Brooks Automation Announces Fourth Quarter And Fiscal 1997 Results.CHELMSFORD Chelmsford, city, England Chelmsford, city (1991 pop. 91,109), county seat of Essex, SE England. It is a market center (especially for cattle) for the surrounding agricultural district. , Mass.--(BUSINESS WIRE)--Nov. 12, 1997-- Record Quarterly Revenues, New Orders And 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. 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) ) ("Brooks" or the "Company"), a leading supplier of automation systems and equipment control solutions for semiconductor, 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 and data storage manufacturers, today reported its fourth quarter results for the period ended September September: see month. 30, 1997 with record level revenues of $30.8 million, an increase of 28% as compared with fourth quarter fiscal 1996 revenues of $24.0 million. Net income of $2.0 million ($.23 per share) for the period decreased 6% from $2.2 million ($.27 per share) in the fourth quarter of fiscal 1996. Revenues increased 34% sequentially while 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. improved nearly three times from third quarter fiscal 1997 levels. New orders also reached record levels in the quarter and increased 38% sequentially to $32.3 million exceeding a 1 to 1 book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can . The Company also reported results for fiscal 1997 with revenues of $86.4 million, a decrease of 4% as compared with fiscal 1996 revenues of $90.4 million. Net income of $0.8 million ($.10 per share) for fiscal 1997 decreased 91% from $8.5 million ($1.04 per share) in fiscal 1996. Foreign revenues increased 78% to $32.5 million or 38% of total revenues during the current fiscal year as compared with $18.3 million or 20% of total revenues during fiscal 1996. Backlog at the end of fiscal 1997 was $43.8 million, up from $35.8 million at the end of fiscal 1996. The Company attributes lower fiscal 1997 revenues as compared with fiscal 1996 to a broad decline in the semiconductor manufacturing industry which adversely affected revenues in the first half of the fiscal year. Reduced fiscal 1997 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. and earnings are primarily attributed to underutilization of manufacturing capacity stemming from lower first half revenue levels and increased infrastructure investments throughout the year primarily in support of the growth of the Company's customer base internationally. Commenting on the fourth quarter, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Therrien, President and Chief Executive Officer of Brooks Automation, Inc. said: "We're encouraged by this quarter's excellent order and revenue increases as the leading chipmakers increase their commitments to technology investments to move to smaller feature sizes, and to improve the productivity of 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. production equipment. "As Brooks enters fiscal 1998, we are well positioned to support our customers by further extending our worldwide focus, particularly given our fiscal 1997 global infrastructure investments. We've emerged stronger from a down year in the semiconductor equipment industry, while increasing our commitment to the strategic investments essential for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. In addition, our financial position is stronger than ever, with working capital, fueled by our September 1997 equity offering, in excess of $100 million at year-end." Company Profile Brooks Automation, Inc. is an independent supplier of substrate The base layer of a structure such as a chip, multichip module (MCM), printed circuit board or disk platter. Silicon is the most widely used substrate for chips. Fiberglass (FR4) is mostly used for printed circuit boards, and ceramic is used for MCMs. material handling robots, modules, software controls and fully integrated cluster tool platforms to semiconductor, flat panel display and data storage manufacturers worldwide. Founded in 1978, the Company has distinguished itself as a technology and market leader, particularly in the demanding cluster-tool vacuum-processing environment. In addition to corporate facilities in Chelmsford, Massachusetts Chelmsford is a town in Middlesex County, Massachusetts in the Greater Boston area. It is located 24 miles from Boston and, bordering on the City of Lowell, it is part of the Greater Lowell metropolitan area. , Brooks Automation maintains a software technology center in Richmond, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). as well as sales and service offices located 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. , Europe, Japan, Korea and Taiwan. -0-
Brooks Automation, Inc.
Condensed Consolidated Balance Sheet
(in thousands)
(unaudited)
September 30, September 30,
1997 1996
Cash and cash equivalents $ 71,753 $ 2,102
Accounts receivable, net 28,408 24,381
Inventories 23,253 17,803
Other current assets 4,039 1,679
Total current assets 127,453 45,965
Fixed assets, net 19,054 16,698
Other assets 3,572 2,098
Total assets $ 150,079 $ 64,761
Current liabilities $ 14,435 $ 13,383
Long-term liabilities 1,445 687
Total liabilities 15,880 14,070
Stockholders' equity 134,199 50,691
Total liabilities and
stockholders' equity $ 150,079 $ 64,761
Brooks Automation, Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $30,806 $23,986 $86,409 $90,432
Cost of revenues 20,301 14,132 58,395 52,610
Gross profit 10,505 9,854 28,014 37,822
Operating expenses:
Research and development 4,500 3,336 14,222 12,359
Selling, general and
administrative 3,867 3,253 12,846 12,436
Income from operations 2,138 3,265 946 13,027
Interest expense, net 141 83 540 54
Income before income taxes 1,997 3,182 406 12,973
Income tax provision (benefit) (46) 1,017 (400) 4,476
Net income $2,043 $2,165 $ 806 $8,497
Net income per share $ .23 $ .27 $ .10 $ 1.04
Weighted average common
and common equivalent shares 8,775 8,066 8,435 8,199
CONTACT: Robert J. Therrien/Stanley D. Piekos Brooks Automation, Inc. 978/262-2566 or John P. Kehoe/Van Negris Kehoe, White, Savage & Company, Inc. 212/888-1616 |
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