Asyst Technologies Reports Results for First Quarter of Fiscal 2006.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. -- Asyst Technologies, Inc., (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance 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 manufacturing productivity, today announced consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for its fiscal first quarter ended June June: see month. 30, 2005. Consolidated net loss for the fiscal first quarter on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis was $3.6 million, or $(0.08) per share. This compares with a GAAP net loss of $1.8 million, or $(0.04) per share, in the fourth quarter of fiscal 2005. On a non-GAAP basis, the company reported a net loss for the fiscal first quarter of $0.9 million, or $(0.02) per share, compared with a non-GAAP net loss of $1.4 million, or ($0.03) per share, in the prior sequential One after the other in some consecutive order such as by name or number. quarter. A table reconciling GAAP net loss to non-GAAP net loss is provided as part of this release. Consolidated 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 fiscal first quarter were $117.5 million, down 18% from $143.6 million in the prior sequential quarter. Net sales for the fiscal first quarter at Asyst Shinko, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), the company's 51%-owned joint venture with Shinko Electric Co., Ltd., were $77.4 million, compared with $103.9 million in the fourth quarter of fiscal 2005. Net sales for the fiscal first quarter at ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. were $40.1 million, which was essentially flat with $39.7 million in the prior sequential quarter. In the fiscal first quarter, consolidated gross margin was 29%, up from 26% in the fourth quarter of fiscal 2005. Gross margin at ASI was 26%, up from 22% in the prior sequential quarter, reflecting improved sales mix sales mix See product mix. . Gross margin at ATI was 34%, flat with the prior sequential quarter. Total net bookings for the fiscal first quarter were $109 million, which compares with $130 million in the prior sequential quarter. Bookings at ASI were $77 million and included $20 million of flat panel display (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. ) manufacturing automation. ASI's semiconductor bookings declined as expected, following an aggregate $197 million of semiconductor AMHS AMHS ATS Message Handling System (air traffic control) AMHS Alaska Marine Highway System AMHS Automated Message Handling System AMHS Aeronautical Message Handling System AMHS Academic Magnet High School bookings over the prior two quarters. ATI bookings in the quarter were $32 million, which compares with $44 million in the fourth quarter of fiscal 2005. However the company views the ATI bookings environment as essentially flat, as customers pulled-in several million of fiscal first quarter bookings to the prior quarter. "We are continuing to achieve margin improvements at both ATI and ASI," said Steve Schwartz Dr. Schwartz founded Unitrends in 1989 in Myrtle Beach, South Carolina. Schwartz is considered the initial developer of a data recovery and restoration technique known as bare-metal restore and is recognized in the software industry as the developer of CTAR (Compressing Tape Archiver) and , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "At ASI, our sales mix improved significantly, as only 8% of sales were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to our large, low-margin flat panel AMHS project, compared with 26% of sales in the prior quarter. At ATI, we managed to hold gross margin flat despite the impact from recognizing revenue on a large number of our Spartan(TM) Sorters from early in the production cycle when product costs were substantially higher than they are today. "Our semiconductor sales have been tracking roughly flat for the past two quarters at ATI and ASI, slightly better than the downward trend in the industry. We expect our semiconductor sales to continue to track essentially flat in the September September: see month. quarter. We believe we have near-term near-term adj. Of, for, or involving a short period of time in the near future. opportunities to gain semiconductor AMHS market share and see potential for current customers to accelerate AMHS expansion activity in 2006. In flat panel display, our fiscal first quarter sales declined significantly from fiscal fourth quarter levels, reflecting the near-completion of our large, low-margin flat panel project in Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan . We booked $20 million of new flat panel projects in the first quarter at good margins, and are focused on winning profitable potential flat panel opportunities in future quarters." Outlook For the fiscal second quarter ending Sept. 30, 2005, the company provided the following guidance. This guidance is 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. , and actual results may differ materially:
-- Consolidated net sales are expected to be in the range of $105
to $115 million.
-- GAAP net loss is expected to be $3 to $5 million, or $(0.06)
to $(0.10) per share.
-- On a non-GAAP basis, the company expects to report a net loss
of $1 million to $3 million, or $(0.02) to $(0.06) per share.
