Asyst Technologies Reports Results for Fiscal Third Quarter; Strong Semiconductor AMHS Bookings.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 third quarter ended Dec. 25, 2004. Net loss for the fiscal third quarter on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis was $(11.6 million), or $(0.24) per share, which includes restructuring charges 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. of $1.1 million, 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 of $4.6 million related to impairment of a facility in Japan, and $1.7 million of accounting, legal and other costs related to the delayed fiscal second quarter filing and audit committee investigation at Asyst Shinko, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), the company's 51%-owned joint venture company. This compares with a net loss on the same basis of $(1.8 million), or $(0.04) per share, in the fiscal second quarter, and $(22.1 million) or $(0.52) per share, in the fiscal third quarter a year ago. The non-GAAP net loss for the fiscal third quarter was $(1.7 million), or $(0.04) per share, compared with non-GAAP net income of $1.1 million, or $0.02 per share, in the fiscal second quarter. A table reconciling GAAP operating results to non-GAAP operating results 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 third quarter were $161.4 million, down 4% from $168.6 million in the prior sequential One after the other in some consecutive order such as by name or number. quarter and up 115% from $74.9 million in the fiscal third quarter a year ago. Net sales at ASI were $109.3 million, compared with $99.8 million in the prior sequential quarter and $42.4 million in the fiscal third quarter a year ago. Net sales 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. , the company's base business, were $52.1 million, compared with $68.8 million in the prior sequential quarter and $32.5 million in the fiscal third quarter a year ago. At ASI, the company achieved record 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 of $111.1 million, as well as bookings of $5.4 million for flat panel display AMHS. This compares with $34.3 million of semiconductor AMHS and $139.7 million of flat panel display AMHS in the prior sequential quarter. Because of the large size of AMHS projects and the unpredictable timing of customer decisions on these projects, AMHS bookings (and the mix of bookings) can vary widely from quarter to quarter. ATI bookings in the fiscal third quarter of $37.3 million compare with $59.0 million in the prior sequential quarter. As a result, total net bookings for the fiscal third quarter were $153.8 million, compared with $233.0 million in the prior sequential quarter. "We had a solid quarter at ATI, as we drove improved gross margins despite declining sales and further reduced ongoing 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. ," 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 ATI, the continued progress of our outsourced manufacturing model, combined with the recently announced 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). activity, has positioned us to weather the current industry slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. while maintaining investments in critical products and programs that we believe will shape the future of fab automation. At ASI, we achieved very strong semiconductor AMHS bookings, driven almost exclusively by 300mm. We also improved gross margin at ASI as better pricing on recent semiconductor AMHS contracts began to flow out of backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. . This was partially offset by costs related to our large flat panel display project, where we have not efficiently managed the increased project volume." Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
Outlook
For the fiscal fourth quarter ending March 2005, the company
provided the following guidance. This guidance is forward-looking, and
actual results may differ materially:
-- Consolidated net sales are expected to be in the range of $120
to $130 million.
-- Including all costs and charges, GAAP net loss is expected to
be $(9 million) to $(11 million), or $(0.19) to $(0.23) per
share.
-- On a non-GAAP basis, the company expects to report a net loss
of $(5 million) to $(7 million), or $(0.10) to $(0.14) per
share. To reconcile net loss under GAAP to the non-GAAP net
loss, the company expects to exclude:
-- $2.5 million related to the amortization of intangibles,
net of taxes and minority interest.
-- $0.5 million of restructuring costs.
-- $0.2 million of stock-based compensation expense as part
of selling, general & administrative expense.
As announced in the company's press release of Dec. 20, 2004, management has concluded that the issues and events detailed in that press release constitute material weaknesses in the company's internal control over financial reporting. An assessment of the company's internal control over its financial reporting will be included in its 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. , which will be filed in June June: see month. 2005. Although the company is continuing to devote substantial resources to timely improving its internal controls, at this time management believes it is unlikely that it will report effective internal control over financial reporting in the company's Form 10-K filing. "Asyst" is a registered trademark of Asyst Technologies, Inc. All Rights Reserved. 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 and impairment 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 (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 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, Feb. 2, 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 11022570#. The audio instant replay is available from Feb. 2 at 7:00 p.m. Eastern Time through Feb. 16 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 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: uncertainties related to the timing and magnitude of charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc restructuring activities; the failure to complete, at all or in a timely, efficient or cost-savings manner, planned restructuring activities 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; uncertainties in operations and the possibility of management and employee changes at ASI that may adversely impact ASI operations, customer relations and completion of customer projects; the possibility that previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). matters within ASI comprising a material weakness in the company's internal control over its consolidated financial reporting could prevent the company timely meeting its future reporting requirements, including timely certification under Section 404 of the Sarbanes-Oxley Act See SOX. of 2002; 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, to reduce operating expenses, and to manage 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 integrate in an efficient and timely manner acquired companies and to complete planned restructuring and outsourcing programs; failure to retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended March 31, 2004, and quarterly reports on Form 10-Q Form 10-Q See 10-Q. and 10-Q/A filed with the Securities and Exchange Commission.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
December 31, March 31,
2004 2004
------------- ------------
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investments $ 131,095 $117,860
Restricted cash and cash equivalents -- 1,904
Accounts receivable, net 209,820 147,939
Inventories 42,423 27,694
Prepaid expenses and other 20,056 14,276
------------- ------------
Total current assets 403,394 309,673
------------- ------------
LONG-TERM ASSETS:
Property and equipment, net 17,379 22,868
Goodwill 72,991 71,973
Intangible assets, net 50,426 65,778
Other assets 2,820 3,317
------------- ------------
Total long-term assets 143,616 163,936
------------- ------------
Total assets $ 547,010 $473,609
============= ============
LIABILITIES, MINORITY INTEREST AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable $ 36,232 $ 18,161
Current portion of long-term debt
and capital leases 2,858 2,775
Accounts payable 145,988 109,910
Accrued liabilities 80,738 48,571
Deferred revenue 10,366 2,683
------------- ------------
Total current liabilities 276,182 182,100
------------- ------------
LONG-TERM LIABILITIES:
Convertible notes 86,250 86,250
Long-term debt and capital leases,
net of current portion 3,425 4,824
Deferred tax and other long-term
liabilities 26,472 33,530
------------- ------------
Total long-term liabilities 116,147 124,604
------------- ------------
MINORITY INTEREST 62,043 63,796
------------- ------------
SHAREHOLDERS' EQUITY: 92,638 103,109
------------- ------------
Total liabilities, minority interest and
shareholders' equity $ 547,010 $473,609
============= ============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Nine Months Ended
--------------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
---------- ---------- --------- ---------
NET SALES $161,383 $ 74,888 $469,414 $171,505
COST OF SALES 132,299 64,301 378,737 144,475
---------- ---------- --------- ---------
Gross profit 29,084 10,587 90,677 27,030
---------- ---------- --------- ---------
OPERATING EXPENSES:
Research and development 8,485 9,204 27,237 27,219
Selling, general and
administrative 24,066 18,755 61,985 51,274
Amortization of acquired
intangible assets 5,086 5,271 15,178 14,834
Restructuring and other
charges 1,116 1,743 1,703 6,593
Asset impairment charges 4,645 -- 4,645 6,853
---------- ---------- --------- ---------
Total operating expenses 43,398 34,973 110,748 106,773
---------- ---------- --------- ---------
Operating loss (14,314) (24,386) (20,071) (79,743)
Other income (expense), net 297 (2,205) (1,064) (4,593)
---------- ---------- --------- ---------
Loss before benefit
from income taxes and
minority interest (14,017) (26,591) (21,135) (84,336)
BENEFIT FROM INCOME TAXES 962 2,117 2,549 4,502
MINORITY INTEREST 1,411 2,417 2,825 4,086
---------- ---------- --------- ---------
NET LOSS $(11,644) $(22,057) $(15,761) $(75,748)
========== ========== ========= =========
---------- ---------- --------- ---------
BASIC AND DILUTED NET
LOSS PER SHARE $ (0.24) $ (0.52) $ (0.33) $ (1.89)
========== ========== ========= =========
SHARES USED IN THE PER
SHARE CALCULATION 47,553 42,206 47,387 40,066
========== ========== ========= =========
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(Unaudited; in thousands, except per share data)
Three Months Ended
-----------------------
Dec. 31, Sept. 30,
2004 2004
GAAP net loss $(11,644) $(1,831)
Adjustments:
Stock based compensation
expense 205 328
Professional fees related to
ASI 1,720 --
Amortization of intangible
assets 5,086 5,040
Restructuring charges 1,116 368
Asset impairment charges 4,645 --
Income tax benefit relating to
amortization of intangible
assets (1,699) (1,688)
Minority interest relating to
the ASI adjustments above (1,151) (1,134)
----------- -----------
Non GAAP net income (loss) $ (1,722) $ 1,084
=========== ===========
Basic non-GAAP net income (loss)
per share $ (0.04) $ 0.02
Diluted non-GAAP net income
(loss) per share $ (0.04) $ 0.02
Shares used in the per share
calculation - basic 47,553 47,428
Shares used in the per share
calculation - diluted 47,553 53,818
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended December 31, 2004
-------------------------------------
Consolidated
ATI ASI Under GAAP
----------- ----------- ------------
SUPPLEMENTAL STATEMENT OF
OPERATIONS
NET SALES $52,128 $109,255 $161,383
COST OF SALES 34,237 98,062 132,299
----------- ----------- ------------
Gross profit 17,891 11,193 29,084
----------- ----------- ------------
OPERATING EXPENSES:
Research and development 6,769 1,716 8,485
Selling, general and
administrative 15,880 8,186 24,066
Amortization of acquired
intangible assets 1,038 4,048 5,086
Restructuring charges 1,116 -- 1,116
Asset impairment charges 4,645 -- 4,645
----------- ----------- ------------
Total operating expenses 29,448 13,950 43,398
----------- ----------- ------------
Operating loss (11,557) (2,757) (14,314)
Other income (expense), net 1,290 (993) 297
----------- ----------- ------------
Loss before (provision for)
benefit from income taxes and
minority interest (10,267) (3,750) (14,017)
(PROVISION FOR) BENEFIT FROM
INCOME TAXES (274) 1,236 962
MINORITY INTEREST 1,411 -- 1,411
----------- ----------- ------------
NET LOSS $(9,130) $ (2,514) $(11,644)
=========== =========== ============
Basic net loss per share
Diluted net loss per share $ (0.19) $ (0.05) $ (0.24)
Shares used in the per share
calculation - basic $ (0.19) $ (0.05) $ (0.24)
Shares used in the per share
calculation - diluted 47,553 47,553 47,553
47,553 47,553 47,553
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