Asyst Updates Fiscal Year 2002 First Quarter Outlook; Cancels New Headquarters Construction.Business Editors and High Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--June 19, 2001 Asyst Technologies, Inc. (Nasdaq NM: ASYT), the leading provider 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 )-based manufacturing automation systems, today reduced its revenue outlook for the fiscal first quarter ending June 30, 2001 from approximately $75 million to an estimated $65 to $70 million. The company believes the expected revenue levels are directly attributed to the continuing slowdown in demand across the semiconductor industry. "The current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. is a challenge for Asyst as well as for the semiconductor industry as a whole," noted Mihir Parikh, chairman and chief executive officer. "For Asyst, this has resulted in ongoing pressure on bookings and backlog, and our visibility continues to be limited." In addition to its updated revenue guidance, the company believes gross margins for the first quarter will be in the range of 25 to 28 percent of revenues and that it will incur an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter. Parikh noted, "While the severity of the downturn is of concern to us, we nonetheless remain confident that our continuing cost cutting measures and our commitment to the strategic programs and organizational initiatives in place will enhance Asyst's position in the market and prepare us for the next upturn." The company also announced today 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. filed with the SEC that it had decided not to proceed with the construction of a new corporate headquarters in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: . The company has amended its contractual arrangements with the bank syndicate financing the new project and has committed to purchase the approximately 36-acre parcel from the syndicate on or before December 31, 2001, for the original purchase price of approximately $38.3 million plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. . The company has not yet determined whether to sell the property or hold it for future development or sale. The company believes that the current fair market value of the land is substantially less than the original purchase price due to a decline in the real estate market in the Fremont area. If sold in today's market, the company estimates that proceeds from the sale would be in the range of $10 to $20 million less than the amount due to the bank syndicate. The company also believes that it will be required to record an 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. charge or other reserve with respect to the land during the quarter ending June 30, 2001, the exact size of which has not yet been determined. 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 volatility of semiconductor industry cycles, failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers, risks associated with the acceptance of new products and product capabilities, including our Plus Portal systems portal system: see circulatory system. , competition in the semiconductor equipment industry, failure to efficiently integrate acquired companies, failure to retain employees, and other factors more fully detailed in the Company's annual report on Form 10-K for the year ended March 31, 2001 filed with the Securities and Exchange Commission on June 19, 2001. About Asyst: Asyst Technologies, Inc. is a leading provider of integrated automation systems for the semiconductor manufacturing industry, which enable semiconductor manufacturers to increase their manufacturing productivity and protect their investment in silicon wafers during the manufacture of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. , or ICs. Through its "Value-Assured Fab" strategy, Asyst offers a broad range of 200mm and 300mm solutions that enable the safe transfer of wafers and information between the process equipment and the fab line throughout the IC fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. process, while reducing IC damage caused by human, environmental, mechanical and chemical factors. 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 chipmakers and original equipment manufacturers, or OEMs, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com |
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