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 Press Release Asyst Technologies Reports Results for Second Quarter of Fiscal 2004
FREMONT, Calif.--(BUSINESS WIRE)--Nov. 6, 2003--Asyst Technologies, Inc., (Nasdaq NM: ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today announced consolidated financial results for its second fiscal quarter ended Sept. 27, 2003. Results were generally in line with company guidance. For the quarter, Asyst reported net sales of $51.3 million, up 13% from $45.3 million reported in the prior quarter. Net loss for the fiscal second quarter improved to $16.3 million, or $0.41 per share, compared with a net loss of $37.4 million or $0.97 per share in the fiscal first quarter. Results for the fiscal second quarter included restructuring charges of $0.5 million and other severance costs of $0.3 million. Results for the prior quarter included restructuring charges of $4.4 million and an asset impairment charge of $6.9 million. Net bookings in the quarter were $60.5 million, up 36% sequentially from net bookings of $44.5 million in the prior quarter. As announced separately today, during the quarter the company also received a letter of intent through Asyst Shinko for a flat panel display AMHS project with an estimated value for Phase One of approximately $26 million. Subsequent to the end of the quarter the company received a purchase order in this amount for the project, which will be booked in the December quarter. Gross margins for the period improved to 23% compared with 10% in the first fiscal quarter. Gross margin in the prior quarter included charges of $4.8 million related to the company's continuing transition to outsourced manufacturing. Research and development and selling, general and administrative expenses also improved during the quarter, down $3.9 million from the prior quarter, reflecting the results of the company's on-going restructuring activities. Improving Sales, Bookings, and Operational Performance "We had a strong second quarter, as we increased sales and bookings, improved gross margins, and significantly reduced operating expenses," said Steve Schwartz, chairman and CEO. "Asyst Shinko had its second consecutive quarter of strong bookings. In our base business, we had a book-to-bill ratio of 1.2 to one, driven primarily by our recently introduced 300mm products as well as increased 200mm expansion activity. We also reduced on-going quarterly operating expenses by approximately $4 million in the second quarter, our third consecutive quarter of improvement, resulting in an aggregate reduction of 26% over that nine-month period. We also are seeing the early gross margin benefits of our outsourced manufacturing operations, which continue to perform on plan. "Looking ahead, we are tracking approximately two dozen greenfield and expansion 300mm projects, as well as one new 200mm project in Europe and a half-dozen major 200mm expansion projects in Asia. We believe that four to five of the 300mm greenfield fabs will be making automation decisions within the next six months. Just as important, we anticipate that bookings for other aspects of our automation solutions will begin to accelerate as these customers begin to fill their fabs with tools. We also are tracking multiple Gen 5 and Gen 6 new flat panel display fabs, which we anticipate will select AMHS suppliers over the next couple of quarters." Highlights
Cash Flow and Balance Sheet Cash and restricted cash at Sept. 27, 2003 were $79.7 million, up $3.4 million from $76.3 million at June 28, 2003. Cash flow for the fiscal second quarter included $12.1 million of net proceeds from the sale of land and $4.5 million of borrowing against a new credit facility established by Asyst Shinko, as well as a net pay down of $2.5 million of debt held by Asyst Japan, Inc. Approximately $19.2 million of the company's consolidated balance of cash and short-term investments is for the exclusive use of Asyst Shinko. Short-term debt consisted of low-interest notes in the amount of $16.0 million held by Asyst Japan and a $4.5 million outstanding balance on a new credit facility established by Asyst Shinko. The company's long-term debt of $117.5 million consists of the following:
Under GAAP percentage-of-completion accounting, which is used to recognize revenue at the company's Asyst Shinko joint venture, Asyst Shinko had approximately $35.0 million and $25.6 million of unbilled receivables as of Sept. 27, 2003 and June 28, 2003, respectively. Outlook Following is guidance for the fiscal year 2004 third quarter ending Dec. 27, 2003:
