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 Press Release Asyst Technologies Reports Fiscal
Fourth Quarter And Year-End Results See Supplemental Historical Pro Forma Information FREMONT, Calif.--(BUSINESS WIRE)--Apr. 29, 2003 --Asyst Technologies, Inc., (Nasdaq NM: ASYT), a leading provider of integrated automation solutions that maximize the productivity of semiconductor and related manufacturing, today announced financial results for its fourth fiscal quarter and year ended March 31, 2003. Results were in line with the company’s preliminary results announced on April 1, 2003. Fourth quarter consolidated net sales from continuing operations were $59.7 million, compared with $75.6 million in the prior sequential quarter and $35.8 million in the same quarter a year ago. As previously announced, the sequential sales decline is attributable to the sale of the company’s wafer and reticle carrier (WRC) product lines, the protracted industry downturn, and delays of expected 200mm SMIF upgrade projects and AMHS implementations. The increase over the prior year is primarily attributable to the October 2002 acquisition of a 51% interest in Asyst-Shinko, Inc. (ASI), a joint venture company whose operating results are fully consolidated with Asyst Technologies, Inc. Excluding the impact of Asyst-Shinko and WRC, net sales for the fourth quarter were $35.4 million, compared with $44.3 million in the prior sequential quarter and $31.1 million in the same quarter a year ago. As required under GAAP percentage-of-completion accounting, which is used to recognize revenue at ASI, the company estimates that ASI had approximately $16.0 million and $17.4 million of unbilled receivables as of December 31, 2002 and March 31, 2003, respectively. Consolidated net bookings of $42 million were impacted by the same factors that affected sales. Consolidated GAAP gross margin from continuing operations was 19%, compared with 25% in the prior sequential quarter. The sequential decline is attributable to lower sales volumes in Asyst’s base business, which also resulted in an additional inventory reserve of approximately $4.5 million, as well as accelerated depreciation of manufacturing assets and other costs related to the company’s transition to outsourced production. Excluding the impact of the inventory reserve, the company’s pro forma gross margin for the quarter was 26%. The company believes this pro forma presentation of gross margin is more useful for analyzing the business because it removes the effects of inventory adjustments. A table that provides a reconciliation of operating results under GAAP to pro forma operating results is included as part of this release. Consolidated GAAP operating expenses were $33.2 million, compared with $54.0 million in the prior sequential quarter. Pro forma operating expenses, which excludes the amortization of intangibles, restructuring and other charges, were $28.4 million, compared with $31.6 million in the prior sequential quarter, and below guidance of $29-$30 million. This reflects continuing cost control and cost-cutting efforts in response to challenging market conditions. The company believes this pro forma presentation of operating expenses is more meaningful for comparative purposes because it removes the effects of amortization of acquisition-related intangibles, restructuring and other charges, and presents a clearer picture of ongoing expense levels. A reconciliation of GAAP operating expenses to pro forma operating expenses is presented in a table later in this release. GAAP net loss of $(1.8 million), or $(0.04) per diluted share, includes a gain on the sale of the company’s WRC product lines of $28.4 million and a net loss from discontinued operations of $(7.7 million), reflecting the sale of the company’s AMP and SemiFab manufacturing subsidiaries and fourth quarter operating losses. This compares with a net loss of $(40.9 million) or $(1.08) per share in the prior sequential quarter and a net loss of $(13.2 million), or $(.37) per share in the same quarter a year ago. Pro forma net loss from continuing operations was $(12.3 million), or $(0.30) per share. The company believes this pro forma presentation of operating results is more useful for analyzing the business because it removes the effects of gains and losses related to the divestiture of product lines and subsidiaries as well as amortization of acquisition-related intangibles and other items that are presented in a reconciliation of GAAP results to pro forma results later in this release. Acquisition, Market Share Gains Drive 42%
