• | Obtained field acceptance of PECVD production systems |
• | Received production order for IonSolar™ implant system |
• | Expanded customer base for N-type solar boron diffusion system; world leader with over 800MW installed in production, research and pilot lines |
• | Net revenue of $19.8 million ($12.8 million solar), up 186% from a year ago |
• | Shipments of $11.7 million ($3.7 million solar) |
• | Bookings of $11.2 million ($4.9 million solar) |
• | Backlog of $28.5 million at September 30, 2014 |
• | Net loss of $3.2 million, or $0.33 per share |
• | Net revenue of $56.5 million ($27.6 million solar), up 62% from a year ago |
• | Shipments of $63.5 million ($32.9 million solar), up 138% from a year ago |
• | Bookings of $61.3 million ($33.9 million solar), up 41% from a year ago |
• | Net loss of $13.0 million, or $1.34 per share, compared to a net loss of $20.1 million, or $2.11 per share a year ago |
Amtech Systems, Inc. Bradley C. Anderson Chief Financial Officer (480) 967-5146 irelations@Amtechsystems.com | Christensen Investor Relations Patty Bruner (480) 201-6075 pbruner@christensenir.com |
Condensed Consolidated Statements of Operations | |||||
(in thousands, except per share data) | |||||
Quarters Ended | Years Ended | ||||
September 30, | September 30, | ||||
2014 (unaudited) | 2013 (unaudited) | 2014 | 2013 | ||
Revenues, net of returns and allowances | $ 19,822 | $ 6,925 | $ 56,501 | $ 34,798 | |
Cost of sales | 17,165 | 3,766 | 44,581 | 26,833 | |
Write-down of inventory | 95 | 0 | 294 | 3,652 | |
Gross profit | 2,562 | 3,159 | 11,626 | 4,313 | |
Selling, general and administrative | 4,919 | 3,151 | 18,424 | 16,830 | |
Research and development | 1,848 | 1,539 | 6,291 | 6,594 | |
Impairment and restructuring charges | - | - | - | 883 | |
Operating loss | (4,205) | (1,531) | (13,089) | (19,994) | |
Interest and other income (expense), net | (90) | (40) | 40 | 147 | |
Loss before income taxes | (4,295) | (1,571) | (13,049) | (19,847) | |
Income tax provision (benefit) | (645) | 580 | 1,240 | 1,860 | |
Net loss | (3,650) | (2,151) | (14,289) | (21,707) | |
Add: net loss attributable to noncontrolling interest | 405 | 469 | 1,242 | 1,638 | |
Net loss attributable to Amtech Systems, Inc. | $ (3,245) | $ (1,682) | $ (13,047) | $ (20,069) | |
Loss Per Share: | |||||
Basic loss per share attributable to Amtech shareholders | $ (0.33) | $ (0.18) | $ (1.34) | $ (2.11) | |
Weighted average shares outstanding | 9,846 | 9,543 | 9,732 | 9,529 | |
Diluted loss per share attributable to Amtech shareholders | $ (0.33) | $ (0.18) | $ (1.34) | $ (2.11) | |
Weighted average shares outstanding | 9,846 | 9,543 | 9,732 | 9,529 | |
Condensed Consolidated Balance Sheets | ||
(in thousands) | ||
September 30, | September 30, | |
Assets | 2014 | 2013 |
Current Assets | ||
Cash and cash equivalents | $ 27,367 | $ 37,197 |
Restricted cash | 2,380 | 5,134 |
Accounts receivable | ||
Trade (less allowance for doubtful accounts of $2,846 and $638 at | 8,896 | 4,829 |
September 30, 2014 and September 30, 2013, respectively) | ||
Unbilled and other | 6,880 | 3,194 |
Inventories | 16,760 | 22,001 |
Deferred income taxes | 1,060 | 1,330 |
Refundable income taxes | - | 7,580 |
Other | 2,082 | 2,930 |
Total current assets | 65,425 | 84,195 |
Property, Plant and Equipment - Net | 9,752 | 11,066 |
Deferred income taxes - Long Term | 1,300 | 1,260 |
Other Assets - Long Term | 2,426 | 2,443 |
Intangible Assets - Net | 2,678 | 3,502 |
Goodwill | 8,323 | 8,481 |
Total Assets | $ 89,904 | $ 110,947 |
Liabilities and Stockholders' Equity | ||
Current Liabilities | ||
Accounts payable | $ 6,003 | $ 5,472 |
Accrued compensation and related taxes | 4,269 | 3,778 |
Accrued warranty expense | 628 | 1,454 |
Deferred profit | 6,908 | 3,067 |
Customer deposits | 4,992 | 11,253 |
Other accrued liabilities | 5,346 | 10,140 |
Income taxes payable | 4,990 | 6,170 |
Total current liabilities | 33,136 | 41,334 |
Income Taxes Payable Long-Term | 3,180 | 2,810 |
Total Liabilities | 36,316 | 44,144 |
Stockholders' Equity | ||
Common stock; $0.01 par value; 100,000,000 shares authorized; | - | - |
shares issued and outstanding: 9,848,253 and 9,550,809 | ||
at September 30, 2014 and September 30, 2013, respectively | 98 | 96 |
Additional paid-in capital | 81,884 | 79,610 |
Accumulated other comprehensive loss | (5,790) | (4,556) |
Retained deficit | (21,051) | (8,004) |
Total stockholders' equity | 55,141 | 67,146 |
Noncontrolling interest | (1,553) | (343) |
Total Equity | 53,588 | 66,803 |
Total Liabilities and Stockholders' Equity | $ 89,904 | $ 110,947 |
Condensed Consolidated Statements of Cash Flows | ||
(in thousands) | ||
Year Ended | ||
September 30, | ||
2014 | 2013 | |
Operating Activities | ||
Net loss | $ (14,289) | $ (21,707) |
Adjustments to reconcile net loss to net | ||
cash used in operating activities: | ||
Depreciation and amortization | 2,410 | 2,667 |
Write-down of inventory | 294 | 3,652 |
Provision for allowance for doubtful accounts | 1,304 | 169 |
Deferred income taxes | 194 | 1,368 |
Non-cash share based compensation expense | 795 | 2,472 |
Changes in operating assets and liabilities: | ||
Restricted cash | 2,662 | (326) |
Accounts receivable | (11,786) | 10,629 |
Inventories | 3,636 | (221) |
Accrued income taxes | 6,849 | (7,818) |
Other assets | 782 | (360) |
Accounts payable | 766 | (495) |
Accrued liabilities and customer deposits | (10,805) | 7,489 |
Deferred profit | 6,107 | (7,472) |
Net cash used in operating activities | (11,081) | (9,953) |
Investing Activities | ||
Purchases of property, plant and equipment | (462) | (178) |
Net cash used in investing activities | (462) | (178) |
Financing Activities | ||
Proceeds from issuance of common stock, net | 1,136 | 26 |
Excess tax benefit (deficiency) of stock compensation | 345 | (264) |
Net cash provided by (used in) financing activities | 1,481 | (238) |
Effect of Exchange Rate Changes on Cash | 232 | 840 |
Net Decrease in Cash and Cash Equivalents | (9,830) | (9,529) |
Cash and Cash Equivalents, Beginning of Year | 37,197 | 46,726 |
Cash and Cash Equivalents, End of Year | $ 27,367 | $ 37,197 |