Amtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital
equipment, including thermal processing and wafer polishing, and
related consumables used in fabricating semiconductor devices, such
as silicon carbide (SiC) and silicon power devices, analog and
discrete devices, electronic assemblies and light-emitting diodes
(LEDs), today reported results for its fourth quarter and fiscal
year ended September 30, 2021.
Fourth Quarter Fiscal 2021 Financial and Operational
Highlights:
- Net revenue of $24.3 million
- Operating income of $1.3 million
- Income from operations, net of tax, of $0.7 million
- Income per diluted share of $0.05
- Customer orders of $34.2 million
- Book to bill ratio of 1.4:1
- Unrestricted cash of $32.8 million
Fiscal 2021 Financial and Operational Highlights:
- Net revenue of $85.2 million
- Operating income of $3.7 million
- Income from operations, net of tax, of $1.5 million
- Income per diluted share of $0.11
- Customer orders of $115.4 million
- September 30, 2021 backlog of $44.1 million
Mr. Michael Whang, Chief Executive Officer of Amtech, commented,
“Fiscal 2021 was a strong year for Amtech, with over $115 million
in bookings and over $85 million in revenue, representing
year-over-year growth rates of 84% and 30%, respectively. We are
encouraged to see this strength continuing into 2022, with a record
backlog of $44.1 million and new quoting activity extending into
the second fiscal quarter and beyond. Although industry wide
logistics and supply chain challenges are creating near-term
headwinds, longer-term growth drivers across our served markets
remain healthy.”
GAAP Financial Results
(in millions, except per share
amounts)
Q4 FY
Q3 FY
Q4 FY
12 Months
12 Months
2021
2021
2020
2021
2020
Net revenues
$
24.3
$
23.1
$
15.1
$
85.2
$
65.5
Gross profit
$
9.2
$
10.1
$
5.0
$
34.5
$
24.4
Gross margin
37.8
%
43.6
%
32.9
%
40.5
%
37.3
%
Operating income (loss)
$
1.3
$
1.2
$
(1.2
)
$
3.7
$
(0.5
)
Operating margin
5.3
%
5.2
%
-7.8
%
4.4
%
-0.7
%
Income (loss) from continuing operations,
net of tax
$
0.7
$
0.4
$
(2.0
)
$
1.5
$
(3.9
)
Diluted income (loss) per share from
continuing operations
$
0.05
$
0.03
$
(0.14
)
$
0.11
$
(0.28
)
Net revenues increased 5% sequentially and 61% from the fourth
quarter of fiscal 2020, with the sequential increase primarily
attributable to strong shipments of our advanced packaging and SMT
equipment and increased shipments of our polishing machines. The
prior year period was affected by the COVID-19 pandemic.
Relative to last quarter, gross margin decreased in the fourth
quarter of fiscal 2021 primarily due to a less favorable product
mix. Gross margin in the fourth quarter of fiscal 2021 increased
compared to prior year due to product mix and increased capacity
utilization, partially offset by rising labor and material
costs.
Selling, General & Administrative (“SG&A”) expenses
decreased $0.7 million on a sequential basis. Adjusting for cyber
incident expenses of $1.1 million in the third quarter of fiscal
2021 and the partial insurance reimbursement for this incident
($0.4 million) in the fourth fiscal quarter of 2021, SG&A
increased sequentially by $0.8 million due primarily to increased
consulting, shipping and logistics costs. SG&A increased $1.3
million compared to the prior year period due primarily to SG&A
from the acquisition of Intersurface Dynamics in fiscal 2021, as
well as increased travel and consulting expenses.
Research, Development and Engineering decreased $0.2 million
sequentially and increased $0.5 million compared to the same prior
year period due primarily to the timing of materials used in our
strategic R&D projects.
Operating income was $1.3 million, compared to operating income
of $1.2 million in the third quarter of fiscal 2021 and an
operating loss of $1.2 million in the same prior year period.
