REPEAT/Brooks Automation Announces Fiscal 2000 Record Third Quarter Results; New Records Continue in Orders, Revenue and Profitability.Business/Technology Editors REPEATING... 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)--July 26, 2000 Brooks Automation, Inc. (Nasdaq:BRKS BRKS Brooks (street suffix) ) today reported results for its third fiscal quarter ended June June: see month. 30, 2000. The results include a full quarter of operations of Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. Optical Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("IOC IOC abbr. International Olympic Committee IOC n abbr (= International Olympic Committee) → COI m IOC n abbr (= ") which was acquired May 5, 2000. All FY99 results have been restated to reflect the acquisitions of Smart Machines, Inc. and IOC, both of which were acquired in 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. transactions. Sales for the quarter were $87,827,000, more than triple the $29,054,000 of Q3 FY99. 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. and acquisition-related charges was $8,110,000, or $0.44 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 to a net loss one year ago of $999,000, or $0.09 per diluted share on the same basis, and was up 26% sequentially from the $6,435,000, or $0.42 per diluted share, in the March 2000 quarter, restated for the acquisition of IOC. Weighted average diluted shares for the three months ended June 30, 2000 were 18.3 million, compared to 15.4 million in the second quarter of 2000 and 11.1 million in the third quarter of 1999. New orders set a record, breaking the $100M mark and growing 18%, to $101,674,000 in Q3 FY00, from a restated $86,120,000 in Q2 FY00, and triple the restated $33,659,000 from one year ago. "The indications of a more rapid transition to 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. size in pilot and production lines is good news for Brooks," said 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. "Our strategy of 300mm bridge tools, thought by a leading industry analyst to be the best at the recent SEMICON SEMICON Semiconductors Equipment and Material International Conference West trade show, coupled with software able to meet the advanced standards of a 300mm fab, position Brooks as a leading supplier in this major industry transition. Our lead in design-ins for next generation tool-sets, our robust tool control and fab software, and our milestone in being the first to reach the 1000th unit shipped in 300mm load ports from our FIXLOAD(TM) family, gives us confidence that the future is bright for Brooks as the industry moves to a larger wafer size. We expect significant growth in the amount of our tool automation business coming from 300mm products. Starting from sales of approximately $3M in FY99, 300mm products should increase tenfold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. to over $30M in FY00. I credit development work in prior years, as well as the contribution from our acquisitions, with giving Brooks a strong position in this emerging market." Q3 FY00 Major Accomplishments -- New orders set a record at $102M, up 18% sequentially and up 202% over Q3 FY99 on a restated basis -- Revenues up 10.4% sequentially, 202% over Q3 FY99 on a restated basis -- 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. before amortization of acquired intangible assets and acquisition-related charges of $0.44, compared to a loss one year earlier of $0.09 -- Completed acquisition of Irvine Optical Company LLC, the leader in sorters for fab automation -- Unit number 1000 from FIXLOAD(TM) family shipped to Hitachi Hitachi (hētä`chē), city (1990 pop. 202,141), Ibaraki prefecture, E central Honshu, Japan, on the Kashima Sea. The city is a leading producer of Japan's electrical equipment. Ltd. Instruments Group -- New patent on FOUP FOUP Front Opening Unified Pod technology awarded, strengthening technology portfolio -- Multi-million dollar order for integrated fab software received from ATMEL | foundation = 1984 | location = San Jose, California, USA | industry = Semiconductors | products = Microcontrollers Flash memory | num_employees = 7800 | homepage = www.atmel.com }} Atmel Corporation (NASDAQ: ATML) is a manufacturer of semiconductors, founded in 1984. Corporation -- Completed acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. of MiTeX, a provider of advanced process control solutions -- Chuck McKenna McKenna is usually a surname, and may refer to
-- Orders for 32 systems of newly introduced 300/200mm FabExpress(TM), an integrated front-end front-end adj. 1. Of or relating to the initial phase of a project: a front-end investment. 2. Of or relating to the forward parts of a vehicle: a front-end alignment. module; fastest adoption rate of any Brooks product -- Eleven new design-ins, a record number of wins for 300mm tools and 300/200mm bridge tools 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 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 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 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,
Singapore and Malaysia. 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, prospects and the anticipated demand for 300mm products. 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 rapidity of the transition to 300mm products, 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 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.
