TEMPE, Ariz., Nov. 29, 2018 /PRNewswire/ -- Amtech
Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment,
including thermal processing and wafer handling automation, and
related consumables used in fabricating semiconductor devices,
light-emitting diodes, or LEDs, silicon carbide (SiC) and silicon
power chips and solar cells, today reported results for its fourth
quarter and year ended September 30, 2018.
Fourth Quarter Fiscal 2018 Financial and Operational
Highlights:
- Net revenues of $28.8 million
(Combined Semi and LED/SiC* $22.3M,
Solar $6.6M)
- Net loss of $9.0 million, after a
$7.0 million non-cash impairment
charge in the Solar segment
- Diluted loss per share of $0.61
- Customer orders of $40.4 million
(Combined Semi and LED/SiC* $23.7M,
Solar $16.7M)
- September 30, 2018 backlog of
$51.1 million (Combined Semi and
LED/SiC* $23.7M, Solar $27.4M)
- Book to bill ratio of 1.4:1 (Combined Semi and LED/SiC* 1.1:1,
Solar 2.7:1)
- Unrestricted cash of $58.3
million
Fiscal Year 2018 Financial and Operational
Highlights:
- Net revenues of $176.4 million
(Combined Semi and LED/SiC* $93.9M,
Solar $82.5M)
- Net income of $5.3 million, after
a $7.0 million non-cash impairment
charge in the Solar segment
- Diluted earnings per share of $0.35
- Customer orders of $132.7 million
(Combined Semi and LED/SiC* $96.6M,
Solar $36.1M)
- Book to bill ratio of 0.8:1 (Combined Semi and LED/SiC* 1.0:1,
Solar 0.4:1)
Mr. J.S. Whang, Executive Chairman of Amtech, commented, "In
fiscal year 2018, we realized progress in all of our businesses,
closing the year with record net revenues in our combined
semiconductor and LED/SiC businesses. In solar, we
successfully installed Phase I of our large turnkey project and
announced orders this quarter of more than $11 million for our N-type systems."
Mr. Whang continued, "We continue to develop our core
technologies to ensure we are best positioned to be the
supplier of choice in the marketplace. We look forward
to continuing to prudently invest in the long-term profitable
growth of the Company. And, in combination with that ongoing
investment, we are pleased to report that in the fourth
quarter we bought back over 771,000 shares of our common stock,
completing our $4 million stock
repurchase plan. In November
2018, the Board of Directors approved an additional
$4 million stock repurchase
plan."
Net revenue for the fourth quarter of fiscal 2018 was
$28.8 million compared to
$41.2 million in the preceding
quarter and $54.7 million in the
fourth quarter of fiscal 2017. The sequential decrease is primarily
due to decreased shipments of our solar and semiconductor
equipment. Compared to the prior year quarter, net revenue
decreased due primarily to lower shipments of solar equipment for
the turnkey project. Our semiconductor shipments are experiencing
quarter-to-quarter variability based on the timing of orders and
the delivery schedules established by one of our customers.
Unrestricted cash and cash equivalents at September 30,
2018 were $58.3 million, compared to
$51.1 million at September 30,
2017. Pursuant to our previously announced stock repurchase
program, during the quarter ended September 30, 2018, we
completed our $4.0 million stock
repurchase plan and repurchased 771,149 shares of our common
stock. All shares repurchased were retired. On
November 27, 2018 the Board of
Directors of Amtech Systems, Inc. (the "Company") approved a stock
repurchase program, pursuant to which the Company may repurchase up
to $4 million of its outstanding
common stock, par value $0.01 per
share, over a one-year period.
At September 30, 2018, our total order backlog was
$51.1 million (Semi and LED/SiC*
segments $23.7 million, Solar segment
$27.4 million), compared to total
backlog of $41.2 million (Semi and
LED/SiC* segments $22.3 million,
Solar segment $19.0 million) at
June 30, 2018. Backlog includes deferred revenue and
customer orders that are expected to ship within the next 12
months.
Gross margin in the fourth quarter of fiscal 2018 was 29%,
compared to 35% in the preceding quarter and 36% in the fourth
quarter of fiscal 2017. Sequentially and compared to the
prior year, gross margin decreased primarily due to lower volumes
and factory utilization, and less recognition of previously
deferred profit.
Selling, general and administrative expense ("SG&A") in the
fourth quarter of fiscal 2018 was $7.9
million, compared to $9.5
million in the preceding quarter and $9.8 million in the fourth quarter of fiscal
2017. Sequentially and compared to prior year, SG&A
decreased primarily due to lower commissions and freight resulting
from lower shipments. Lower employee-related expenses in the
fourth quarter of fiscal 2018 also contributed to the decrease in
SG&A compared to prior year.
As previously announced, due to the ongoing challenges we are
experiencing in our Solar segment, we implemented a restructuring
plan ("the Plan") during the fourth quarter of fiscal 2018. Once
fully implemented, we expect the Plan to reduce operating costs by
approximately $3 million on an
annualized basis. It is expected that the effect of these
reductions will not be fully realized until our third quarter of
fiscal 2019. The Plan is to better align our workforce with
the current needs of our business and enhance our competitive
position for long-term success. Under the Plan, we reduced
our Solar workforce by approximately 35-40 employees. We recorded
approximately $0.9 million of related
costs in the fourth quarter of fiscal 2018. We conducted our
periodic assessment of long-lived assets in the fourth quarter of
fiscal 2018. The assessment resulted in a determination that
the goodwill and intangible assets of the Solar segment were
impaired in the amounts of $5.7
million and $1.3 million,
respectively, due primarily to the decline in the expected
performance of that segment. We will continue to evaluate
opportunities to improve our operational efficiencies and
effectiveness, including greater China sourcing, in order to improve the
competitive position for our Solar segment while pursuing continued
technological advancements.
Research, development and engineering (RD&E) expense was
$1.5 million in the fourth quarter of
fiscal 2018 compared to $2.1 million
in the preceding quarter and $1.8
million in the fourth quarter of fiscal 2017.
Income tax in the fourth quarter of fiscal 2018 was an expense
of $0.4 million compared to
$1.4 million in the preceding quarter
and $0.5 million in the fourth
quarter of fiscal 2017.
Net loss for the fourth quarter of fiscal 2018 was $9.0 million, or $0.61 per diluted share, compared to net income
of $7.3 million, or $0.51 per diluted share for the fourth quarter of
fiscal 2017 and net income of $5.0
million or $0.33 per diluted
share in the preceding quarter. The net loss in the fourth
quarter of fiscal 2018 was primarily due to the $7.0 million non-cash impairment in the Solar
segment.
*Note: LED/SiC (silicon carbide) refers to our Polishing
segment. Combined Semi and LED/SiC refers to the sum of our
Semiconductor and LED/SiC segments. Solar refers to our Solar
segment, which includes products sold for semiconductor
applications of no more than 25% of the segment's totals. The
Combined Semi and LED/SiC amounts above are non-GAAP measures, as
they are a subtotal of two separate segments. These non-GAAP
financial measures are not prepared in accordance with GAAP and may
be different from non-GAAP financial measures presented by other
companies. Non-GAAP financial measures should not be considered as
a substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. A tabular reconciliation of
financial measures prepared in accordance with GAAP to the non-GAAP
financial measures is included in the Summary Financial Information
table in this press release.
Outlook
The Company expects revenues for the quarter ending December 31, 2018 to be in the range of
$27 to $29
million. Gross margin for the quarter ending December 31, 2018 is expected to be in the mid to
upper 20 percent range, with operating margin negative.
The solar and semiconductor equipment industries can be cyclical
and inherently impacted by changes in market
demand. Additionally, operating results can be significantly
impacted, positively or negatively, by the timing of orders, system
shipments, and the net impact of revenue deferral on shipments,
recognition of revenue based on customer acceptances and the
financial results of solar and semiconductor manufacturers. The
results for the coming quarters could be significantly influenced
by the timing of future orders of the 1GW turnkey project and the
timing of meeting start-up milestones of the turnkey production
lines.