Income tax provision was $0.7 million for the three months ended
September 30, 2021, compared to a provision of $0.7 million in the
preceding quarter and $0.5 million in the same prior year
period.
Income from operations, net of tax, for the fourth quarter of
fiscal 2021 was $0.7 million, or 5 cents per share. This compares
to a loss from operations of $2.0 million, or 14 cent per share,
for the fourth quarter of fiscal 2020 and income of $0.4 million,
or 3 cent per share, in the preceding quarter.
Outlook
The Company’s outlook reflects the anticipated ongoing
logistical impacts and the related delays for goods shipped to and
from China. Actual results may differ materially in the weeks and
months ahead. Additionally, the semiconductor equipment industries
can be cyclical and inherently impacted by changes in market
demand. Operating results can be significantly impacted, positively
or negatively, by the timing of orders, system shipments, and the
financial results of semiconductor manufacturers.
For the first fiscal quarter ending December 31, 2021, revenues
are expected to be in the range of $24 to $27 million. Gross margin
for the quarter ending December 31, 2021 is expected to be
approximately 40% due to a more favorable product mix, with
operating margin in the mid to upper single digits.
A portion of Amtech's results is denominated in Renminbis, a
Chinese currency. The outlook provided in this press release is
based on an assumed exchange rate between the United States Dollar
and the Renminbi. Changes in the value of the Renminbi in relation
to the United States Dollar could cause actual results to differ
from expectations.
Conference Call
Amtech Systems will host a conference call today at 5:00 p.m. ET
to discuss our fiscal fourth quarter financial results. The call
will be available to interested parties by dialing 800-367-2403.
For international callers, please dial +1 334-777-6978. The
confirmation code is 7034799. A live webcast of the conference call
will be available in the Investor Relations section of Amtech’s
website at: https://www.amtechsystems.com/investors/events.
A replay of the webcast will be available in the Investor
Relations section of the company’s web site at
http://www.amtechsystems.com/conference.htm shortly after the
conclusion of the call and will remain available for approximately
30 calendar days.
About Amtech Systems, Inc.
Amtech Systems, Inc. is a leading, global manufacturer of
capital equipment, including thermal processing and wafer
polishing, and related consumables used in fabricating
semiconductor devices, such as silicon carbide (SiC) and silicon
power devices, analog and discrete devices, electronic assemblies
and light-emitting diodes (LEDs). We sell these products to
semiconductor device and module manufacturers worldwide,
particularly in Asia, North America and Europe. Our strategic focus
is on semiconductor growth opportunities in power electronics,
sensors and analog devices leveraging our strength in our core
competencies in thermal and substrate processing. We are a market
leader in the high-end power chip market (SiC substrates, 300mm
horizontal thermal reactor, and electronic assemblies used in
power, RF, and other advanced applications), developing and
supplying essential equipment and consumables used in the
semiconductor industry. Amtech's products are recognized under the
leading brand names BTU International, Bruce Technologies™, PR
Hoffman™ and Intersurface Dynamics, Inc.
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, and
the Private Securities Litigation Reform Act of 1995). 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 profitably grow our
revenue, and enhancements to our technologies and expansion of our
product portfolio. In some cases, forward-looking statements can be
identified by terminology such as "may," "plan," "anticipate,"
"seek," "will," "expect," "intend," "estimate," "believe,"
"continue," "predict," "potential," "project," "should," "would,"
"could", "likely," "future," "target," "forecast," "goal,"
"observe," and "strategy" or the negative of these terms or other
comparable terminology used in this press release or by our
management, which 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 that Amtech filed with the
Securities and Exchange Commission (the "SEC") for the year-ended
September 30, 2021, 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.
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
November 17, 2021
(Unaudited)
Summary Financial Information for
Continuing Operations
(in thousands, except percentages and
ratios)
Three Months Ended
Years Ended September
30,
September 30, 2021
June 30, 2021
September 30, 2020
2021
2020
Amtech Systems, Inc.