Brooks Automation, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
2000 1999(1)(2) 2000(1) 1999(1)(2)
Revenues $ 87,827 $ 29,054 $ 221,780 $ 76,919
Cost of revenues 47,912 16,763 119,387 44,519
Gross profit 39,915 12,291 102,393 32,400
Operating expenses:
Research and
development 11,326 5,726 29,426 16,482
Selling, general
and administrative 18,656 8,074 47,952 21,828
Acquisition-related
charges 677 -- 677 --
30,659 13,800 78,055 38,310
Income (loss) from
operations before
amortization of
acquired intangible
assets 9,256 (1,509) 24,338 (5,910)
Amortization of
acquired intangible
assets 4,907 54 10,614 162
Income (loss) from
operations 4,349 (1,563) 13,724 (6,072)
Interest (income)
expense, net (3,478) (436) (4,367) (1,174)
Other (income)
expense, net 125 107 135 121
Income (loss) before
income taxes and
minority interests 7,702 (1,234) 17,956 (5,019)
Income tax provision
(benefit) 5,357 (62) 10,842 (337)
Income (loss) before
minority interests 2,345 (1,172) 7,114 (4,682)
Minority interests in
earnings (loss) of
consolidated
subsidiary (141) 37 (249) 37
Net income (loss) 2,486 (1,209) 7,363 (4,719)
Accretion and
dividends on
preferred stock -- (162) -- (549)
Net income (loss)
attributable to
common stockholders $ 2,486 $ (1,371) $ 7,363 $ (5,268)
Earnings (loss) per
share attributable
to common
stockholders:
Basic $ 0.15 $ (0.12) $ 0.51 $ (0.47)
Diluted $ 0.14 $ (0.12) $ 0.47 $ (0.47)
Net income (loss)
attributable to common
stockholders before
acquisition-related
charges and
amortization of
acquired intangible
assets, net of taxes$ 8,110 $ (999) $ 18,080 $ (4,788)
Earnings (loss) per
share attributable
to common
stockholders before
acquisition-related
charges and
amortization of
acquired intangible
assets, net of taxes
Basic $ 0.48 $ (0.09) $ 1.24 $ (0.43)
Diluted $ 0.44 $ (0.09) $ 1.15 $ (0.43)
Basic weighted
average common
shares outstanding 16,934 11,129 14,568 11,110
Diluted weighted
average common
and common
equivalent shares
outstanding 18,269 11,129 15,681 11,110
(1) Amounts for previously reported periods have been restated to
reflect the acquisition of Irvine Optical Company LLC in a pooling
of interests transaction effective May 5, 2000.
(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.
Condensed Consolidated Balance Sheet
(in thousands)
(unaudited)
June 30, September 30,
2000 1999(1)
Cash and cash equivalents $233,263 $ 66,366
Accounts receivable, net 84,843 35,570
Inventories 53,454 38,274
Other current assets 15,926 10,122
Total current assets 387,486 150,332
Fixed assets, net 28,178 18,185
Intangible assets, net 57,660 16,228
Other assets 20,627 9,055
Total assets $493,951 $193,800
Current liabilities $ 87,385 $ 44,938
Long-term liabilities 1,220 7,731
Total liabilities 88,605 52,669
Minority interests 1,211 1,460
Members' capital -- 930
Stockholders' equity 404,135 138,741
Total liabilities, members'
capital and stockholders' equity $493,951 $193,800
(1) Amounts for previously reported periods have been restated to
reflect the acquisition of Irvine Optical Company LLC in a pooling of
interests transaction effective May 5, 2000.
Brooks Automation, Inc.
