI AAI American Association of Immunologists. ) in the near future. The impact of this closure is shown as "Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. " in the Company's reported financial results. 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $36.4 million, an increase of 46 percent compared with net sales of $25.0 million for the third quarter of fiscal 1996 ended December 30, 1995. The Company had income from continuing operations of $1.7 million or $0.32 per share, after deducting the write-off of in-process research and development associated with the acquisition of Radiance Systems, Inc. (Radiance) of $1.3 million or $0.25 per share. This compared to income from continuing operations of $3.0 million or $0.56 per share for the same period last year. The loss from discontinued operations, including the estimated closure costs of AAI, was $13.3 million in the third quarter. Combined with income from continuing operations this resulted in a consolidated net loss for the Company of $11.6 million or a loss of $2.21 per share. This compared to income from operations of AAI of $0.2 million in the third quarter last year, which combined with income from continuing operations resulted in consolidated net income of $3.2 million or $0.60 per share for the third quarter of fiscal 1996. For the first nine months of fiscal 1997, Asyst reported that net sales from continuing operations increased 62 percent to $102.7 million compared to $63.3 million for the same nine-month period a year ago. The Company had income from continuing operations for the nine month period of $8.6 million or $1.65 per share, after deducting the write-off of $1.3 million or $0.25 per share associated with the Radiance acquisition. This compared to income from continuing operations of $7.6 million or $1.43 per share for the same nine-month period of fiscal 1996. "Our core Minienvironment/SMIF business maintained its growth trend in the third quarter as the Company saw new and repeat orders from major U.S., Japanese and Asia Pacific semiconductor manufacturers," stated Mihir Parikh, Asyst's chairman and chief executive officer. "However, our Asyst Automation, Inc. (AAI) business has failed to meet our performance expectations. We believe this is in large part due to AAI's strategy of integrating Proconics-based stocker technology with low margin, third party conveyor Conveyor A horizontal, inclined, declined, or vertical machine for moving or transporting bulk materials, packages, or objects in a path predetermined by the design of the device and having points of loading and discharge fixed or selective. products. "While these products met market demand and customer expectations, they failed to meet financial performance objectives. As a result, we have made the difficult decision to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: the operations of AAI and concentrate on our products that command leadership market position. This will be done in a manner that ensures support for existing customers," said Dr. Parikh. Doug McCutcheon, Asyst's chief financial officer, said that the closure of AAI would allow the Company's management team to enhance its focus on Asyst's core businesses. "During the third quarter we saw strong adoption rates for our new Asyst-LPT (load port transfer) SMIF interface Acronym For Standard Mechanical InterFace. An Isolation technology developed in the 1980s by group known as "micronauts" at Hewlett-Packard in Palo Alto. The system is used in semiconductor wafer fabrication and cleanroom environments. product and a significant shift in product mix. We are pleased with the rapid customer acceptance of new products and the production ramp-up." The Company cited a number of new multi-million dollar contracts closed in the quarter including: -0- -- A follow-on order for Asyst SMIF-based solutions from National Semiconductor, Inc. to be used at their first production eight-inch wafer facility. -- New orders for Asyst's SMIF-LPT transfer systems and SMIF-Pods from a major U.S. ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. chipmaker chip·mak·er n. A manufacturer of electronic and integrated circuit chips. to be used in the manufacture of sub-0.35 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. design rule 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. (ICs). -- A multi-million dollar follow-on order for Asyst's SMIF SMIF Standard Mechanical Interface SMIF Stream-based Model Interchange Format SMIF Shared Materials Instrumentation Facility (Duke University) SMIF Stanford Management Internship Fund SMIF SMAD4-Interacting Transcription Factor technology from one of Japan's top ten IC manufacturers to retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in an existing manufacturing line producing next-generation Flash memory devices. -0- "We see numerous opportunities for the application of our technology in the global semiconductor manufacturing market," said Dr. Parikh. "This is exemplfied by our acquisition of Radiance Systems, Inc., now Asyst Software, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), which specializes in factory automation software and systems integration tools. ASI brings us a wealth of new engineering talent