Asyst Technologies Announces Record Third Quarter Results.FREMONT, Calif.--(BUSINESS WIRE)--Feb. 8, 1996--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), a leading supplier of 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. material management systems for the global semiconductor industry, today announced record revenue and net income for the fiscal 1996 third quarter and nine months ended Dec. 31, 1995. Revenue for Asyst's 1996 third quarter increased 231 percent to $34.1 million, compared to revenue of $10.3 million for the three months ended Dec. 31, 1994. Net income was $3.2 million or $.60 per share on 5.3 million shares, compared to a net loss of $466,000 or a loss of $.13 per share on 3.6 million shares for the third quarter last year. Results for last year's third quarter included a $2 million charge for in-process research and development associated with the company's October 1994 acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. from Proconics Inc. For the nine months ended Dec. 31, 1995, Asyst said that revenue increased 286 percent to $81.3 million, compared to $21.1 million for the nine months ended Dec. 31, 1994. Net income was $7.9 million or $1.50 per share on 5.3 million shares, compared to net income of $282,000 or $.07 per share on 3.9 million shares for the corresponding nine months last year. Mihir Parikh, Asyst's chairman and chief executive officer, attributed the Company's strong revenue growth to growing customer adoption of Asyst-SMIF Systems. "Increasingly, our customers are realizing the benefits that 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 (Standard Mechanical InterFace) technology brings to 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," Parikh said. "Asyst minienvironments and automated 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. transfer tools completely isolate isolate /iso·late/ (i´sah-lat) 1. to separate from others. 2. a group of individuals prevented by geographic, genetic, ecologic, social, or artificial barriers from interbreeding with others of their kind. product wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. from contamination in the fab, leading to improved IC yields. Additionally, SMART Traveler System production lot tracking software and automated storage and transport systems eliminate misrouting and misprocessing, resulting in increased productivity. In short, in a capital intensive industry, Asyst delivers products that help our customers reduce their manufacturing costs." Parikh continued, "Asyst has achieved a strong, referenceable account base that totals 36 fab installations to date and 15 repeat customers. During the nine months ended December 1995, the company added 11 new fabs and five new customers, including National Semiconductor, Winbond, Macronix and Mosel-Vitalic. These new accounts follow long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. customers such as TSMC TSMC Taiwan Semiconductor Manufacturing Company, Ltd TSMC Taiwan Semiconductor Manufacturing Corporation TSMC Traffic Systems Management Center TSMC Toll Station Management Controller TSMC Transportation Supply Maintenance Command TSMC Technical Services Manager Code , Chartered Semiconductor, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Symbios Logic Symbios Logic was a manufacturer of SCSI host adapter chipsets and disk array storage subsystems. It was a wholly owned subsidiary of Hyundai Electronics America. It was originally a division of NCR Corporation, before NCR's takeover by AT&T. AT&T sold off the division to Hyundai. (formerly NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers ), Harris and Zilog. Additionally, over 90 semiconductor equipment companies have integrated Asyst tools into their own product lines. "Our strong growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. have supported an ongoing investment in the company's manufacturing capability, and upgrades to key decision support systems. During the first nine months of fiscal 1996, Asyst completed a major capacity expansion, and began cleanroom manufacturing of high-volume components including SMIF-Arms and SMIF-Indexers. The company also progressed on the installation of new manufacturing and financial information systems, and shipped its first products into the 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 market. We believe these enhancements aid our customers and also enhance our competitiveness," Parikh added. Doug McCutcheon, Asyst's senior vice president, chief financial officer, commented, "While we are pleased with the revenue growth demonstrated in the third quarter, we continue to experience disappointing gross margins. This was attributable to a number of factors, including continued manufacturing inefficiencies and a shift in mix toward new products and OEM-distributed products. On the other hand, we are pleased by the results of our efforts to strengthen the balance sheet. "During the third quarter ended December 31, 1995 Asyst generated cash from operations of approximately $10.6 million due to higher net income and improved asset management. Cash and short-term investments at the end of the third quarter were $20.0 million, compared to $12.0 million at September 30, 1995, and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying DSO See CSO. declined to about 74 days versus 108 days last quarter. The company currently has working capital of $53.2 million, and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. ," McCutcheon concluded. About Asyst: Asyst Technologies Inc. is the leading provider of process control and automation systems that help semiconductor manufacturers reduce their IC production costs. Founded in 1984, Asyst Technologies, Inc. is headquartered in Fremont, with facilities in Europe and the Far East. Asyst's subsidiary, Asyst Automation Inc., is located outside of 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 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. -0-
ASYST TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
Net sales $34,075 $10,302 $81,306 $21,078 Cost of sales 20,515 4,566 45,616 8,893 Gross margin 13,560 5,736 35,690 12,185 Operating expenses: Research and development 2,505 1,051 6,575 2,615 Selling, general and administrative 6,712 3,080 17,468 7,071 In-process research and development of acquired business -- 2,027 -- 2,027 Total operating expenses 9,217 6,158 24,043 11,713 Operating income (loss) 4,343 (422) 11,647 472 Other income (net) 246 45 883 232 Income (loss) before income taxes 4,589 (377) 12,530 704 Provision for income taxes 1,426 89 4,604 422 Net income (loss) $ 3,163 $ (466) $ 7,926 $ 282 Net income (loss) per common share $ .60 $(0.13) $ 1.50 $ 0.07 Weighted average common and common equivalent shares 5,300 3,639 5,287 3,942
ASYST TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, March 31,
1995 1995
(unaudited)
ASSETS
Current assets: Cash and short-term investments $ 20,021 $ 38,947 Accounts receivable, net 27,843 16,630 Inventories 26,745 10,756 Prepaid expenses and other assets 4,758 2,499 Total current assets 79,367 68,832 Property and equipment, net 10,612 3,053 Licenses and patents, net 1,004 1,287 Other assets 923 362
$91,906 $73,534
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,894 $ 9,315 Accrued liabilities 4,516 2,680 Customer deposits 10,759 3,535 Income taxes payable -- 778 Total current liabilities 26,169 16,308 Shareholders' equity: Common stock 61,736 61,150 Retained earnings (accumulated deficit) 4,001 (3,924) Total shareholders' equity 65,737 57,226
$91,906 $73,534
CONTACT: Asyst Technologies Doug McCutcheon, 510/661-5000 or Herbst Consulting Lisa C. Herbst, 408/739-0252 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion