Asyst Technologies Files Form 10-K for Fiscal 2005; Makes Final Positive Adjustments to Fourth Quarter and Full Year Fiscal 2005 Results.FREMONT, Calif. -- Asyst Technologies, Inc. (Nasdaq:ASYT) today announced that it has filed with the Securities and Exchange Commission its 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. for the fiscal year ended Mar. 31, 2005. As previously announced, the company filed a Form 12b-25 on June 14, 2005, stating its intention to file its Form 10-K by this date. The company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge reflect adjustments that reduce its consolidated net loss for the fiscal fourth quarter ended Mar. 31, 2005, by $1.1 million to $(1.8 million), or $(0.04) per share, as compared to the $(2.9 million), or $(0.06) per share, previously announced. For the full fiscal year, consolidated net loss was reduced by the same amount to $(17.5 million), or $(0.37) per share, as compared to the $(18.6 million), or $(0.39) per share, previously announced in its earnings press release of May 10, 2005. The reduction of the consolidated net loss for the fiscal fourth quarter and the full year is primarily attributable to the proper recording of certain inter-company sales and costs at Asyst Shinko, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), the company's 51%-owned joint venture in Japan. In addition, the company decided to reclass certain service costs from selling, general and administrative expense (SG&A) to cost-of-sales, and reclassed certain foreign value-added taxes value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. from other expense to SG&A. These adjustments did not have an impact on the company's consolidated net loss for any period. As a result of all adjustments, consolidated gross margin for the fiscal fourth quarter increased to 25.6%, as compared to the 24.3% announced previously. For the full fiscal year, consolidated gross margin decreased to 19.9%, as compared to the 20.5% announced previously. Management has completed its assessment of internal control over financial reporting and, as previously announced, has determined that internal control over financial reporting was not effective as of Mar. 31, 2005. Details of its assessment and a summary of material weaknesses determined to exist as of Mar. 31, 2005 are included in Management's Report on Internal Control Over Financial Reporting, under Item 9A of its Form 10-K. As a result of filing its Form 10-K within the extended deadline provided by Form 12b-25, the company believes that its Form 10-K will be considered timely filed by the SEC, and that it continues to be in compliance with a Nasdaq listing qualification panel decision issued in January 2005 which requires the company to file timely all periodic reports through periods ending on or before Jan. 31, 2006. About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and 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 (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. ) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management Materials management is the branch of logistics that deals with the tangible components of a supply chain. Specifically, this covers the acquisition of spare parts and replacements, quality control of purchasing and ordering such parts, and the standards involved in ordering, , substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable The ability for one system to communicate or work with another. See interoperability. solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Except for statements of historical fact, the statements in this press release are forward-looking. Words such as "expect," "anticipate," "intend," "plan," "believe," "estimate" and variations of such words and similar expressions are intended to identify such 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. . The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, risks that we may not be able to remedy the internal control deficiencies referred to above in a timely manner and possible SEC or Nasdaq investigations or inquiries into these matters. The forward-looking statements and our business are also subject to the risks described at the end of Item 7 in our Form 10-K filed June 29, 2005. |
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