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 Press Release Asyst Technologies Reports Results
for Fourth Quarter of Fiscal 2004
Gross Margins Exceed Guidance; Semiconductor Bookings Up 44% Sequentially;
Sales up 74% Sequentially to New Record FREMONT, Calif., May 5, 2004 - 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 fiscal fourth quarter ended March 27, 2004. For the quarter, Asyst reported consolidated net sales of $130.1 million, up 74% from $74.9 million reported in the prior sequential quarter and up 118% from $59.7 million in the same quarter a year ago. Sales at ATI, the company's base business, were $51.1 million, compared with $32.5 million in the prior quarter, an increase of 57%. Sales of automated material handling systems (AMHS) at Asyst Shinko, Inc. (ASI), the company's 51%-owned joint venture company, were $79.0 million, up 86% from $42.4 million in the prior quarter. GAAP net loss for the fiscal fourth quarter was $7.7 million, or $0.16 per share, which compares on the same basis with a net loss of $22.1 million, or $0.52 per share, in the fiscal third quarter, and net income from continuing operations of $5.9 million, or $0.16 per share, in the same quarter a year ago, which included a gain on sale of a division of $28.4 million. Included in the GAAP net loss for the fiscal fourth quarter is amortization of intangibles and stock-based compensation expense related to prior acquisitions, which net of taxes and minority interest comprised $2.5 million, or $0.05 per share, of the GAAP net loss for the quarter. For the quarter, gross margin at ATI was 32.1%, up from 25.8% in the prior quarter. Gross margin at ASI was 12.3%, up from 5.2% in the prior quarter. Consistent with the company's guidance, ASI's reported gross margin for the fiscal fourth quarter includes the impact of zero gross margin revenue related to flat panel display (FPD) contracts that were booked in the fiscal third quarter, while the fiscal third quarter gross margin included the impact of zero gross margin revenue as well as $6.3 million of charges. Research and development (R&D) and selling, general and administrative (SG&A) expenses at ATI were $21.8 million, compared with $23.7 million in the prior quarter. Results for the prior quarter included $2.1 million of out-of-period expenses. R&D and SG&A expenses at ASI were $6.6 million, representing 8.4% of ASI sales, compared with $4.3 million, or 10.1% of sales, in the prior quarter. Total net bookings in the quarter were $148.7 million, compared with $133.7 million in the prior quarter and $42.0 million in the same quarter a year ago. ATI bookings increased 46% to $78.1 million, compared with $53.5 million in the prior quarter. ASI bookings of $70.5 million compare with $80.2 million reported in the prior quarter, however the prior quarter bookings included approximately $42 million related to one large new FPD project. Semiconductor bookings of $121.9 million in the fiscal fourth quarter compare with $84.6 million in the prior quarter, an increase of 44%. "We exceeded our guidance for sales and gross margin for the quarter at ATI and ASI and again achieved above-industry growth in semiconductor bookings," said Steve Schwartz, chairman and CEO. "At ATI, fully 49% of our incremental sales in the quarter dropped through to the bottom line. This initial leverage and our ability to deliver a 57% quarter-over-quarter sales ramp reflects substantial progress in our outsourced manufacturing model, but we have considerable room for improvement. As we discussed last quarter, we have been able to accelerate production and margin leverage related to some products, but we have been supply chain-constrained on others, resulting in unsatisfactory on-time delivery performance to our customers and additional costs to manage our supply chain and meet customer commitments. However, with each week we are getting these issues behind us and are realizing more of the leverage inherent in our manufacturing model. In the fiscal first quarter we expect to increase ATI sales by approximately 30% and significantly improve our on-time delivery on these products while reducing costs associated with expediting in the supply chain. "At ASI, we again achieved strong bookings in semiconductor and FPD driven by awards of 20 significant projects across 13 different customers. In terms of operating results, ASI delivered positive operating cash flow even though its gross margin is currently below historical levels. With ASI already having strong semiconductor market share, solid customer satisfaction and what we believe is the leanest operating structure in the industry, our focus there continues to be gross margin improvement. We also continue to pursue diversification and growth opportunities in the FPD market with the expectation that FPD will contribute incremental gross profit and operating income on a cycle that is potentially different from semiconductors." Highlights
Outlook The following table is based on current expectations of approximate future results under GAAP for the first quarter of fiscal year 2005 ending June 26, 2004. This outlook is forward-looking, and actual results may differ materially. Dollar values are in millions.
