Fremont, CA, July 22, 1999 - Asyst Technologies, Inc. (Nasdaq:ASYT), a leading supplier of advanced manufacturing solutions for the semiconductor industry, today reported financial results for its first quarter of fiscal 2000. Net sales for the three month period ended June 30, 1999 were $27.1 million compared to net sales of $37.4 million for the first quarter of fiscal 1999. Net loss was $2.9 million, or ($0.23) per share, versus first quarter fiscal 1999 net income of $0.9 million, or $0.07 per share. On June 3, 1999, the Company acquired Progressive System Technologies, Inc. (PST). The acquisition was accounted for as a pooling of interests. Accordingly, the Company's consolidated results for all periods presented have been restated to include the results of PST. Absent the PST acquisition, current quarterly results were net sales of $24.9 million, or net loss of $2.2 million or ($0.18) per share.

Commenting on the Company's financial results, Doug McCutcheon, senior vice president and chief financial officer, noted, "As we expected, the Company reported an operating loss for the quarter. However, the loss was lower than we had expected due to improving business strength and the success of our technology strategies. Net sales for the first quarter exceeded our expectations, increasing 45 percent over fourth quarter fiscal 1999 sales. We also saw improving order momentum which resulted in a book to bill ratio above the industry average. In addition, the Company has experienced a rapid increase in business, particularly in the foundry market, an example of which is the recently announced $4 million capacity expansion order placed by Taiwan Semiconductor Manufacturing Company."

McCutcheon continued, "Asyst has long emphasized asset management and the Company continues to see favorable trends in both receivables and inventory. The Company's cash position remains strong, due in part to the recent private placement of 625,000 shares of Asyst common stock in the amount of $11 million. In addition, Asyst's gross margins rose from 30 percent last quarter to 42 percent for the current quarter."

Asyst Chairman and Chief Executive Officer Dr. Mihir Parikh, commented, "During the semiconductor industry downturn we honed our value assurance technologies to meet the evolving needs of our global customers. Today we are even more optimistic as we begin to see a recovery in the semiconductor manufacturing industry. We believe that we will participate in several key market opportunities - new fabs, conversions of existing 150 mm to 200 mm fabs, and new processes and technology transitions. We believe that the adoption rate of new fabs and fab upgrades utilizing SMIF-based technology is increasing from 30 percent in the past initial wave of construction to over 80 percent at present in the second wave."

Parikh also noted that in addition to the significant fab upgrade market, the Company continues to capitalize on unique and untapped market opportunities. "During the quarter we acquired PST, thereby strengthening our position in the emerging reticle automation management market. As a result, we recently received a multimillion dollar order for Asyst reticle SMIF systems from a large U.S. reticle manufacturer." Parikh also noted that the recent announcements by industry leaders regarding renewed activity in the 300 mm market will provide further business opportunities for Asyst as the Company leverages its 200 mm market leadership. "We believe that our strategies have placed Asyst in an optimal position in which to capitalize on the industry's upturn," Parikh ended.

Terry Moshier, Asyst's president and chief operating officer added, "Asyst's operations are committed to continuous improvement and we are well positioned for our customers' rising order requirements. We have reduced both variable overhead costs and manufacturing cycle-time, and focused on supply chain management. We have introduced new capabilities in which Asyst will provide its customers with unique solutions to their manufacturing challenges. One such solution is being addressed by our newly introduced Asyst PlusTM Portal, which provides a key outsourcing solution for OEMs by providing turn-key tool wafer handling automation. Asyst's integration of advanced automation solutions provides OEMs an alternative to outsource the development and manufacture of complete tool front-ends."

Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, semiconductor industry cycles, risks associated with the acceptance of new products and product capabilities and other factors more fully detailed in the Company's most recent Forms 10-K and 10-Q and annual report to shareholders.

About Asyst:
Asyst Technologies, Inc. is the leading provider of advanced technologies designed to protect customers' valued assets throughout all phases of the manufacturing process. The Company's comprehensive solutions set includes 200 and 300 mm product families that deliver state-of-the-art isolation, material management, robotics and software needed to ensure seamless factory automation in the most advanced fabs worldwide. Leveraging Asyst's value assurance technologies, OEMs are able to speed time to market and reduce development costs, while chipmakers are able to achieve greater fab profitability and productivity.

Condensed Consolidated Statements of Operations
Comparative Balance Sheet Highlights

	Three Months Ended
	June 30, 1999 (unaudited)	June 30, 1998 (unaudited)
Net sales Cost of sales	$ 27,086 15, 840	$ 37,441 19,724
Gross profit	11,246	17,717
Operating expenses:
Research and development     Selling, general, and administrative     In-process research and development of acquired business	4,235 11,342 -	4,540 10,545 1,200
Total operating expenses	15,577	16,285
Operating income(loss) Other income (expense), net	(4,331) (14)	1,432 355
Income (loss) before provision (benefit) for income taxes Provision (benefit) for income taxes	(4,345) (1,477)	1,787 887
Net income (loss)	$ (2,868)	$     900
Shares used in the per share calculation:
Basic earnings (loss) per share	12,228	12,148
Diluted earnings (loss) per share	12,228	12,761
Basic earnings (loss) per share	$  (0.23)	$    0.07
Diluted earnings (loss) per share	$  (0.23)	$    0.07

	June 30, 1999 (unaudited)	March 31, 1999 (unaudited)
Cash, cash equivalents and short-term investments Accounts receivable, net Inventories Total current assets Total assets	$   36,796 $   20,688 $   18,556 $   99,503 $  130,422	$   35,762 $   14,511 $   19,373 $   92,262 $ 124,288
Current liabilities Long-term debt, net of current portion Shareholders' equity Total liabilities and shareholders' equity	$   16,631 $         — $ 113,791 $ 130,422	$   19,778 $     7,876 $   96,634 $ 124,288

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