TEMPE, Ariz., Feb. 4, 2016 /PRNewswire/ -- Amtech Systems,
Inc. (NASDAQ: ASYS), a global supplier of production equipment and
related supplies for the solar, semiconductor, and LED
markets, today reported results for its first fiscal quarter ended
December 31, 2015.
First Quarter Fiscal 2016 Operational and Financial
Highlights
- Customer orders of $35.6 million
(solar $23.0 million)
- Book-to-bill of 1.7 (solar 2.6)
- Net revenue of $22.1 million
(solar $9.5 million)
- Quarter-end backlog of $42.9
million (solar $31.3
million)
- Net loss of $4.0 million, or
$0.31 per share
Mr. Fokko Pentinga, Chief
Executive Officer of Amtech, commented, "We had healthy order
activity in the first quarter of fiscal 2016 with $35.6 million in orders, driven primarily by our
solar business. Quoting activity in solar remains strong
supporting our current view that we can expect to see continued
improvement in the marketplace. We expect to see most of the
benefit of our recent solar orders in the second half of fiscal
2016, due to timing of shipment. As a market leader, we are focused
on building upon the distinctive strengths of our solar technology
solutions to support our customers' interest in advancing both
their product and productivity."
Financial Results
Customer orders in the first quarter of fiscal 2016 were
$35.6 million, compared to
$18.8 million in the preceding
quarter and $30.0 million in the
first quarter of fiscal 2015.
At December 31, 2015, the
Company's total order backlog was $42.9
million compared to total backlog of $34.6 million at September
30, 2015 and $48.3 million at
December 31, 2014. Total
backlog at December 31, 2015,
includes $31.3 million in solar
orders and deferred revenue compared to solar backlog of
$22.9 million at September 30, 2015 and solar backlog of
$40.7 million at December 31, 2014. Backlog includes deferred
revenue and customer orders that are expected to ship within the
next 12 months.
Net revenue for the first quarter of fiscal 2016 was
$22.1 million, a decrease of 22%
compared to $28.2 million in the
preceding quarter, and an increase of 78% compared to $12.4 million in the first quarter of fiscal
2015. The sequential decrease is due primarily to lower volume in
the solar segment. The increase from the first quarter of fiscal
2015 is due to increased demand in the solar segment and the
inclusion of BTU revenues, partially offset by a decrease in the
polishing segment due primarily to the strength of the US dollar
versus currencies in the markets served.
Gross margin in the first quarter of fiscal 2016 was 27%,
compared to 23% in the previous quarter and 28% in the first
quarter of fiscal 2015. The higher margins sequentially resulted
primarily from an improvement in our semiconductor product
mix.
Selling, general and administrative (SG&A) expenses in the
first quarter of fiscal 2016 were $7.6
million compared to $9.1
million in the preceding quarter and $6.4 million in the first quarter of fiscal 2015.
Sequentially, the decrease results primarily from lower
shipping and commission expense on lower sales volume.
Compared to the same quarter in fiscal 2015, the increase results
primarily from inclusion of BTU's SG&A since January 30, 2015, and higher selling expenses
related to higher revenues. SG&A expenses include $0.3 million, $0.3
million and $0.2 million of
stock-based compensation expense in the first quarter of fiscal
2016, fourth quarter of fiscal 2015 and first quarter of fiscal
2015, respectively.
Research, development and engineering (RD&E) expense was
$2.3 million in the first quarter of
fiscal 2016 compared to $3.0 million
in the preceding quarter and $1.8
million in the first quarter of fiscal 2015. The
sequential decrease in RD&E expense is primarily due to the
deconsolidation of the Company's Kingstone subsidiary slightly
offset by a decrease in R&D grants earned. Compared to
the same quarter in fiscal 2015, RD&E expense increased due
primarily to the inclusion of RD&E expense of BTU and SoLayTec,
partially offset by the effect of the deconsolidation of
Kingstone.
Depreciation and amortization in the first quarter of fiscal
2016 was $783,000, compared to
$869,000 in the preceding quarter and
$705,000 in the first quarter of
fiscal 2015.
Income tax expense in the first quarter of fiscal 2016 was
$0.3 million compared to $1.3 million in the preceding quarter. The
sequential decrease is due primarily to taxes on the Kingstone gain
recognized in the fourth quarter of fiscal 2015. The Company had an
income tax expense in the first quarter of fiscal 2015 of
$0.2 million.
Net loss for the first quarter of fiscal 2016 was $4.0 million, or $0.31 per share, compared to a net income of
$1.3 million or $0.10 per share in the preceding quarter and a
net loss for the first quarter of fiscal 2015 of $5.2 million, or $0.53 per share.