To reconcile net loss under GAAP to non-GAAP net loss, the
company expects to exclude:
-- $2.1 million related to the amortization of intangibles,
net of taxes and minority interest
-- $0.4 million of stock-based compensation expense, as part
of selling, general & administrative expense
About Our Non-GAAP Operating Results and Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"), we use a non-GAAP measure of operating results that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains. Our non-GAAP net income (loss) gives an indication of our baseline The horizontal line to which the bottoms of lowercase characters (without descenders) are aligned. See typeface. baseline - released version performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income (loss) is among the primary indicators management uses as a basis for planning and forecasting future periods. This measure is not in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. non-GAAP net income (loss) by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , 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). and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, costs related to events outside the normal course of business, and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and gains. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP. About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) 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 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 , 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. transport and loading systems, and connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. 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 hands-off adj. Characterized by nonintervention: a hands-off foreign policy. Adj. 1. hands-off - not involving participation or intervention; "a hands-off foreign policy" manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com Conference Call Details A live webcast of the conference call to discuss the quarter's financial results will take place today, Aug. 4, 2005, at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com and accessible by going to the investor relations Investor relations The process by which the corporation communicates with its investors. page and clicking on the "webcast" link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst's website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing 303-590-3000, followed by the passcode 11036356#. The audio instant replay is available from Aug. 4 at 7:00 p.m. Eastern Time through Aug. 18 at 11:59 p.m. Eastern Time. "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. 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: the possibility that previously disclosed matters within ASI comprising a material weakness in the company's internal control over its consolidated financial reporting could prevent the company from timely meeting its future reporting requirements; the possibility that the company's failure timely to meet its future reporting requirements could result in proceedings being initiated against the company, including possible de-listing of the company's common stock from trading on the Nasdaq National Market; the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of semiconductor industry cycles; our ability to achieve forecasted revenues and maintain and improve gross margins through outsourced manufacturing, reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and improved management of cash flows (and the timing and degree of any such improvements in gross margins, reductions in operating expenses and management of cash flows); failure to respond to rapid demand shifts; dependence on a few significant customers; the transition of the industry from 200mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. to 300mm wafers and the timing and scope of decisions by manufacturers to transition and expand fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facilities; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel (character) Cancel - (CAN, Control-X) ASCII character 24. planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to complete planned restructuring and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. programs; failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on 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 year ended March 31, 2005, and other reports we file with the Securities and Exchange Commission. Asyst is a registered trademark and Spartan is a trademark of Asyst Technologies, Inc. Asyst Shinko is a registered trademark of Asyst Shinko, Inc. All Rights Reserved.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, March 31,
2005 2005
------------- -------------
(unaudited) (1)
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investments $ 105,961 $ 101,180
Accounts receivable, net 189,748 189,943
Inventories 36,703 33,515
Prepaid expenses and other 27,355 33,971
------------- -------------