Revenues, net of returns and
allowances
$
24,340
$
23,100
$
15,084
$
85,205
$
65,463
Gross profit
$
9,211
$
10,079
$
4,958
$
34,530
$
24,441
Gross margin
38
%
44
%
33
%
41
%
37
%
Operating income (loss)
$
1,296
$
1,204
$
(1,181
)
$
3,725
$
(485
)
New orders
$
34,188
$
30,861
$
13,767
$
115,444
$
62,848
Backlog
$
44,143
$
34,295
$
13,905
$
44,143
$
13,905
Semiconductor Segment
Revenues, net of returns and
allowances
$
19,891
$
19,501
$
12,935
$
72,086
$
54,516
Gross profit
$
7,732
$
8,599
$
4,647
$
30,336
$
21,199
Gross margin
39
%
44
%
36
%
42
%
39
%
Operating income
$
2,609
$
2,114
$
406
$
8,585
$
4,168
New orders
$
30,247
$
26,607
$
11,979
$
101,988
$
52,448
Backlog
$
42,743
$
32,388
$
12,842
$
42,743
$
12,842
Material and Substrate Segment
Revenues, net of returns and
allowances
$
4,449
$
3,599
$
2,149
$
13,119
$
10,304
Gross profit
$
1,479
$
1,480
$
311
$
4,194
$
3,233
Gross margin
33
%
41
%
14
%
32
%
31
%
Operating income (loss)
$
264
$
333
$
(512
)
$
278
$
684
New orders
$
3,941
$
4,254
$
1,788
$
13,456
$
10,400
Backlog
$
1,400
$
1,907
$
1,063
$
1,400
$
1,063
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
November 17, 2021
(Unaudited)
Consolidated Statements of
Operations
(in thousands, except per share
data)
Three Months Ended September
30,
Years Ended September
30,
2021
2020
2021
2020
Revenue, net of returns and allowances
$
24,340
$
15,084
$
85,205
$
65,463
Cost of sales
15,129
10,126
50,675
41,022
Gross profit
9,211
4,958
34,530
24,441
Selling, general and administrative
6,558
5,263
24,740
21,397
Research, development and engineering
1,342
876
5,979
3,312
Restructuring charges
15
—
86
217
Operating income (loss)
1,296
(1,181
)
3,725
(485
)
Loss on sale of subsidiary
—
—
—
(2,793
)
Interest income (expense) and other,
net
46
(350
)
(291
)
162
Income (loss) from continuing operations
before income taxes
1,342
(1,531
)
3,434
(3,116
)
Income tax provision
676
494
1,926
791
Income (loss) from continuing operations,
net of tax
666
(2,025
)
1,508
(3,907
)
Loss from discontinued operations, net of
tax
—
—
—
(11,816
)
Net income (loss)
$
666
$
(2,025
)
$
1,508
$
(15,723
)
Income (Loss) Per Basic Share:
Basic income (loss) per share from
continuing operations
$
0.05
$
(0.14
)
$
0.11
$
(0.28
)
Basic loss per share from discontinued
operations
$
—
$
—
$
—
$
(0.83
)
Net income (loss) per basic share
$
0.05
$
(0.14
)
$
0.11
$
(1.11
)
Income (Loss) Per Diluted
Share:
Diluted income (loss) per share from
continuing operations
$
0.05
$
(0.14
)
$
0.11
$
(0.28
)
Diluted loss per share from discontinued
operations
$
—
$
—
$
—
$
(0.83
)
Net income (loss) per diluted share
$
0.05
$
(0.14
)
$
0.11
$
(1.11
)
Weighted average shares outstanding -
basic
14,190
14,052
14,189
14,159
Weighted average shares outstanding -
diluted
14,387
14,052
14,340
14,159
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
November 17, 2021
(Unaudited)
Consolidated Balance Sheets
(in thousands, except share
data)
September 30, 2021
September 30, 2020
Assets
Current Assets
Cash and cash equivalents
$
32,836
$
45,070
Accounts receivable - Net
22,502
11,243
Inventory - Net
22,075
17,277
Income taxes receivable
1,046
1,362
Other current assets
2,407
1,617
Total current assets
80,866
76,569
Property, Plant and Equipment - Net
14,083
