Asyst Technologies Announces Record Second Quarter Fiscal 1996 Results; Revenue increased 44 percent compared to the prior quarter.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)--Nov. 6, 1995--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), the leading supplier of minienvironment and automation systems to the worldwide semiconductor industry, today announced second quarter results for fiscal 1996, ended Sept. 30, 1995. The company reported an increase of net income to $2.7 million (or $0.50 per share on 5.3 million shares) on record revenues of $27.9 million, versus net income of $663,000 (or $0.17 per share on 3.9 million shares) on revenues of $6.4 million for the corresponding quarter of the prior year. Compared to the first quarter of fiscal year 1996, revenues increased by 44 percent from $19.3 million and net income increased 26 percent from $2.1 million. For the six months ended Sept. 30, 1995 the company reported a 338 percent increase in net revenues to $47.2 million, compared to net revenues of $10.8 million for the six month period ended Sept. 30, 1994. Net income increased 538 percent to $4.8 million or $0.90 per share on 5.3 million shares. This compares to net income of $747,000 or $0.20 per share on 3.8 million shares for the corresponding six-month period last year. Commenting on the quarter's results, Dr. 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. , chairman and chief executive officer, noted, "The bookings rate for our products continues to be very strong, and therefore has driven our revenues to a new high." Richard Yonker, senior vice president and chief financial officer, added, "During the quarter, we implemented additional systems and programs designed to further improve our operating efficiencies." The company recently announced several other news items. Asyst Technologies received a $1.2 million contract from Xerox for a SMIF-based material handling system to address the needs of advanced 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. This is the company's first major entry into the emerging 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. market. Additionally, Asyst Automation Inc., the company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , announced a strategic alliance with Toshiba Corporation (company) Toshiba Corporation - A Japanese technology manufacturer with 364 subsidiaries worldwide. Toshiba makes and sells electronics for home, office, industry and health care including information and communication systems, electronic components, heavy electrical apparatus, of Japan to address the semiconductor industry's compelling need for fabwide automation. By integrating Toshiba's patented Magnetic Levitation magnetic levitation or maglev (măg`lĕv), support and propulsion of objects or vehicles by the use of magnets. The magnets provide support without contact or friction, allowing for fast, quiet operation. (MagLev) technology with Asyst's 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. 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. stocking systems and material control software, the two companies have created a sophisticated "Space Linear" transport system that automatically moves and stores wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. throughout the 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 process. Asyst Automation hired Jim West as its president. In this new position reporting to Dr. Parikh, West will leverage his industrial automation expertise to lead the expansion of Asyst Automation's growing business in the semiconductor and related microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. industries. About Asyst: Asyst Technologies Inc. is the leading provider of process and control and automation systems that help semiconductor manufacturers reduce their IC production costs. Founded in 1984, Asyst Technologies Inc. is headquartered in Fremont, Calif., with facilities in Europe and the Far East. Asyst's subsidiary, Asyst Automation Inc., is located outside Boston, Mass. 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 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 : 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 exits for 150- and 200-mm wafer sizes and are now being defined for 300mm. -0-
Asyst Technologies Inc.
Condensed Consolidated Statements of Income
(Unaudited; in thousands, except per share data)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Net sales $ 27,900 $ 6,364 $ 47,231 $ 10,776 Cost of sales 16,020 2,490 25,101 4,327 Gross margin 11,880 3,874 22,130 6,449 Operating expenses: Research and development 2,354 792 4,070 1,564 Selling, general and administrative 5,325 2,226 10,756 3,991 Total operating expenses 7,679 3,018 14,826 5,555 Operating income 4,201 856 7,304 894 Other income, net 221 95 637 187 Income before income taxes 4,422 951 7,941 1,081 Provision for income taxes 1,769 288 3,178 334 Net income $ 2,653 $ 663 $ 4,763 $ 747 Net income per share $ 0.50 $ 0.17 $ 0.90 $ 0.20 Weighted average common and equivalent shares 5,294 3,862 5,281 3,828
Asyst Technologies Inc.
Condensed Consolidated Balance Sheets
(In thousands, except shares)
Sept. 30, March 31,
1995 1995
(unaudited)
ASSETS Current assets: Cash and short-term investments $ 11,983 $ 38,947 Accounts receivable, net 33,541 16,630 Inventories 25,954 10,756 Prepaid expenses and deposits 6,768 2,499 Total current assets 78,246 68,832
Property and equipment, net 8,739 3,053
Licenses and patents, net 1,380 1,287
Other assets 648 362
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$ 89,013 $ 73,534
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,265 $ 9,315 Accrued liabilities 5,880 2,680 Customer deposits 8,436 3,535 Income taxes payable 3,704 778 Total current liabilities 26,285 16,308 Shareholders' equity: Common stock 61,889 61,150 Retained earnings (deficit) 839 (3,924)
Total shareholders' equity 62,728 57,226
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$ 89,013 $ 73,534
CONTACT: Asyst Technologies Inc., Fremont Richard C. Yonker, 510/661-5000 or MCA MCA in full Music Corporation of America Entertainment conglomerate. It was founded in Chicago in 1924 by Jules Stein as a talent agency. In the 1960s it bought Decca Records and Universal Pictures, and today it produces films, music, and television shows. Inc. Margaret Pereira, 415/968-8900 |
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