Click here to close now.




















Welcome!

News Feed Item

Amtech Reports First Quarter Fiscal 2014 Results

TEMPE, Ariz., Feb. 6, 2014 /PRNewswire/ -- Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and sapphire and silicon wafers, today reported results for its first fiscal quarter ending December 31, 2013.

First Quarter Fiscal 2014 Financial Summary:

  • Net revenue of $14.8 million, up 58% from a year ago
  • Solar revenue of $6.6 million, up 54% from a year ago
  • Non-solar revenue of $8.2 million, up 61% from a year ago
  • Customer orders of $9.8 million, up 98% from a year ago
  • Quarter-end backlog of $23.3 million; solar backlog of $14.1 million
  • Gross margin of 31%
  • Operating loss of $0.5 million
  • Net loss of $0.8 million, or $0.08 per share

Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, "Excellent execution of our order backlog resulted in strong shipments of over $24 million of products and services during the quarter.  Our financial results reflect deferral of revenue and cost related to our new PECVD systems which we expect to recognize upon customer acceptance of the systems.  Activity in the market has increased and we continue to have discussions with current and potential customers about our leading-edge technology solutions including our ion implant system, PECVD and N-type technologies.  We are optimistic that the second half of 2014 will reflect a renewed demand for our products."

Net revenue for the first quarter of fiscal 2014 was $14.8 million compared to $9.4 million in the first quarter of fiscal 2013. The increase is due primarily to the large shipment of n-type cell technology partially offset by deferred revenues. Contributing to the increased revenues was an upturn in shipments to semiconductor customers.

Customer orders in the first quarter of fiscal 2014 were $9.8 million, up from orders of $5.0 million in the first quarter of fiscal 2013.

At December 31, 2013, the Company's total order backlog was $23.3 million, compared to total backlog of $26.8 million at September 30, 2013.  Total backlog at December 31, 2013, includes $14.1 million in solar orders and deferred revenue, compared to solar backlog of $17.1 million at September 30, 2013.  Foreign exchange caused a $0.4 million increase in backlog in the December 2013 quarter due to the strengthening of the Euro versus the US dollar. 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 2014 was 31%, compared to 15% in the first quarter of fiscal 2013. The higher margin resulted primarily from increased sales volumes, expense reductions from company-wide cost control initiatives and use of previously-written down inventory.

Selling, general and administrative (SG&A) expenses in the first quarter of fiscal 2014 were $4.1 million compared to $4.3 million in the first quarter of fiscal 2013. SG&A expenses include $0.2 million and $0.4 million of stock-based compensation expense in the first quarter of fiscal 2014 and fiscal 2013, respectively.  Savings from company-wide cost-control initiatives, including lower salaries and benefits, were offset by higher commission expense related to higher revenues.

Research and Development (R&D) expense was $0.9 million in the first quarter of fiscal 2014 compared to $1.2 million in the first quarter of fiscal 2013.  The lower R&D expense is primarily due to the recognition of a significant amount of government grant funding during the first quarter of fiscal 2014.                                             

Depreciation and amortization in the first quarter of fiscal 2014 was $623,000, compared to $699,000 in the first quarter of fiscal 2013.

Income tax expense in the first quarter of fiscal 2014 was $560,000, compared to a tax benefit of $480,000 in the first quarter of fiscal 2013.

The net loss for the first quarter of fiscal 2014 was $0.8 million, or $0.08 per share, compared to a net loss for the first quarter of fiscal 2013 of $4.2 million, or $0.44 per share.

Total unrestricted cash and cash equivalents at December 31, 2013 were $30.3 million, compared to $37.2 million at September 30, 2013.  The decline in cash and cash equivalents is due primarily to the high volume of shipments in the last month of the quarter that resulted in an increase in receivables.  In January 2014 the company received a tax refund of approximately $5.4 million.

Conference Call

Amtech Systems will host a conference call and webcast today at 5:00pm ET to discuss first quarter fiscal 2014 financial results. Those in the USA wishing to participate in the live call should dial (877) 317-6789. From Canada, dial (866)-605-3852, and internationally, dial (412) 317-6789. Request "Amtech" when connected to the operator. A replay of the call will be available one hour after the end of the conference call through February 14, 2014.  To access the replay please dial US toll free (877) 344-7529 and enter code 10040655. Internationally, dial (412) 317-0088 and use the same code.  A live and archived web cast of the conference call can be accessed in the investor relations section of Amtech's website at www.amtechsystems.com.

About Amtech Systems, Inc.

Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal processing and ion implant equipment and related consumables used in fabricating solar cells, LED and semiconductor devices. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including solar cells, computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company's wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, and deposition steps used in the fabrication of solar cells, LEDs, semiconductors, MEMS and the polishing of newly sliced silicon wafers.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("the Company" or "Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "would," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology.  Examples of forward-looking statements include statements regarding Amtech's future financial results, operating results, business strategies, projected costs, products under development, competitive positions and plans and objectives of the Company and its management for future operations.

