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Amtech Releases Financial Results [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Amtech Systems, a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and sapphire and silicon wafers, has reported results for its first fiscal quarter ending December 31, 2011.
According to a February 9 release, net revenue for the first quarter of fiscal 2012 was $24.7 million, down 59 percent sequentially from $59.9 million for the preceding quarter, and down 54 percent from $53.7 million for the first quarter of fiscal 2011. The decrease was driven by lower system shipments to customers in the solar industry. Semiconductor revenue totaled $9.1 million a 16 percent increase from semiconductor revenue in the first quarter of fiscal 2011 and 19 percent higher than the fourth quarter of fiscal 2011.
Total orders in the first quarter of fiscal 2012 were $11.1 million ($3.1 million solar), down 34 percent compared to total orders of $16.8 million ($4.7 million solar) in the preceding quarter, due primarily to overcapacity in the solar market.
At December 31, 2011, the company's total order backlog was $69.2 million, compared to total backlog of $85.9 million at September 30, 2011. Total backlog at December 31, 2011 includes $55.8 million in solar orders and deferred revenue, compared to solar backlog of $71.2 million at September 30, 2011. The effect of foreign exchange on backlog was a negative $3.1 million in the December quarter. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.
Gross margin in the first quarter of fiscal 2012 was 29 percent, compared to 34 percent sequentially and 36 percent in the first quarter of fiscal 2011.
Selling, general and administrative expenses in the first quarter of fiscal 2012 were $6.3 million, or 25 percent of revenue, compared to $10.1 million, or 17 percent of revenue, in the preceding quarter and $10.4 million, or 19 percent of revenue, in the first quarter of fiscal 2011. The decrease in SG&A expenses, as compared to the first quarter of fiscal 2011, was primarily due to lower commissions and shipping costs associated with lower volumes and lower legal and consulting fees associated with our acquisition activities.
Research and development expense was $2.8 million in the first quarter of fiscal 2012 compared to $2.1 million in the preceding quarter and $0.8 million in the first quarter of fiscal 2011. Depreciation and amortization in the first quarter of fiscal 2012 was $769,000, compared to $818,000 in the fourth quarter of fiscal 2011.
Included in the first quarter of fiscal 2012 results is $465,000 of stock option expense, compared to $374,000 in the fiscal first quarter a year ago and $371,000 in the fourth quarter of 2011.
The income tax benefit in the first quarter of fiscal 2012 is $320,000, resulting in an effective tax rate of approximately 18 percent, which reflects non-deductible losses related to our research and development investments in China.
The net loss for the first quarter of fiscal 2012 was $876,000, or loss of $0.09 diluted per share, compared to net income of $5.0 million, or $0.52 per diluted share, for the first quarter of fiscal 2011, and net income of $3.1 million, or $0.31 per diluted share, in the preceding quarter.
Total cash and cash equivalents at December 31, 2011 were $54.9 million, compared to $67.4 million at September 30, 2011.The decrease in cash is primarily due to payments to vendors in excess of receipts from customers and payments made in October to shareholders of Kingstone Technology Hong Kong Limited (Kingstone) in connection with the amendment to the Kingstone stock purchase agreement.
Fokko Pentinga, Chief Executive Officer of Amtech, said, "Although macroeconomic and solar industry headwinds in the first quarter were in line with our expectations, we exceeded the high end of our revenue guidance by nearly seven percent. Importantly, our sales and service teams concentrated on staying current with our customers with respect to their immediate needs and their near and long-term objectives. As a result, we are better positioning ourselves for the next technology buying cycle. Also, we successfully completed several installations and had very strong acceptance activity during the quarter. While we continue to maintain a healthy backlog with minimal cancellations, there have been some extensions in shipment dates."
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