Brooks Automation Reports Results of Third Fiscal Quarter of 2019, Ended June 30, 2019, and Announces Quarterly Cash Dividend

Date : 08/01/2019 @ 8:05PM
Source : PR Newswire (US)
Stock : Brooks Automation Inc (BRKS)
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Brooks Automation Reports Results of Third Fiscal Quarter of 2019, Ended June 30, 2019, and Announces Quarterly Cash Dividend

Brooks Automation (NASDAQ:BRKS)
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CHELMSFORD, Mass., Aug. 1, 2019 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS), a leader in automation solutions for the semiconductor manufacturing and life sciences industries, today reported financial results for the third fiscal quarter of 2019, ended June 30, 2019.

Financial Results Summary





Quarter Ended








Dollars in millions, except per share data


June 30, 


March 31,



June 30, 


Change vs.






2019


2019



2018


Prior Qtr


Prior Year




Revenue


$

204


$

198



$

172


3

%

18

%



Semiconductor Solutions Group


$

116


$

113



$

123


3

%

(5)

%



Life Sciences


$

88


$

86



$

50


3

%

77

%





















Diluted EPS Continuing Operations


$

0.01


$

(0.04)



$

0.07


(133)

%

(82)

%



Diluted EPS Total


$

0.10


$

0.05



$

0.32


112

%

(69)

%





















Non-GAAP Diluted EPS Cont. Operations


$

0.20


$

0.17



$

0.21


16

%

(6)

%





















Adjusted EBITDA


$

36


$

33



$

28


9

%

30

%




The Company announced on July 1, 2019 that it had completed the sale of its Semiconductor Cryogenics business to Edwards Vacuum LLC (a member of the Atlas Copco Group).  In accordance with GAAP, the Company is reporting the operating results of the Semiconductor Cryogenics business, for all periods presented in this release, as discontinued operations.

Management Comments

Steve Schwartz, president and CEO, commented, "The results of our third fiscal quarter highlight the strength of our transformed portfolio.  Our Life Sciences business has achieved its sixteenth quarter of sequential growth driven by the strength of GENEWIZ, while Semiconductor Solutions provided sequential growth in a very weak cyclical point in the market.  We have achieved yet another significant change in our portfolio as the sale of the Semiconductor Cryo business was completed as we entered the fourth quarter.  We have reset our balance sheet with the proceeds from the divestiture and have ample opportunity to use it."

Schwartz continued, "Our past investments and diversification of the portfolio are showing the benefits inside this quarter.  In Semi, year-over-year, we continued to see slower sales through our traditional tier-one OEM customers, while achieving record revenue in Advanced Packaging applications and near record levels in our Contamination Control Solutions products.  In Life Sciences, our Sample Management business provided 5% organic growth year-over year, while GENEWIZ, which was acquired in November, achieved strong 13% sequential growth compared to the second fiscal quarter with balanced growth in all service offerings.   We believe each of our businesses hold great advantages and are positioned nicely in strong markets with additional opportunity as we go into the final quarter of our 2019 fiscal year."

GAAP Summary, Third Quarter, Fiscal 2019

  • Revenue was $204 million in the third quarter, an increase of 3% compared to the second fiscal quarter of 2019, and 18% higher compared to the third fiscal quarter of 2018.
  • GAAP diluted EPS was $0.10 compared to $0.05 last quarter and $0.32 in the third quarter of 2018. Discontinued operations provided $0.09 and continuing operations provided $0.01 in the quarter.
  • Semiconductor Solutions revenue was $116 million, up 3% from the second quarter of 2019 and lower by 5% on a year-over-year basis. Sequential growth was driven by expansion of vacuum systems and robots, and reticle stockers.
  • Life Sciences revenue was $88 million, an increase of 3% compared to the second quarter of 2019 and 77% on a year-over-year basis with 5% organic growth year-over-year. GENEWIZ contributed $37 million of revenue in the quarter, up 13% sequentially. Organic growth, driven within Sample Management, was dampened by an 11% year-over-year decline in large automated store systems.
  • GAAP operating income was $16 million, an increase of 20% compared to the second quarter of 2019 and 31% higher compared with the third quarter of 2018.
  • Below operating income, net interest expense was flat sequentially at $8 million. The Company reported a tax provision of $7.3 million in the quarter, including a $4.3 million provision for additional transition toll tax reflecting a regulatory adjustment in the quarter to the U.S. Tax Reform Act. Compared to a $1.0 million tax benefit last quarter, the change in the tax line provided an unfavorable $0.10 per share impact on GAAP EPS. Second quarter 2019 results included a $9 million charge for the early extinguishment of debt associated with the syndication of the Company's $350 million incremental term loan incurred in connection with the GENEWIZ acquisition.
  • Cash flow from operations was $36 million in the quarter. At June 30, 2019, the balance of total debt was $541 million and the balance of cash, cash equivalents, and marketable securities was $160 million.

