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Asyst Reports Results for First Quarter of Fiscal 2009
FREMONT, Calif. --(Business Wire)-- Asyst Technologies, Inc. (Nasdaq:ASYT), the leader in Agile Automation(TM), today reported financial results for its fiscal first quarter ended June 30, 2008.
Net loss for the fiscal first quarter according to GAAP was $10.6 million, or $0.21 per share, which compares with $12.9 million, or $0.26 per share, in the prior sequential quarter. Non-GAAP net loss for the fiscal first quarter was $7.2 million, or $0.14 per share, which compares with a net loss of $10.3 million, or $0.21 per share, in the prior sequential quarter.
Net sales for the fiscal first quarter were $100.3 million, which compares with $94.3 million in the prior sequential quarter. Net sales related to automated material handling systems (AMHS) were $67.6 million, which compares with $62.0 million in the prior sequential quarter. Net sales related to tool and fab automation solutions were $32.7 million, which compares with $32.3 million in the prior sequential quarter.
Steve Schwartz, chair and chief executive officer of Asyst, said, "Results for the quarter were in-line with our expectations and we are pleased with the progress of two of our key initiatives to drive shareholder value - developing and penetrating new products and reducing ongoing SG&A expense. We are on track with our product development programs, with multiple new products, customer evaluations, and design wins announced earlier this month. We believe these new products, combined with our status as a preferred supplier to many of the industry's strongest customers, solidly positions Asyst for the next upturn in the semiconductor equipment cycle."
Michael A. Sicuro, chief financial officer, said, "Through our previously disclosed cost reduction initiatives, we achieved a $4 million decrease in ongoing selling, general & administrative expense quarter-on-quarter, while maintaining our commitment to new product development. We expect to achieve a further reduction in ongoing SG&A expenses in the September quarter and continue to expect improving operational performance in each quarter of the current fiscal year."
The company provided the following guidance for the fiscal second quarter ending Sept. 30, 2008:
-- Consolidated net sales are expected to be in the range of $90-$95 million. AMHS sales are expected to be in the range of $65-$70 million, and tool and fab automation sales are expected to be approximately $25 million.
-- Net loss in accordance with GAAP is expected to be in the range of $0.20 to $0.25 per share.
-- Non-GAAP net loss is expected to be in the range of $0.12 to $0.17 per share. In calculating non-GAAP net loss per share, the company expects to exclude approximately $4.0 million for intangibles amortization, net of taxes, and fees and expenses related to its proxy contest.
Mr. Schwartz concluded, "Based on ongoing discussions with customers, we continue to expect AMHS bookings to be stronger in the September quarter and expect the uplift to continue over the second half of our March 2009 fiscal year. That would support the beginnings of a recovery in our tool and fab automation product sales in the first half of calendar 2009, which is consistent with the general outlook for the broader equipment industry."
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
The live conference call discussing these results is available today at 5:00 pm eastern time by dialing 303-262-2006. A live webcast of the conference call is 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 for approximately two weeks by dialing 303-590-3000, followed by the passcode 11117863#.
About Our Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with GAAP, Asyst also reports adjusted net income and net income per share, referred to respectively as "non-GAAP net income" and "non-GAAP net income per share." Non-GAAP measures exclude the effect of amortization of intangible assets, restructuring charges associated with facility and operating consolidation and severance benefits associated with headcount reductions, stock option investigation expenses, acquisition expenses related to the AMHS segment, write-off of fees from the early extinguishment of debt, write-off of deferred financing costs resulting from amendment to our credit facility, incremental proxy contest costs and related professional fees, fees and expenses related to the early redemption of convertible debentures, non-recurring foreign currency translation gains (losses) from inter-company loans, and the associated income tax effect related to these non-GAAP adjustments. Non-GAAP net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares -- diluted. Asyst's management believes the non-GAAP information is useful because it can enhance the understanding of the company's ongoing operating performance; Asyst also uses non-GAAP reporting internally to evaluate and manage its operations. Asyst has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how Asyst analyzes its operating results internally. Management also believes that these non-GAAP financial measures may be used to facilitate comparisons of our results with those of other companies in our industry. The non-GAAP net income and non-GAAP net income per share should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Asyst's results as reported under GAAP.
Forward-Looking Statements
Except for statements of historical fact, the statements in this release are forward-looking. The forward-looking statements include statements regarding future financial results; and other factors more fully detailed in the company's Annual Report on Forms 10-K and 10-K/A for the year ended March 31, 2008, and other reports filed with the Securities and Exchange Commission. 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: uncertainties whether the results, including our ability to achieve forecasted revenues, margins and profitability; 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 and investment in fab automation equipment; ability to maintain or expand market share in our product segments; ability to improve gross margins through product cost reduction, volume increases, and supply chain initiatives; continued risks associated with the acceptance of new products and product capabilities; the volatility of semiconductor industry cycles and the depth and duration of industry downturns; the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay the recognition, amount, or timing of our forecasted revenue or bookings; 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 Forms 10-K and 10-K/A for the year ended March 31, 2008, and other reports filed with the Securities and Exchange Commission.
