Brooks Automation Announces Fourth Quarter and Fiscal 1999 Results; Expectations Met Before the Inclusion of Non-Recurring Charges and the Effect of Pooling.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. 17, 1999-- Brooks Brooks , Gwendolyn Elizabeth 1917-2000. American poet known for her verse detailing the dreams and struggles of African Americans. An early volume of poems, Annie Allen (1949), was awarded a Pulitzer Prize. Noun 1. Automation, Inc. (Nasdaq: BRKS BRKS Brooks (street suffix) ) today announced financial results for its fourth quarter and fiscal year ended September September: see month. 30, 1999. The Company acquired 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 effective August 31, 1999; accordingly, all amounts included herein have been restated to combine the financial statements of Brooks Automation and Smart Machines Inc. Revenues for the fourth quarter of fiscal 1999 were $33.9 million, up from revenues of $20.6 million in the same quarter of the prior fiscal year. The net loss for the quarter was $5.4 million, or $0.47 loss per share, including pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges of $5.3 million, or $0.34 per share on an after tax basis which are primarily acquisition-related and non-recurring costs, compared with a net loss of $8.9 million, or $0.85 loss per share in the fourth quarter of fiscal 1998, which included non-recurring pre-tax charges of $7.4 million, or $0.60 per share after tax. Excluding the effect of Smart Machines and the other charges noted above, the Company's net income was $286,000 or $0.03 per share, in line with the First Call consensus. Fiscal 1999 revenues were $103.9 million, up from revenues of $100.3 million for fiscal 1998. The net loss for fiscal 1999 was $8.5 million or $0.76 loss per share including the non-recurring pre-tax charges of $5.3 million, compared with a net loss of $24.0 million or $2.32 loss per share for the prior fiscal year, which included non-recurring pre-tax charges of $11.8 million. Without the effects of pooling with Smart Machines and other charges, net income for FY99 was $0.01 per share compared to a loss per share of $0.91 in FY98 on the same basis. Bookings were $35.5 million in the fourth quarter of fiscal 1999, up sequentially 11% from $32.0 million booked in the June June: see month. quarter. Sequential One after the other in some consecutive order such as by name or number. revenue gains are expected in FY2000 with a book to bill ratio modestly above parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. due to the high turns nature of quarterly sales. Commenting on the 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, said: "Two of the significant events of the quarter were the closing on August 31st on the acquisition of Smart Machines, and the completion on September 30th of the purchase of Infab. The addition of these two companies, the acquisitions completed earlier in the fiscal year, and the completion of the pending acquisition of AutoSoft Corporation/Auto Simulations, Inc. position the Company as the largest merchant tool automation supplier, the largest automation software company, and the largest merchant semiconductor automation sales, service and support provider. The Company's financial condition remains strong as of September 30, 1999, with total assets of $176.6 million including cash and cash equivalents of $66.4 million. These resources, coupled with our broad product and service offerings and assuming that the capital investment cycle continues to build, give me the confidence that revenues can increase from $103.9 million in FY1999 to $230-$240 million in FY2000, and grow over 40% in FY2001. Similarly, I believe that the Company can leverage its cost structure and progress to a profit in FY2000 and a solid continuing growth in profitability in FY2001." Q4 FY1999 MAJOR ACCOMPLISHMENTS --Revenue up 28% sequentially to $33.9 million --EPS of $0.03 before the effect of Smart Machines Inc. and non-recurring charges; $0.04 without goodwill --Orders grew 11% from previous quarter to $35.5 million --Completed acquisition of Smart Machines Inc. on August 31,1999 --Completed purchase of assets of Infab on September 30,1999 --Signed letter of intent to acquire AutoSoft Corporation/Auto Simulations Inc. from Daifuku --Completed engineering and manufacturing facility in Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. where Brooks has a leading market share 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 See best-of-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 atmospheric /at·mos·pher·ic/ (at?mos-fer´ik) of or pertaining to the atmosphere. atmospheric of or pertaining to the atmosphere. robots, cluster tool platforms and modules, ultra clean mini-environments for isolating i·so·late tr.v. i·so·lat·ed, i·so·lat·ing, i·so·lates 1. To set apart or cut off from others. 2. To place in quarantine. 3. 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 (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 fab customers leverage Brooks' Brooks's is a London gentlemen's club, founded in 1764 by 27 men, including four dukes. From an early date, it was the meeting place for Whigs of the highest social order. They bought Almack's Coffee House in Pall Mall for their original premises. Automation 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Japan, Korea, Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan and Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). . The Company's worldwide web address is
