CHELMSFORD, Mass., April 24 -- Brooks Automation, Inc. (Nasdaq: BRKS - news), a leading provider of automation hardware, software and services for the semiconductor manufacturing and related industries, announced the results for its second quarter of fiscal year 2002 ended March 31, 2002.
Revenues for the second quarter of fiscal 2002 totaled $58.3 million, down sequentially by 5% from the preceding quarter's revenues of $61.5 million. Before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges ("BAAI"), the net loss for the quarter was $8.7 million, or $0.43 per share, compared to net income BAAI of $7.3 million, or $0.39 per diluted share, in the same prior year quarter. Bookings for the quarter were $55.3 million, essentially flat from the preceding quarter's bookings of $55.6 million. The book-to-bill ratio for the quarter was 0.95, up sequentially from the preceding quarter book-to-bill ratio of 0.90.
"We believe this March quarter to be the bottom in revenues for Brooks
Automation in this down cycle," said Robert J. Therrien, President and Chief
"We are encouraged by signs of increasing capital
expenditures by the semiconductor industry.
This translated into a SEMI book-
to-bill ratio of 1.04 in March, and in general low double digit sequential
order growth for equipment OEMs in the March quarter.
order trends portend a strengthening in our business outlook that should
result in a strong recovery in the second half of our fiscal year, starting
with our June quarter.
We are pleased with our continued good standing as a
major supplier to the top OEM companies, which is a result of the favorable
industry trend towards more outsourcing.
While our end user business,
particularly revenues from factory software and services, protected us in the
downturn, the OEM business appears to be ready to lead us out of the downturn
as the industry recovers.
We are already seeing a positive order trend in
April that confirms the increase in orders and shipments that is being
reported by our OEM customers, since our OEM business is a turns business that
we typically see in the same quarter that we ship the product.
market continues to be an important driving force for our business -- we are
now tracking 17 fabs in 2002 that will place equipment orders, up from the 12
that we reported last quarter.
With 33.6% of revenues and 33.1% of bookings
in the quarter coming from 300mm business, we expect these 300mm opportunities
to improve as chip manufacturers make commitments to the larger wafer size,
new technologies and increased manufacturing capacity, driving a general
expansion in the semiconductor industry.
Excluding the contributions from the
acquisition of PRI Automation, which we expect to finalize May 14 following
our annual shareholders' meeting, Brooks on a stand-alone basis should see a
strong increase in both bookings and revenues of 20% or more over the just
concluded March quarter."
Q2 Fiscal 2002 Brooks Highlights: -- Improved to #1 ranking in manufacturing automation and control, and to the #11 overall capital equipment supplier to the semiconductor industry in Dataquest's new market survey just released for calendar year 2001. -- Completed acquisition of Intelligent Automation Systems, Inc. -- Signed multi-year OEM agreement with Teradyne for Brooks' e-Diagnostics product -- Signed multi-year OEM agreement with Unaxis for Brooks' integrated cluster tool platforms -- Shipped the first 5-axis atmospheric robot -- Shipped the first robot arm upgrade to a major OEM -- Shipped a new FX2000 designed for handling reticles -- Shipped a new 300mm wafer sorter with integrated Hologenic inspection -- Obtained five (5) more new design-in wins from OEM customers -- Released software upgrades designed to better support 300mm manufacturing, including new versions of the FACTORYworks manufacturing execution system, Xsite maintenance management system, FABready Suite 300works and APF for real time dispatching and reporting -- Opened Brooks University, a world class customer training center in Chelmsford, MA. -- Hired key executives to head up integration and quality
Brooks Automation has been invited to perform the ceremonial opening of the Nasdaq stock exchange on May 16, 2002 in New York, New York. Brooks is also planning to host an Analyst Day on June 6, 2002, in Boston, Massachusetts. Interested attendees are encouraged to visit the Investor Relations section of the Brooks web site for more information. This event will be available via recorded Webcast replay within 12 hours of its completion on the Investor Relations section of the web site.
