Brooks Automation reports first quarter 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. , MA--(BUSINESS WIRE)--January 23, 1997--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 the semiconductor 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 process equipment industries, today reported its fiscal 1997 first quarter results for the period ended December December: see month. 31, 1996. First quarter fiscal 1997 revenues were $16.1 million, a decrease of 13% compared with the same quarter of fiscal 1996, and a decrease of 33% from the fourth quarter of fiscal 1996. Net income for the quarter was $40,000 as compared with $1.8 million for the first quarter of fiscal 1996. The Company attributes lower revenues to a broad decline in the semiconductor manufacturing industry that has resulted in less than anticipated customer process tool shipments. Reduced earnings were attributed to lower sales and a reduction in gross margin percentage due to lower manufacturing capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. and a higher cost to manufacture new vacuum 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. handling systems and modules recently introduced for the emerging 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. handling needs. 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, Inc. said: "I was encouraged by the new orders received including increased orders from customers serving the data storage and flat panel display industries. The Company's 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 was 1.25:1. I am also pleased with the acceptance of our new 300mm robot and family of related products and expansion of our customer base, especially overseas. During the last quarter, we added new customers designing advanced generation process tools and our international shipments grew to $6.6 million representing 41% of current sales." Company Profile Brooks Automation, Inc. is an independent supplier of substrate handling robots, modules, software controls and cluster tool platforms to semiconductor and flat panel display 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. By working with and focusing on increasing the productivity of our customers' semiconductor fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. equipment, we've we've Contraction of we have. we've have been able to set and constantly upgrade industry substrate handling and controls standards.
Brooks Automation, Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
1996 1995(1)
Revenues $16,111 $18,564
Cost of revenues 10,631 10,677
Gross profit 5,480 7,887
Operating expenses:
Research and development 2,810 2,531
Selling, general and administrative 2,554 2,595
Income from operations 116 2,761
Interest (income) expense, net 55 (62)
Income before provision for income taxes 61 2,823
Provision for income taxes 21 979
Net income $ 40 $1,844
Net income per share $ - $0.22
Weighted average common and
common equivalent shares 8,425 8,289
(1) The financial information presented here has been
retroactively restated to reflect the February 1996 acquisition of
Techware Systems Corporation. The Techware acquisition has been
accounted for as a pooling of interests.
Brooks Automation, Inc.
Condensed Consolidated Balance Sheet
(in thousands)
(unaudited)
December 31, 1996 September 30, 1996
Cash and cash equivalents $ 937 $ 2,102
Accounts receivable, net 23,744 24,381
Inventories 17,037 17,803
Other current assets 1,857 1,679
Total current assets 43,575 45,965
Fixed assets, net 17,591 16,698
Other assets 2,836 2,098
Total assets $64,002 $64,761
Current liabilities $12,638 $13,383
Long-term liabilities 566 687
Total liabilities 13,204 14,070
Stockholders' equity 50,798 50,691
Total liabilities and
stockholders' equity $64,002 $64,761
CONTACT: Brooks Automation, Inc. Robert J. Therrien/Stanley D. Piekos, 508/262-2566 or Kehoe Kehoe or Keogh is the name of a clan that existed in southern Ireland. Many of their descendants then emigrated to America and have spread though out that country making Kehoe/Keogh a fairly common last name. , White, Savage & Company, Inc. John P. Kehoe/Van Negris, 212/888-1616 |
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