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Amtech Systems Inc. Reports Fiscal 2006 Second Quarter Results; 22% Increase in Revenues for the Quarter

Posted on: Monday, 15 May 2006, 18:03 CDT

Amtech Systems Inc. (Nasdaq: ASYS), a global supplier of production and automation systems and related supplies for the solar cell, semiconductor, silicon wafer and microelectromechanical system (MEMS) industries, today reported results for its second fiscal quarter ended March 31, 2006.

Revenues for the second quarter of fiscal 2006 totaled $10.9 million, an increase of 22% from $8.9 million in the second quarter of fiscal 2005. The increase in second quarter revenues was primarily due to a 30% increase in revenues in our semiconductor equipment segment driven by the shipment of a major multifurnace system ($5.1 million) to Asia during the quarter. Revenues of our polishing supplies segment decreased slightly by $92,000.

At March 31, 2006, our order backlog was $13.3 million (including $1.6 million in orders to the solar market) compared to $4.6 million a year ago. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.

Net income during the second fiscal quarter of 2006 was $0.2 million, or $0.05 per diluted share, compared to $0.5 million, or $0.18 per diluted share, for the second quarter of 2005. The decrease in net income resulted primarily from lower gross margins due to a change in product mix and from a net increase in deferred profit of $0.3 million (pretax) related to the multifurnace system shipment. In addition, non-cash charges of $0.1 million (pretax) were recorded in the second quarter of fiscal 2006 related to stock option expense for which there was no expense recorded in same quarter last fiscal year. Income tax expense increased $0.2 million from 2005 to 2006, resulting primarily from our utilization of net operating loss carryforwards in prior quarters. Net income per diluted share was negatively impacted by the issuance and subsequent conversion of preferred stock into common stock which increased the number of shares outstanding.

Revenues for the six months ended March 31, 2006, were $18.8 million, an increase of 17% compared to the same period last year. Net income for the first six months of fiscal 2006 was $0.7 million, or $0.19 per diluted share, compared to $0.6 million, or $0.21 per diluted share, for the same period of fiscal 2005.

J.S. Whang, president and chief executive officer, stated, "We are very pleased and encouraged by the strong second quarter revenue growth fueled by our semiconductor equipment segment. We continue to improve our marketing strategies and manufacturing operations to improve our gross margins and profitability. As we work to achieve critical mass and to take advantage of our global manufacturing and support structure, we believe that successful execution of this and other strategic marking initiatives will result in improved profitability for the company."

As previously announced, a major U.S. manufacturer of solar energy products awarded the company an order for its Bruce Technologies(R) branded horizontal diffusion furnace. This order is further evidence of Amtech's commitment to serving the rapidly expanding solar market and the market's acceptance of Amtech's products.

Amtech Systems Inc. manufactures capital equipment and related consumables used in the manufacture of various thin-wafer materials, primarily silicon wafers for the semiconductor industry, and certain thermal processes and related automation used in fabricating semiconductor devices, MEMS and solar cells. These products include horizontal diffusion furnaces, and related automation and polishing carriers, templates and machines.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Amtech Systems Inc.) contains statements that are forward looking. All statements 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. Such forward-looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, industry specific and general business conditions, competitive market conditions, success of Amtech's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.

This earnings release should be read in conjunction with the company's Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2005, as amended, and its Quarterly Report on Form 10-Q for the quarter ended March 30, 2006.

---------------------------------------------------------------------- SELECTED INCOME STATEMENT DATA - CONSOLIDATED (Unaudited) (amounts in thousands, except share data) ---------------------------------------------------------------------- QUARTER ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, ----------------------- --------------------- 2006 2005 2006 2005 ---------- ------------ ---------- ---------- Net Revenues $10,892 $8,915 $18,807 $16,087 Operating Income $402 $508 $910 $607 Net Income $182 $503 $653 $572 Earnings Per Share: ------------------- Basic $.05 $.19 $.20 $.21 Diluted $.05 $.18 $.19 $.21 Weighted Average Shares Outstanding: ----------------------- Basic 2,880,858 2,705,121 2,793,668 2,705,121 Diluted 3,480,616 2,753,522 3,437,855 2,757,121 ---------------------------------------------------------------------- SELECTED BALANCE SHEET DATA - CONSOLIDATED (in thousands) ---------------------------------------------------------------------- MARCH 31, SEPT. 30, 2006 2005 ------------ ---------- (Unaudited) Cash and Equivalents $1,470 $3,309 Accounts Receivable - Net 10,286 4,997 Inventories 6,744 4,308 Income Taxes Receivable and Prepaid Expenses 423 1,104 ------------ ---------- Total Current Assets 18,923 13,718 Property, Plant and Equipment - Net 1,988 1,937 Goodwill and Other Assets - Net 2,034 2,046 ------------ ---------- $22,945 $17,701 ============ ========== Current Liabilities 7,804 3,752 Long-Term Obligations 669 740 Total Stockholders' Equity 14,472 13,209 ------------ ---------- $22,945 $17,701 ============ ==========

Source: Business Wire

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