http://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 the proposed transactions, the businesses being acquired, and future financials results. 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 ability of the Company to continue to successfully develop and market new products and product enhancements on a timely basis, the risk that the proposed acquisition of Auto-Soft and ASI ASI, n See Anxiety Sensitivity Index. may not be completed, be completed later than anticipated, or be completed on terms less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than those contained in the letter of intent, the risk that the proposed acquisition of Auto-Soft and ASI will deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. the Company's working capital to the extent that the Company may be precluded from pursuing other opportunities such as the introduction of new products, the ability to integrate recent acquisitions into the Company, the ability to successfully complete intended acquisitions, the highly competitive nature and rapid technological change that characterize the industries in which the Company competes, the risk that Year 2000 problems Year 2000 problem, Y2K problem, or millennium bug, in computer science, a design flaw in the hardware or software of a computer that caused erroneous results when working with dates beyond Dec. 31, 1999. could disrupt the Company's business 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 forward-looking statements contained herein speak only of the Company's expectations as of the date of this press release. 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 value of the Company's securities may also be affected by risks relating to devising supplemental financial statement formats that convey an accurate understanding of the Company's operations. 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. -0-
Brooks Automation, Inc.
Condensed Consolidated Statement of Operations (1)
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
September 30, September 30,
1999 1998 1999 1998
Revenues $ 33,921 $ 20,555 $ 103,906 $ 100,252
Cost of revenues 17,757 15,965 57,239 73,528
Gross profit 16,164 4,590 46,667 26,724
Operating expenses:
Research and development 6,581 5,518 22,086 25,376
Selling, general and
administrative 11,678 6,028 31,446 27,500
Acquisition-related
and restructuring costs 4,282 3,722 4,282 3,722
22,541 15,268 57,814 56,598
Income (loss) from
operations before
amortization of
acquired intangible assets (6,377) (10,678) (11,147) (29,874)
Amortization of acquired
intangible assets 270 -- 349 --
Income (loss) from
operations (6,647) (10,678) (11,496) (29,874)
Interest (income)
expense, net (735) (412) (2,782) (2,630)
Other (income) expense, net 103 -- 225 --
Income (loss) before income
taxes and minority
interests (6,015) (10,266) (8,939) (27,244)
Income tax provision
(benefit) (678) (1,764) (1,015) (4,682)
Income (loss) before
minority interests (5,337) (8,502) (7,924) (22,562)
Minority interests in
earnings(loss) of
consolidated
subsidiaries (77) -- (40) --
Net loss (5,260) (8,502) (7,884) (22,562)
Accretion and
dividends on preferred
stock (108) (355) (654) (1,420)
Net loss attributable
to common stockholders $ (5,368) $ (8,857) $ (8,538) $ (23,982)
Earnings (loss) per share
attributable to common
shareholders:
Basic $ (0.47) $ (0.85) $ (0.76) $ (2.32)
Diluted $ (0.47) $ (0.85) $ (0.76) $ (2.32)
Basic weighted average
common shares outstanding 11,438 10,390 11,192 10,337
Diluted weighted average
common and common
equivalent shares
outstanding 11,438 10,390 11,192 10,337
(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)
September 30,September 30,
1999 (1) 1998 (2)
Cash and cash equivalents $ 66,366 $ 69,479
Accounts receivable, net 32,904 20,856
Inventories 28,917 20,170
Other current assets 8,995 9,737
Total current assets 137,182 120,242
Fixed assets, net 17,434 18,949
Acquired intangible assets 12,758 --
Other assets 9,225 6,130
Total assets $176,599 $145,321
Current liabilities $ 31,932 $ 18,893
Long-term liabilities 3,067 4,232
Total liabilities 34,999 23,125
Stockholders' equity and redeemable
convertible preferred stock 141,600 122,196
Total liabilities, stockholders'
equity and redeemable
convertible preferred stock $176,599 $145,321
(1) Includes the assets of the Infab Division of Jenoptik AG, acquired
effective September 30, 1999, based on a preliminary purchase
price allocation. Finalization of the allocation of the purchase
price is subject to change as a result of analyses and independent
appraisals.