Total unrestricted cash and cash equivalents at December 31, 2015 were $22.6 million, compared to $25.9 million at September
30, 2015. The decrease in cash is due primarily to
cash used in operations and to fund working capital, partially
offset by proceeds in the first quarter of fiscal 2016 from the
partial sale of Kingstone.
Outlook
The company expects revenues for the quarter ending March 31, 2016, to be in the range of
$20 to $22 million. Gross margin for
the quarter ending March 31, 2016, is
expected to be in the high teens percent range due to expected
lower shipment volumes, with negative operating margins. As a
result of recent orders received in December and January and
anticipated future order activity, the company expects the
quarterly revenue run rate to be significantly higher in the second
half of fiscal 2016 compared to the first half of fiscal 2016.
Operating results could be impacted by the timing of system
shipments, the net impact of revenue deferral on those shipments,
and recognition of revenue based on customer acceptances, all of
which can have a significant effect on operating results.
A substantial portion of Amtech's revenues are denominated in
Euros. The revenue outlook provided in this press release is based
on an assumed exchange rate between the United States Dollar and
the Euro. A significant decrease in the value of the Euro in
relation to the United States Dollar could cause actual revenues to
be lower than anticipated.
Conference Call
Amtech Systems will host a conference call and webcast today at
5:00pm ET to discuss first quarter
fiscal 2016 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 Feb. 16, 2016. To access the replay please
dial US toll free (877) 344-7529 and enter code 10079200.
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. is a global supplier of advanced thermal
processing equipment to the solar, semiconductor / electronics, and
LED manufacturing markets. Amtech's equipment includes diffusion,
ALD and PECVD systems and solder reflow systems. Amtech also
supplies wafer handling automation and polishing equipment and
related consumable products. 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, printed circuit boards,
semiconductor packaging, and the polishing of newly sliced sapphire
and silicon wafers. Amtech's products are recognized under the
leading brand names Tempress SystemsTM, Bruce
TechnologiesTM, PR HoffmanTM, R2D
AutomationTM, SoLayTec, and BTU International.
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
("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 or our management are intended to
identify such forward-looking statements. 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 Amtech and its management for future
operations. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. The Form 10-K that Amtech filed
with the Securities and Exchange Commission (the "SEC") for the
year-ended September 30, 2015, listed
various important factors that could affect the company'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-Ks 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:
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|
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Amtech Systems,
Inc.
Bradley C. Anderson
Chief Financial Officer
(480) 967-5146
irelations@Amtechsystems.com
|
Christensen
Investor Relations
Patty Bruner
(480) 201-6075
pbruner@christensenir.com
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AMTECH SYSTEMS,
INC.
|
|
|
|
(NASDAQ:
ASYS)
|
|
|
|
February 4,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
Unaudited
|
|
|
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2015
|
|
2014
|
|
|
|
|
Revenues, net of
returns and allowances
|
$22,074
|
|
$12,396
|
Cost of
sales
|
16,119
|
|
8,968
|
Gross
profit
|
5,955
|
|
3,428
|
|
|
|
|
Selling, general and
administrative
|
7,596
|
|
6,384
|
Research, development
and engineering
|
2,288
|
|
1,837
|
Operating
loss
|
(3,929)
|
|
(4,793)
|
|
|
|
|
Interest expense and
other income, net
|
(219)
|
|
97
|
Loss before income
taxes
|
(4,148)
|
|
(4,696)
|
|
|
|
|
Income tax
provision
|
300
|
|
180
|
Net
loss
|
(4,448)
|
|
(4,876)
|
|
|
|
|
Add: net loss
(income) attributable to noncontrolling interest
|
433
|
|
(319)
|
Net loss
attributable to Amtech Systems, Inc.
|
$ (4,015)
|
|
$ (5,195)
|
|
|
|
|
Loss Per
Share:
|
|
|
|
Basic loss per share
attributable to Amtech shareholders
|
$ (0.31)
|
|
$ (0.53)
|
Weighted average
shares outstanding
|
13,152
|
|
9,854
|
|
|
|
|
Diluted loss per
share attributable to Amtech shareholders
|
$ (0.31)
|
|
$ (0.53)
|
Weighted average
shares outstanding
|
13,152
|
|
9,854
|
AMTECH SYSTEMS,
INC.