Notice of Conference Call: Date: Thursday, April 25, 2002 Time: 9:00 a.m. EST, 8:00 a.m. CST, 7:00 a.m. MST, 6:00 a.m. PST Live Webcast: http://investor.brooks.com Dial In #: 719/457-2619 Passcode: 472213 Replay: 719/457-0820 Passcode: 472213
This event will also be available in the Audio Archive section of the Investor Relations section of the company web site, www.brooks.com.
About Brooks Automation, Inc.
Brooks Automation, Inc. is the world's largest provider of automation products and services to the global semiconductor industry. The company provides a broad and deep product line that includes vacuum and atmospheric modules, vacuum cluster tool platforms, integrated equipment front-ends for factory/tool interfacing, ultra-clean mini-environments for isolating processing equipment and wafers, tool automation software and controls, manufacturing execution system (MES) software, planning and logistics software, equipment engineering systems and system integration services for semiconductor factory automation. The Company has ISO 9001 certification, is headquartered in Chelmsford, MA and has direct operations in the United States, Canada, Europe, Japan, Korea, Malaysia, Singapore, Taiwan, and China. Brooks' web site is www.brooks.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
The foregoing discussion contains forward-looking statements related to the acquisition of PRI and to future financial results and industry trends. Brooks Automation cannot guarantee that the merger with PRI will be completed due to the risks and uncertainties relating to the companies' ability to secure shareholder approval and to satisfy the other conditions to the closing of the merger, nor can it assure that the combined company will realize any of the anticipated benefits and synergies of the merger. The forward looking statements involve known and unknown risks and uncertainties including, without limitations, the uncertainty concerning the length and severity of the general economic downturn, and the downturn in the semiconductor industry specifically; the risk that the signs of increased capital spending and bookings observed will not continue, result in a general expansion of the semi-conductor industry or result in increased revenues to the Company; the Company's dependence on the cyclical semiconductor industry; the impact of external events on the duration of the industry down cycle; the Company's ability to quickly and effectively align its cost structure with anticipated revenue; the Company's dependence on relatively few customers for a significant portion of its revenues; the Company's reliance on sales to OEM customers and the lengthy sales cycles of those customers; the ability of the Company to continue to successfully develop and market new products and product enhancements on a timely basis; the ability to integrate recent acquisitions into the Company; the highly competitive nature and rapid technological change that characterize the industries in which the Company competes; and other risks and uncertainties described in the Company's reports and registration statements filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different than those projected. The Company also operates in an industry sector where securities' values are highly volatile and may be influenced by economic and other factors beyond the Company's control. The forward-looking statements contained herein speak only of the Company's expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact: Mark Chung Director of Investor Relations Brooks Automation, Inc. Telephone: (978) 262-2459 Fax: (978) 262-7606 firstname.lastname@example.org BROOKS AUTOMATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, September 30, 2002 2001 (unaudited) ASSETS Cash, cash equivalents and marketable securities $166,055 $203,832 Accounts receivable, net 80,605 93,565 Inventories 51,705 49,295 Other current assets 39,098 36,444 Total current assets 337,463 383,136 Property, plant and equipment Buildings and land 32,381 31,910 Computer equipment and software 39,683 38,497 Machinery and equipment 19,739 17,349 Furniture and fixtures 11,727 11,240 Leasehold improvements 11,277 10,069 Construction in progress 19,449 11,026 134,256 120,091 Less: Accumulated depreciation (61,458) (53,632) Net property, plant and equipment 72,798 66,459 Long-term marketable securities 117,412 125,887 Intangible assets, net 154,068 100,916 Other assets 38,128 33,306 Total assets $719,869 $709,704 LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities $96,959 $100,973 Convertible subordinated