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Amtech Reports Second Quarter Fiscal 2021 Results

Nachrichtenquelle: Business Wire (engl.)
05.05.2021, 22:10  |  76   |   |   

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 second quarter ended March 31, 2021.

Second Quarter Fiscal 2021 Financial and Operational Highlights:

  • Net revenue of $19.8 million
  • Operating income of $0.2 million
  • Loss from continuing operations, net of tax, of $0.2 million
  • Loss per diluted share of $0.02
  • Customer orders of $32.5 million
  • March 31, 2021 backlog of $26.5 million
  • Book to bill ratio of 1.6:1
  • Unrestricted cash of $40.4 million

Mr. Michael Whang, Chief Executive Officer of Amtech, commented, “Our strong momentum continued into the second quarter with revenue coming in at the high end of our expectations. As we look out to the balance of 2021, we are encouraged to see the strength in demand continue and believe our exposure to several secular tailwinds including advanced semiconductor packaging, power semiconductors, electric vehicles and 5G communications, creates a significant opportunity to drive increased profitability and shareholder value as demand accelerates.”

GAAP Financial Results

(in millions, except per share amounts)

Q2

 

Q1

 

Q2

 

6 Months

 

6 Months

 

 

FY 2021

 

FY 2021

 

FY 2020

 

2021

 

2020

 

Net revenues

$

19.8

 

$

18.0

 

$

14.5

 

$

37.8

 

$

35.2

 

Gross profit

$

7.7

 

$

7.5

 

$

5.4

 

$

15.2

 

$

13.5

 

Gross margin

 

39.1

%

 

41.8

%

 

37.1

%

 

40.4

%

 

38.5

%

Operating income (loss)

$

0.2

 

$

1.1

 

$

(1.0

)

$

1.2

 

$

0.7

 

Operating margin

 

0.9

%

 

5.9

%

 

-6.7

%

 

3.2

%

 

1.9

%

(Loss) income from continuing operations, net of tax

$

(0.2

)

$

0.7

 

$

(0.5

)

$

0.5

 

$

(1.8

)

Diluted (loss) income per share from continuing operations

$

(0.02

)

$

0.05

 

$

(0.04

)

$

0.03

 

$

(0.13

)

Net revenues increased 10% sequentially and increased 37% from the second quarter of fiscal 2020, with the sequential increase primarily attributed to strong shipments of our advanced packaging and SMT equipment. The same prior year period was affected by the COVID-19 pandemic.

Gross margin decreased in the second quarter of fiscal 2021 sequentially due to product mix, with increased multi-unit sales at lower margins and increased mix of lower-margin SMT sales. Gross margin increased in the second quarter of fiscal 2021 compared to the same prior year period due to increased capacity utilization.

Selling, General & Administrative (“SG&A”) expenses increased $0.5 million sequentially and $0.3 million compared to the same prior year period due primarily to sustained increases in freight expenses, as well as increases in consulting and legal fees.

Research and Development increased $0.6 million sequentially and $1.0 million compared to the same prior year period due to strategic R&D projects.

Operating income was $0.2 million, compared to operating income of $1.1 million in the first quarter of fiscal 2021 and operating loss of $1.0 million in the same prior year period.

Income tax provision was $0.5 million for the three months ended March 31, 2021, compared to a provision of $0.1 million in the preceding quarter (which included a tax benefit of $0.3 million related to the reversal of previously recorded uncertain tax positions) and $0.2 million in the same prior year period.

Loss from continuing operations, net of tax, for the second quarter of fiscal 2021 was $0.2 million, or 2 cents per share. This compares to loss from continuing operations of $0.5 million, or 4 cents per share, for the second quarter of fiscal 2020 and income of $0.7 million, or 5 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 and expenses incurred relating to our subsidiary’s cyber security incident. 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 third fiscal quarter ending June 30, 2021, revenues are expected to be in the range of $21 to $23 million. Gross margin for the quarter ending June 30, 2021 is expected to be approximately 40%, with operating margin break-even to slightly positive, primarily due to one-time costs we will incur relating to our cyber security incident. Accounting rules require us to expense these as incurred without accruing for potential insurance reimbursement. We will have a gain in a future quarter once our insurance claim has been approved and paid.

A portion of Amtech's results are 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 second quarter financial results. The call will be available to interested parties by dialing 866-269-4261. For international callers, please dial +1 929-477-0591. The confirmation code is 1864484. 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, and PR Hoffman.

