Asyst Technologies, Inc. Reports Third Quarter Fiscal Year 2000 Results; Company Reports Record Revenues and Bookings.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)--Jan. 19, 2000 Asyst Technologies, Inc. (Nasdaq NM: ASYT) today reported results for the third quarter of fiscal 2000 ended December December: see month. 31, 1999. 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 $63.8 million, a 256 percent increase over net sales of $17.9 million for the third quarter of fiscal 1999. Compared to the quarter ended September September: see month. 30, 1999, net sales increased 57 percent. Net income for the third quarter was $5.8 million, or $0.36 per share (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. ), compared to a net loss of $6.2 million, or ($0.54) per share, for the third quarter of fiscal year 1999. For the nine months ended December 31, 1999, the company had net sales of $131.6 million, versus net sales of $74.3 million for the nine month period ended December 31, 1998. Net income for the first nine months of fiscal 2000 was $0.2 million, or $0.01 per share (diluted). This compares to a net loss 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 of $19.4 million, or ($1.65) per share, for the same period last fiscal year. "As we noted in our pre-announcement, momentum has continued to build across all regions," said Doug DOUG Dumb Old Utility Guy McCutcheon The name McCutcheon or MacCutcheon may refer to: People
McCutcheon added, "Continuing our trend of improved gross margin performance, margins for the quarter increased from 45.1 percent last quarter to 45.9 percent for the current quarter. In addition, working capital has been strengthened by the completion during the quarter of a follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. stock offering of 2.2 million shares of Asyst common stock with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $84.9 million. Cash and investments increased from $35.8 million at March 31, 1999 to $107.3 million at December 31, 1999." Commenting on the quarter, 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. , Asyst chairman and chief executive officer, said, "We are pleased to announce these financial results and record bookings, which speak to a widespread and increasing demand for Asyst factory automation solutions. The strong momentum which we have continued to experience is driven by the diversity of projects in Asia Pacific, Japan and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; the continued strength in the 200 mm arena as well as the renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. activity in 300 mm; and new fab construction and facility upgrades. "During the quarter, we further enhanced the operational strength of the company with the addition of two key management appointments," Parikh added. "By continuing to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. our operations, we have positioned Asyst to meet the demands of our customers in a strong rising market. We believe that the combination of record bookings and financial performance, coupled with the additions to our operational organization, better positions Asyst than at any time in the company's history. These are exciting times and we continue to be excited by the opportunities at hand." 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 S-3 Registration Statement. About Asyst: Asyst Technologies, Inc. is the leading provider of Standard Mechanical Interface-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 Original Equipment Manufacturers 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 located on the World Wide Web at http://www.asyst.com
Asyst Technologies, Inc.
Condensed Consolidated Statement of Operations
(Unaudited: In thousands, except per share amounts)
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
Net sales $ 63,816 $ 17,911 $131,598 $ 74,252
Cost of sales 34,505 11,577 72,672 46,751
-------- -------- -------- --------
Gross profit 29,311 6,334 58,926 27,501
-------- -------- -------- --------
Operating expenses:
Research and
development 5,298 4,523 13,989 13,522
General, selling
and administrative 15,333 10,409 37,814 33,251
Goodwill Amortization 676 -- 1,880 --
Purchased in-process
research and
development -- -- 4,000 7,100
Restructuring expense -- -- -- 2,922
-------- -------- -------- --------
Total operating
expenses 21,307 14,932 57,683 56,795
-------- -------- -------- --------
Operating
income (loss) 8,004 (8,598) 1,243 (29,294)
Other income, net 803 361 1,088 1,847
-------- -------- -------- --------
Income (loss)
from continuing
operations
before provision
(benefit) for
income taxes 8,807 (8,237) 2,331 (27,447)
Provision
(benefit) for
income taxes 2,966 (2,042) 2,124 (8,013)
-------- -------- -------- --------
Income (loss)
from continuing
operations 5,841 (6,195) 207 (19,434)
Discontinued operations:
Loss from
operations of
Asyst Automation, Inc.,
net of applicable
income taxes -- -- -- --
Loss on closure
of Asyst Automation, Inc.,
net of applicable
income taxes -- -- -- --
-------- -------- -------- --------
Net income (loss) $ 5,841 $ (6,195) $ 207 $(19,434)
======== ======== ======== ========
Basic Earnings
(loss) per share:
Income (loss)
per share
from continuing
operations $ 0.40 $ (0.54) $ 0.02 $ (1.65)
======== ======== ======== ========
Net income
(loss) per share $ 0.40 $ (0.54) $ 0.02 $ (1.65)
======== ======== ======== ========
Diluted Earnings
(loss) per share:
Income (loss)
per share
from continuing
operations $ 0.36 $ (0.54) $ 0.01 $ (1.65)
======== ======== ======== ========
Net income
(loss) per share $ 0.36 $ (0.54) $ 0.01 $ (1.65)
======== ======== ======== ========
Shares used in
per share
calculation of:
Basic earnings
(loss) per share 14,482 11,455 13,179 11,783
Diluted earnings
(loss) per share 16,361 11,455 14,656 11,783
Asyst Technologies, Inc.
Condensed Consolidated Balance Sheet
(Dollars in thousands)
December 31, March 31,
1999 1999
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 95,291 $ 6,382
Short-term investments 11,960 29,380
Accounts receivable, net 44,911 14,511
Inventories 34,616 19,373
Prepaid expenses
and other current assets 7,063 3,474
Deferred tax asset 16,238 19,142
--------- ---------
Total Current Assets 210,079 92,262
Property and equipment, net 15,181 12,923
Other assets, net 20,117 19,103
--------- ---------
$ 245,377 $ 124,288
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion
of long-term debt $ -- $ 2,190
Accounts payable 22,554 5,055
Accrued liabilities and
other current liabilities 13,260 10,051
Customer deposits 3,521 1,806
Income taxes payable 685 676
--------- ---------
Total Current Liabilities 40,020 19,778
--------- ---------
Long-term Liabilities:
Long-term debt, net
of current portion -- 2,876
Convertible preferred stock -- 5,000
--------- ---------
Total Long-term Liabilities -- 7,876
--------- ---------
Total Liabilities 40,020 27,654
--------- ---------
Shareholders' equity:
Common stock 222,657 111,851
Retained earnings (deficit) (17,300) (15,217)
--------- ---------
Total Shareholders' Equity 205,357 96,634
--------- ---------
$ 245,377 $ 124,288
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