notes 175,000 175,000 Other long-term liabilities 8,686 8,800 Total liabilities 280,645 284,773 Minority interests 642 762 Stockholders' equity 438,582 424,169 Total liabilities, minority interests and stockholders' equity $719,869 $709,704 Cash, cash equivalents, short-term and long-term marketable securities March 31, 2002 $283,467 December 31, 2001 $302,638 September 30, 2001 $329,719 June 30, 2001 $333,706 March 31, 2001 $148,417 BROOKS AUTOMATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended March 31, March 31, 2002 2001 (1) 2002 2001 (1) Revenues $58,316 $111,987 $119,771 $223,378 Cost of revenues 38,273 63,121 75,614 123,893 Gross profit 20,043 48,866 44,157 99,485 Operating expenses: Research and development 15,441 15,431 29,575 29,010 Selling, general and administrative 19,079 23,999 37,984 47,769 Acquisition-related and restructuring charges 9 1,018 109 1,018 34,529 40,448 67,668 77,797 Income (loss) from operations before amortization of acquired intangible assets (14,486) 8,418 (23,511) 21,688 Amortization of acquired intangible assets 2,556 6,942 6,189 12,635 Income (loss) from operations (17,042) 1,476 (29,700) 9,053 Interest (income) expense, net 64 (2,099) (182) (5,849) Other (income) expense, net (92) (227) (645) 614 Income (loss) before income taxes and minority interests (17,014) 3,802 (28,873) 14,288 Income tax provision (benefit) (5,249) 6,489 (9,317) 11,517 Income (loss) before minority interests (11,765) (2,687) (19,556) 2,771 Minority interests in loss of consolidated subsidiary (63) (95) (120) (152) Net income (loss) (11,702) (2,592) (19,436) 2,923 Accretion and dividends on preferred stock - (30) - (60) Net income (loss) attributable to common stockholders $(11,702) $(2,622) $(19,436) $2,863 Earnings (loss) per share attributable to common stockholders: Basic $(0.58) $(0.15) $(0.97) $0.16 Diluted $(0.58) $(0.15) $(0.97) $0.15 Shares used in computing earnings (loss) per share attributable to common stockholders: Basic 20,116 17,705 20,001 17,649 Diluted 20,116 17,705 20,001 18,635 Net income (loss) attributable to common stockholders before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges, net of taxes $(8,747) $7,318 $(14,032) $17,642 Net income (loss) attributable to common stockholders before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges, net of taxes, assuming dilution $(8,747) $7,318 $(14,032) $17,642 Earnings (loss) per share attributable to common stockholders before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges, net of taxes Basic $(0.43) $0.41 $(0.70) $1.00 Diluted $(0.43) $0.39 $(0.70) $0.95 Shares used in computing earnings (loss) per share attributable to common stockholders before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges, net of taxes Basic 20,116 17,705 20,001 17,649 Diluted 20,116 18,878 20,001 18,635 (1) Amounts have been restated to reflect the acquisition of Progressive Technologies, Inc. in a pooling of interests transaction effective July 12, 2001. BROOKS AUTOMATION, INC. CALCULATION OF BAAI FOR THE THREE MONTHS ENDED MARCH 31, 2002 (in thousands, except per share data) (unaudited) Amortization of acquired intangible assets, acquisition- related and restructuring charges and other U.S. GAAP charges BAAI Revenues $58,316 $- $58,316 Cost of revenues 38,273 - 38,273 Gross profit 20,043 - 20,043 Operating expenses: Research and development 15,441 271 (A) 15,170 Selling, general and administrative 19,079 18 (B) 19,061 Acquisition-related and restructuring charges 9 9 - 34,529 298 34,231 Income (loss) from operations before amortization of acquired intangible assets (14,486) (298) (14,188) Amortization of acquired intangible assets 2,556 2,556 - Income (loss) from operations (17,042) (2,854) (14,188) Interest (income) expense, net 64 - 64 Other (income) expense, net (92) - (92) Income (loss) before income taxes and minority interests (17,014) (2,854) (14,160) Income tax provision (benefit) (5,249) 101 (5,350) Income (loss) before minority interests (11,765) (2,955) (8,810) Minority interests in loss of consolidated subsidiary (63) - (63) Net income (loss) (11,702) (2,955) (8,747) Accretion and dividends on preferred stock - - - Net income (loss) attributable to common stockholders $(11,702) $(2,955) $(8,747) Earnings (loss) per share attributable to common stockholders: Basic $(0.58) $(0.43) Diluted $(0.58) $(0.43) Shares used in computing earnings (loss) per share attributable to common stockholders: Basic 20,116 20,116 Diluted 20,116 20,116 (A) Deferred compensation expense - KLA (B) Deferred compensation expense - IAS