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 Press Release Asyst Technologies Reports GAAP Net Income,
Improved Results for Third Quarter of Fiscal 2006 FREMONT, Calif. – (BUSINESS WIRE) – Jan. 31, 2006 – Asyst Technologies, Inc., (Nasdaq: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 third quarter ended Dec. 31, 2005. The company reported GAAP net income of $3.0 million, or $0.06 per share, for the fiscal third quarter, which compares with a GAAP net loss of $1.5 million, or $(0.03) per share, in the prior sequential quarter. On a non-GAAP basis, the company reported net income for the fiscal third quarter of $4.7 million, or $0.10 per share, compared with non-GAAP net income of $0.7 million, or $0.02 per share, in the prior sequential quarter. Net income on a GAAP and non-GAAP basis includes the benefit of $2.2 million of additional royalty income. A table reconciling GAAP net income (loss) to non-GAAP net income (loss) is provided as part of this release. Consolidated net sales for the fiscal third quarter were $106.8 million, which compares with $124.6 million in the prior quarter. Net sales for the fiscal third quarter at ATI, the company's base business, were $39.5 million, essentially flat with $39.2 million in the prior sequential quarter. Net sales for the fiscal third quarter at Asyst Shinko, Inc. (ASI), the company's 51%-owned joint venture in Japan, were $67.3 million. This compares with $85.4 million in the prior sequential quarter, which was higher than expected because a number of customer projects were completed ahead of schedule in that quarter. For the fiscal third quarter, consolidated gross margin was 39%, up from 35% in the fiscal second quarter. Gross margin at ATI was 42%, up from 38% in the prior sequential quarter, primarily reflecting continued material cost reductions. Gross margin at ASI was 38%, up from 33% in the prior sequential quarter. The gross margin improvement at ASI was primarily attributable to favorable project mix and the impact of lower than estimated costs on a number of completed customer projects. Total net bookings for the fiscal third quarter were $85 million, which compares with $100 million in the prior sequential quarter. Bookings at ATI were $37 million, which is essentially flat with $38 million in the prior sequential quarter. Bookings at ATI tend to lag by four-to-six weeks behind its predominantly OEM customers. Bookings at ASI were $48 million, which compares with $62 million in the prior sequential quarter. AMHS bookings can be volatile based on the timing of customer investment decisions. "We now have reported four consecutive quarters of gross margin improvement and achieved a significant milestone in reporting GAAP profitability for the fiscal third quarter," said Steve Schwartz, chairman and CEO. "This success is a direct result of our focus on continuous operational improvements, which are driving gains in customer satisfaction, market share, and gross margin. In December, we began to see an uptick in customer activity, which is leading to increased bookings in the current quarter. As we look to our 2007 fiscal year that begins in April, we see the opportunity to leverage our improved operational performance in an environment of increasing customer demand -- an alignment that we believe will lead us to stronger profitability throughout fiscal 2007." Outlook For the fiscal fourth quarter ending Mar. 31, 2006, the company provided the following guidance:
This guidance is forward-looking, and actual results may differ materially. The company has no obligation to update this guidance. About Our Non-GAAP Operating Results and Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles ("GAAP"), we use a non-GAAP measure of operating results that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains. Our non-GAAP net income (loss) gives an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income (loss) is among the primary indicators management uses as a basis for planning and forecasting future periods. This measure is not in accordance with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute non-GAAP net income (loss) by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles, restructuring and impairment charges, costs related to events outside the normal course of business, and other non-cash charges and gains. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP. 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, Jan. 31, 2006, 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 11051553#. The audio instant replay is available from Jan. 31 at 7:00 p.m. Eastern Time through Feb. 14 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; our ability to achieve forecasted revenues and profits; failure to respond to rapid demand shifts; dependence on a few significant customers; the timing and scope of decisions by customers 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 retain and attract key employees; and other factors more fully detailed in the company's annual report on Form 10-K for the year ended March 31, 2005, and other reports filed with the Securities and Exchange Commission. Asyst is a registered trademark of Asyst Technologies, Inc. Asyst Shinko is a registered trademark of Asyst Shinko, Inc. All Rights Reserved.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
December 31, March 31,
2005 2005
------------- -----------
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and short-term
investments $ 128,434 $101,180
Accounts receivable, net 146,154 189,943
Inventories 38,309 33,515
Prepaid expenses and other 23,904 33,971
------------- -----------
Total current assets 336,801 358,609
------------- -----------
LONG-TERM ASSETS:
Property and equipment, net 17,855 15,458
Goodwill 58,708 64,014
Intangible assets, net 23,001 40,898
Other assets 3,796 4,795
------------- -----------
Total long-term assets 103,360 125,165
------------- -----------
Total assets $ 440,161 $483,774