11,995
Right-of-Use Assets - Net
8,646
5,124
Intangible Assets - Net
858
609
Goodwill - Net
11,168
6,633
Deferred Income Taxes - Net
631
566
Other Assets
661
602
Total Assets
$
116,913
$
102,098
Liabilities and Shareholders’
Equity
Current Liabilities
Accounts payable
$
8,229
$
2,676
Accrued compensation and related taxes
2,881
2,066
Accrued warranty expense
545
380
Other accrued liabilities
903
627
Current maturities of long-term debt
396
380
Current portion of long-term lease
liability
531
124
Contract liabilities
1,624
1,224
Total current liabilities
15,109
7,477
Long-Term Debt
4,402
4,798
Long-Term Lease Liability
8,389
5,064
Income Taxes Payable
3,277
3,240
Other Long-Term Liabilities
102
—
Total Liabilities
31,279
20,579
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: 14,304,492 and
14,063,172 in 2021 and 2020, respectively
143
141
Additional paid-in capital
126,380
124,435
Accumulated other comprehensive income
(loss)
14
(646
)
Retained deficit
(40,903
)
(42,411
)
Total Shareholders’ Equity
85,634
81,519
Total Liabilities and Shareholders’
Equity
$
116,913
$
102,098
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
November 17, 2021
(Unaudited)
Consolidated Statements of Cash
Flows
(in thousands)
Years Ended September
30,
2021
2020
Operating Activities
Net income (loss)
$
1,508
$
(15,723
)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
1,398
1,258
Write-down of inventory
544
733
Provision for allowance for doubtful
accounts
44
24
Deferred income taxes
(65
)
218
Non-cash share-based compensation
expense
401
326
Loss on sales of subsidiaries
—
13,709
Other, net
43
55
Changes in operating assets and
liabilities:
Accounts receivable
(11,023
)
1,359
Inventory
(5,180
)
(913
)
Contract and other assets
(686
)
324
Accounts payable
5,472
(3,620
)
Accrued income taxes
353
(2,701
)
Accrued and other liabilities
829
4,658
Contract liabilities
400
(1,371
)
Net cash used in operating activities
(5,962
)
(1,664
)
Investing Activities
Purchases of property, plant and
equipment
(3,012
)
(2,676
)
Net cash disposed of in sales of
subsidiaries
—
(9,940
)
Acquisition, net of cash and cash
equivalents acquired
(5,082
)
—
Net cash used in investing activities
(8,094
)
(12,616
)
Financing Activities
Proceeds from the exercise of stock
options
1,546
877
Repurchase of common stock
—
(2,000
)
Payments on long-term debt
(380
)
(379
)
Net cash provided by (used in) financing
activities
1,166
(1,502
)
Effect of Exchange Rate Changes on
Cash, Cash Equivalents and Restricted Cash
656
1,718
Net Decrease in Cash, Cash Equivalents
and Restricted Cash
(12,234
)
(14,064
)
Cash, Cash Equivalents and Restricted
Cash, Beginning of Year*
45,070
59,134
Cash, Cash Equivalents and Restricted
Cash, End of Year
$
32,836
$
45,070
* Includes Cash, Cash Equivalents and Restricted Cash that are
included in Held-For-Sale Assets on the Condensed Consolidated
Balance Sheets for periods prior to January 22, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211117006270/en/
Amtech Systems, Inc. Lisa D. Gibbs Chief Financial Officer (480)
360-3756 irelations@amtechsystems.com
Sapphire Investor Relations, LLC Erica Mannion and Mike Funari
(617) 542-6180 irelations@amtechsystems.com
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