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
5:00 p.m. ET to discuss fourth
quarter and fiscal 2018 financial results. Those in the
USA wishing to participate in the
live call should dial (844) 868-9329. From Canada, dial (866) 605-3852, and
internationally, dial (412) 317-6703. 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
December 7, 2018. To access the
replay please dial US toll free (877) 344-7529 and enter code
10125841. 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 and polishing equipment and related consumables to the
semiconductor / electronics, power IC businesses, solar, and
advanced lighting manufacturing markets. Amtech's equipment
includes diffusion, solder reflow systems. wafer handling
automation, ALD and PECVD systems and polishing equipment and
related consumables for surface preparation of various materials,
including silicon carbide ("SiC"), sapphire and silicon. The
Company's wafer handling, thermal processing, polishing and
consumable products currently address the diffusion, oxidation, and
deposition steps used in the fabrication of semiconductors, printed
circuit boards, semiconductor packaging, solar cells, MEMS, and
advanced lighting, including the polishing of newly sliced sapphire
and silicon wafers. Amtech's products are recognized under the
leading brand names BTU International, Bruce
TechnologiesTM, PR HoffmanTM, Tempress
SystemsTM, R2D AutomationTM and SoLayTec.
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).
The forward-looking statements in this press release relate only to
events or information as of the date on which the statements are
made in this press release. Examples of forward-looking
statements include statements regarding Amtech's future financial
results, operating results, business strategies, projected costs,
products under development, competitive positions, plans and
objectives of Amtech and its management for future operations,
efforts to improve operational efficiencies and effectiveness and
greater China sourcing. 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 used in this press release or by
our management are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. The Form 10-K, as amended, that Amtech
filed with the Securities and Exchange Commission (the "SEC") for
the year-ended September 30, 2017, 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-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.
Robert T.
Hass
Chief Financial
Officer
(480)
967-5146
irelations@Amtechsystems.com
|
Christensen
Investor
Relations
Patty
Bruner
(480)
201-6075
pbruner@christensenir.com
|
AMTECH SYSTEMS,
INC.
|
(NASDAQ:
ASYS)
|
November 29,
2018
|
(Unaudited)
|
|
Summary Financial
Information
|
(in thousands,
except percentages and ratios)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years Ended
September 30,
|
|
September 30,
2018
|
June 30,
2018
|
September 30,
2017
|
|
2018
|
2017
|
Amtech Systems,
Inc.
|
|
|
|
|
|
|
Revenues, net of returns and allowances
|
$
|
28,832
|
|
$
|
41,200
|
|
$
|
54,677
|
|
|
$
|
176,426
|
|
$
|
164,516
|
|
Gross
profit
|
$
|
8,496
|
|
$
|
14,599
|
|
$
|
19,592
|
|
|
$
|
55,157
|
|
$
|
51,932
|
|
Gross
margin
|
29
|
%
|
35
|
%
|
36
|
%
|
|
31
|
%
|
32
|
%
|
Operating income
|
$
|
(8,848)
|
|
$
|
2,936
|
|
$
|
8,034
|
|
|
$
|
1,919
|
|
$
|
10,425
|
|
New
orders
|
$
|
40,420
|
|
$
|
26,207
|
|
$
|
27,645
|
|
|
$
|
132,710
|
|
$
|
210,488
|
|
Book-to-bill ratio
|
|
1.4:1
|
|
|
0.7:1
|
|
|
0.5:1