============= ===========
LIABILITIES, MINORITY INTEREST AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable $ 19,388 $ 20,563
Current portion of long-term debt and
capital leases 1,776 2,757
Accounts payable 92,852 123,155
Accrued liabilities 72,985 70,439
Deferred revenue 6,770 6,013
------------- -----------
Total current liabilities 193,771 222,927
------------- -----------
LONG-TERM LIABILITIES:
Convertible notes 86,250 86,250
Long-term debt and capital leases,
net of current portion 1,172 2,500
Deferred tax and other long-term
liabilities 14,652 18,319
------------- -----------
Total long-term liabilities 102,074 107,069
------------- -----------
MINORITY INTEREST 61,839 63,855
------------- -----------
SHAREHOLDERS' EQUITY: 82,477 89,923
------------- -----------
Total liabilities, minority interest
and shareholders' equity $ 440,161 $483,774
============= ===========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended Nine Months Ended
-------------------- -------------------
Dec 31, Dec 31, Dec 31, Dec 31,
2005 2004 2005 2004
--------- ---------- --------- ---------
NET SALES $106,824 $161,383 $348,870 $469,414
COST OF SALES 64,828 133,814 229,664 383,902
--------- ---------- --------- ---------
Gross profit 41,996 27,569 119,206 85,512
--------- ---------- --------- ---------
OPERATING EXPENSES:
Research and development 6,310 8,485 20,461 27,237
Selling, general and
administrative 21,075 22,551 62,450 56,820
Amortization of acquired
intangible assets 3,494 5,086 13,126 15,178
Restructuring charges
(credits) (138) 1,116 (45) 1,703
Impairment charges -- 4,645 -- 4,645
--------- ---------- --------- ---------
Total operating expenses 30,741 41,883 95,992 105,583
--------- ---------- --------- ---------
Operating income (loss) 11,255 (14,314) 23,214 (20,071)
Other income (expense), net 2,409 297 939 (1,064)
--------- ---------- --------- ---------
Income (loss) before
benefit from (provision
for) income taxes and
minority interest 13,664 (14,017) 24,153 (21,135)
BENEFIT FROM (PROVISION FOR)
INCOME TAXES (6,507) 962 (16,191) 2,549
MINORITY INTEREST (4,178) 1,411 (10,115) 2,825
--------- ---------- --------- ---------
NET INCOME (LOSS) $ 2,979 $(11,644) $ (2,153) $(15,761)
========= ========== ========= =========
NET INCOME (LOSS) PER BASIC
SHARE $ 0.06 $ (0.24) $ (0.04) $ (0.33)
========= ========== ========= =========
NET INCOME (LOSS) PER DILUTED
SHARE $ 0.06 $ (0.24) $ (0.04) $ (0.33)
========= ========== ========= =========
WEIGHTED SHARES USED IN THE
PER SHARE CALCULATION
- BASIC 48,019 47,553 47,918 47,387
========= ========== ========= =========
WEIGHTED SHARES USED IN THE
PER SHARE CALCULATION
- DILUTED 48,789 47,553 47,918 47,387
========= ========== ========= =========
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(Unaudited; in thousands, except per share data)
Three Months Ended
---------------------------------
Dec 31, Sept 30, Dec 31,
2005 2005 2004
---------- ---------- ----------
GAAP net income (loss) $2,979 $(1,545) $(11,644)
Adjustments:
Stock based compensation expense 271 289 205
Amortization of intangible assets 3,494 4,714 5,086
Restructuring charges (credits) (138) -- 1,116
Impairment charges -- -- 4,645
Professional fees related to ASI -- -- 1,720
Income tax benefit relating to
amortization of intangible assets
(1) (1,079)(1) (1,562) (1,699)
Minority interest relating to the ASI
adjustments above (2) (801)(2) (1,159) (1,151)
---------- ---------- ----------
Total adjustments 1,747 2,282 9,922
---------- ---------- ----------
Non-GAAP net income (loss) $4,726 $737 $ (1,722)
========== ========== ==========
Non-GAAP net income (loss)
per basic share $ 0.10 $ 0.02 $ (0.04)
========== ========== ==========
Non-GAAP net income (loss) per
diluted share $ 0.10 $ 0.02 $ (0.04)
========== ========== ==========
Weighted shares used in the
per share calculation - basic 48,019 47,963 47,553
========== ========== ==========
Weighted shares used in the per
share calculation - diluted 48,789 48,522 47,553
========== ========== ==========
(1) Income tax adjustment relating to the amortization of
intangibles attributable to ASI.
(2) Reflects 49% minority interest adjustment relating to
the net adjustments at ASI.
ASYST TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited; in thousands, except per share data)
Three Months Ended
December 31, 2005
---------------------------------
Consolidated
ATI ASI Under GAAP
-------- --------- ------------
SUPPLEMENTAL STATEMENT OF OPERATIONS
NET SALES $39,487 $67,337 $106,824
COST OF SALES 23,053 41,775 64,828
-------- --------- ------------
Gross profit 16,434 25,562 41,996
-------- --------- ------------
OPERATING EXPENSES:
Research and development 4,950 1,360 6,310
Selling, general and administrative 14,106 6,969 21,075
Amortization of acquired intangible
assets 781 2,713 3,494
Restructuring charges (credits) (138) -- (138)
-------- --------- ------------
Total operating expenses 19,699 11,042 30,741
-------- --------- ------------
Operating income (loss) (3,265) 14,520 11,255
Other income, net 2,212 197 2,409
-------- --------- ------------
Income (loss) before
provision for income taxes
and minority interest (1,053) 14,717 13,664
PROVISION FOR INCOME TAXES (238) (6,269) (6,507)
MINORITY INTEREST (25) (4,153) (4,178)
-------- --------- ------------
NET INCOME (LOSS) $(1,316) $ 4,295 $ 2,979
======== ========= ============
Net income (loss) per basic
share $ (0.03) $ 0.09 $ 0.06
======== ========= ============
Net income (loss) per diluted
share $ (0.03) $ 0.09 $ 0.06
======== ========= ============
Weighted shares used in the per
share calculation - basic 48,019 48,019 48,019
======== ========= ============
Weighted shares used in the per
share calculation - diluted 48,019 48,789 48,789
CONTACT: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Asyst Technologies's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. |
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