News
Asyst Reports Results for Fourth Quarter of Fiscal 2008
FREMONT, Calif.-(Business Wire)-May 6, 2008 - Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today reported financial results for its fiscal fourth quarter ended March 31, 2008.
Net loss for the fiscal fourth quarter according to GAAP was $12.9 million, or $0.26 per share, which compares with a net loss of $0.9 million, or $0.02 per share, in the prior sequential quarter. Non-GAAP net loss for the fiscal fourth quarter was $10.3 million, or $0.21 per share, which compares with non-GAAP net income of $1.0 million, or $0.02 per share, in the prior sequential quarter. Both GAAP and non-GAAP net income for the quarter include non-cash charges of approximately $0.05 per share to increase reserves related to the company's long-term tax strategies.
Net sales for the fiscal fourth quarter were $94.3 million, which compares with $106.5 million in the prior sequential quarter. Net sales related to automated material handling systems (AMHS) were $62.0 million, which compares with $68.4 million in the prior sequential quarter. Net sales related to tool and fab automation solutions were $32.3 million, which compares with $38.0 million in the prior sequential quarter.
Bookings in the quarter totaled $137 million, up 65% from $83 million in the fiscal third quarter. The increase is largely attributable to $49 million of bookings related to several projects in flat panel display (FPD), including a previously announced large Gen 8 project in Korea.
Steve Schwartz, chairman and chief executive officer of Asyst, said, "With this large Gen 8 order from a key customer, we believe that we are positioned to again be a significant participant in flat panel display manufacturing automation. We also saw increased bookings in semiconductor AMHS, however the increase is more reflective of the timing of customer order decisions than of a fundamental turn in the industry. Based on the AMHS outlook among our market-leading semiconductor customers, we continue to believe that such a turn could be evident in bookings as early as this fall."
Michael A. Sicuro, chief financial officer, said, "We recorded reserves in the quarter related to our long-term tax strategies, which we anticipate will contribute to a lower effective tax rate in future periods. The increased bookings in the fiscal fourth quarter allowed us to build backlog, however the relatively low level of current customer activity leads us to an essentially flat financial outlook for our fiscal first quarter ending in June. Nonetheless, we believe that we have the opportunity to operate at or near breakeven on an EBITDA basis over the near term, and to return to non-GAAP profitability by the second half of our fiscal year."
The company provided the following guidance for the fiscal first quarter ending June 30, 2008:
— Consolidated net sales are expected to be in the range of $85-$95 million. AMHS sales are expected to be in the range of $55-$65 million, and tool and fab automation sales are expected to be approximately $30 million.
— Net loss in accordance with GAAP is expected to be in the range of $0.16 to $0.22 per share.
— Non-GAAP net loss is expected to be in the range of $0.11 to $0.17 per share. In calculating non-GAAP net loss per share, the company expects to exclude approximately $2.5 million for intangibles amortization, net of taxes, and restructuring charges.
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 303-262-2137. 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 11113427#.
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, fees 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 Form 10-K for the year ended March 31, 2007, 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 the amount of specific reserves, discussed above will change as Asyst finalizes and files its financial statements; uncertainties arising from our inability to maintain effective internal control over financial reporting; the impact of lawsuits or other proceedings initiated in relation to the company's prior stock option grant practices; the volatility of semiconductor industry cycles and the depth and duration of industry downturns; 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; our ability to maintain or expand market share in our product segments; our 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 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 Form 10-K for the year ended March 31, 2007, and other reports filed with the Securities and Exchange Commission.
