Asyst Technologies Reports Fiscal Year 1999 Fourth Quarter and Year-End Results; Fourth Quarter Sales in Line With Strong Bookings Momentum.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)--May 11, 1999-- Asyst Technologies, Inc. (Nasdaq:ASYT), the leading supplier of Standard Mechanical InterFace (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 ) isolation and manufacturing automation solutions to the semiconductor industry, today reported financial results for its fourth quarter and fiscal year ended March 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 fiscal year 1999 were $84.2 million, compared to net sales of $165.5 million posted for fiscal year 1998. 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 for fiscal 1999 was $21 million, or ($1.80) per share. This compares to fiscal 1998 net income from continuing operations of $18.2 million, or $1.51 per share. Fourth quarter 1999 net sales were $17.2 million, as compared to fourth quarter fiscal year 1998 net sales of $45.2 million. Net loss from continuing operations for fourth quarter 1999 was $5.4 million, or ($0.47) per share, compared to fourth quarter 1998 income from continuing operations of $5.3 million, or $0.42 per share. Included in these fourth quarter results is a charge of $2.6 million (pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern ) principally related to the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of certain overseas operations. Excluding the restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , the net loss from continuing operations for fourth quarter fiscal year 1999 was $3.7 million, or ($0.32) per share. Doug DOUG Dumb Old Utility Guy McCutcheon The name McCutcheon or MacCutcheon may refer to: People
adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. items, we believe that the Company will have an improved gross margin trend over the next several quarters." "It is our belief that Asyst Technologies is well positioned for the growth opportunities that new fabs, fab expansions and fab upgrades provide," noted Asyst's Chairman and Chief Executive Officer 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. . "As an indication that our business strategies are well focused, the Company continues to preserve its market-share leadership position. The breadth of our business continues to show strength, as indicated by the recently announced major upgrade of a Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. fab. While the 150-200 mm upgrade market represents a substantial growth arena for Asyst, the Company believes that it will further strengthen its position in the 300 mm market with its previously announced intent to acquire Progressive Systems Technologies, Inc., an Austin-based automation company." Parikh continued, "The Company's strong bookings momentum has resulted in a book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can that is in alignment Alignment is the adjustment of an object in relation with other objects, or a static orientation of some object or set of objects in relation to others.
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. growth. By maintaining our strategic focus during the industry's downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , we were well positioned to address varying types of customer needs, new market requirements and securing of orders. We remain confident in the continuing acceptance of SMIF-based automation technologies." Asyst President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Terry Moshier, commented, "One of Asyst's key strategies is to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. emerging market opportunities. The Company's acquisitions in the areas of 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 , auto-ID and 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. management systems further position Asyst to address these opportunities. Additionally, we made key recruiting efforts and strengthened our commitment to maintaining customer relationships. Our ongoing focus on asset and cost management continues. We are confident that our efforts will position Asyst to realize significant improvements in business levels as the semiconductor market improves." 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 most recent Forms 10-K and 10-Q, and annual report to shareholders. About Asyst: The pioneer of the Standard Mechanical InterFace (SMIF), Asyst Technologies, Inc. is the leading provider 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 handling systems and software critical to seamless See seamless integration. factory automation in the most advanced fabs worldwide. Asyst's comprehensive solutions, which include industry-leading loadport, auto ID, environmental control, robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. , and automation software products for 200 mm and 300 mm applications, result in greater fab profitability and productivity. Asyst's homepage See home page. is located on the World Wide Web at http://www.asyst.com. -0-
Asyst Technologies, Inc.
Condensed Consolidated Statement of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
1999 1998 1999 1998
--------- --------- --------- ---------
(unaudited) (unaudited)
Net sales $ 17,247 $ 45,155 $ 84,154 $ 165,463
Cost of sales 11,613 24,461 52,689 91,737
--------- --------- --------- ---------
Gross profit 5,634 20,694 31,465 73,726
--------- --------- --------- ---------
Operating expenses:
Research and
development 3,721 3,902 14,688 13,290
Selling, general and
administrative 7,726 8,503 38,164 34,098
Purchased in-process
research and
development -- -- 7,100 --
Restructuring expense 2,620 -- 5,542 --
--------- --------- --------- ---------
Total operating
expenses 14,067 12,405 65,494 47,388
--------- --------- --------- ---------
Operating income (loss) (8,433) 8,289 (34,029) 26,338
Other income, net 215 67 2,243 2,157
--------- --------- --------- ---------
Income (loss) from
continuing operations
before provision
(benefit) for income
taxes (8,218) 8,356 (31,786) 28,495
Provision (benefit) for
income taxes (2,794) 3,008 (10,807) 10,258
--------- --------- --------- ---------
Income (loss) from
continuing operations (5,424) 5,348 (20,979) 18,237
Discontinued operations:
Loss on closure of
Asyst Automation,
Inc., net of
applicable income
taxes -- -- -- (1,840)
--------- --------- --------- ---------
Net income (loss) $ (5,424) $ 5,348 $ (20,979) $ 16,397
========= ========= ========= =========
Basic earnings (loss) per share:
Income (loss)
per share from
continuing
operations $ (0.47) $ 0.44 $ (1.80) $ 1.61
========= ========= ========= =========
Net income (loss)
per share $ (0.47) $ 0.44 $ (1.80) $ 1.44
========= ========= ========= =========
Diluted earnings (loss) per share:
Income (loss) per
share from
continuing
operations $ (0.47) $ 0.42 $ (1.80) $ 1.51
========= ========= ========= =========
Net income (loss)
per share $ (0.47) $ 0.42 $ (1.80) $ 1.36
========= ========= ========= =========
Shares used in per share calculation of:
Basic earnings (loss)
per share 11,512 12,047 11,653 11,359
========= ========= ========= =========
Diluted earnings
(loss) per share 11,512 12,759 11,653 12,101
========= ========= ========= =========
Asyst Technologies, Inc.
Condensed Consolidated Balance Sheet
(Dollars in thousands)
March 31, March 31,
1999 1998
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 6,116 $ 12,288
Short-term investments 29,380 70,487
Accounts receivable, net 13,875 26,534
Inventories 17,341 18,851
Prepaid expenses and other current assets 3,412 4,241
Deferred tax asset 19,142 7,697
Net current assets of discontinued operations -- 1,438
--------- ---------
Total current assets 89,266 141,536
Property and equipment, net 11,648 11,133
Other assets, net 18,852 1,802
--------- ---------
$ 119,766 $ 154,471
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,403 $ 8,671
Accrued liabilities and other current
liabilities 9,079 13,124
Customer deposits 1,806 1,267
Income taxes payable 676 606
--------- ---------
Total current liabilities 15,964 23,668
--------- ---------
Shareholders' equity:
Common stock 111,927 116,347
Retained earnings (deficit) (8,125) 14,456
--------- ---------
Total shareholders' equity 103,802 130,803
--------- ---------
$ 119,766 $ 154,471
========= =========
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