Condensed Consolidated Statement of Operations
Quarterly Results - FY00
(in thousands, except per share data)
(unaudited)
Three months ended
Dec. 31, March 31, June 30,
1999(1) 2000(1) 2000
Revenues $54,396 $79,557 $87,827
Cost of revenues 28,049 43,426 47,912
Gross profit 26,347 36,131 39,915
Operating expenses:
Research and development 7,738 10,362 11,326
Selling, general
and administrative 13,330 15,966 18,656
Acquisition-related charges -- -- 677
21,068 26,328 30,659
Income (loss) from operations
before amortization of
acquired intangible assets 5,279 9,803 9,256
Amortization of acquired
intangible assets 849 4,858 4,907
Income (loss) from operations 4,430 4,945 4,349
Interest (income) expense, net (330) (559) (3,478)
Other (income) expense, net 41 (31) 125
Income (loss) before income
taxes and minority
interests 4,719 5,535 7,702
ncome tax provision (benefit) 1,808 3,677 5,357
Income (loss) before
minority interests 2,911 1,858 2,345
Minority interests in earnings
(loss) of consolidated
subsidiary (93) (15) (141)
Net income (loss) 3,004 1,873 2,486
Accretion and dividends on
preferred stock -- -- --
Net income (loss) attributable
to common stockholders $3,004 $1,873 $2,486
Earnings (loss) per share
attributable to
common stockholders:
Basic $0.24 $0.13 $0.15
Diluted $0.22 $0.12 $0.14
Net income (loss) attributable
to common stockholders
before acquisition-related
charges and amortization of
acquired intangible assets,
net of taxes $3,535 $6,435 $8,110
Earnings (loss) per
share attributable
to common stockholders before
acquisition-related charges
and amortization of
acquired intangible
assets, net of taxes
Basic $0.28 $0.46 $0.48
Diluted $0.26 $0.42 $0.44
Basic weighted average common
shares outstanding 12,769 14,002 16,934
Diluted weighted average
common and common
equivalent shares outstanding 13,411 15,362 18,269
(1) Amounts for previously reported periods have been restated to
reflect the acquisition of Irvine Optical Company LLC in a pooling of
interests transaction effective May 5, 2000.
Brooks Automation, Inc.
Condensed Consolidated Statement of Operations
Quarterly Results - FY99
(in thousands, except per share data)
(unaudited)
Three months ended
Dec. 31, March 31, June 30, Sept. 30,
1998 1999 1999 1999
(1)(2) (1)(2) (1)(2) (1)
Revenues $21,584 $26,281 $29,054 $38,036
Cost of revenues 12,721 15,035 16,763 20,615
Gross profit 8,863 11,246 12,291 17,421
Operating expenses:
Research and development 5,225 5,531 5,726 7,518
Selling, general
and administrative 6,607 7,147 8,074 12,615
Acquisition-related charges -- -- -- 3,120
11,832 12,678 13,800 23,253
Income (loss) from operations
before amortization of
acquired intangible assets (2,969) (1,432) (1,509) (5,832)
Amortization of acquired
intangible assets 54 54 54 403
Income (loss) from operations (3,023) (1,486) (1,563) (6,235)
Interest (income) expense, net (389) (349) (436) (461)
Other (income) expense, net 18 (4) 107 104
Income (loss) before income
taxes and minority
interests (2,652) (1,133) (1,234) (5,878)
Income tax
provision (benefit) (197) (78) (62) (678)
Income (loss) before
minority interests (2,455) (1,055) (1,172) (5,200)
Minority interests in earnings
(loss) of consolidated
subsidiary -- -- 37 (77)
Net income (loss) (2,455) (1,055) (1,209) (5,123)
Accretion and dividends
on preferred stock (225) (162) (162) (105)
Net income (loss) attributable
to common stockholders $(2,680) $(1,217) $(1,371) $(5,228)
Earnings (loss) per share
attributable to
common stockholders:
Basic $(0.24) $(0.11) $(0.12) $(0.46)
Diluted $(0.24) $(0.11) $(0.12) $(0.46)
Net income (loss) attributable
to common stockholders
before acquisition-related
charges and amortization of
acquired intangible
assets, net of taxes $(2,626) $(1,163) $(999) $(3,162)
Earnings (loss) per share
attributable to common
stockholders before
acquisition-related charges
and amortization of
acquired intangible
assets, net of taxes
Basic $(0.24) $(0.10) $(0.09) $(0.28)
Diluted $(0.24) $(0.10) $(0.09) $(0.28)
Basic weighted average
common shares outstanding 11,087 11,113 11,129 11,438
Diluted weighted average
common and common
equivalent shares outstanding 11,087 11,113 11,129 11,438
(1)Amounts for previously reported periods have been restated to
reflect the acquisition of Irvine Optical Company LLC in a pooling of
interests transaction effective May 5, 2000.
(2)Amounts have been restated to reflect the acquisition of Smart
Machines Inc. in a pooling of interests transaction effective August
31, 1999.
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