About Asyst Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. 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 chip and FPD manufacturers, as well as original equipment manufacturers, 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 and accessible by going to the investor relations page and clicking on the "webcast" link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst's website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 554950#. The audio instant replay is available from Nov. 6 at 8:00 p.m. Eastern Time through Nov. 20 at 11:59 p.m. Eastern Time. "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, continued ability to maintain and improve gross margins through outsourced manufacturing, to reduce operating expenses, and to manage cash flows (and the timing and degree of any such improvements in gross margins, reductions in operating expenses and management of cash flows), failure to respond to rapid demand shifts, dependence on a few significant customers, the transition of the industry from 200mm wafers to 300mm wafers and the timing and scope of decisions by manufacturers to transition and expand fabrication facilities, continued risks associated with the acceptance of new products and product capabilities, the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay recognition or the amount of our anticipated revenue, competition in the semiconductor equipment industry and specifically in AMHS, failure to integrate in an efficient and timely manner acquired companies and to complete planned restructuring and outsourcing programs, failure to retain and attract key employees, and other factors more fully detailed in the company's annual report on Form 10-K (as amended) for the year ended March 31, 2003, and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
Sept. 27, June 28, March 31,
2003 2003 2003
--------- --------- ---------
ASSETS
Current assets:
Cash, cash equivalents
and short-term
investments $ 77,444 $ 73,116 $ 96,214
Restricted cash and
equivalents 2,268 3,178 3,088
Accounts receivable,
net 81,848 69,729 74,878
Inventories 17,581 17,671 22,204
Prepaid expenses and
other 9,651 12,367 10,317
--------- --------- ---------
Total current
assets 188,792 176,061 206,701
--------- --------- ---------
Long-term assets:
Property and
equipment, net 23,760 23,381 24,295
Goodwill 69,428 65,876 65,505
Intangible assets,
net 73,520 71,859 76,862
Other assets 2,744 17,111 21,862
--------- --------- ---------
Total long-term
assets 169,452 178,227 188,524
--------- --------- ---------
$ 358,244 $ 354,288 $ 395,225
========= ========= =========
LIABILITIES, MINORITY
INTEREST AND
SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 45,248 $ 34,992 $ 45,027
Accrued liabilities
and other 50,145 59,514 50,572
Short-term loans and
notes payable 18,009 20,183 17,976
Current portion of long-term
debt and finance leases 2,477 1,251 1,273
Deferred revenue 1,416 1,595 2,130
--------- --------- ---------
Total current
liabilities 117,295 117,535 116,978
--------- --------- ---------
Long-term liabilities:
Convertible debentures 86,250 86,250 86,250
Long-term debt 31,274 28,390 28,562
Deferred tax liability 23,227 22,080 23,754
Other long-term liabilities 12,433 12,257 12,754
--------- --------- ---------
Total long-term
liabilities 153,184 148,977 151,320
--------- --------- ---------
Minority interest 62,714 56,707 58,893
Shareholders' equity:
Common Stock 343,176 334,027 332,569
Deferred stock-based
compensation (3,588) (3,998) (3,992)
Accumulated deficit (318,939) (302,624) (265,248)
Accumulated other
comprehensive income 3,522 3,664 4,705
--------- --------- ---------
Total shareholders'
equity 25,051 31,069 68,034
--------- --------- ---------
$ 358,244 $ 354,288 $ 395,225
========= ========= =========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Sept. 27, Sept. 28, Sept. 27, Sept. 28
2003 2002 2003 2002
---------------------------------------
Net sales $ 51,349 $ 72,319 $ 96,617 $124,183
Cost of sales 39,350 44,150 80,174 79,459
--------- --------- --------- ---------
Gross profit 11,999 28,169 16,443 44,724
--------- --------- --------- ---------
Operating expenses:
Research and development 8,391 10,058 18,015 20,350
Selling, general and
administrative 14,914 17,346 32,519 33,884
Amortization of acquired
intangible assets 4,778 1,916 9,563 3,566
Restructuring charges 487 3,027 4,850 3,027
Asset impairment charges - 8,594 6,853 8,594
In-process research and
development costs of acquired
businesses - (418) - 2,082
--------- --------- --------- ---------
Total operating expenses 28,570 40,523 71,800 71,503
--------- --------- --------- ---------
Operating loss (16,571) (12,354) (55,357) (26,779)
Other income (expense), net (1,463) (945) (2,388) (2,652)
--------- --------- --------- ---------
Loss from continuing operations
before income taxes (18,034) (13,299) (57,745) (29,431)
Provision (benefit) from
income taxes (1,005) 62,661 (2,385) 58,628
Minority interest (714) - (1,669) -
--------- --------- --------- ---------
Net loss from continuing
operations (16,315) (75,960) (53,691) (88,059)
Discontinued operations, net
of income tax - (2,093) - (3,453)
--------- --------- --------- ---------
Net loss $(16,315) $(78,053) $(53,691) $(91,512)
========= ========= ========= =========
Basic and diluted loss per
share:
Continuing operations $ (0.41) $ (2.03) $ (1.38) $ (2.38)
Discontinued operations - (0.05) - (0.09)
--------- --------- --------- ---------
Total basic and diluted loss
per share $ (0.41) $ (2.08) $ (1.38) $ (2.47)
========= ========= ========= =========
Shares used in the per share
calculation-basic and
diluted: 39,517 37,452 38,996 37,009
========= ========= ========= =========
CONTACT: Investor Contact |
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