Brooks Automation, Inc. Announces Fiscal 2001 Second Quarter; New Records Set as Outlook Turns Cautious.Business/Technology Editors CHELMSFORD, Mass.--(BUSINESS WIRE)--April 25, 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 second fiscal quarter of FY2001, ended March 31, 2001. The results include a partial quarter of operations of Semy Engineering, Inc., which was acquired in a purchase transaction on February 16, 2001. Results for the three and six months ended March 31, 2000 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 interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. transaction effective May 5, 2000. Sales for the quarter were $108,740,000, up 37% from sales of $79,557,000 in Q2 FY2000, and up 1% from sales of $107,578,000 in Q1 FY2001. For the quarter net income before acquisition-related charges and 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. ("BAAI") was $7,237,000, or $0.40 per 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. share, compared with $6,435,000, or $0.42 per diluted share, one year ago. Net orders for the quarter were $120,500,000, up 40% from $86,100,000 booked in Q2 FY2000 and up 1% from $118,900,000 booked in Q1 FY2001. 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, "In view of the current semiconductor industry market conditions, Brooks is forecasting declining revenues and profits for the second half of FY2001 relative to the first half of the fiscal year, but a lesser drop than industry analysts forecast for the equipment market as a whole. Our outlook is moderated by the Company benefiting from the focused diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. strategy embarked on in FY1998, the ramp in 300mm capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , market share gains against the competition and continued 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. of automation needs by both 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 and end users. Brooks is a very different company from just three years ago when it was the largest merchant tool automation supplier to OEMs. Today Brooks not only retains its leadership position in tool automation, but has become the largest software automation supplier to fabs, in addition to aggressively expanding its position in the 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. sorter and fab-tool interface market. We believe our integrated hardware and software solutions, both on the tool and in the fab, position Brooks to better endure the current industry downturn and emerge in the inevitable upturn as a much stronger company". "The current market environment continues to make forecasting how business will fare in the immediate future very difficult. We believe that all three major automation market sectors--OEM Tool Automation, Factory Automation and Factory Software--will grow year over year in FY2001, with Factory Software showing the highest growth rate. We believe that revenues in the June quarter will be down about 15% from this quarter and that the September quarter will be about even with the June quarter. We believe BAAI EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. will reflect the revenue and gross margin drop and be in the low $0.20 per share range in both the June and September quarters, about where current First Call estimates are now for the second half of Fiscal 2001". "We at Brooks remain focused on satisfying our customers, making the necessary investment in R&D to gain share and investing in infrastructure and processes to support a much larger company, while at the same time reviewing all necessary actions to manage cost reductions. Our team is experienced and I believe up to the challenge ahead." Q2 FY2001 Accomplishments: --Completed purchase of Semy Engineering, Inc.; --Revenues and bookings set another quarterly record; --Received largest order in company history for software to run in a US 300mm fab; --Nine consecutive quarters of revenue and order growth: CQGR CQGR Compounded Quarterly Growth Rate of 19.7% for revenue and 20.1% for orders; --Awarded a software and hardware order for first of China's 200mm fabs; --300mm products total 29% of Q2 revenue; FY2001 YTD See Year-to-date. YTD See year to date (YTD). sales exceed FY2000 total 300mm sales of $44M; --Shipped 2000th 300mm Load Port module; --Signed licensing agreement with Tokyo Electron, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability for Brooks' 300mm FOUP FOUP Front Opening Unified Pod technology; --Added 3 new 300mm design wins. Brooks Automation, Inc. Brooks Automation, Inc. is the leading independent global supplier of OEM 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 wafers compressed roughage in flat plates useful for feeding to animals in transit. - 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, including for the 300mm market, 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 on which any such statement is based. NOTICE OF CONFERENCE CALL BROOKS AUTOMATION ANNOUNCES SECOND QUARTER FISCAL 2001 RESULTS Date: Thursday, April 26, 2001 Time: 9:00 a.m. Eastern Standard Time Live Webcast: http://investor.brooks.com Dial in: (719) 457-2646 Passcode: 64322 Replay: (719) 457-0820 (available until Thursday, May 3, 2001 - 12:00 noon) Passcode: 64322
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, September 30,
2001 2000
ASSETS
Cash, cash equivalents and marketable
securities $ 146,637 $ 219,237
Accounts receivable, net 119,957 92,779
Inventories 70,596 56,975
Other current assets 30,372 26,393
Total current assets 367,562 395,384
Property, plant and equipment
Buildings and land 31,500 1,573
Computer equipment and software 33,255 23,525
Machinery and equipment 17,530 19,958
Furniture and fixtures 7,432 6,665
Leasehold improvements 9,089 9,169
Construction in progress 1,698 491
100,504 61,381
Less: Accumulated depreciation (43,092) (36,482)
Net property, plant and equipment 57,412 24,899
Intangible assets, net 76,677 60,263
Long-term marketable securities - 15,000
Other assets 22,455 17,582
Total assets $ 524,106 $ 513,128
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities $ 99,278 $ 92,304
Long-term liabilities 5,101 5,784
Total liabilities 104,379 98,088
Minority interests 1,034 1,186
Stockholders' equity 418,693 413,854
Total liabilities, minority
interests and stockholders'
equity $ 524,106 $ 513,128
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
2001 2000(1) 2001 2000(1)
Revenues $ 108,740 $ 79,557 $ 216,318 $ 133,953
Cost of revenues 61,968 43,426 121,527 71,475
Gross profit 46,772 36,131 94,791 62,478
Operating expenses:
Research and
development 15,079 10,362 28,352 18,100
Selling, general
and administrative 22,447 15,966 44,325 29,296
Acquisition-related
charges 1,018 - 1,018 -
38,544 26,328 73,695 47,396
Income (loss) from
operations before
amortization of
acquired intangible
assets 8,228 9,803 21,096 15,082
Amortization of
acquired intangible
assets 6,942 4,858 12,635 5,707
Income (loss) from
operations 1,286 4,945 8,461 9,375
Interest (income)
expense, net (2,104) (559) (5,856) (889)
Other (income)
expense, net (227) (31) 614 10
Income (loss) before
income taxes and
minority interests 3,617 5,535 13,703 10,254
Income tax provision 6,415 3,677 11,579 5,485
Income (loss) before
minority interests (2,798) 1,858 2,124 4,769
Minority interests in
loss of consolidated
subsidiary (95) (15) (152) (108)
Net income (loss) $ (2,703) $ 1,873 $ 2,276 $ 4,877
Earnings (loss) per share:
Basic $ (0.16) $ 0.13 $ 0.13 $ 0.36
Diluted $ (0.16)(2) $ 0.12 $ 0.13 $ 0.34
Net income before
acquisition-related
charges and amortization
of acquired intangible
assets, net of taxes $ 7,237 $ 6,435 $ 17,055 $ 9,970
Earnings per share
before acquisition-related
charges and amortization
of acquired intangible
assets, net of taxes:
Basic $ 0.42 $ 0.46 $ 0.99 $ 0.74
Diluted $ 0.40 $ 0.42 $ 0.96 $ 0.69
Basic weighted average
common shares
outstanding 17,335 14,002 17,279 13,386
Diluted weighted average
common and common
equivalent shares
outstanding 18,084 15,362 17,841 14,387
(1) Amounts have been restated to reflect the acquisition of Irvine
Optical Company LLC in a pooling of interests transaction
effective May 5, 2000.
(2) Options and warrants to purchase approximately 749,000 shares of
common stock were excluded from the computation of diluted loss
per share for the three months ended March 31, 2001, as their
effect would be antidilutive.
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