Asyst Technologies -- Press Release --- 7/17/02

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Press Release

Asyst Technologies Reports 46% Net Sales Growth
For Fiscal First Quarter; Book-To-Bill is 1.46

Fremont, CA, July 17, 2002 - - Asyst Technologies, Inc., (Nasdaq NM: ASYT), a leading provider of integrated automation solutions that maximize the productivity of semiconductor manufacturing, today announced financial results for its first fiscal quarter ended June 30, 2002. Results were in line with company guidance.

Net sales for the quarter were $55.9 million, up 46% sequentially from $38.4 million reported in the fourth quarter of fiscal 2002. Net orders in the quarter were $81.4 million, up 58% over $51.5 million in the prior sequential quarter, for a book-to-bill ratio of 1.46. Pro forma gross margin for the quarter was 29.2%, compared with 23.8% in the fourth quarter of fiscal 2002. Pro forma operating expenses were $27.6 million. (See footnote and tables for explanation of pro forma adjustments.)

"We are pleased to report strong sequential sales growth, and our second consecutive quarter of bookings growth well in excess of industry averages," said Mihir Parikh, chairman and CEO of Asyst. "Our strong outperformance, albeit early in the recovery, is being driven by the strength of our relationships and products across a broad spectrum of customers and markets. Both directly and via OEM relationships, we are seeing demand from U.S. IC manufacturers that are building out 300mm capacity, current customers in China that are expanding 200mm foundry capacity, and other Asian foundry customers who are upgrading 200mm lines and simultaneously expanding 300mm capacity. This broad exposure to both 200mm and 300mm, our leading market position in foundries, and our enviable sales and support infrastructure in Asia have positioned Asyst well for this upturn."

Pro forma net loss for the quarter was $9.8 million, or $(0.27) per share. Including all items, the company reported a GAAP net loss of $13.5 million, or $(.37) per share.

At quarter-end, the company had $82.8 million of cash and short-term investments, down $2 million from levels at the end of the fourth quarter of fiscal 2002.

Outlook

For the second fiscal quarter ending September 30, 2002, the company expects net sales of approximately $70 million, which would represent quarterly sequential growth of approximately 25%. Depending on sales mix, for the fiscal second quarter the company expects to be at or near break even on a pro forma operating basis.

Recent Highlights

On July 12, the company announced the introduction of the Plus™ Portal XT , which is the next generation in its Plus Portal line of fully automated equipment front-end systems. The new system provides up to 10% greater throughput and offers higher levels of carrier interoperability.

Also on July 12, the company announced the introduction of the Axys FastSwap atmospheric wafer-handling robot. The FastSwap uses a dual-yaw wrist architecture, which allows wafer exchanges on the order of 50 to 100 percent faster than currently available commercial robots used for this application.
On July 10, the company announced the availability of its SmartFab™ Suite of 300mm fab productivity software tools. The suite optimizes the performance of Asyst's 300mm load ports, wafer carriers and Auto-ID systems to provide up to a 2% improvement in overall equipment effectiveness.
On June 27, Asyst announced that it has shipped volume quantities of its new G3 CoolCase™ 300mm FOUP wafer carrier to a major North American microelectronics manufacturer. Asyst now is the majority supplier of wafer carriers to approximately three-fourths of the world's 300mm production fabs.
On May 24, the company announced the signing of a definitive agreement related to its previously announced planned joint venture with the Automated Materials Handling Systems (AMHS) division of Shinko Electric Co. of Japan. Under terms of the agreement, Asyst will purchase a 51% interest in the joint venture, which will contain the entire AMHS business of Shinko. Shinko is the world's leading supplier of 300mm AMHS products and services, having won half of the 300mm AMHS installations to date.

Pro Forma Adjustments: Pro forma adjustments include the impact of amortized acquisition-related stock-based compensation, the amortization of acquired intangible assets, in-process research and development costs of acquired businesses, and related tax effect.

About Asyst

Asyst Technologies, Inc. is a leading provider of integrated automation systems for the semiconductor manufacturing industry, which enable semiconductor manufacturers to increase their manufacturing productivity and protect their investment in silicon wafers during the manufacture of integrated circuits, or ICs. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable solutions allow chipmakers and original equipment manufacturers, or OEMs, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com

Conference Call Details

A live webcast of the conference call to discuss the quarter's financial results will take place today at 5:00 p.m. Eastern Time. The webcast will be publicly available on Asyst's website at http://www.asyst.com. A replay of the Webcast may be accessed via the same address. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 483854. The audio instant replay is available from July 17 at 7:30 p.m. Eastern Time through July 31 at 7:30 p.m. ET.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