Non-GAAP Performance Discussion for Continuing Operations

  • Non-GAAP diluted EPS from continuing operations for the quarter was $0.20 compared to $0.17 last quarter and $0.21 in the third quarter of 2018. Operating margins were 12.7%, up 90 basis points both sequentially and from the third quarter of 2018 driven by gross margin improvement.
  • Non-GAAP gross margins were 42.4%, an improvement of 40 basis points compared to the second quarter of 2019 and 230 basis points higher than the third quarter of 2018. Life Sciences gross margins were 43.3%, up 70 basis points sequentially driven by improved GENEWIZ margins partially offset by softer Sample Management margins. Life Sciences gross margins were up 510 basis points year over year driven by the addition of the higher margin GENEWIZ business in the portfolio. The Semiconductor Solutions business gross margin improved 10 basis points from last quarter to 41.7%, and 80 basis points from the prior year driven by favorable revenue mix.
  • Adjusted EBITDA in the quarter was $36 million, up from $33 million in the prior quarter and $28 million in the third quarter of 2018. The adjusted EBITDA margin has improved 150 basis points year-over-year to 17.6%.

A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Subsequent Event - Sale of the Semiconductor Cryogenics Business  

As previously announced after the close of the third quarter 2019, the Company completed the sale of its Semiconductor Cryogenics business on July 1, 2019 to Atlas Copco for $675 million in cash, which is estimated to provide a $400 million gain on the sale. Net cash proceeds from the divestiture will be approximately $550 million upon the settlement of fees, taxes and final working capital and other adjustments.  Upon closure of the sale on July 1, the Company utilized $495 million of proceeds to reduce its gross debt to $52 million

Quarterly Cash Dividend

The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on September 27, 2019 to stockholders of record on September 6, 2019.  Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Fiscal Fourth Quarter and Year-End 2019

The Company announced revenue and earnings guidance for the fourth quarter and year-end of fiscal 2019.  Revenue for the fourth quarter is expected to be in the range of $192 million to $200 million resulting in full year revenue of $774 million to $782 million.  Non-GAAP diluted earnings per share from continuing operations for the fourth quarter is expected to be in the range of $0.21 to $0.26 and for the full year, $0.75 to $0.80.  GAAP diluted EPS for the fourth quarter, excluding the gain to be recognized on the Cryogenics sale, is expected to be in the range of $0.05 to $0.12 and for the full year, $0.40 to $0.47.

Conference Call

Brooks management will webcast its third quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will discuss the quarterly financial results and respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook.  Management's responses could contain information that has not been previously disclosed.

The conference call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.com, and will be archived online on this website for convenient on-demand replay.  In addition, you may call 800-950-3502 (US & Canada only) or +1-212-231-2908 for international callers to listen to the live webcast.

Regulation G – Use of Non-GAAP financial Measures

The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analysis provided by its peers.  These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures.  A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets, statements of operations and statements of cash flows.

"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934

Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include, but are not limited to statements our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, the expected financial results from our recently acquired GENEWIZ business and our ability to deliver financial success in the future, and our ability to use the proceeds from the sale of the Cryogenics business to fund future acquisitions. Factors that could cause results to differ from our expectations include the following:  the volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.