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, 2020, 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)
May 5, 2021
(Unaudited)

Summary Financial Information for Continuing Operations

(in thousands, except percentages and ratios)

 

 

 

Three Months Ended

 

 

 

Six Months Ended March 31,

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

March 31,

2020

 

 

 

2021

 

 

2020

 

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

19,790

 

 

$

17,975

 

 

$

14,460

 

 

 

$

37,765

 

 

$

35,152

 

Gross profit

 

$

7,728

 

 

$

7,512

 

 

$

5,358

 

 

 

$

15,240

 

 

$

13,532

 

Gross margin

 

 

39

%

 

 

42

%

 

 

37

%

 

 

 

40

%

 

 

38

%

Operating income (loss)

 

$

171

 

 

$

1,054

 

 

$

(972

)

 

 

$

1,225

 

 

$

665

 

New orders

 

$

32,526

 

 

$

17,869

 

 

$

20,626

 

 

 

$

50,395

 

 

$

38,251

 

Backlog

 

$

26,534

 

 

$

13,799

 

 

$

19,618

 

 

 

$

26,534

 

 

$

19,618

 

Semiconductor Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

17,119

 

 

$

15,575

 

 

$

11,992

 

 

 

$

32,694

 

 

$

29,224

 

Gross profit

 

$

7,093

 

 

$

6,912

 

 

$

4,413

 

 

 

$

14,005

 

 

$

11,599

 

Gross margin

 

 

41

%

 

 

44

%

 

 

37

%

 

 

 

43

%

 

 

40

%

Operating income (loss)

 

$

1,665

 

 

$

2,197

 

 

$

(18

)

 

 

$

3,862

 

 

$

2,704

 

New orders

 

$

29,651

 

 

$

15,483

 

 

$

17,019

 

 

 

$

45,134

 

 

$

32,113

 

Backlog

 

$

25,281

 

 

$

12,750

 

 

$

17,799

 

 

 

$

25,281

 

 

$

17,799

 

Material and Substrate Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

2,671

 

 

$

2,400

 

 

$

2,468

 

 

 

$

5,071

 

 

$

5,285

 

Gross profit

 

$

635

 

 

$

600

 

 

$

945

 

 

 

$

1,235

 

 

$

1,924

 

Gross margin

 

 

24

%

 

 

25

%

 

 

38

%

 

 

 

24

%

 

 

36

%

Operating (loss) income

 

$

(253

)

 

$

(66

)

 

$

421

 

 

 

$

(319

)

 

$

955

 

New orders

 

$

2,875

 

 

$

2,386

 

 

$

3,607

 

 

 

$

5,261

 

 

$

6,138

 

Backlog

 

$

1,253

 

 

$

1,049

 

 

$

1,819

 

 

 

$

1,253

 

 

$

1,819

 

AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 5, 2021
(Unaudited)

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues, net of returns and allowances

 

$

19,790

 

 

$

14,460

 

 

$

37,765

 

 

$

35,152

 

Cost of sales

 

 

12,062

 

 

 

9,102

 

 

 

22,525

 

 

 

21,620

 

Gross profit

 

 

7,728

 

 

 

5,358

 

 

 

15,240

 

 

 

13,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

5,688

 

 

 

5,415

 

 

 

10,901

 

 

 

11,330

 

Research, development and engineering

 

 

1,869

 

 

 

915

 

 

 

3,114

 

 

 

1,537

 

Operating income (loss)

 

 

171

 

 

 

(972

)

 

 

1,225

 

 

 

665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of subsidiary

 

 

 

 

 

 

 

 

 

 

 

(2,793

)

Interest income (expense) and other, net

 

 

73

 

 

 

595

 

 

 

(182

)

 

 

525

 

Income (loss) from continuing operations before income taxes

 

 

244

 

 

 

(377

)

 

 

1,043

 

 

 

(1,603

)

Income tax provision

 

 

490

 

 

 

166

 

 

 

570

 

 

 

207

 

(Loss) income from continuing operations, net of tax

 

 

(246

)

 

 

(543

)

 

 

473

 

 

 

(1,810

)

Loss from discontinued operations, net of tax

 

 

 

 

 

(11,151

)

 

 

 

 

 

(11,816

)

Net (loss) income

 

$

(246

)

 

$

(11,694

)

 

$

473

 

 

$

(13,626

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income Per Basic Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) income per share from continuing operations

 

$

(0.02

)

 

$

(0.04

)

 

$

0.03

 

 

$

(0.13

)

Basic loss per share from discontinued operations

 

$

 

 

$

(0.79

)

 

$

 

 

$

(0.83

)

Net (loss) income per basic share

 

$

(0.02

)

 

$

(0.83

)

 

$

0.03

 

 

$

(0.96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income Per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) income per share from continuing operations

 

$

(0.02

)

 

$

(0.04

)

 

$

0.03

 

 

$

(0.13

)

Diluted loss per share from discontinued operations

 

$

 

 

$

(0.79

)

 

$

 

 

$

(0.83

)

Net (loss) income per diluted share

 

$

(0.02

)

 

$

(0.83

)

 

$

0.03

 

 

$

(0.96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

14,151

 

 

 

14,150

 

 

 

14,121

 

 

 

14,193

 