We cannot guarantee that any forward-looking statement will be realized, although we believe that the expectations reflected in the forward-looking statements are reasonable. Achievement of future results is subject to risks, uncertainties and potentially inaccurate assumptions. The Form 10-K that we filed with the Securities and Exchange Commission for the year-ended September 30, 2013 listed various important factors that could affect Amtech's future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf.  These factors can be found under the heading "Risk Factors" in the Form 10-K and investors should refer to them.  Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties.  Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts:










Amtech Systems, Inc.
Bradley C. Anderson
Chief Financial Officer
(480) 967-5146




Christensen
Investor Relations
Patty Bruner
(480) 201-6075






[email protected]




[email protected]

 

AMTECH SYSTEMS, INC.




(NASDAQ: ASYS)




February 6, 2014












Condensed Consolidated Statements of Operations




Unaudited




(in thousands, except per share data)









Three Months Ended


December 31,


2013


2012





Revenues, net of returns and allowances

$  14,772


$   9,357

Cost of sales

10,237


7,979

Gross profit

4,535


1,378





Selling, general and administrative

4,124


4,272

Restructuring charges

-


697

Research and development

889


1,161

Operating loss

(478)


(4,752)





Interest and other income, net

106


4

Loss before income taxes

(372)


(4,748)





Income tax provision (benefit)

560


(480)

Net loss

(932)


(4,268)





Add: Net loss attributable to noncontrolling interest

138


74

Net loss attributable to Amtech Systems, Inc.

$     (794)


$  (4,194)





Loss Per Share:




Basic loss per share attributable to Amtech shareholders

$    (0.08)


$    (0.44)

Weighted average shares outstanding

9,560


9,494





Diluted loss per share attributable to Amtech shareholders

$    (0.08)


$    (0.44)

Weighted average shares outstanding

9,560


9,494

 

AMTECH SYSTEMS, INC.




(NASDAQ: ASYS)




February 6, 2014


















Condensed Consolidated Balance Sheets




(in thousands)























December 31,

September 30,

Assets



2013

2013






(unaudited)


Current Assets





Cash and cash equivalents  


$           30,337

$           37,197


Restricted cash


4,236

5,134


Accounts receivable 






Trade (less allowance for doubtful accounts of $683 and $638 at December 31, 2013 and September 30, 2013, respectively)


10,496

4,829



Unbilled and other


7,390

3,194


Inventories


16,712

22,001


Deferred income taxes


1,340

1,330


Refundable income taxes


7,170

7,580


Other


1,801

2,930



Total current assets


79,482

84,195








Property, plant and equipment - net  


10,929

11,066

Deferred income taxes - long term


1,260

1,260

Intangible assets - net


3,360

3,502

Goodwill 


8,527

8,481

Other assets - long term


2,526

2,443


Total Assets


$         106,084

$         110,947








Liabilities and Stockholders'  Equity





Current Liabilities





Accounts payable


$             5,299

$             5,472


Accrued compensation and related taxes


4,137

3,778


Accrued warranty expense  


1,065

1,454


Deferred profit


6,692

3,067


Customer deposits 


4,903

11,253


Other accrued liabilities


8,299

10,140


Income taxes payable 


6,030

6,170



Total current liabilities


36,425

41,334








Income taxes payable long-term


2,900

2,810



Total liabilities


39,325

44,144








Stockholders' Equity





Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 9,583,867 and 9,550,809 at December 31, 2013 and  September 30, 2013, respectively


96

96


Additional paid-in capital


79,794

79,610


Accumulated other comprehensive loss


(3,827)

(4,556)


Retained deficit


(8,800)

(8,004)



Total stockholders' equity


67,263

67,146


Noncontrolling interest


(504)

(343)



Total equity


66,759

66,803


Total Liabilities and Stockholders' Equity


$         106,084

$         110,947

 

AMTECH SYSTEMS, INC.



(NASDAQ: ASYS)



February 6, 2014













Condensed Consolidated Statements of Cash Flows

Unaudited



(in thousands)











Three months ended




December 31,




2013

2012

Operating Activities




Net loss

$     (932)

$   (4,268)


Adjustments to reconcile net loss to net




cash used in operating activities:





Depreciation and amortization

623

699



Write-down of inventory

90

194



Deferred income taxes

-

15



Non-cash stock based compensation expense 

176

433



Provision for allowance for doubtful accounts

33

33


Changes in operating assets and liabilities:





Restricted cash

944

(905)



Accounts receivable

(9,748)

3,911



Inventories

5,498

1,117



Accrued income taxes

532

(500)



Prepaid expenses and other assets

1,078

484



Accounts payable

(237)

(3,127)



Accrued liabilities and customer deposits

(8,534)

(178)



Deferred profit

3,554

(2,460)


 Net cash used in operating activities

(6,923)

(4,552)






Investing Activities




Purchases of property, plant and equipment

(154)

(121)


Net cash used in investing activities

(154)

(121)






Financing Activities




Proceeds from the issuance of common stock

9

-


Net cash provided by financing activities

9

-






Effect of Exchange Rate Changes on Cash

208

562






Net Decrease in Cash and Cash Equivalents

(6,860)

(4,111)

Cash and Cash Equivalents, Beginning of Year

37,197

46,726

Cash and Cash Equivalents, End of Year

$  30,337

$  42,615

 

SOURCE Amtech Systems, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.