Amtech Reports Fourth Quarter and Fiscal 2019 Results

TEMPE, Ariz., Nov. 21, 2019

Fourth Quarter Fiscal 2019 Financial and Operational Highlights from Continuing Operations:

• Net revenue of $20.2 million
• Income from continuing operations, net of tax, of $1.0 million
• Income per diluted share from continuing operations of $0.07
• Customer orders of $20.3 million
• Unrestricted cash of $53.0 million

Fiscal 2019 Financial and Operational Highlights from Continuing Operations:

• Net revenue of $85.0 million
• Income from continuing operations, net of tax, of $3.1 million
• Income per diluted share from continuing operations of $0.22
• Customer orders of $76.6 million
• September 30, 2019 backlog of $17.3 million

Mr. J.S. Whang, Executive Chairman and Chief Executive Officer of Amtech, commented, "We can now report that we are in the final stages of the planned divestiture of our solar business and expect to have an announcement before 2019 year-end. Additionally, while evaluating how R2D, our French automation division, might fit into our power semi strategy, a buy-out offer was submitted by certain key members of R2D management. After careful consideration, we accepted the offer and expect to complete the sale in fiscal Q1 2020. We are confident that each of these divestitures is the right decision for Amtech and these businesses. We see this as another step completed in our plan to dedicate our focus and resources to our semiconductor and silicon carbide growth opportunities."

Mr. Whang continued, "We believe we are on a well-defined path to build our power semi business, including making key investments to develop next-generation equipment and enhance and expand our product portfolio, increasing capacity, and other select investments in our silicon carbide and semi businesses. As the market shifts from silicon to silicon carbide solutions for many next-generation applications, we expect to be ready with leading-edge technology solutions. We see indicators that the semi industry will rebound in the second half of 2020, and we will be ready to participate in the recovery and growth. We believe the future is bright and look forward to converting our investments to greater value for all Amtech stakeholders." 

GAAP Financial Results

(in millions, except per share amounts) ARIVA.DE Börsen-Geflüster Kurse Amtech Systems 6,12 $ +0,33%	Q4 FY			Q3 FY			Q4 FY			12 Months			12 Months
	2019			2019			2018			2019			2018
Net revenues	$	20.2		$	21.0		$	23.1		$	85.0		$	100.1
Gross profit	$	8.6		$	7.9		$	8.2		$	33.4		$	36.9
Gross margin		42.4	%		37.4	%		35.5	%		39.2	%		36.9	%
Operating income (loss)	$	1.7		$	1.4		$	(1.1)		$	4.9		$	6.1
Operating margin		8.2	%		6.4	%		-4.8	%		5.8	%		6.1	%
Income (loss) from continuing operations, net of tax	$	1.0		$	0.9		$	(1.1)		$	3.1		$	6.6
Diluted income (loss) per share from continuing operations	$	0.07		$	0.06		$	(0.08)		$	0.22		$	0.44

Net revenues decreased 4% from the preceding quarter and 13% from the fourth quarter of fiscal 2018, as macroeconomic conditions and trade tensions continue to impact the semiconductor cycle. Gross margin increased in the fourth quarter of fiscal 2019, both on a sequential and year-over-year basis, primarily due to favorable product mix. Operating margin improved sequentially to 8.2%, as strong gross margin performance was partially offset by an increase in selling, general and administrative expenses, primarily due to employee-related expenses. Income from continuing operations, net of tax, for the fourth quarter of fiscal 2019 was $1.0 million dollars, or 7 cents per share. This is compared to a loss of $1.1 million dollars, or 8 cents per share, for the fourth quarter of fiscal 2018, which included a goodwill impairment charge of $2.2 million in our Automation segment, and income of $0.9 million dollars, or 6 cents per share, in the preceding quarter.

Outlook

For the quarter ending December 31, 2019, further softness is expected due to continued trade tensions and the semiconductor equipment industry downcycle. Revenues for the quarter are expected to be in the range of $16 to $18 million. Gross margin for the quarter ending December 31, 2019 is expected to be in the mid 30% range, with operating margin break-even to slightly positive. The outlook assumes continued weakness in demand given soft business conditions due to the ongoing macroeconomic uncertainties and excludes the impact of any potential restructuring actions.

The 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 financial results of semiconductor manufacturers.

E-Mail-Adresse

Bitte überprüfe deine die E-Mail-Adresse.

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

-1

Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.

Andere Nutzer interessierten sich auch für folgende News

08:00 - PR Newswire

The Biotech Growth Trust PLC - Publication of a circular and notice of general meeting

07:55 - PR Newswire

Samson Rock Capital LLP - Form 8.3 - TClarke Plc

03:24 - PR Newswire

Oxford Instruments Plc - Directorate Change