Total current assets 359,767 358,609
------------- -------------
LONG-TERM ASSETS:
Property and equipment, net 14,492 15,458
Goodwill 62,354 64,014
Intangible assets, net 34,611 40,898
Other assets 4,644 4,795
------------- -------------
Total long-term assets 116,101 125,165
------------- -------------
Total assets $ 475,868 $ 483,774
============= =============
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable $ 53,034 $ 20,563
Current portion of long-term debt and
capital leases 2,639 2,757
Accounts payable 102,412 123,155
Accrued liabilities 59,718 70,439
Deferred revenue 5,066 6,013
------------- -------------
Total current liabilities 222,869 222,927
------------- -------------
LONG-TERM LIABILITIES:
Convertible notes 86,250 86,250
Long-term debt and capital leases, net
of current portion 1,800 2,500
Deferred tax and other long-term
liabilities 15,601 18,319
------------- -------------
Total long-term liabilities 103,651 107,069
------------- -------------
MINORITY INTEREST 64,460 63,855
------------- -------------
SHAREHOLDERS' EQUITY: 84,888 89,923
------------- -------------
Total liabilities, minority interest and
shareholders' equity $ 475,868 $ 483,774
============= =============
(1) Derived from March 31, 2005 audited financial statements
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended
-------------------------------
June 30, March 31, June 30,
2005 2005 2004
---------- --------------------
(Restated)
NET SALES $117,451 $143,573 $139,425
COST OF SALES 83,717 106,828 112,330
-------- --------- --------
Gross profit 33,734 36,745 27,095
-------- --------- --------
OPERATING EXPENSES:
Research and development 7,067 7,510 9,679
Selling, general and administrative 19,177 21,427 16,850
Amortization of acquired intangible
assets 4,918 5,258 5,052
Restructuring and other charges 95 107 219
-------- --------- --------
Total operating expenses 31,257 34,302 31,800
-------- --------- --------
Operating income (loss) 2,477 2,443 (4,705)
Other income (expense), net (559) 335 (556)
-------- --------- --------
Income (loss) before provision for
income taxes and minority interest 1,918 2,778 (5,261)
PROVISION FOR BENEFIT FROM INCOME TAXES (3,101) (633) 1,654
MINORITY INTEREST (2,404) (3,926) 1,321
-------- --------- --------
NET (LOSS) $ (3,587) $ (1,781) $ (2,286)
======== ======== ========
BASIC AND DILUTED NET LOSS PER SHARE $ (0.08) $ (0.04) $ (0.05)
======== ========= ========
SHARES USED IN THE PER SHARE
CALCULATION 47,812 47,678 47,179
======== ========= ========
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
(Unaudited; in thousands, except per share data)
Three Months Ended
Jun 30, Mar 31, Jun 30,
2005 2005 2004
----------------------------------
(Restated)
GAAP net loss $ (3,587) $ (1,781) (2,286)
Adjustments:
Stock based compensation expense 534 566 418
Amortization of intangible assets 4,918 5,258 5,052
Restructuring and other charges 95 107 219
Release of deferred tax valuation
allowance - (2,161)
Income tax benefit relating to
amortization of intangible assets (1,630) (2,508) (1,641)
Minority interest relating to the
ASI adjustments above (1,209) (839) (1,163)
--------- --------- ---------
Non-GAAP net income (loss) $ (879) $ (1,358) $ 599
========= ========= =========
Basic and diluted non-GAAP net
income (loss) per share $ (0.02) $ (0.03) $ 0.01
Basic and diluted non-GAAP net
income (loss) per share $ (0.02) $ (0.03) $ 0.01
Shares used in the per share
calculation - basic 47,812 47,678 47,179
Shares used in the per share
calculation - diluted 47,812 47,678 54,381
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended
June 30, 2005
----------------------------------
Consolidated
ATI ASI Under GAAP
---------- ---------- ------------
SUPPLEMENTAL STATEMENT OF OPERATIONS
NET SALES $ 40,074 $ 77,377 $ 117,451
COST OF SALES 26,620 57,097 83,717
--------- --------- ---------
Gross profit 13,454 20,280 33,734
--------- --------- ---------
OPERATING EXPENSES:
Research and development 5,123 1,944 7,067
Selling, general and administrative 12,767 6,410 19,177
Amortization of acquired intangible
assets 820 4,098 4,918
Restructuring and other charges 95 - 95
--------- --------- ---------
Total operating expenses 18,805 12,452 31,257
--------- --------- ---------
Operating income (loss) (5,351) 7,828 2,477
Other (expense), net (352) (207) (559)
--------- --------- ---------
Income (loss) before (provision for)
income taxes and minority interest (5,703) 7,621 1,918
PROVISION FOR FROM INCOME TAXES (408) (2,693) (3,101)
MINORITY INTEREST (3) (2,401) (2,404)
--------- --------- ---------
NET INCOME (LOSS) $ (6,114) $ 2,527 $ (3,587)
========= ========= =========
Basic net income (loss) per share $ (0.13) $ 0.05 $ (0.08)
Diluted net income (loss) per share $ (0.13) $ 0.05 $ (0.08)
Shares used in the per share
calculation - basic 47,812 47,812 47,812
Shares used in the per share
calculation - diluted 47,812 47,953 47,812
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