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 DetailsA 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 577779#. The audio instant replay is available from May 5 at 8:00 p.m. Eastern Time through May 19 at 11:59 p.m. Eastern Time. “ Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995Except 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 ability to achieve forecasted revenues and to maintain and improve gross margins through outsourced manufacturing and improved supply chain management, 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), to respond to customer product and delivery demand shifts and market opportunities, including 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, the company’s dependence on a few significant customers, the risks associated with the acceptance of new products and product capabilities, and customer delay, reduction or cancellation of planned projects, bookings, or opportunities (and thus the delay, reduction or cancellation in our anticipated bookings or revenue), volatility and competition in the semiconductor equipment industry and specifically in AMHS, the company’s failure to integrate in an efficient and timely manner acquired companies and to complete planned restructuring and outsourcing programs, and 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” is a registered trademark and “Spartan,” “IsoPort,” and “GW CONX300” are trademarks of Asyst Technologies, Inc. All Rights Reserve
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
March 27, March 31,
2004 2003
------------- -------------
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investment $117,860 $ 96,214
Restricted cash and cash equivalents 1,904 3,088
Accounts receivable, net 147,939 74,878
Inventories 27,694 22,204
Prepaid expenses and other 14,276 10,317
------------- -------------
Total current assets 309,673 206,701
------------- -------------
LONG-TERM ASSETS:
Property and equipment, net 22,868 24,295
Intangible assets, net and goodwill 137,751 142,367
Other assets 3,317 21,862
------------- -------------
Total long-term assets 163,936 188,524
------------- -------------
Total assets $473,609 $395,225
============= =============
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, accrued liabilities
and other $158,481 $ 95,599
Short-term loans and notes payable 18,161 17,976
Current portion of long-term debt and
finance leases 2,775 1,273
Deferred revenue 2,683 2,130
------------- -------------
Total current liabilities 182,100 116,978
------------- -------------
LONG-TERM LIABILITIES:
Convertible debentures 86,250 86,250
Long-term debt and finance leases, net
of current portion 4,824 28,562
Deferred tax and other long-term
liabilities 33,530 36,508
------------- -------------
Total long-term liabilities 124,604 151,320
------------- -------------
MINORITY INTEREST 63,796 58,893
------------- -------------
SHAREHOLDERS' EQUITY: 103,109 68,034
------------- -------------
Total liabilities, minority interest and
shareholders' equity $473,609 $395,225
============= =============
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Twelve Months Ended
March 27, March 31, March 27, March 31,
2004 2003 2004 2003
------------ ---------------------- -----------
NET SALES $ 130,137 $ 59,687 $ 301,642 $ 259,495
COST OF SALES 103,978 48,488 248,453 184,443
-------- --------- --------- ----------
Gross profit 26,159 11,199 53,189 75,052
-------- --------- --------- ----------
OPERATING EXPENSES:
Research and
development 9,157 8,549 36,376 40,059
Selling, general and
administrative 19,267 19,828 70,541 74,175
Amortization of
acquired intangible
assets 5,326 4,778 20,160 14,051
Restructuring and
other charges (12) - 6,581 7,019
Asset impairment
