Brooks Automation Announces Fiscal 2000 Second Quarter; Record Revenue, Orders, Net and Operating Income.Business/Technology Editors CHELMSFORD, Mass.--(BUSINESS WIRE)--April 26, 2000 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 the second fiscal quarter ended March 31, 2000. The results include a full quarter of operations of AutoSimulations, Inc. (ASI ASI, n See Anxiety Sensitivity Index. ) and Auto-Soft Corporation (ASC ASC Ambulatory surgery center, see there ) that were acquired on January 6, 2000. All FY99 results have been restated to reflect the acquisition of Smart Machines, Inc. 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. Sales for the quarter were $73,010,000, more than triple the Q2 FY99 sales of $23,506,000. 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. was $5,960,000 or $0.39 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 to a net loss one year ago of $770,000 or $0.07 per share diluted on the same basis. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before amortization of acquired intangible assets was $9,044,000 up from $4,811,000 in Q1 FY00 and up from 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. of $1,365,000 one year ago on the same basis. New orders totaled $80,514,000, up 37% sequentially and up 250% from the $23,005,000 booked in the same quarter one year ago. "The trends we cited last quarter remain the primary influence on our business", said Robert J. Therrien, President and Chief Executive Officer of Brooks Automation, Inc. "Strong sales of robotic automation modules and integrated systems, growth and continued profitability at Infab, as well as sales of more complete software solutions, continue to drive revenue growth and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . We are also pleased with the addition of ASI and ASC as the newest Brooks business unit, which was a positive contributor during this quarter." "We are delighted by the successful secondary offering that was completed in March. With the $220 million of new capital net of expenses, and continued acceptance of the Company's approach to automation solutions, Brooks is well positioned for continued growth in this semiconductor cycle. Our business grew 45% sequentially; excluding the added revenue from ASC/ASI, Brooks grew 25%. With the integration of our acquisitions on or ahead of plan and our differentiation as a major fab software company recognized in the market place, I have never felt better about our prospects in all my years at Brooks Automation." Q2 FY00 Major Accomplishments --Revenues up 45% sequentially; 211% year over year --EPS before amortization of acquired intangible assets of $0.39 compared to a loss one year earlier of $0.07 --$220M (net) of new capital from sale of common stock --SMIF shipments begin to major Japanese customer --First delivery of 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. Bali 400 factory interface loader/unloader from Samsung joint venture --Seagate Technology, Inc. makes a major purchase of Brooks' factory software solutions --Six new customers for 300mm Gemini-Express Bridge Tool --51st 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 selects Brooks 300mm Foup Load Port Module for 86th cumulative design-in win. Brooks Automation, Inc. Brooks Automation, Inc. is a leading supplier of integrated automation solutions for the global 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 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, Taiwan and Singapore. 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 growth and prospects. These statements involve known and unknown risks and uncertainties including, without limitation, 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 Company's dependence on key suppliers, 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 on which any such statement is based.
Brooks Automation, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 (1) 2000 1999 (1)
Revenues $ 73,010 $ 23,506 $ 123,290 $ 43,558
Cost of revenues 38,988 13,306 64,816 24,793
Gross profit 34,022 10,200 58,474 18,765
Operating expenses:
Research and development 9,770 5,179 16,910 10,109
Selling, general and
administrative 15,208 6,386 27,709 12,427
24,978 11,565 44,619 22,536
Income (loss) from operations
before amortization of
acquired intangible assets 9,044 (1,365) 13,855 (3,771)
Amortization of acquired
intangible assets 4,804 -- 5,599 --
Income (loss) from operations 4,240 (1,365) 8,256 (3,771)
Interest (income) expense, net (843) (675) (1,448) (1,371)
Other (income) expense, net (31) (4) 10 14
Income (loss) before income
taxes and minority interests 5,114 (686) 9,694 (2,414)
Income tax provision (benefit) 3,677 (78) 5,485 (275)
Income (loss) before minority
interests 1,437 (608) 4,209 (2,139)
Minority interests in earnings
(loss) of consolidated
subsidiaries (15) -- (108) --
Net income (loss) 1,452 (608) 4,317 (2,139)
Accretion and dividends on
preferred stock -- (162) -- (387)
Net income (loss)
attributable to
common stockholders $ 1,452 $ (770) $ 4,317 $ (2,526)
Earnings (loss) per
share attributable
to common stockholders:
Basic $ 0.10 $ (0.07) $ 0.32 $ (0.23)
Diluted $ 0.09 $ (0.07) $ 0.30 $ (0.23)
Net income (loss)
attributable to common
stockholders before
amortization of acquired
intangible assets,
net of taxes $ 5,960 $ (770) $ 9,302 $ (2,526)
Earnings (loss) per share
attributable to common
stockholders before
amortization of acquired
intangible assets:
Basic $ 0.43 $ (0.07) $ 0.69 $ (0.23)
Diluted $ 0.39 $ (0.07) $ 0.65 $ (0.23)
Basic weighted average
common shares outstanding 14,002 11,113 13,386 11,096
Diluted weighted average
common and common equivalent
shares outstanding 15,362 11,113 14,387 11,096
(1) Amounts have been restated to reflect the acquisition of Smart
Machines Inc. in a pooling of interests transaction effective August
31, 1999.
Brooks Automation, Inc.
Condensed Consolidated Balance Sheet
(in thousands)
(unaudited)
March 31, September 30,
2000 1999
Cash and cash equivalents $256,790 $ 66,366
Accounts receivable, net 67,287 32,904
Inventories 36,456 28,917
Other current assets 13,986 9,541
Total current assets 374,519 137,728
Fixed assets, net 22,786 17,434
Intangible assets, net 56,881 13,719
Other assets 10,781 8,264
Total assets $464,967 $177,145
Current liabilities $ 76,815 $ 31,932
Long-term liabilities 1,696 1,607
Total liabilities 78,511 33,539
Minority interests 1,352 1,460
Stockholders' equity 385,104 142,146
Total liabilities and
stockholders' equity $464,967 $177,145
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