Year-over-Year Growth Restructuring Program to Reduce Costs Mr. Schwartz continued, “We have initiated a restructuring program that is designed to reduce operating expenses in the base business by approximately 30% from last quarter’s levels, while leaving Asyst-Shinko, which is profitable, fully intact. This involves a workforce reduction of approximately 250 of our 760 worldwide employees, primarily in sales, general and administrative functions, as well as cuts to discretionary spending. Our outsourced manufacturing model will provide margin improvements over the next several quarters. We believe that this progress, combined with the operating expense reductions, positions Asyst to achieve cash breakeven with consolidated net sales in the range of $65 million, versus the $85 million level we are at today.” Cash Flow and Balance Sheet Short-term debt of $18.0 million is low-interest, asset-based revolving debt held by Asyst Japan Inc. The company’s long-term debt of $115 million as of March 31, 2003, is comprised of the following:
Outlook
Highlights
Adjustments from GAAP to Pro Forma Results: Pro forma refers to GAAP results excluding the impact of acquisition-related stock-based compensation, amortization of acquired intangible assets, asset impairment charges, restructuring charges, additional inventory reserve, charges associated with outsourcing initiative, and discontinued operations. Management believes that CORE results better reflect the ongoing performance of the business. About Asyst Conference Call Details “Safe Harbor” Statement
under the Private Securities Litigation Reform Act of 1995 See Supplemental Historical Pro Forma Information ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
March 31, December 31, March 31,
2003 2002 2002
-------------- -------------- --------------
ASSETS
Current assets:
Cash and cash
equivalents $ 96,214 $ 60,133 $ 74,577
Restricted cash equivalents
and short-term investments 3,088 2,836 5,052
Short-term investments - 14,000 5,000
Accounts receivable,
net 74,878 93,696 28,307
Inventories 22,204 16,269 39,296
Deferred tax asset - - 33,906
Prepaid expenses and
other current assets 10,317 11,232 14,618
-------------- -------------- --------------
Total current
assets 206,701 198,166 200,756
-------------- -------------- --------------
Long-term assets:
Property and equipment,
net 24,295 33,255 34,399
Deferred tax asset 200 - 30,294
Goodwill 38,919 37,106 -
Intangible assets, net 103,448 84,992 29,901
Other assets, net 21,662 21,678 32,180
Assets of discontinued
operations - 8,985 16,885
-------------- -------------- --------------
Total long-
term assets 188,524 186,016 143,659
-------------- -------------- --------------
Total Assets $ 395,225 $ 384,182 $ 344,415
============== ============== ==============
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans and
notes payable $ 17,976 $ 20,557 $ 16,707
Current portion of long-
term debt and finance
leases 1,273 1,199 1,076
Accounts payable 45,027 44,029 9,193
Accrued liabilities and
other 50,572 54,820 46,819
Deferred revenue 2,130 4,430 4,367
-------------- -------------- --------------
Total current
liabilities 116,978 125,035 78,162
-------------- -------------- --------------
Long-term liabilities:
Long-term debt and finance
leases, net of current
portion 114,812 115,297 90,331
Other long-term
liabilities 36,508 11,434 6,795
Liabilities of