Weighted average shares outstanding - diluted

 

 

14,151

 

 

 

14,150

 

 

 

14,217

 

 

 

14,193

 

AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 5, 2021
(Unaudited)

Condensed Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

March 31,

2021

 

 

September 30,

2020

 

Assets

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,399

 

 

$

45,070

 

Accounts receivable (less allowance for doubtful accounts of $194 and $159 at March 31, 2021, and September 30, 2020, respectively)

 

 

16,980

 

 

 

11,243

 

Inventories

 

 

16,389

 

 

 

17,277

 

Income taxes receivable

 

 

1,057

 

 

 

1,362

 

Other current assets

 

 

1,735

 

 

 

1,617

 

Total current assets

 

 

76,560

 

 

 

76,569

 

Property, Plant and Equipment - Net

 

 

12,025

 

 

 

11,995

 

Right-of-Use Assets - Net

 

 

6,016

 

 

 

5,124

 

Intangible Assets - Net

 

 

912

 

 

 

609

 

Goodwill - Net

 

 

11,150

 

 

 

6,633

 

Deferred Income Taxes - Net

 

 

566

 

 

 

566

 

Other Assets

 

 

707

 

 

 

602

 

Total Assets

 

$

107,936

 

 

$

102,098

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,878

 

 

$

2,676

 

Accrued compensation and related taxes

 

 

2,157

 

 

 

2,066

 

Accrued warranty expense

 

 

414

 

 

 

380

 

Other accrued liabilities

 

 

1,421

 

 

 

751

 

Current maturities of long-term debt

 

 

388

 

 

 

380

 

Contract liabilities

 

 

295

 

 

 

1,224

 

Total current liabilities

 

 

10,553

 

 

 

7,477

 

Long-Term Debt

 

 

4,601

 

 

 

4,798

 

Long-Term Lease Liability

 

 

5,803

 

 

 

5,064

 

Income Taxes Payable

 

 

3,471

 

 

 

3,240

 

Other Long-Term Liabilities

 

 

67

 

 

 

 

Total Liabilities

 

 

24,495

 

 

 

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: 14,221,865 and 14,063,172 at March 31, 2021 and September 30, 2020, respectively

 

 

142

 

 

 

141

 

Additional paid-in capital

 

 

125,513

 

 

 

124,435

 

Accumulated other comprehensive loss

 

 

(276

)

 

 

(646

)

Retained deficit

 

 

(41,938

)

 

 

(42,411

)

Total shareholders’ equity

 

 

83,441

 

 

 

81,519

 

Total Liabilities and Shareholders’ Equity

 

$

107,936

 

 

$

102,098

 

AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 5, 2021
(Unaudited)

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Six Months Ended March 31,

 

 

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

473

 

 

$

(13,626

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

644

 

 

 

694

 

Write-down of inventory

 

 

230

 

 

 

330

 

Deferred income taxes

 

 

 

 

 

784

 

Non-cash share-based compensation expense

 

 

149

 

 

 

133

 

Loss on sales of subsidiaries

 

 

 

 

 

13,709

 

Provision for (reversal of) allowance for doubtful accounts, net

 

 

28

 

 

 

(32

)

Other, net

 

 

8

 

 

 

4

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(5,485

)

 

 

1,374

 

Inventories

 

 

859

 

 

 

(527

)

Other assets

 

 

(1,132

)

 

 

3,667

 

Accounts payable

 

 

3,122

 

 

 

(1,849

)

Accrued income taxes

 

 

536

 

 

 

(2,094

)

Accrued and other liabilities

 

 

1,232

 

 

 

(228

)

Contract liabilities

 

 

(929

)

 

 

(1,063

)

Net cash (used in) provided by operating activities

 

 

(265

)

 

 

1,276

 

Investing Activities

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(433

)

 

 

(345

)

Acquisition, net of cash and cash equivalents acquired

 

 

(5,082

)

 

 

 

Net cash disposed of in sales of subsidiaries

 

 

 

 

 

(9,940

)

Net cash used in investing activities

 

 

(5,515

)

 

 

(10,285

)

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

930

 

 

 

779

 

Repurchase of common stock

 

 

 

 

 

(2,000

)

Payments on long-term debt

 

 

(189

)

 

 

(194

)

Net cash provided by (used in) financing activities

 

 

741

 

 

 

(1,415

)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

 

 

368

 

 

 

558

 

Net Decrease in Cash, Cash Equivalents and Restricted Cash

 

 

(4,671

)

 

 

(9,866

)

Cash, Cash Equivalents and Restricted Cash, Beginning of Period*

 

 

45,070

 

 

 

59,134

 

Cash, Cash Equivalents and Restricted Cash, End of Period

 

$

40,399

 

 

$

49,268

 

*

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.

 

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Disclaimer

Amtech Reports Second Quarter Fiscal 2021 Results 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, …

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