|
|
|
|
0.8:1
|
|
|
1.3:1
|
|
Backlog
|
$
|
51,101
|
|
$
|
41,231
|
|
$
|
102,377
|
|
|
$
|
51,101
|
|
$
|
102,377
|
|
Semiconductor
Segment
|
|
|
|
|
|
|
Revenues, net of returns and allowances
|
$
|
19,218
|
|
$
|
23,472
|
|
$
|
22,139
|
|
|
$
|
80,163
|
|
$
|
67,237
|
|
Gross
profit
|
$
|
7,238
|
|
$
|
8,721
|
|
$
|
8,189
|
|
|
$
|
30,522
|
|
$
|
26,340
|
|
Gross
margin
|
38
|
%
|
37
|
%
|
37
|
%
|
|
38
|
%
|
39
|
%
|
Operating income
|
$
|
2,726
|
|
$
|
3,861
|
|
$
|
3,525
|
|
|
$
|
11,848
|
|
$
|
9,538
|
|
New
orders
|
$
|
19,478
|
|
$
|
17,871
|
|
$
|
14,492
|
|
|
$
|
81,868
|
|
$
|
72,931
|
|
Book-to-bill ratio
|
|
1.0:1
|
|
|
0.8:1
|
|
|
0.7:1
|
|
|
|
1.0:1
|
|
|
1.1:1
|
|
Backlog
|
$
|
21,023
|
|
$
|
20,764
|
|
$
|
19,318
|
|
|
$
|
21,023
|
|
$
|
19,318
|
|
Solar
Segment
|
|
|
|
|
|
|
Revenues, net of returns and allowances
|
$
|
6,573
|
|
$
|
14,134
|
|
$
|
30,071
|
|
|
$
|
82,502
|
|
$
|
87,031
|
|
Gross
profit
|
$
|
344
|
|
$
|
4,584
|
|
$
|
10,165
|
|
|
$
|
19,351
|
|
$
|
21,671
|
|
Gross
margin
|
5
|
%
|
32
|
%
|
34
|
%
|
|
23
|
%
|
25
|
%
|
Operating (loss) income
|
$
|
(10,413)
|
|
$
|
(85)
|
|
$
|
5,970
|
|
|
$
|
(7,050)
|
|
$
|
6,060
|
|
New
orders
|
$
|
16,712
|
|
$
|
5,029
|
|
$
|
9,554
|
|
|
$
|
36,073
|
|
$
|
126,577
|
|
Book-to-bill ratio
|
|
2.7:1
|
|
|
0.4:1
|
|
|
0.3:1
|
|
|
|
0.4:1
|
|
|
1.4:1
|
|
Backlog
|
$
|
27,383
|
|
$
|
18,960
|
|
$
|
81,371
|
|
|
$
|
27,383
|
|
$
|
81,371
|
|
LED/SiC
Segment
|
|
|
|
|
|
|
Revenues, net of returns and allowances
|
$
|
3,041
|
|
$
|
3,594
|
|
$
|
2,467
|
|
|
$
|
13,761
|
|
$
|
10,248
|
|
Gross
profit
|
$
|
914
|
|
$
|
1,294
|
|
$
|
1,238
|
|
|
$
|
5,284
|
|
$
|
3,921
|
|
Gross
margin
|
30
|
%
|
36
|
%
|
50
|
%
|
|
38
|
%
|
38
|
%
|
Operating income
|
$
|
520
|
|
$
|
938
|
|
$
|
911
|
|
|
$
|
3,672
|
|
$
|
2,617
|
|
New
orders
|
$
|
4,230
|
|
$
|
3,307
|
|
$
|
3,598
|
|
|
$
|
14,769
|
|
$
|
10,980
|
|
Book-to-bill ratio
|
|
1.4:1
|
|
|
0.9:1
|
|
|
1.5:1
|
|
|
|
1.1:1
|
|
|
1.1:1
|
|
Backlog
|
$
|
2,695
|
|
$
|
1,507
|
|
$
|
1,688
|
|
|
$
|
2,695
|
|
$
|
1,688
|
|
AMTECH SYSTEMS,
INC.
|
(NASDAQ:
ASYS)
|
November 29,
2018
|
(Unaudited)
|
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Years Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues, net of
returns and allowances
|
$
|
28,832
|
|
|
$
|
54,677
|
|
|
$
|
176,426
|
|
|
$
|
164,516
|
|
Cost of
sales
|
20,336
|
|
|
35,085
|
|
|
121,269
|
|
|
112,584
|
|
Gross
profit
|
8,496
|
|
|
19,592
|
|
|
55,157
|
|
|
51,932
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
7,936
|
|
|
9,771
|
|
|
37,535
|
|
|
35,135
|
|
Research, development
and engineering
|
1,505
|
|
|
1,787
|
|
|
7,800
|
|
|
6,372
|
|
Impairment
charges
|
7,006
|
|
|
—
|
|
|
7,006
|
|
|
—
|
|
Restructuring
charges
|
897
|
|
|
—
|
|
|
897
|
|
|
—
|
|
Operating (loss)
income
|
(8,848)
|
|
|
8,034
|
|
|
1,919
|
|
|
10,425
|
|
|
|
|
|
|
|
|
|
Gain on sale of other
assets
|
—
|
|
|
—
|
|
|
2,883
|
|
|
—
|
|
(Loss) income from
equity method investment
|
—
|
|
|
(216)
|
|
|
234
|
|
|
(417)
|
|
Interest and other
income (expense), net
|
265
|
|
|
(27)
|
|
|
489
|
|
|
(178)
|
|
Income before income
taxes
|
(8,583)
|
|
|
7,791
|
|
|
5,525
|
|
|
9,830
|
|
Income tax
provision
|
370
|
|
|
474
|
|
|
220
|
|
|
1,744
|
|
Net (loss)
income
|
(8,953)
|
|
|
7,317
|
|
|
5,305
|
|
|
8,086
|
|
|
|
|
|
|
|
|
|
Add: net loss
attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
1,045
|
|
Net (loss) income
attributable to Amtech Systems, Inc.