IMPORTANT INFORMATION / SOLICITATION PARTICIPANTS LEGEND
Asyst Technologies, Inc. plans to file with the SEC and make available to its shareholders a proxy statement and a white proxy card in connection with its 2008 annual meeting, and advises its shareholders to read the proxy statement relating to the 2008 annual meeting when it becomes available, because it will contain important information. Shareholders may obtain a free copy of the proxy statement and other documents (when available) that Asyst files with the SEC at the SEC's website at www.sec.gov. The proxy statement and these other documents may also be obtained for free from Asyst by directing a request to Asyst Technologies, Inc., Attn: Investor Relations, John Swenson, 46897 Bayside Parkway, Fremont, California 94538, or from Asyst at www.asyst.com.
Asyst, its directors and named executive officers may be deemed to be participants in the solicitation of Asyst's shareholders in connection with its 2008 annual meeting. Shareholders may obtain information regarding the names, affiliations and interests of such individuals in Asyst's preliminary proxy statement filed with the SEC on July 29, 2008.
"Asyst" is a registered trademark, and "Agile Automation" is a trademark, of Asyst Technologies, Inc. Copyright 1993-2008, Asyst Technologies, Inc. All Rights Reserved.
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands)
June 30, March 31,
2008 2008
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 67,210 $ 95,669
Accounts receivable, net 130,037 119,717
Inventories 29,825 39,407
Prepaid expenses and other 20,391 18,983
----------- -----------
Total current assets 247,463 273,776
----------- -----------
Long-term Assets:
Property and equipment, net 28,225 29,452
Goodwill 92,605 98,777
Intangible assets, net 24,220 29,271
Other assets 16,237 14,377
----------- -----------
Total long-term assets 161,287 171,877
----------- -----------
Total assets $ 408,750 $ 445,653
=========== ===========
Liabilities, minority interest & shareholders'
equity
Current liabilities:
Short-term loans and notes payable $ 76,340 $ 36,167
Current portion of long-term debt and capital
leases 8,293 7,011
Accounts payable 83,195 94,666
Accrued and other liabilities 69,120 77,303
Deferred margin 4,592 5,844
----------- -----------
Total current liabilities 241,540 220,991
----------- -----------
Long-term liabilities:
Long-term debt and capital leases, net of
current portion 70,163 112,667
Deferred tax and other long-term liabilities 19,634 24,261
----------- -----------
Total long-term liabilities 89,797 136,928
----------- -----------
Minority interest 156 134
----------- -----------
Shareholders' equity 77,257 87,600
----------- -----------
Total liabilities, minority interest and
shareholders' equity $ 408,750 $ 445,653
=========== ===========
ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended
June 30, 2008 March 31, 2008 June 30, 2007
------------- -------------- -------------
Net sales $ 100,344 $ 94,296 $ 121,620
Cost of sales 74,411 66,943 81,457
------------- -------------- -------------
Gross profit 25,933 27,353 40,163
------------- -------------- -------------
Operating expenses
Research and development 10,893 11,923 8,299
Selling, general and
administrative 20,208 27,500 21,668
Amortization of acquired
intangible assets 3,257 3,095 5,807
Restructuring and other
charges 476 954 545
------------- -------------- -------------
Total operating expenses 34,834 43,472 36,319
------------- -------------- -------------
(Loss) income from
operations (8,901) (16,119) 3,844
Other income (expense),
net (6,663) 2,744 (3,751)
------------- -------------- -------------
(Loss) income before
income taxes and minority
interest (15,564) (13,375) 93
Benefit from (provision
for) income taxes 5,009 459 (474)
Minority interest (2) (33) (5)
------------- -------------- -------------
Net loss $ (10,557) $ (12,949) $ (386)
============= ============== =============
Basic and diluted net loss
per share $ (0.21) $ (0.26) $ (0.01)
============= ============== =============
Shares used in computing
basic net loss per share 50,230 49,912 49,457
============= ============== =============
Shares used in computing
diluted net loss per share 50,230 49,912 49,457
============= ============== =============
ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data)
Three Months Ended
June 30, 2008 March 31, 2008 June 30, 2007
------------- -------------- -------------
GAAP net loss $ (10,557) $ (12,949) $ (386)
Non-GAAP adjustments:
Amortization of acquired
intangible assets 3,257 3,095 5,807
Restructuring and
severance charges 476 954 545
Foreign currency
translation - - 2,568
Write-off of previously
deferred financing costs
as a result of an
amendment to our credit
facility 906 - -
Incremental proxy contest
costs and related
professional fees
incurred 419 - -
Income tax effect of Non-
GAAP adjustments (1,746) (1,371) (3,216)
------------- -------------- -------------
Non-GAAP net (loss) income $ (7,245) $ (10,271) $ 5,318
============= ============== =============
Diluted net (loss) income
per share
GAAP $ (0.21) $ (0.26) $ (0.01)
Non-GAAP $ (0.14) $ (0.21) $ 0.11
Weighted shares used in the
per share calculation -
diluted (GAAP) 50,230 49,912 49,457
Non-GAAP adjustment - - 761
------------- -------------- -------------
Weighted shares used in the
per share calculation -
diluted (Non-GAAP) 50,230 49,912 50,218
============= ============== =============
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