Brooks Automation, Inc. Announces Fiscal 2001 First Quarter; Momentum Continues Amid Cautious Outlook.Business/Technology Editors CHELMSFORD, Mass.--(BUSINESS WIRE)--Jan. 24, 2001 Brooks Automation, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BRKS BRKS Brooks (street suffix) ) today reported results for its first fiscal quarter, which ended December 31, 2000. All FY2000 results have been restated to reflect the acquisition of Irvine Optical Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , in a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free transaction. Sales for the quarter were $107,578,000 up 98% from Q1 FY2000 sales of $54,396,000 and up sequentially 8% from Q4 FY2000. Net income before amortization of acquired intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. and acquisition related charges (BAAI) was $9,818,000 or $0.56 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared with BAAI of $3,535,000 or $0.26 per share diluted one year ago. New orders were $118,900,000 up 91% from $62,200,000 year over year and up 4% sequentially from $114,400,000 booked in the September quarter. Commenting on the quarter, Robert J. Therrien, President 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. of Brooks Automation, said, "We are pleased with the continued progress Brooks is making in delivering 300mm solutions from all parts of our diverse product portfolio. We believe that the transition to 300mm 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. processing will accelerate as an underlying trend, even as evidence grows of slowing demand for 200mm products in the near term. We believe the Company is well positioned to deliver automation solutions driven by technology upgrades (larger wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , smaller feature sizes and new material). We expect, however, that demand driven by capacity additions will soften. In the current market environment, there are many conflicting signals making forecasting performance more difficult. We are confident, however, that our broad and improved product positioning and geographic diversity, which we achieved last fiscal year, will give us a competitive advantage as future quarters unfold unfold - inline . In the second quarter, we expect revenues and new orders to be slightly up, and earnings in the range of $0.50 - $0.53 per share. As I have said many times before, our guiding principles in uncertain times, are to remain focused on satisfying our customers, continue our product development to secure as much of the market as we can, and to keep the Street fully informed on our performance." Q1 FY2001 Major Accomplishments: --First quarter that revenues exceeded $100 million. --Revenue, net income, BAAI, new orders continue to set new quarterly records. --Eight consecutive quarters of revenue growth with a CQGR CQGR Compounded Quarterly Growth Rate of 22.3%, measured from the quarter ending Dec'98. --Eight consecutive quarters of bookings growth with a CQGR of 22.7%, measured from the quarter ending Dec'98. --Multimillion dollar order for Fault Detection/Process Control Software from a repeat customer. --Multimillion dollar order for 200mm sorters. --Added additional manufacturing capacity for 300mm load port in Jena, Germany. --One of largest orders ever for 300mm sorters received from a major semiconductor customer. --New orders for 300mm applications increased 41% sequentially. Brooks Automation, Inc. Brooks Automation, Inc. is the leading global supplier of OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and tool automation and factory management software for the semiconductor, data storage 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 industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . As an established market leader in hardware and software automation, Brooks continues to pioneer "Best-in-Class" technologies that outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. their competitors - from vacuum and atmospheric robots, cluster tool platforms and modules, ultra-clean mini-environments for isolating processing equipment and wafers - to factory and tool automation software and integration services. Both OEM and fab customers leverage Brooks Automation's products and services to optimize optimize - optimisation total fab performance in dynamic manufacturing environments. The Company has ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certification, is headquartered in Chelmsford, MA and has direct operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Europe, Japan, Korea, Malaysia, Singapore, and Taiwan. Brooks' web-site is www.brooks.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: The foregoing discussion contains 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. related to future financial results, future performance and market trends. These statements involve known and unknown risks and uncertainties including, without limitation, rapid changes in market demand and the Company's ability to react accordingly, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's dependence on the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. semiconductor industry, the Company's dependence on relatively few customers for a significant portion of its revenues, the Company's reliance on sales to OEM customers and the lengthy sales cycles of those customers, the ability of the Company to continue to successfully develop and market new products and product enhancements on a timely basis, the ability to integrate recent acquisitions into the Company, the highly competitive nature and rapid technological change that characterize the industries in which the Company competes, and other risks and uncertainties described in the Company's reports and registration statements filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different than those projected. The Company also operates in an industry sector where securities' values are highly volatile and may be influenced by economic and other factors beyond the Company's control. The forward-looking statements contained herein speak only of the Company's expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based. NOTICE OF CONFERENCE CALL BROOKS AUTOMATION ANNOUNCES FIRST QUARTER FISCAL 2001 RESULTS Date: Thursday, January 25, 2001 Time: 9:00 a.m. Eastern Standard Time Live Webcast: http://investor.brooks.com Dial in: (719) 457-2626 Passcode: 559743 Replay: (719) 457-0820 (available until Thursday, February 1, 2001 - 12:00 noon) Passcode: 559743
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
Dec. 31, Sept. 30,
2000 2000
ASSETS
Cash, cash equivalents and marketable securities $223,301 $219,237
Accounts receivable, net 106,303 92,779
Inventories 64,772 56,975
Other current assets 27,133 26,393
Total current assets 421,509 395,384
Fixed assets, net 26,849 24,899
Intangible assets, net 54,208 60,263
Long-term marketable securities -- 15,000
Other assets 22,638 17,582
Total assets $525,204 $513,128
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities $100,213 $ 92,304
Long-term liabilities 5,202 5,784
Total liabilities 105,415 98,088
Minority interests 1,129 1,186
Stockholders' equity 418,660 413,854
Total liabilities, minority
interests and stockholders' equity $525,204 $513,128
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
2000 1999(1)
Revenues $ 107,578 $ 54,396
Cost of revenues 59,559 28,049
Gross profit 48,019 26,347
Operating expenses:
Research and development 13,273 7,738
Selling, general and administrative 21,878 13,330
35,151 21,068
Income from operations before amortization of
acquired intangible assets 12,868 5,279
Amortization of acquired intangible assets 5,693 849
Income from operations 7,175 4,430
Interest (income) expense, net (3,752) (330)
Other (income) expense, net 841 41
Income before income taxes
and minority interests 10,086 4,719
Income tax provision 5,164 1,808
Income before minority interests 4,922 2,911
Minority interests in earnings (loss)
of consolidated subsidiary (57) (93)
Net income $ 4,979 $ 3,004
Earnings per share:
Basic $ 0.29 $ 0.24
Diluted $ 0.28 $ 0.22
Net income before acquisition-related
charges and amortization of acquired
intangible assets, net of taxes $ 9,818 $ 3,535
Earnings per share before acquisition-related
charges and amortization of acquired
intangible assets, net of taxes:
Basic $ 0.57 $ 0.28
Diluted $ 0.56 $ 0.26
Basic weighted average common
shares outstanding 17,222 12,769
Diluted weighted average common and common
equivalent shares outstanding 17,598 13,411
(1) Amounts have been restated to reflect the acquisition of Irvine
Optical Company LLC in a pooling of interests transaction
effective May 5, 2000.
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