About Brooks Automation, Inc.
Brooks is a leading provider of life science and semiconductor manufacturing automation solutions worldwide.  The Company applies its automation and cryogenics expertise to provide a full suite of reliable cold-chain sample management solutions across life sciences in areas such as drug development, clinical research and advanced cell therapies.  Brooks recently added global capability for gene sequencing and gene synthesis services through its strategic acquisition of GENEWIZ, expanding its sample-based services offerings.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision robotics, integrated automation systems and services.  Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia.  For more information, visit www.brooks.com.

INVESTOR CONTACTS:
Mark Namaroff
Director, Investor Relations
Brooks Automation
978.262.2635
mark.namaroff@brooks.com

Sherry Dinsmore
Brooks Automation
978.262.2400
sherry.dinsmore@brooks.com

John Mills
Partner
ICR, LLC
646.277.1254

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 (In thousands, except per share data)















Three Months Ended



Nine Months Ended


June 30, 



June 30, 


2019


2018



2019


2018

Revenue













Products

$

128,397


$

135,278



$

381,827


$

362,082

Services


75,483



37,085




199,810



109,832

  Total revenue


203,880



172,363




581,637



471,914

Cost of revenue













Products


77,203



82,340




229,580



216,504

Services


43,167



23,208




115,951



71,949

  Total cost of revenue


120,370



105,548




345,531



288,453

Gross profit


83,510



66,815




236,106



183,461

Operating expenses













Research and development


14,235



12,045




41,485



34,797

Selling, general and administrative


52,596



42,142




158,509



120,741

Restructuring charges


256



81




685



129

Total operating expenses


67,087



54,268




200,679



155,667

Operating income


16,423



12,547




35,427



27,794

Interest income


108



689




847



1,193

Interest expense


(8,041)



(2,465)




(21,348)



(6,842)

Loss on extinguishment of debt







(9,051)



Other expenses, net


(309)



(608)




(1,116)



(3,047)

Income before income taxes


8,181



10,163




4,759



19,098

Income tax provision (benefit)


7,260



5,350




400



(49,831)

Income from continuing operations


921



4,813




4,359



68,929

Income from discontinued operations, net of tax


6,333



17,793




20,731



37,183

Net income

$

7,254


$

22,606



$

25,090


$

106,112

Net loss attributable to noncontrolling interest




111






111

Net income attributable to Brooks Automation, Inc.

$

7,254


$

22,717



$

25,090


$

106,223

Basic net income per share:













Basic net income per share from continuing operations

$

0.01


$

0.07



$

0.06


$

0.98

Basic net income per share from discontinued operations


0.09



0.25




0.29



0.53

Basic net income per share

$

0.10


$

0.32



$

0.35


$

1.51

Diluted net income per share:













Diluted net income per share from continuing operations

$

0.01


$

0.07



$

0.06


$

0.97

Diluted net income per share from discontinued operations


0.09



0.25




0.29



0.52

Diluted net income per share

$

0.10


$

0.32



$

0.35


$

1.50














Weighted average shares outstanding used in computing net income per share:













Basic


72,188



70,596




71,903



70,425

Diluted


72,470



70,978




72,313



70,933














 

BROOKS AUTOMATION, INC.

CONSOLIDATED BALANCE SHEETS

 (In thousands, except share and per share data)








June 30, 


September 30,


2019


2018



(unaudited)