|
$
|
(8,953)
|
|
|
$
|
7,317
|
|
|
$
|
5,305
|
|
|
$
|
9,131
|
|
|
|
|
|
|
|
|
|
(Loss) Income Per
Share:
|
|
|
|
|
|
|
|
Basic (loss)income
per share attributable to Amtech shareholders
|
$
|
(0.61)
|
|
|
$
|
0.53
|
|
|
$
|
0.36
|
|
|
$
|
0.68
|
|
Weighted average
shares outstanding
|
14,730
|
|
|
13,895
|
|
|
14,833
|
|
|
13,378
|
|
Diluted (loss) income
per share attributable to Amtech shareholders
|
$
|
(0.61)
|
|
|
$
|
0.51
|
|
|
$
|
0.35
|
|
|
$
|
0.68
|
|
Weighted average
shares outstanding
|
14,730
|
|
|
14,294
|
|
|
15,065
|
|
|
13,501
|
|
AMTECH SYSTEMS,
INC.
|
(NASDAQ:
ASYS)
|
November 29,
2018
|
(unaudited)
|
|
Condensed
Consolidated Balance Sheets
|
(in thousands,
except share data)
|
|
|
September 30,
2018
|
|
September 30,
2017
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
58,331
|
|
|
$
|
51,121
|
|
Restricted
cash
|
|
4,165
|
|
|
24,640
|
|
Accounts
receivable
|
|
|
|
|
Trade (less allowance
for doubtful accounts of $1,407 and $866 at September 30, 2018, and
September 30, 2017, respectively)
|
|
20,475
|
|
|
22,519
|
|
Unbilled and
other
|
|
12,749
|
|
|
14,275
|
|
Inventory
|
|
24,710
|
|
|
30,210
|
|
Vendor
deposits
|
|
668
|
|
|
11,806
|
|
Other
|
|
3,192
|
|
|
2,542
|
|
Total current
assets
|
|
124,290
|
|
|
157,113
|
|
Property, Plant
and Equipment - Net
|
|
16,452
|
|
|
15,792
|
|
Intangible Assets
- Net
|
|
1,130
|
|
|
3,495
|
|
Goodwill -
Net
|
|
6,633
|
|
|
11,405
|
|
Investments
|
|
—
|
|
|
2,615
|
|
Deferred Income
Taxes - Long-Term
|
|
—
|
|
|
200
|
|
Other Assets -
Long-Term
|
|
901
|
|
|
1,003
|
|
Total
Assets
|
|
$
|
149,406
|
|
|
$
|
191,623
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
$
|
11,374
|
|
|
$
|
21,555
|
|
Accrued compensation
and related taxes
|
|
7,394
|
|
|
7,592
|
|
Accrued warranty
expense
|
|
1,040
|
|
|
1,254
|
|
Other accrued
liabilities
|
|
4,239
|
|
|
2,056
|
|
Customer
deposits
|
|
15,298
|
|
|
48,784
|
|
Current maturities of
long-term debt
|
|
374
|
|
|
361
|
|
Deferred
profit
|
|
3,071
|
|
|
4,081
|
|
Income taxes
payable
|
|
2,353
|
|
|
286
|
|
Total current
liabilities
|
|
45,143
|
|
|
85,969
|
|
Long-Term
Debt
|
|
7,960
|
|
|
8,134
|
|
Income Taxes
Payable - Long-Term
|
|
3,213
|
|
|
7,037
|
|
Total
Liabilities
|
|
56,316
|
|
|
101,140
|
|
Commitments and
Contingencies
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Preferred stock;
100,000,000 shares authorized; none issued
|
|
—
|
|
|
—
|
|
Common stock; $0.01
par value; 100,000,000 shares authorized; shares issued and
outstanding: 14,216,596 and 14,710,591 at September 30, 2018, and
September 30, 2017, respectively
|
|
142
|
|
|
147
|
|
Additional paid-in
capital
|
|
124,316
|
|
|
125,564
|
|
Accumulated other
comprehensive loss
|
|
(9,974)
|
|
|
(8,529)
|
|
Retained
deficit
|
|
(21,394)
|
|
|
(26,699)
|
|
Total shareholders'
equity
|
|
93,090
|
|
|
90,483
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
|
149,406
|
|
|
$
|
191,623
|
|
AMTECH SYSTEMS,
INC.