"Asyst" is a registered trademark of Asyst Technologies, Inc. Copyright 1993-2008, Asyst Technologies, Inc. All Rights Reserved. -0- *T ASYST TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands) March 31, March 31, 2008 2007 ————- ————- Assets Current assets: Cash and cash equivalents $ 95,669 $ 99,701 Accounts receivable, net 119,717 124,555 Inventories 39,407 51,797 Prepaid expenses and other 26,069 29,222 ————- ————- Total current assets 280,862 305,275 ————- ————- Long-term Assets: Property and equipment, net 29,452 25,138 Goodwill 98,777 83,723 Intangible assets, net 29,271 41,994 Other assets 18,214 9,556 ————- ————- Total long-term assets 175,714 160,411 ————- ————- Total assets $ 456,576 $ 465,686 ========= ========= Liabilities, minority interest & shareholders' equity Current liabilities: Short-term loans and notes payable $ 36,167 $ 1,453 Current portion of long-term debt and capital leases 7,011 58,949 Accounts payable 94,666 101,287 Accrued and other liabilities 76,694 83,211 Deferred margin 5,844 10,880 ————- ————- Total current liabilities 220,382 255,780 ————- ————- Long-term liabilities: Convertible notes - 86,250 Long-term debt and capital leases, net of current portion 112,667 162 Deferred tax and other long-term liabilities 35,619 28,683 ————- ————- Total long-term liabilities 148,286 115,095 ————- ————- Minority interest 134 130 ————- ————- Shareholders' equity 87,774 94,681 ————- ————- Total liabilities, minority interest and shareholders' equity $ 456,576 $ 465,686 ========= ========= *T -0- *T ASYST TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended Year Ended March 31, Dec. 31, March 31, March 31, March 31, 2008 2007 2007 2008 2007 ————— ————— ————— ————— ————- Net sales $ 94,296 $106,475 $126,708 $457,227 $492,473 Cost of sales 66,943 73,914 85,670 318,287 337,752 ————- ————- ————- ————- ————- Gross profit 27,353 32,561 41,038 138,940 154,721 ————- ————- ————- ————- ————- Operating expenses Research and development 11,923 10,526 8,896 39,823 34,575 Selling, general and administrative 27,500 20,873 23,565 93,526 87,234 Amortization of acquired intangible assets 3,095 2,970 5,784 16,993 20,245 Restructuring and other charges 954 38 208 1,973 1,992 ————- ————- ————- ————- ————- Total operating expenses 43,472 34,407 38,453 152,315 144,046 ————- ————- ————- ————- ————- (Loss) income from operations (16,119) (1,846) 2,585 (13,375) 10,675 Write-off of fees related to early extinguishment of debt and early redemption of convertible securities - - - (3,135) - Other income (expense), net 2,744 429 (408) 1,163 (2,608) ————- ————- ————- ————- ————- (Loss) income before income taxes and minority interest (13,375) (1,417) 2,177 (15,347) 8,067 Benefit from (provision for) income taxes 459 562 1,214 1,662 (6,447) Minority interest (33) (12) (1) (58) (1,761) ————- ————- ————- ————- ————- Net (loss) income prior to cumulative effect of change in accounting principle (12,949) (867) 3,390 (13,743) (141) Cumulative effect of change in accounting principle - - - - 103 ————- ————- ————- ————- ————- Net (loss) income$(12,949) $ (867) $ 3,390 $(13,743) $ (38) ========= ========= ========= ========= ========= Basic and diluted net (loss) income per share prior to cumulative effect of change in accounting principle $ (0.26) $ (0.02) $ 0.07 $ (0.28) $ (0.00) Cumulative effect of change in accounting principle - - - - 0.00 ————- ————- ————- ————- ————- Basic and diluted net (loss) income per share$ (0.26) $ (0.02) $ 0.07 $ (0.28) $ (0.00) ========= ========= ========= ========= ========= Shares used in computing basic net (loss) income per share 49,912 49,750 49,232 49,712 48,924 ========= ========= ========= ========= ========= Shares used in computing diluted net (loss) income per share 49,912 49,750 49,990 49,712 48,924 ========= ========= ========= ========= ========= *T -0- *T ASYST TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three Months Ended Year Ended March 31, Dec. 31, March 31, March 31, March 2008 2007 2007 2008 31, 2007 ————— ————- —————- ————— ———— GAAP net (loss) income $(12,949) $ (867) $ 3,390 $(13,743) $ (38) Non-GAAP adjustments: Amortization of acquired intangible assets 3,095 2,970 5,784 16,993 20,245 Restructuring and severance charges 954 38 208 1,973 2,309 Stock option investigation expenses - - - - 3,701 Acquisition expenses related to AMHS segment - - - - 4,392 Write-off of fees related to early extinguishment of debt and early redemption of convertible debentures - - - 3,135 - Foreign currency translation - - - 1,386 - Income tax effect of non- GAAP adjustments (1,371) (1,122) (2,227) (7,507) (8,611) ————- ———— ———— ————- ———— Non-GAAP net (loss) income $(10,271) $ 1,019 $ 7,155 (1) $ 2,237 $21,998 ========= ======== ======== ========= ======== Diluted net (loss) income per share GAAP $ (0.26) $ (0.02) $ 0.07 $ (0.28) $ (0.00) Non-GAAP $ (0.21) $ 0.02 $ 0.14 $ 0.04 $ 0.44 Weighted shares used in the per share calculation - diluted (GAAP) 49,912 49,750 49,990 49,712 48,924 Non-GAAP adjustment - 165 - 287 811 ————- ———— ———— ————- ———— Weighted shares used in the per share calculation - diluted (Non- GAAP) 49,912 49,915 49,990 49,999 49,735 ========= ======== ======== ========= ======== (1) For the three months ended March 31, 2007, non-GAAP net income did not include $1.2M of stock-based compensation expense. This amount was previously identified as a non-GAAP adjustment in the Form 8-K earnings release for the fourth quarter of fiscal 2007 filed on May 10, 2007. We are no longer adjusting stock-based compensation expense as we are past the initial year of adoption. *T
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