Assets






Current assets






Cash and cash equivalents

$

156,852


$

197,708

Marketable securities


35



46,281

Accounts receivable, net


163,105



125,192

Inventories


104,786



96,986

Prepaid expenses and other current assets


40,441



31,741

Current assets held for sale


61,665



66,148

Total current assets


526,884



564,056

Property, plant and equipment, net


98,330



59,988

Long-term marketable securities


2,874



7,237

Long-term deferred tax assets


25,345



43,798

Goodwill


490,545



255,876

Intangible assets, net


262,195



99,956

Other assets


21,126



5,294

Non-current assets held for sale


65,561



59,052

Total assets

$

1,492,860


$

1,095,257

Liabilities and Stockholders' Equity






Current liabilities






Current portion of long-term debt

$

6,326


$

2,000

Accounts payable


47,789



44,724

Deferred revenue


30,598



25,884

Accrued warranty and retrofit costs


7,190



6,340

Accrued compensation and benefits


28,628



29,322

Accrued restructuring costs


280



659

Accrued income taxes payable


7,784



6,746

Accrued expenses and other current liabilities


33,656



30,405

Current liabilities held for sale


12,741



18,537

Total current liabilities


174,992



164,617

Long-term debt


534,748



194,071

Long-term tax reserves


15,044



1,102

Long-term deferred tax liabilities


16,025



7,135

Long-term pension liabilities


4,865



4,255

Other long-term liabilities


8,953



5,547

Non-current liabilities held for sale


107



698

Total liabilities


754,734



377,425

Stockholders' Equity






Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding




Common stock, $0.01 par value - 125,000,000 shares authorized, 85,681,274 shares issued and
72,219,405 shares outstanding at June 30, 2019, 84,164,130 shares issued and 70,702,261 shares
outstanding at September 30, 2018


857



841

Additional paid-in capital


1,915,138



1,898,434

Accumulated other comprehensive income


14,586



13,587

Treasury stock at cost - 13,461,869 shares


(200,956)



(200,956)

Accumulated deficit


(991,499)



(994,074)

Total stockholders' equity


738,126



717,832

Total liabilities and stockholders' equity

$

1,492,860


$

1,095,257

 

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)








Nine Months Ended


June 30, 


2019


2018

Cash flows from operating activities






Net income

$

25,090


$

106,112

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


40,429



27,621

Stock-based compensation


15,172



14,999

Amortization of premium on marketable securities and deferred financing costs


766



565

Earnings of equity method investments


(4,876)



(4,931)

Loss recovery on insurance claim




(1,103)

Deferred income tax benefit


(9,207)



(48,274)

Loss on extinguishment of debt


9,051



Other gains on disposals of assets


156



Accounts receivable


(6,456)



(32,887)

Inventories


(6,431)



(21,647)

Prepaid expenses and current assets


2,109



(4,395)

Accounts payable


(6,761)



16,656

Deferred revenue


4,959



487

Accrued warranty and retrofit costs


1,022



(192)

Accrued compensation and tax withholdings


(9,404)



(1,252)

Accrued restructuring costs


(361)



(1,523)

Proceeds from recovery on insurance claim


1,082



Accrued expenses and current liabilities


1,901



(7,478)

Net cash provided by operating activities


58,241



42,758

Cash flows from investing activities






Purchases of property, plant and equipment


(15,548)



(9,320)

Purchases of marketable securities


(1,290)



(58,312)

Sales of marketable securities


48,904



Maturities of marketable securities


2,557



8,450

Acquisitions, net of cash acquired


(442,704)



(82,977)

Proceeds from sales of property, plant and equipment




200

Net cash used in investing activities


(408,081)



(141,959)

Cash flows from financing activities






Proceeds from term loans, net of discount


686,386



197,554

Proceeds from issuance of common stock


1,548



1,395

Payments of financing costs


(687)



(318)

Principal payments on debt


(354,940)



(1,000)

Payments of capital lease


(849)



Common stock dividends paid


(21,658)



(21,202)

Net cash provided by financing activities


309,800



176,429

Effects of exchange rate changes on cash and cash equivalents


(816)



526

Net increase (decrease) in cash and cash equivalents


(40,856)



77,754

Cash and cash equivalents, beginning of period


197,708



101,622

Cash and cash equivalents, end of period

$

156,852


$

179,376

Notes on Non-GAAP Financial Measures:

These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets.  Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.






