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: the volatility of semiconductor industry cycles, failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers, risks associated with the acceptance of new products and product capabilities, including our Plus Portal systems, competition in the semiconductor equipment industry, failure to efficiently integrate acquired companies, failure to retain employees, and other factors more fully detailed in the Company's annual report on Form 10-K for the year ended March 31, 2002, filed with the Securities and Exchange Commission

Condensed Consolidated Statement of Operations
Condensed Consolidated Balance Sheet
Pro Forma Condensed Consolidated Statements of Operations

Asyst Technologies, Inc.
Condensed Consolidated Statement of Operations
(Unaudited; in thousands, except per share data)

Three Months Ended Nine Months Ended

June 30, 2002 June 30, 2001

Net sales $ 55,902 $ 67,259

Cost of sales 39,589 49,765

Gross profit 16,313 17,494

Operating expenses:

Research and development 10,511 11,319

Selling, general and administrative 17,490 23,075

Amortization of acquired intangible assets 2,000 3,542

Non-recurring charges — 18,652

In-process research and development costs of acquired business 2,500 2,000

Total operating expenses 32,501 58,588

Operating income (loss) (16,188) (41,094)

Other income (expense), net (1,756) (32)

Income (loss) before provision (benefit) for income taxes (17,944) (41,126)

Provision (benefit) for income taxes (4,458) (13,571)

Net income (loss) $ (13,458) $ (27,555)

Basic net income (loss) per share $ (0.37) $ (0.79)

Diluted net income (loss) per share $ (0.37) $ (0.79)

Shares used in the per share calculation:

Basic 36,565 35,007

Diluted 36,565 35,007

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Asyst Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)

June 30, March 31, JUne 30,

2002

2002

2001

(unaudited) (unaudited)

ASSETS

Current assets:
Cash and cash equivalents
Restricted cash equivalents and short-term investments
Short-term investments
Accounts receivable, net
Inventories
Deferred tax asset
Prepaid expenses and other current assets

$ 64,658
4,158
14,000
40,545
43,008
33,937
15,272

$ 74,738
5,052
5,000
29,715
45,110
33,906
15,006

$ 41,613
43,032
-
57,650
69,750
34,460
14,433

      Total current assets
215,578 208,527 260,938

Long-term assets:
Property and equipment, net
Deferred tax asset
Intangible assets and other assets, net

39,162
33,265
72,571

38,366
30,294
67,228

40,914
-
131,120

      Total long-term assets
144,998 135,888 172,034

$ 360,576

$ 344,415

$ 432,972

Liabilities and Shareholders' equity

Current liabilities:
Short-term loans
Current portion of long-term debt and finance leases
Accounts payable
Accrued liabilities and other
Deferred revenue

$ 19,964
1,880
16,919
34,064
7,555

$ 16,707
2,130
10,246
47,859
4,476

$ 63,622
1,808
19,075
49,179
8,995

      Total current liabilities
80,382

81,418

142,679

Long-term liabilities:
Long-term debt and finance leases, net of current portion
Other long-term liabilities

91,238
6,520

91,265
6,795

4,883
378

      Total long-term liabilities
97,758
98,060
5,261

Shareholders' equity:
Common stock
Retained earnings (deficit)

325,273
(142,837)

294,316
(129,379)

293,049
(8,017)

      Total shareholders' equity
182,436

$ 360,576

164,937

$344,415

285,032

$432,972

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Asyst Technologies, Inc.
Pro Forma Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)

Three Months Ended
June 30,2001

Pro Forma
Adjustments

Pro Forma
Result

Net sales $ 55,902 — $ 55,902

Cost of sales 39,589 (37) 39,552

Gross profit 16,313 16,350

Operating expenses:

Research and development 10,511 (269) 10,242

Selling, general and administrative 17,490 (115) 17,375

Amortization of acquired intangible assets 2,000 (2,000) —

In-process research and development costs of acquired business 2,500 (2,500) —

Total operating expenses 32,501 27,617

Operating income (loss) (16,188) — (11,267)

Other income (expense), net (1,756) — (1,756)

Income (loss) before provision (benefit) for income taxes (17,944) — (13,023)

Provision (benefit) for income taxes (4,486) 1,230 (3,256)

Net income (loss) (13,458) (9,767)

Basic earnings (loss) per share $ (0.37) $ (0.27)

Diluted earnings (loss) per share $ (0.37) $ (0.27)

Shares used in the per share calculation:

Basic 36,565 36,565

Diluted 36,565 36,565

CONTACT: Asyst Technologies, Inc John Swenson, 510/661-5000 jswenson@asyst.com
or Guerrant Associates Laura Guerrant, 808/882-1467 lguerrant@guerrantir.com
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