22.12.2006: Meldung: Amtech Systems, Inc.: Fourth Quarter and Fiscal Year 2006 Financial Results
Thursday December 21, 4:33 pm ET
Revenue Up 79%; EPS of $0.14 in Fourth Quarter of 2006
TEMPE, Ariz., Dec. 21 -- Amtech Systems, Inc., a global supplier of production and automation systems and related supplies for the semiconductor, solar cell, silicon wafer, and microelectromechanical system (MEMS) industries, today reported results for its fourth quarter and fiscal year ended September 30, 2006.
Key Financial Highlights:
* Record revenue of $40 million for fiscal 2006, a 45% increase over
* Total solar revenue for fiscal 2006 increased 100% to $2.8 million,
compared to $1.4 million in fiscal 2005
* Year-end backlog of $13.6 million, including $7.6 million in solar
* Record fourth quarter revenue of $11.3 million, up 79% year-over-year
and up 9% sequentially
* Net income for fiscal 2006 of $1.3 million, or $0.38 per diluted share,
versus a net loss of $259,000, or ($0.12) per diluted share, for fiscal
* Net income for the fourth quarter of $497,000, or $0.14 per diluted
share, compared to a net loss of $962,000, or $0.37 per diluted share, a
* Operating margin increased to 4.0% for fiscal 2006
* Cash balance as of September 30, 2006 increased to $6.4 million
"Our strong fourth quarter and full year financial results reflect continued robust growth in both our semiconductor and solar sales," said J.S. Whang, President and Chief Executive Officer of Amtech. "We continue to experience healthy demand from semiconductor customers and our orders from the solar industry have more than doubled over the last year. We started the new fiscal year with nearly $8 million in solar orders in our backlog.
"Entering fiscal 2007, we anticipate continued growth within our solar business based on our strong backlog numbers, as well as on the continued strong market momentum we are seeing in the solar market. Looking forward, we anticipate making further investments in the solar market to expand our product lines and total available market opportunity.
"In addition to generating solid growth, we have also made significant progress improving operational performance and efficiency, with fiscal 2006 operating margins increasing substantially to 4.0% over a negative margin in the prior year. Looking ahead, we believe we have a solid strategy in place to capitalize on the growing markets that Amtech serves and we look forward to successfully executing on that plan going forward," Mr. Whang concluded.
Net revenue for the fourth quarter of fiscal 2006 totaled a record $11.3 million, an increase of 79% from $6.3 million in the fourth quarter of 2005 and an increase of 9% from $10.4 million in the third quarter of 2006. The increase in fourth quarter revenue reflects increased sales to semiconductor and solar equipment customers.
At September 30, 2006, the Company"s order backlog was $13.6 million (including $7.6 million in the solar market) compared to $14.4 million a year ago. Last year"s backlog included a $5.2 million multi-furnace order to one semiconductor customer. While the Company expects follow-on orders from this customer, it does not anticipate receiving an order of this magnitude in fiscal 2007. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.
Net income for the fourth quarter of fiscal 2006 was $497,000, or $0.14 per diluted share, compared to a net loss of ($962,000), or a loss of ($0.37) per diluted share, for the fourth quarter of 2005.
Fiscal 2006 Full Year
Net revenue for fiscal 2006 totaled a record $40.4 million, an increase of 45% from $27.9 million in fiscal 2005. The increase reflects strong demand from semiconductor customers and 100% growth in net revenue from the Company"s solar business.
Operating margins increased substantially to 4.0% for fiscal 2006, compared to a negative (0.9%) in fiscal 2005, reflecting increased revenue and reduced operating expenses as a percentage of sales.
Net income for the 2006 fiscal year was $1.3 million, or $0.38 per diluted share, compared to a net loss of ($259,000), or a loss of ($0.12) per diluted share, in fiscal 2005. Fiscal 2006 results include on a pre-tax basis $176,000 of SFAS 123® stock option expense. Net new orders in fiscal 2006 increased 13% to $39.7 million, compared to $35.0 million in 2005.
Outlook for 2007
For fiscal 2007, Amtech anticipates moderate to strong overall revenue growth from existing product lines, excluding the impact of the $5.2 multi-furnace order in fiscal 2006. The Company anticipates continued growth from the solar business based on the $7.6 million starting backlog. Relative to last fiscal year and consistent with overall industry trends, the Company expects sales in fiscal 2007 to the semiconductor industry to be relatively flat or slightly down. Based on overall revenue growth, Amtech anticipates increased operating profit in fiscal 2007.
For the first quarter of fiscal 2007, the Company anticipates revenue to be greater than the first quarter of 2006 and expects operating results to be negatively impacted primarily by the timing of customer acceptances and ramp up of production personnel, which will push profits into subsequent quarters.
Due to the nature of the capital equipment markets that Amtech serves, revenues, gross margins and operating results have historically fluctuated on a quarterly basis. The Company"s contracts typically include holdbacks of 10-20% of its revenue which are recognized at the time of customer acceptance.
Amtech Systems will host a conference call and webcast today at 1:30 p.m. Pacific Time (4:30 p.m. ET) to discuss its fiscal 2006 fourth quarter and full year results. Those wishing to participate in the live call should dial (800) 366-3908 using the password "Amtech." A replay of the call will be available for one week beginning approximately one hour after the call"s conclusion by dialing (800) 405-2236 and entering 11078598 followed by the "#" key when prompted for a code. A live and archived web cast of the conference call can be accessed from the investors section of Amtech"s website at www.amtechsystems.com or at www.mkr-group.com (under featured events).
About Amtech Systems, Inc.
Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal semiconductor processing equipment and related consumables used in fabricating semiconductor devices and solar cells. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company"s semiconductor handling, thermal processing and consumable products currently address the polishing of newly sliced silicon wafers and reclaimed test wafers and the oxidation and deposition steps used in the fabrication of semiconductors, MEMS and solar cells.
Source: Amtech Systems, Inc.