charges - - 6,853 15,519
In-process research and
development costs of
acquired businesses - - - 7,832
Total operating
expenses 33,738 33,155 140,511 158,655
-------- ---------- -------- --------
Operating loss (7,579) (21,956) (87,322) (83,603)
Gain on sale of wafer
and reticle carrier
products - 28,420 - 28,420
Other expense, net (2,042) (1,690) (6,635) (6,918)
- -------- -- -------- - -------- - ---------
Income (loss) before
(provision for) benefit
from income taxes,
minority interest and
discontinued
operations (9,621) 4,774 (93,957) (62,101)
(PROVISION FOR)
BENEFIT FROM INCOME
TAXES 1,648 1,293 6,150 (57,335)
MINORITY INTEREST 272 (161) 4,358 4,663
-------- -------- -------- ---------
INCOME (LOSS) FROM
CONTINUING OPERATIONS
BEFORE DISCONTINUED
OPERATIONS (7,701) 5,906 (83,449) (114,773)
DISCONTINUED OPERATIONS,
net of income taxes - (9,343) - (21,096)
-------- -------- -------- ---------
NET LOSS $ (7,701) $ (3,437) $(83,449) $(135,869)
======== ======== ======== =========
BASIC NET INCOME
(LOSS) PER SHARE:
Continuing operations $ (0.16) $ 0.16 $ (2.00) $ (3.06)
Discontinued
operations - (0.25) - (0.56)
-------- -------- -------- ---------
Basic net loss per
share $ (0.16) $ (0.09) $ (2.00) $ (3.62)
======== ======== ======== =========
DILUTED NET INCOME
(LOSS) PER SHARE:
Continuing operations $ (0.16) $ 0.15 $ (2.00) $ (3.06)
Discontinued
operations - (0.23) - (0.56)
-------- -------- -------- ---------
Diluted net loss per
share $ (0.16) $ (0.08) $ (2.00) $ (3.62)
======== ======== ======== =========
SHARES USED IN THE PER
SHARE CALCULATION:
Basic 47,020 38,005 41,805 37,489
======== ======== ======== =========
Diluted 47,020 40,586 41,805 37,489
======== ======== ======== =========
ASYST TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended March 27, 2004
ATI ASI Consolidated
-------- --------- ------------
SUPPLEMENTAL STATEMENT OF OPERATIONS
NET SALES $51,109 $79,028 $130,137
COST OF SALES 34,725 69,253 103,978
-------- --------- ------------
Gross profit 16,384 9,775 26,159
-------- --------- ------------
OPERATING EXPENSES:
Research and development 7,212 1,945 9,157
Selling, general and administrative 14,605 4,662 19,267
Amortization of acquired intangible
assets 989 4,337 5,326
Restructuring and other charges (12) - (12)
-------- --------- ------------
Total operating expenses 22,794 10,944 33,738
-------- --------- ------------
Operating loss (6,410) (1,169) (7,579)
Other expense, net (854) (1,188) (2,042)
-------- --------- ------------
Income (loss) before (provision
for) benefit from income taxes
and minority interest (7,264) (2,357) (9,621)
(PROVISION FOR) BENEFIT FROM
INCOME TAXES (115) 1,763 1,648
MINORITY INTEREST (19) 291 272
-------- --------- ------------
NET LOSS $(7,398) $ (303) $ (7,701)
======== ========= ============
Basic and diluted net loss per
share: $ (0.15) $ (0.01) $ (0.16)
Shares used in the per share
calculation - basic and diluted: 47,020 47,020 47,020
CALCULATION OF IMPACT OF AMORTIZATION OF INTANGIBLES, STOCK-BASED
COMPENSATION AND RESTRUCTURING CHARGES, NET OF TAXES AND MINORITY
INTEREST
Amortization of acquired intangible
assets 989 4,337 5,326
Amortization of stock-based
compensation related to prior
acquisitions 277 - 277
Restructuring credits (12) - (12)
-------- --------- ------------
Total amounts before income taxes 1,254 4,337 5,591
Tax impact - 1,822 1,822
-------- --------- ------------
Amount after tax 1,254 2,515 3,769
Minority interest - 1,233 1,233
-------- --------- ------------
Amounts net of taxes and minority
interest 1,254 1,282 2,536
======== ========= ============
Amounts per basic and diluted share $ 0.02 $ 0.03 $ 0.05
======== ========= ============
CONTACT: Investor Contact |
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