Quarter Ended



June 30, 2019


March 31, 2019


June 30, 2018





per diluted




per diluted




per diluted

Dollars in thousands, except per share data 




share




share




share

Net income (loss) from continuing operations


$

921


$

0.01


$

(2,829)


$

(0.04)


$

4,813


$

0.07

Adjustments:



















Purchase accounting impact on inventory and contracts acquired











735



0.01

Amortization of intangible assets



9,050



0.12



9,405



0.13



6,583



0.09

Restructuring charges



256



0.00



370



0.01



81



0.00

Loss on extinguishment of debt







9,051







Merger costs



156



0.00



36



0.00



377



0.01

Adjustment of valuation allowance against deferred tax assets











1,670



0.02

Tax Reform - rate change applied to deferred tax liabilities (1)



4,281



0.06









Tax adjustments (2)



974



0.01



803



0.01





Tax effect of adjustments 



(1,345)



(0.02)



(4,593)



(0.06)



568



0.01

Non-GAAP adjusted net income from continuing operations


$

14,293


$

0.20


$

12,243


$

0.17


$

14,827


$

0.21

   Stock based compensation, pre-tax



5,277



0.07



5,121



0.07



4,633



0.07

   Tax rate



15

%




15

%




15

%


Stock-based compensation, net of tax



4,485



0.06



4,353



0.06



3,938



0.06

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations


$

18,778


$

0.26


$

16,596


$

0.23


$

18,765


$

0.26




















Shares used in computing non-GAAP diluted net income per share





72,470





72,292





70,978

 
















Nine Months Ended



June 30, 2019


June 30, 2018





per diluted




per diluted

Dollars in thousands, except per share data 


$


share


$


share

Net income from continuing operations


$

4,359


$

0.06


$

68,929


$

0.97

Adjustments:













Purchase accounting impact on inventory and contracts acquired



184



0.00



1,896



0.03

Amortization of intangible assets



26,230



0.36



17,686



0.25

Restructuring charges



685



0.01



129



0.00

Loss on extinguishment of debt



9,051







Merger costs



6,546



0.09



2,637



0.04

Adjustment of valuation allowance against deferred tax assets







(56,347)



(0.79)

 Tax Reform - rate change applied to deferred tax liabilities (1)



1,796



0.02



(671)



(0.01)

 Tax adjustments (2)



(1,275)



(0.02)





Tax effect of adjustments



(9,122)



(0.13)



(754)



(0.01)

Non-GAAP adjusted net income from continuing operations



38,454



0.53



33,505



0.47

Stock-based compensation, pre-tax



14,574



0.20



14,269



0.20

Tax rate



15

%




15

%


Stock-based compensation, net of tax



12,388


$

0.17



12,129



0.17

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations


$

50,842


$

0.70


$

45,634


$

0.64














Shares used in computing non-GAAP diluted net income per share





72,313





70,933
















(1)

Adjustments are related to U.S. Federal Tax Reform.



(2)

The Company has elected to apply the tax benefit related to the stock compensation windfall realized in the quarter ended December 31, 2018 to the non-GAAP full year tax rate and to exclude the benefit of a change in the deferred tax benefit realized in the three months ended December 31, 2018 related to a change in the Company's state effective tax rate related to the acquisition of GENEWIZ. 

 



















Quarter Ended


Nine Months Ended



June 30, 


March 31,


June 30, 


June 30, 


June 30, 

Dollars in thousands


2019


2019


2018


2019


2018

GAAP net income attributable to Brooks Automation, Inc.


$

7,254


$

3,421


$

22,717


$

25,090


$

106,223

Adjustments:
















Less: Discontinued operations



(6,333)



(6,250)



(17,793)



(20,731)



(37,183)

Less: Interest income



(108)



(316)



(689)



(847)



(1,193)

Add: Interest expense



8,041



8,018



2,465



21,348



6,842

Add: Income tax provision (benefit)



7,260



(1,030)



5,350



400



(49,831)