discontinued operations - 2,990 4,190
-------------- -------------- --------------
Total long-term
liabilities 151,320 129,721 101,316
-------------- -------------- --------------
Minority interest 58,893 63,175 -
Shareholders' equity:
Common stock 328,664 325,857 294,351
Accumulated other
comprehensive income 3,002 2,207 (35)
Accumulated deficit (263,632) (261,813) (129,379)
-------------- -------------- --------------
Total
shareholders'
equity 68,034 66,251 164,937
-------------- -------------- --------------
Total liabilities and
shareholders' equity $ 395,225 $ 384,182 $ 344,415
============== ============== ==============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2003 2002 2003 2002
------------- ------------- ---------- --------------
Net sales $ 59,687 $ 35,773 $ 259,495 $ 183,234
Cost of sales 48,488 22,544 184,443 142,306
------------- ------------- ---------- --------------
Gross profit 11,199 13,229 75,052 40,928
------------- ------------- ---------- --------------
Operating
expenses:
Research and
development 8,549 8,734 40,059 39,010
Selling,
general and
administrative 19,828 16,266 74,175 76,262
Amortization of
acquired
intangible
assets 4,778 1,098 14,051 7,078
Restructuring
charges - 88 7,019 26,088
Asset
impairment
charges - - 15,519 22,574
In-process research
and development
costs of acquired
business - - 7,832 2,000
------------- -------------- --------- --------------
Total
operating
expenses 33,155 26,186 158,655 173,012
------------- -------------- --------- --------------
Operating
income (loss) (21,956) (12,957) (83,603) (132,084)
Gain on sale of
WARC, net of
tax 28,420 - 28,420 -
Other income
(expense), net (1,690) (1,812) (6,918) (3,456)
------------- -------------- --------- --------------
Income (loss)
before
provision
(benefit) for
income taxes 4,774 (14,769) (62,101) (135,540)
Provision
(benefit) for
income taxes (1,293) (4,536) 57,335 (38,026)
Minority
interest 161 - (4,663) -
------------- -------------- --------- --------------
Net income
(loss)
continuing
operations 5,906 (10,233) (114,774) (97,514)
Discontinued
operations,
net of income
tax (7,725) (2,942) (19,478) (51,404)
------------- -------------- --------- --------------
Net Income
(loss) (1,820) (13,175) (134,252) (148,918)
============= ============== ========= ==============
Basic earnings
(loss) per
share:
Continuing
operations $ 0.16 $ (0.29) $ (3.06) $ (2.76)
Discontinued
operations 0.21 (0.08) (0.52) (1.45)
------------- ------------------------ --------------
Basic net
income (loss)
per share $ (0.05) $ (0.37) $ (3.58) $ (4.21)
============= ======================== ==============
Diluted
earnings
(loss) per
share:
Continuing
operations $ 0.15 $ (0.29) $ (3.06) $ (2.76)
Discontinued
operations (0.19) (0.08) (0.52) (1.45)
------------- ------------- ---------- --------------
Diluted
earnings
(loss) per
share $ (0.04) $ (0.37) $ (3.58) $ (4.21)
============= ============= ========== ==============
Shares used in
the per share
calculation:
Basic 38,005 35,779 37,489 35,373
============= ============= ============== ============
Diluted 40,586 35,779 37,489 35,373
============= ============= ============== ============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months
Ended
March 31, Pro Forma Pro Forma
2003 Adjustments Results
------------- ----------- ---------
Net sales $ 59,687 $ - $ 59,687
Cost of sales 48,488 (4,540) 43,948
------------- ----------- ---------
Gross profit 11,199 4,540 15,739
------------- ----------- ---------
Operating expenses:
Research and development 8,549 (70) 8,479
Selling, general and administrative 19,828 (876) 18,952
Amortization of acquired intangible
assets 4,778 (4,778) -
------------- ----------- ---------
Total operating expenses 33,154 (5,724) 27,431
------------- ----------- ---------
Operating income (loss) (21,956) (11,692)
Gain on sale of WARC, net of tax 28,420 (28,420) -
Other income (expense), net (1,690) - (1,690)
------------- ----------- ---------
Income (loss) before provision