|
(NASDAQ:
ASYS)
|
November 29,
2018
|
(unaudited)
|
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
Years Ended
September 30,
|
|
2018
|
|
2017
|
Operating
Activities
|
|
|
|
Net income
|
$
|
5,305
|
|
|
$
|
8,086
|
|
Adjustments to
reconcile net income to net cash
(used in) provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
1,854
|
|
|
2,493
|
|
Non-cash impairment
charges
|
7,006
|
|
|
—
|
|
Write-down of
inventory
|
542
|
|
|
420
|
|
Capitalized
interest
|
143
|
|
|
277
|
|
Deferred income
taxes
|
209
|
|
|
(27)
|
|
Non-cash share based
compensation expense
|
855
|
|
|
1,328
|
|
(Gain) loss on sale
of property, plant and equipment
|
(92)
|
|
|
26
|
|
Gain on sale of other
assets
|
(2,883)
|
|
|
—
|
|
(Gain) loss from
equity method investment
|
(234)
|
|
|
417
|
|
Provision for
(reversal of) allowance for doubtful accounts, net
|
45
|
|
|
(720)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Restricted
cash
|
20,558
|
|
|
(22,262)
|
|
Accounts
receivable
|
3,274
|
|
|
(8,655)
|
|
Inventory
|
3,965
|
|
|
(6,638)
|
|
Accrued income
taxes
|
(1,749)
|
|
|
573
|
|
Vendor deposits and
other assets
|
10,649
|
|
|
(8,898)
|
|
Accounts
payable
|
(10,164)
|
|
|
5,374
|
|
Customer deposits and
accrued liabilities
|
(31,532)
|
|
|
40,817
|
|
Deferred
profit
|
(961)
|
|
|
(822)
|
|
Net cash provided by
operating activities
|
6,790
|
|
|
11,789
|
|
Investing
Activities
|
|
|
|
Purchases of
property, plant and equipment
|
(1,495)
|
|
|
(1,256)
|
|
Proceeds from sale of
property, plant and equipment
|
114
|
|
|
40
|
|
Proceeds from sale of
other assets
|
5,732
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
4,351
|
|
|
(1,216)
|
|
Financing
Activities
|
|
|
|
Proceeds from the
exercise of stock options
|
1,892
|
|
|
12,602
|
|
Repurchases of common
stock
|
(4,000)
|
|
|
—
|
|
Payments on long-term
debt
|
(368)
|
|
|
(674)
|
|
Borrowings on
long-term debt
|
—
|
|
|
755
|
|
Excess tax benefit of
stock compensation
|
—
|
|
|
18
|
|
Net cash (used in)
provided by financing activities
|
(2,476)
|
|
|
12,701
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
(1,455)
|
|
|
192
|
|
Net Increase in
Cash and Cash Equivalents
|
7,210
|
|
|
23,466
|
|
Cash and Cash
Equivalents, Beginning of Year
|
51,121
|
|
|
27,655
|
|
Cash and Cash
Equivalents, End of Year
|
$
|
58,331
|
|
|
$
|
51,121
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/amtech-reports-fourth-quarter-and-fiscal-2018-results-300757909.html
SOURCE Amtech Systems, Inc.