Add: Depreciation



5,037



5,099



3,208



14,196



9,347

Add: Amortization of completed technology



2,863



2,791



1,504



7,661



3,390

Add: Amortization of customer relationships and acquired intangible assets



6,187



6,614



5,079



18,569



14,296

Add: Loss on extinguishment of debt





9,051





9,051



Earnings before interest, taxes, depreciation and amortization


$

30,201


$

27,398


$

21,841


$

74,737


$

51,891



















































Quarter Ended


Nine Months Ended



June 30, 


March 31,


June 30, 


June 30, 


June 30, 

Dollars in thousands


2019


2019


2018


2019


2018

Earnings before interest, taxes, depreciation and amortization


$

30,201


$

27,398


$

21,841


$

74,737


$

51,891

Adjustments:
















Less: Fair value adjustment of equity method investment












Add: Stock-based compensation



5,277



5,121



4,633



14,574



14,269

Add: Restructuring charges



256



370



81



685



129

Add: Purchase accounting impact on inventory and contracts acquired







735



184



1,896

Add: Merger costs



156



36



377



6,546



2,637

Adjusted earnings before interest, taxes, depreciation and amortization


$

35,890


$

32,925


$

27,667


$

96,726


$

70,822

 






















Quarter Ended




June 30, 2019


March 31, 2019


June 30, 2018

Dollars in thousands


$


%


$


%


$


%

GAAP gross profit/gross margin percentage


$

83,510


41.0

%


$

80,516


40.6

%


$

66,815


38.8

%

Adjustments:



















Amortization of completed technology



2,863


1.4




2,791


1.4




1,504


0.9


Purchase accounting impact on inventory and contracts acquired











735


0.4


Non-GAAP adjusted gross profit/gross margin percentage


$

86,373


42.4

%


$

83,307


42.0

%


$

69,054


40.1

%




















 
















Nine Months Ended



June 30, 2019


June 30, 2018

Dollars in thousands


$


%



$


%

GAAP gross profit/gross margin percentage


$

236,106


40.6

%


$

183,461


38.9

%

Adjustments:













Amortization of completed technology



7,661


1.3

%



3,390


0.7

%

Purchase accounting impact on inventory and contracts acquired



184


0.0

%



1,896


0.4

%

Non-GAAP adjusted gross profit/gross margin percentage


$

243,951


41.9

%


$

188,747


40.0

%



























 






















Brooks Semiconductor Solutions Group



Quarter Ended

Dollars in thousands


June 30, 2019


March 31, 2019


June 30, 2018

GAAP gross profit/margin percentage


$

47,493


40.9

%


$

45,987


40.7

%


$

48,227


39.3

%

Adjustments:



















Amortization of completed technology



879


0.8




916


0.8




1,146


0.9


Purchase accounting impact on inventory and contracts acquired











735


0.6


Non-GAAP adjusted gross profit/margin percentage


$

48,372


41.7

%


$

46,903


41.6

%


$

50,108


40.9

%




























































Brooks Life Sciences



Quarter Ended

Dollars in thousands


June 30, 2019


March 31, 2019


June 30, 2018

GAAP gross profit/margin percentage


$

36,017


41.0

%


$

34,529


40.4

%


$

18,588


37.4

%

Adjustments:



















Amortization of completed technology



1,984


2.3




1,875


2.2




358


0.7


Purchase accounting impact on inventory and contracts acquired













Non-GAAP adjusted gross profit/margin percentage


$

38,001


43.3

%


$

36,404


42.6

%


$

18,946


38.1

%

 


















Brooks Semiconductor Solutions Group





Nine Months Ended



Dollars in thousands


June 30, 2019


June 30, 2018



GAAP gross profit/margin percentage


$

139,393


40.8

%


$

130,180


39.9

%



Adjustments:















Amortization of completed technology



2,732


0.8




2,250


0.7




Purchase accounting impact on inventory and contracts acquired



184


0.1




735


0.2




Non-GAAP adjusted gross profit/margin percentage


$

142,309


41.7

%


$

133,165


40.8

%


















































Brooks Life Sciences





Nine Months Ended



Dollars in thousands


June 30, 2019


June 30, 2018



GAAP gross profit/margin percentage


$

96,713


40.3

%


$

53,281


36.6

%



Adjustments:















Amortization of completed technology



4,928


2.1




1,140


0.8




Purchase accounting impact on inventory and contracts acquired







1,160


0.8




Non-GAAP adjusted gross profit/margin percentage


$

101,641


42.3

%


$

55,581


38.2

%


















 































Brooks Semiconductor Solutions Group


Brooks Life Sciences


Total Segments



Quarter Ended


Quarter Ended


Quarter Ended



June 30, 


March 31,


June 30, 


June 30, 


March 31,


June 30, 


June 30, 


March 31,


June 30, 

Dollars in thousands


2019


2019


2018


2019


2019


2018


2019


2019


2018

GAAP operating profit


$

19,322


$

17,987


$

17,915


$

4,202


$

3,143


$

677


$

23,524


$

21,130


$

18,592

Adjustments:




























Amortization of completed technology



879



916



1,146



1,984



1,875



358



2,863



2,791



1,504

Purchase accounting impact on inventory and contracts acquired







735













735

Non-GAAP adjusted operating profit


$

20,201


$

18,903


$

19,796


$

6,186


$

5,018


$

1,035


$

26,387


$

23,921


$

20,831























































































Total Segments


Corporate


Total



Quarter Ended


Quarter Ended


Quarter Ended



June 30, 


March 31,


June 30, 


June 30, 


March 31,


June 30, 


June 30, 


March 31,


June 30, 

Dollars in thousands


2019


2019


2018


2019


2019


2018


2019


2019


2018

GAAP operating profit (loss)


$

23,524


$

21,130


$

18,592


$

(7,101)


$

(7,458)


$

(6,045)


$

16,423


$

13,672


$

12,547

Adjustments:




























Amortization of completed technology



2,863



2,791



1,504









2,863



2,791



1,504

Amortization of customer relationships and acquired intangible assets









6,187



6,614



5,079



6,187



6,614



5,079

Restructuring charges









256



370



81



256



370



81

Purchase accounting impact on inventory and contracts acquired







735













735

Merger costs









156



36



377



156



36



377

Non-GAAP adjusted operating profit (loss)


$

26,387


$

23,921


$

20,831


$

(502)


$

(438)


$

(508)


$

25,885


$

23,483


$

20,323





























 






















Brooks Semiconductor Solutions Group


Brooks Life Sciences


Total Segments



Nine Months Ended


Nine Months Ended


Nine Months Ended

Dollars in thousands


June 30, 2019


June 30, 2018


June 30, 2019


June 30, 2018


June 30, 2019


June 30, 2018

GAAP operating profit


$

53,450


$

45,058


$

8,936


$

778


$

62,386


$

45,836

Adjustments:



















Amortization of completed technology



2,732



2,250



4,928



1,140



7,661



3,390

Purchase accounting impact on inventory and contracts acquired



184



735





1,160



184



1,896

Non-GAAP adjusted operating profit


$

56,366


$

48,043


$

13,864


$

3,078


$

70,231


$

51,122




























































Total Segments


Corporate


Total



Nine Months Ended


Nine Months Ended


Nine Months Ended

Dollars in thousands


June 30, 2019


June 30, 2018


June 30, 2019


June 30, 2018


June 30, 2019


June 30, 2018

GAAP operating profit (loss)


$

62,386


$

45,836


$

(26,959)


$

(18,042)


$

35,427


$

27,794

Adjustments:



















Amortization of completed technology



7,661



3,390







7,661



3,390

Amortization of customer relationships and acquired intangible assets







18,569



14,296



18,569



14,296

Restructuring charges







685



129



685



129

Purchase accounting impact on inventory and contracts acquired



184



1,896







184



1,896

Merger costs







6,546



2,637



6,546



2,637

Non-GAAP adjusted operating profit (loss)


$

70,231


$

51,122


$

(1,159)


$

(980)


$

69,072


$

50,142

 

(PRNewsfoto/Brooks Automation)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-third-fiscal-quarter-of-2019-ended-june-30-2019-and-announces-quarterly-cash-dividend-300895276.html

SOURCE Brooks Automation

Copyright 2019 PR Newswire

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