(benefit) for income taxes 4,774 (13,382)
Provision (benefit) for income
taxes (1,293) - (1,293)
Minority interest 161 - 161
------------- ----------- ---------
Net income (loss) continuing
operations 5,906 (12,250)
Discontinued operations, net of
income tax (7,725) 7,725 -
------------- ----------- ---------
Net Income (loss) (1,819) 7,725 (12,250)
============= =========== =========
Basic earnings (loss) per share:
Continuing operations $ 0.16 $ (0.32)
Discontinued operations (0.21) -
------------- ---------
Basic net income (loss) per share $ (0.05) $ (0.32)
============= =========
Diluted earnings (loss) per share:
Continuing operations $ 0.15 $ (0.30)
Discontinued operations (0.19) -
------------- ---------
Diluted earnings (loss) per share $ (0.04) $ (0.30)
============= =========
Shares used in the per share
calculation:
Basic 38,005 38,005
============= =========
Diluted 40,586 40,586
============= =========
Asyst Technologies Inc., based on continuing operations
(1) Including Asyst Shinko as of Q3
------------ ------------
Q4 Q3
FY03 FY03
------------ ------------
Quarter Quarter
ended ended
3/31/03(1) 12/31/02(1)
Net Bookings by Region
North America 12.7 30% 22.2 46%
Japan 20.2 48% 10.7 22%
Taiwan 1.8 4% 3.7 8%
Other APAC 3.7 9% 8.4 17%
Europe 3.7 9% 3.2 7%
------------ ------------
TOTAL 42.0 100% 48.3 100%
============ ============
Billings by Region
North America 18.2 31% 23.5 31%
Japan 11.2 19% 16.7 22%
Taiwan 8.3 14% 9.3 12%
Other APAC 11.7 20% 21.6 29%
Europe 8.6 15% 4.5 6%
------------ ------------
TOTAL 58.0 100% 75.6 100%
============ ============
Net Bookings by Customer Type
OEM 16.4 39% 18.0 37%
End
User 25.5 61% 30.3 63%
------------ ------------
TOTAL 42.0 100% 48.3 100%
============ ============
Billings by Customer Type
OEM 21.6 37% 26.1 35%
End
User 36.4 63% 49.5 65%
------------ ------------
TOTAL 58.0 100% 75.6 100%
============ ============
Amount% of Amount% of
total total
------------ ------------
300mm Net Bookings 25.2 60% 27.0 56%
============ ============
Amount% of Amount% of
total total
------------ ------------
300mm Net Billings 24.3 42% 29.6 39%
============ ============
Amount% of Amount% of
total total
------------ ------------
FPD Net Bookings 1.4 3% 2.3 5%
============ ============
Amount% of Amount% of
total total
------------ ------------
FPD Net Billings 3.2 5% 9.3 12%
============ ============
------------ ------------ ------------
Q2 Q1 FY03
FY03 FY03
------------ ------------ ------------
Quarter Quarter
ended ended
9/30/02 6/30/02
Net Bookings by Region
North America 18.9 38% 23.1 30% 76.9 35%
Japan 11.5 23% 14.0 18% 56.4 26%
Taiwan 4.9 10% 20.9 27% 31.3 14%
Other APAC 10.6 21% 15.6 20% 38.2 18%
Europe 4.3 9% 4.0 5% 15.2 7%
------------ ------------ ------------
TOTAL 50.2 100% 77.4 100% 217.8 100%
============ ============ ============
Billings by Region
North America 26.0 36% 22.2 43% 89.9 35%
Japan 12.1 17% 7.7 15% 47.8 19%
Taiwan 18.1 25% 11.0 21% 46.7 18%
Other APAC 11.3 16% 6.2 12% 50.8 20%
Europe 4.9 7% 4.8 9% 22.7 9%
------------ ------------ ------------
TOTAL 72.3 100% 51.9 100% 257.9 100%
============ ============ ============
Net Bookings by Customer Type
OEM 30.2 60% 27.6 36% 92.2 42%
End
User 20.0 40% 49.8 64% 125.6 58%
------------ ------------ ------------
TOTAL 50.2 100% 77.4 100% 217.8 100%
============ ============ ============
Billings by Customer Type
OEM 34.0 47% 20.5 40% 102.5 40%
End
User 38.3 53% 31.3 60% 155.5 60%
------------ ------------ ------------
TOTAL 72.3 100% 51.9 100% 257.9 100%
============ ============ ============
Amount% of Amount% of Amount% of
total total total
------------ ------------ ------------
300mm Net Bookings 16.9 34% 30.4 39% 99.5 46%
============ ============ ============
Amount% of Amount% of Amount% of
total total total
------------ ------------ ------------
300mm Net Billings 24.3 34% 18.7 36% 96.9 38%
============ ============ ============
FPD Net Bookings
FPD Net Billings
CONTACT: Investor Contact |
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