(2) 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.
Additional Statement of Operations Information
(in thousands)
(unaudited)
Brooks Automation Smart Machines only
excluding Smart Machines excluding
and nonrecurring charges nonrecurring charges
Q4 FY99 Q4 FY98 Q4 FY99 Q4 FY98
Revenues $ 33,820 $ 20,312 $ 101 $ 243
Cost of revenues 16,373 12,973 384 419
Gross margin 17,447 7,339 (283) (176)
Operating expenses:
Research and development 6,108 4,513 473 838
Selling, general and
administrative 11,312 5,098 366 314
Acquisition-related and
restructuring costs -- -- -- --
Amortization of acquired
intangible assets 270 -- -- --
Total operating
expenses 17,690 9,611 839 1,152
Income (loss) from operations (243) (2,272) (1,122) (1,328)
Interest and other (income)
expense, net (710) (803) 78 46
Income (loss) before income
taxes and minority interests $ 467 $ (1,469) $ (1,200) $ (1,374)
Basic EPS $ 0.03
Shares to compute basic EPS 11,228
Nonrecurring charges Consolidated
Q4 FY99 Q4 FY98 Q4 FY99 Q4 FY98
Revenues $ -- $ -- $ 33,921 $ 20,555
Cost of revenues 1,000 2,573 17,757 15,965
Gross margin (1,000) (2,573) 16,164 4,590
Operating expenses:
Research and development -- 167 6,581 5,518
Selling, general and
administrative -- 616 11,678 6,028
Acquisition-related and
restructuring costs 4,282 3,722 4,282 3,722
Amortization of acquired
intangible assets -- -- 270 --
Total operating
expenses 4,282 4,505 22,811 15,268
Income (loss) from operations (5,282) (7,078) (6,647) (10,678)
Interest and other (income)
expense, net -- 345 (632) (412)
Income (loss) before income
taxes and minority interests $ (5,282) $ (7,423) $ (6,015) $(10,266)
Brooks Automation Smart Machines only
excluding Smart Machines excluding
and nonrecurring charges nonrecurring charges
FY99 FY98 FY99 FY98
Revenues $ 103,268 $ 99,862 $ 638 $ 390
Cost of revenues 54,753 65,778 1,486 1,171
Gross margin 48,515 34,084 (848) (781)
Operating expenses:
Research and
development 19,769 22,507 2,317 2,702
Selling, general
and administrative 30,378 25,454 1,068 1,036
Acquisition-related
and restructuring costs -- -- -- --
Amortization of acquired
intangible assets 349 -- -- --
Total operating
expenses 50,496 47,961 3,385 3,738
Income (loss) from
operations (1,981) (13,877) (4,233) (4,519)
Interest and other
(income) expense, net (2,837) (3,039) 280 64
Income (loss) before
income taxes and
minority interests $ 856 $ (10,838) $ (4,513) $ (4,583)
Basic EPS $ 0.01
Shares to compute
basic EPS 11,088
Nonrecurring charges Consolidated
FY99 FY98 FY99 FY98
Revenues $ -- $ -- $ 103,906 $ 100,252
Cost of revenues 1,000 6,579 57,239 73,528
Gross margin (1,000) (6,579) 46,667 26,724
Operating expenses:
Research and
development -- 167 22,086 25,376
Selling, general
and administrative -- 1,010 31,446 27,500
Acquisition-related
and restructuring costs 4,282 3,722 4,282 3,722
Amortization of acquired
intangible assets -- -- 349 --
Total operating
expenses 4,282 4,899 58,163 56,598
Income (loss) from
operations (5,282) (11,478) (11,496) (29,874)
Interest and other
(income) expense, net -- 345 (2,557) (2,630)
Income (loss) before
income taxes and
minority interests $ (5,282) $ (11,823) $ (8,939) $ (27,244)
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