|
|
|
(NASDAQ:
ASYS)
|
|
|
February 4,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
September
30,
|
Assets
|
2015
|
2015
|
|
|
|
|
(Unaudited)
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
22,617
|
$
25,852
|
|
Restricted
cash
|
847
|
638
|
|
Accounts
receivable
|
|
|
|
|
Trade (less allowance
for doubtful accounts of $3,708 and $5,009 at December 31, 2015 and September 30, 2015,
respectively)
|
16,063
|
14,488
|
|
|
Unbilled and
other
|
7,084
|
8,494
|
|
Inventories
|
21,541
|
23,329
|
|
Deferred income
taxes
|
2,050
|
2,050
|
|
Notes and other
receivable
|
67
|
7,079
|
|
Other
|
6,117
|
3,772
|
|
|
Total current
assets
|
76,386
|
85,702
|
|
|
|
|
|
|
Property, Plant and
Equipment - Net
|
17,079
|
17,761
|
Deferred Income Taxes
- Long Term
|
430
|
430
|
Other Assets - Long
Term
|
1,145
|
3,356
|
Investments
|
2,716
|
2,733
|
Intangible Assets -
Net
|
4,665
|
4,939
|
Goodwill
|
12,074
|
10,535
|
|
Total
Assets
|
$
114,495
|
$
125,456
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
$
10,582
|
$
15,646
|
|
Current maturities of
long-term debt
|
822
|
919
|
|
Accrued compensation
and related taxes
|
5,349
|
5,605
|
|
Accrued warranty
expense
|
766
|
793
|
|
Deferred
profit
|
4,679
|
4,873
|
|
Customer
deposits
|
4,601
|
7,154
|
|
Other accrued
liabilities
|
2,725
|
3,551
|
|
Income taxes
payable
|
940
|
830
|
|
|
Total current
liabilities
|
30,464
|
39,371
|
|
|
|
|
|
|
Long-term
Debt
|
9,234
|
8,448
|
Income Taxes Payable
- Long-Term
|
6,790
|
4,990
|
|
|
Total
liabilities
|
46,488
|
52,809
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
Common stock; $0.01
par value; 100,000,000 shares authorized; shares issued and outstanding: 13,164,009 and
13,150,469
at December 31, 2015
and September 30, 2015, respectively
|
132
|
131
|
|
Additional paid-in
capital
|
110,533
|
110,191
|
|
Accumulated other
comprehensive loss
|
(9,201)
|
(8,666)
|
|
Retained
deficit
|
(32,837)
|
(28,822)
|
|
|
Total stockholders'
equity
|
68,627
|
72,834
|
|
Noncontrolling
interest
|
(620)
|
(187)
|
|
|
Total
equity
|
68,007
|
72,647
|
|
Total Liabilities
and Stockholders' Equity
|
$
114,495
|
$
125,456
|
AMTECH SYSTEMS,
INC.
|
|
|
(NASDAQ:
ASYS)
|
|
|
February 4,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
Unaudited
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
2015
|
2014
|
Operating
Activities
|
|
|
|
Net loss
|
$ (4,448)
|
$ (4,876)
|
|
Adjustments to
reconcile net loss to net cash
provided by (used in) operating activities:
|
|
|
|
|
Depreciation and
amortization
|
783
|
705
|
|
|
Write-down of
inventory
|
39
|
35
|
|
|
Deferred income
taxes
|
9
|
(4)
|
|
|
Non-cash share based
compensation expense
|
342
|
232
|
|
|
Provision for
(reversal of) allowance for doubtful accounts
|
(158)
|
44
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Restricted
cash
|
(220)
|
(244)
|
|
|
Accounts
receivable
|
(309)
|
2,371
|
|
|
Inventories
|
1,412
|
(535)
|
|
|
Accrued income
taxes
|
212
|
172
|
|
|
Other
assets
|
(167)
|
(722)
|
|
|
Accounts
payable
|
(4,861)
|
(429)
|
|
|
Accrued liabilities
and customer deposits
|
(3,354)
|
6,407
|
|
|
Deferred
profit
|
(50)
|
(1,259)
|
|
Net cash (used
in) provided by operating activities
|
(10,770)
|
1,897
|
|
|
|
|
|
Investing
Activities
|
|
|
|
Purchases of
property, plant and equipment
|
(108)
|
(155)
|
|
Acquisitions, net of
cash acquired
|
-
|
(253)
|
|
Proceeds from partial
sale of subsidiary
|
7,012
|
-
|
|
Loss on equity
investments
|
17
|
-
|
|
Net cash provided by
(used in) investing activities
|
6,921
|
(408)
|
|
|
|
|
|
Financing
Activities
|
|
|
|
Payments on long-term
debt
|
(180)
|
-
|
|
Borrowings on
long-term debt
|
830
|
-
|
|
Net cash provided by
financing activities
|
650
|
-
|
|
|
|
|
|
Effect of Exchange
Rate Changes on Cash
|
(36)
|
(302)
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
(3,235)
|
1,187
|
Cash and Cash
Equivalents, Beginning of Period
|
25,852
|
27,367
|
Cash and Cash
Equivalents, End of Period
|
$ 22,617
|
$ 28,554
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amtech-reports-first-quarter-fiscal-2016-results-300215596.html
SOURCE Amtech Systems, Inc.