and new customer relationships, and extends our portfolio of fab automation solutions. We believe that automation and connectivity software will become an increasingly critical component of fab manufacturing strategies." "We will continue to provide products and services that meet the most demanding needs of our customers. At the same time, we will continue to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp our focus on our operational and financial performance. We believe this dual strategy will ensure our long-term position as a key supplier of minienvironment and automation technology to the semiconductor industry," Parikh concluded. Actual results may differ materially from the above 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. due to a number of important factors, including but not limited to general industry conditions and customer order rescheduling. These factors are more fully discussed in the Company's most recent 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. . About Asyst Asyst Technologies, Inc. is the leading provider of material control systems that help semiconductor manufacturers improve their integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for (IC) manufacturing productivity. The company's Asyst-SMIFTM System combines state-of-the-art minienvironments with advanced 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 create ultraclean processing environments that are both comprehensive and flexible. The SMART-Traveler(TM) System (STS (Synchronous Transport Signal) The electrical equivalent of the SONET optical signal. In SDH, the European counterpart of SONET, STS is known as STM (Synchronous Transport Module). ) works in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with SMIF to eliminate mis-processing. Both Asyst-SMIF and its companion STS products are integral to seamless factory automation. Asyst Software, Inc., is dedicated to the development of software products for equipment communications and automated material handling, identification and tracking. Founded in 1984, Asyst Technologies, Inc. is headquartered in Fremont, with facilities in Europe and the Far East. Asyst Software is located in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. The Company's common stock trades on the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. 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 Surrounding. For example, ambient temperature and humidity are atmospheric conditions that exist at the moment. See ambient lighting. conditions. SEMI standards exist for 150- and 200-mm wafer sizes and are now being defined for 300mm. Recent press releases and stock price information can be found on the world wide web at http://www.businesswire.com/cnn . -0- Note To Editors: Asyst, SMIF, SMIF-LPT and SMIF-Pods are either trademarks or registered trademarks of Asyst Technologies, Inc.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
Three months ended Nine months ended
December 28 and 30, December 28 and 30,
1996 1995 1996 1995
Net sales $36,432 $25,032 $102,665 $63,289
Cost of sales 22,396 14,177 60,863 33,610
Gross margin 14,036 10,855 41,802 29,679
Operating expenses:
Research and
development 2,307 1,410 6,176 4,310
Selling, general and
administrative 7,215 5,399 20,650 14,260
In-process research
and development
of acquired business 1,335 -- 1,335 --
Total operating
expenses 10,857 6,809 28,161 18,570
Operating income 3,179 4,046 13,641 11,109
Other income, net 194 250 505 890
Income from continuing
operations before
income taxes 3,373 4,296 14,146 11,999
Provision for income
taxes 1,680 1,335 5,573 4,418
Income from continuing
operations 1,693 2,961 8,573 7,581
Discontinued Operations:
Income (loss) from
operations of Asyst
Automation, Inc., net
of applicable income
taxes (4,763) 202 (6,092) 345
Loss on closure of
Asyst Automation Inc.,
including provision of
$1,095 for operating
losses during phase-out
period, net of
applicable income
taxes (8,573) -- (8,573) --
Net income (loss) $(11,643) $3,163 $(6,092) $7,926
Weighted average common
and common share
equivalents 5,260 5,300 5,207 5,287
Income per share
from continuing
operations $0.32 $0.56 $1.65 $1.43
Net income (loss)
per share $(2.21) $0.60 $(1.17) $1.50
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 28, March 31,
1996 1996
ASSETS
Current assets:
Cash and short-term investments $9,256 $14,019
Accounts receivable, net 33,035 30,248
Inventories 18,629 18,535
Prepaid expenses and other assets 10,144 7,946
Net current assets of discontinued
operation -- 7,859
Total current assets 71,064 78,607
Property and equipment, net 10,780 9,407
Other assets 3,163 1,111
$85,007 $89,125
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,987 $9,416
Accrued liabilities 9,574 4,897
Customer deposits 3,802 8,938
Income taxes payable -- 1,784
Net liabilities of discontinued
operation 2,146 --
Total current liabilities 23,509 25,035
Shareholders' equity:
Common stock 66,274 62,774
Retained earnings (accumulated
deficit) (4,776) 1,316
Total shareholders' equity 61,498 64,090
$85,007 $89,125
CONTACT: Asyst Technologies, Inc. Doug McCutcheon, 510/661-5000 or Herbst Consulting Lisa Herbst, 408/739-0252 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion