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Brooks Automation Reports Fiscal Third Quarter 2016 Financial Results

CHELMSFORD, Mass., July 28, 2016 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS), a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, today reported financial results for the third fiscal quarter of 2016, ended June 30, 2016.

Fiscal Third Quarter of 2016 Financial and Operational Highlights:

  • Revenue was $147.5 million;
  • GAAP Net Income was $8.6 million with diluted EPS of $0.12;
  • Non-GAAP Net Income was $11.1 million with diluted EPS of $0.16;
  • Cash flow from operations was $15.7 million; and
  • Total of Cash, Cash Equivalents, and Marketable Securities, as of June 30, 2016, was $72.2 million.

Summary of GAAP and Non-GAAP Earnings (Losses)

      Quarter Ended
      June 30,   March 31,   June 30,
Dollars in thousands, except per share data     2016   2016   2015
GAAP net income (loss)     $ 8,564     $ (83,939 )   $ 7,681  
GAAP diluted earnings (loss) per share     $ 0.12     $ (1.22 )   $ 0.11  
               
Non-GAAP net income     $ 11,128     $ 4,920     $ 10,277  
Non-GAAP diluted earnings per share     $ 0.16     $ 0.07     $ 0.15  

A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Management Comments
“Our strong third quarter performance highlights the strength of our portfolio and the improved earnings power of our revised organization structure.  Sequential growth in automation, contamination control, BioStore systems, and BioStorage services has supported improved gross margins and cash flow,” commented Steve Schwartz, CEO of Brooks Automation. “Our Life Sciences business has continued to execute well, with growth coming from both large sample storage systems and BioStorage Technologies services.  Both semiconductor and life sciences segments are on track to yield further growth and improve profits.”

GAAP Summary
Revenue increased 9% sequentially to $147.5 million in the third quarter of fiscal 2016, driven by a 10% increase in Life Sciences and a 9% increase in Brooks Semiconductor Solutions Group (formerly Brooks Product Solutions and Brooks Global Services). Gross margin was 36.7%, up 2.1 percentage points from the second fiscal quarter of 2016.  Operating expense of $45.7 million was 14% or $7.5 million less than the previous quarter primarily driven by lower restructuring charges.  In the third quarter, the Company incurred $1.0 million of restructuring charges compared to $7.3 million in the second quarter. The Company had a $0.2 million benefit from the reversal of accrued incentive based compensation for employees separated from the Company, compared to a $1.7 million similar benefit in the second quarter. GAAP net income was $8.6 million and diluted earnings per share was $0.12.

Beginning in the third quarter, the Company consolidated the operating results of Brooks Product Solutions (BPS) and Brooks Global Solutions (BGS) into one segment, referred to as Brooks Semiconductor Solutions Group, or BSSG, to better align with its new organizational structure and to reflect how strategic directions and resources are determined. The Brooks Life Sciences Systems (BLSS) segment remains unchanged.

Amortization of intangibles, special charges, and one-time items are appropriately included in the GAAP summary of earnings.  The impact on earnings of these items is set out in the unaudited table included with this release.

Results of Q3 Fiscal 2016 (Non-GAAP Discussion)
Non-GAAP net income was $11.1 million in the third quarter, resulting in non-GAAP earnings per share of $0.16. This compares to non-GAAP net income of $4.9 million and non-GAAP earnings per share of $0.07 in the second quarter, and non-GAAP net income of $10.3 million and non-GAAP earnings per share of $0.15 in the third quarter of fiscal 2015.

As noted above, revenue for the third fiscal quarter of 2016 was $147.5 million, up 9% compared to the second fiscal quarter of 2016. The Brooks Semiconductor Solutions Group revenue increased 9% to $118.4 million, primarily driven by sales of Contamination Control Solutions of $15.8 million, up $9.6 million from the second quarter.  Brooks Life Science Systems revenue grew 10% sequentially to $29.1 million, driven by 11% or $1.6 million sequential growth in the legacy business and 9% or $1.0 million growth in the recently acquired BioStorage services business, which reached $12.4 million of revenue in the quarter.

Adjusted gross margin, which excludes amortization, purchase accounting impacts and special charges, was 37.5% in the third quarter, up 2.2 percentage points from the prior quarter. The Semiconductor Solutions adjusted gross margin was 36.9% in the third quarter compared to 34.5% in the prior period, with improvements coming from both product and services lines.  The Life Sciences adjusted gross margin was 40.0% in the third quarter compared to 38.5% in the prior period, with the legacy Life Sciences business delivering improved margins from large store systems. Gross margins for BioStorage Technologies were 43.9%, up 0.4 percentage points. In summary, the total adjusted gross profit increased by $7.6 million compared to the prior quarter, driven by revenue increases and gross margin improvements across both segments.

Bookings for the Semiconductor Solutions business in the third quarter totaled $115.2 million, compared to $108.6 million in the second quarter.  The Life Sciences business booked a total of $40.6 million of new contract value in the quarter.

Non-GAAP operating expense of $41.8 million decreased $0.7 million sequentially, driven primarily by the restructuring actions initiated in the second quarter. The operating expense includes a benefit from the reversal of incentive based compensation accruals for employees departing in this quarter of $0.2 million, compared to $1.6 million in the second fiscal quarter.

Cash flow from operations was $15.7 million in the quarter and adjusted EBITDA was $19.0 million.  The Company's cash, cash equivalents, and marketable securities increased $3.9 million to $72.2 million as of June 30, 2016, which reflects the operating cash flow, dividend payment and capital expenditures during the quarter.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has approved a dividend of $0.10 per share payable on September 23, 2016 to stockholders of record on September 2, 2016. Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Fourth Fiscal Quarter 2016
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2016. Revenue is expected to be in the range of $146 million to $151 million and non-GAAP diluted EPS is expected to be in the range of $0.14 to $0.17. (GAAP diluted EPS is projected to be $0.06 to $0.09, reflecting the impact of amortization, purchase price accounting, and anticipated restructuring charges.)

Conference Call
Brooks management will webcast its third quarter earnings conference call today at 5:30 p.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.

The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-381-7839 (US & Canada only) or 212-231-2900 to listen to the live webcast.

About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks’ technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market and, by applying expertise in automation and cryogenics, has expanded its offerings to meet the sample storage needs of customers in the life sciences industry. Brooks recently completed a strategic acquisition of BioStorage Technologies, Inc., complementing Brooks’ life sciences offerings with comprehensive outsource services.  Brooks now offers, in addition to a broad range of products and services for on-site infrastructure for sample management in temperatures of -20°C to -150°C, outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal.  Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia. For more information, visit www.brooks.com.

“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include statements regarding our revenue and operating margin expectations, our ability to develop further our business in new and adjacent markets, and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; continuing uncertainties in global political and economic conditions, and other factors and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.

CONTACTS:
Lynne Yassemedis                                                       
Brooks Automation
978.262.2400
lynne.yassemedis@brooks.com

John Mills
Partner
ICR, LLC
646.277.1254
john.mills@icrinc.com


BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
 
  June 30,
 2016
  September 30,
 2015
Assets      
Current assets      
Cash and cash equivalents $ 66,116     $ 80,722  
Marketable securities 18     70,021  
Accounts receivable, net 101,091     86,448  
Inventories 98,157     100,619  
Deferred tax assets 3,958     17,609  
Assets held for sale 2,806     2,900  
Prepaid expenses and other current assets 21,078     15,158  
Total current assets 293,224     373,477  
Property, plant and equipment, net 54,763     41,855  
Long-term marketable securities 6,068     63,287  
Long-term deferred tax assets 1,125     70,476  
Goodwill 202,386     121,408  
Intangible assets, net 85,646     55,446  
Equity method investments 26,530     24,308  
Other assets 12,579     9,397  
Total assets $ 682,321     $ 759,654  
Liabilities and Stockholders' equity      
Current liabilities      
Accounts payable $ 41,502     $ 44,890  
Deferred revenue 25,522     17,886  
Accrued warranty and retrofit costs 5,955     6,089  
Accrued compensation and benefits 18,031     20,401  
Accrued restructuring costs 5,789     2,073  
Accrued income taxes payable 7,168     6,111  
Deferred tax liabilities 331     1,251  
Accrued expenses and other current liabilities 17,751     15,550  
Total current liabilities 122,049     114,251  
Long-term tax reserves 2,714     3,644  
Long-term deferred tax liabilities 6,962     3,196  
Long-term pension liabilities 3,212     3,118  
Other long-term liabilities 4,329     3,400  
Total liabilities 139,266     127,609  
Commitments and contingencies      
Stockholders' equity      
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding      
Common stock, $0.01 par value, 125,000,000 shares authorized, 82,097,858 shares issued and 68,635,989 shares outstanding at June 30, 2016; 81,093,052 shares issued and 67,631,183 shares outstanding at September 30, 2015 821     811  
Additional paid-in capital 1,851,292     1,846,357  
Accumulated other comprehensive income 12,598     5,898  
Treasury stock at cost- 13,461,869 shares (200,956 )   (200,956 )
Accumulated deficit (1,120,700 )   (1,020,065 )
Total stockholders' equity 543,055     632,045  
Total liabilities and stockholders' equity $ 682,321     $ 759,654  
 


BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
 
  Three Months Ended
June 30,
  Nine Months Ended
June 30,
  2016   2015   2016   2015
Revenue              
Product $ 111,596     $ 120,816     $ 302,238     $ 336,941  
Services 35,938     24,078     100,532     70,002  
Total revenue 147,534     144,894     402,770     406,943  
Cost of revenue (a)              
Product 69,557     77,128     192,816     221,877  
Services 23,814     16,579     68,437     48,766  
Total cost of revenue 93,371     93,707     261,253     270,643  
Gross profit 54,163     51,187     141,517     136,300  
Operating expenses              
Research and development 12,819     12,834     39,208     39,001  
Selling, general and administrative 31,854     27,825     98,667     86,845  
Restructuring and other charges 996     358     9,807     3,711  
Total operating expenses 45,669     41,017     147,682     129,557  
Operating income (loss) 8,494     10,170     (6,165 )   6,743  
Interest income 55     199     310     678  
Interest expense (37 )   (100 )   (56 )   (300 )
Other (loss) income, net (107 )   460     (289 )   2,640  
Income (loss) before income taxes and equity in earnings (losses) of equity method investments 8,405     10,729     (6,200 )   9,761  
Income tax provision 220     3,340     75,070     1,790  
Income (loss) income before equity in earnings (losses) of equity method investments 8,185     7,389     (81,270 )   7,971  
Equity in earnings (losses) of equity method investments 379     292     1,248     (313 )
Net income (loss) 8,564     7,681     (80,022 )   7,658  
Basic net income (loss) per share $ 0.12     $ 0.11     $ (1.17 )   $ 0.11  
Diluted net income (loss) per share $ 0.12     $ 0.11     $ (1.17 )   $ 0.11  
Dividend declared per share $ 0.10     $ 0.10     $ 0.30     $ 0.30  
               
Weighted average shares outstanding used in computing net (loss) income per share:              
Basic 68,628     67,454     68,437     67,321  
Diluted 69,166     68,571     68,437     68,520  
               
(a) Periods ended June 30, 2016 on a year-to-date basis and June 30, 2015 on a quarter-to-date and year-to-date basis reflect a reclassification correction between the cost of service revenue and the cost of product revenue. Please refer to the Form 10-Q for the quarter ended June 30, 2016.
 


BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
 
  Nine months ended June 30,
  2016   2015
Cash flows from operating activities      
Net (loss) income $ (80,022 )   $ 7,658  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 21,320     18,929  
Stock-based compensation 8,206     9,510  
Amortization of premium on marketable securities and deferred financing costs 368     917  
Undistributed (earnings) losses of equity method investments (1,248 )   313  
Deferred income tax provision (benefit) 71,875     (2,262 )
Gain on disposal of long-lived assets     (4 )
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 2,862     (19,070 )
Inventories 2,110     (1,519 )
Prepaid expenses and other current assets (3,909 )   (4,881 )
Accounts payable (4,689 )   11,600  
Deferred revenue 7,171     (2,339 )
Accrued warranty and retrofit costs (87 )   (320 )
Accrued compensation and benefits (6,558 )   (1,907 )
Accrued restructuring costs 3,720     (660 )
Accrued expenses and other current liabilities (5,010 )   5,506  
Net cash provided by operating activities 16,109     21,471  
Cash flows from investing activities      
Purchases of property, plant and equipment (9,414 )   (5,945 )
Purchases of marketable securities (12,901 )   (58,991 )
Sales and maturities of marketable securities 139,388     74,515  
Disbursement for a loan receivable (1,491 )    
Acquisitions, net of cash acquired (125,498 )   (17,257 )
Proceeds from sales of property, plant and equipment     6  
Purchases of other investments (500 )   (5,000 )
Net cash used in investing activities (10,416 )   (12,672 )
Cash flows from financing activities      
Proceeds from issuance of common stock 948     867  
Principal repayments of capital lease obligations     (368 )
Payment of deferred financing costs (508 )    
Common stock dividends paid (20,613 )   (20,229 )
Net cash used in financing activities (20,173 )   (19,730 )
Effects of exchange rate changes on cash and cash equivalents (126 )   (3,513 )
Net decrease in cash and cash equivalents (14,606 )   (14,444 )
Cash and cash equivalents, beginning of period 80,722     94,114  
Cash and cash equivalents, end of period $ 66,116     $ 79,670  
 

Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of special charges such as restructuring charges and acquisition related charges. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. Tables reconciling GAAP to the non-GAAP measures are presented below.

          Quarter Ended        
  June 30, 2016   March 31, 2016   June 30, 2015
Dollars in thousands, except per share data $   Per Diluted Share   $   Per Diluted Share   $   Per Diluted Share
GAAP net (loss) income $ 8,564     $ 0.12     $ (83,939 )   $ (1.22 )   $ 7,681     $ 0.11  
Adjustments:                      
Purchase accounting impact on inventory and contracts acquired 125         250              
Amortization of intangible assets 3,837     0.06     3,809     0.06     3,216     0.05  
Restructuring charges 996     0.01     7,336     0.11     358     0.01  
Gain on sale of a building (55 )                    
Liquidation costs due to dissolution of joint venture                 69      
Merger costs 84         215         44      
Change in valuation allowance against deferred tax assets         79,340     1.15          
Tax effect of adjustments (2,423 )   (0.04 )   (2,091 )   (0.03 )   (1,091 )   (0.02 )
Non-GAAP adjusted net income 11,128     0.16     4,920     0.07     10,277     0.15  
Stock-based compensation, pre-tax 1,637         1,855         2,402      
Tax rate 20 %       16 %       30 %    
Stock-based compensation, net of tax (a) 1,318     0.02     1,556     0.02     1,677     0.03  
Non-GAAP adjusted net income - excluding stock-based compensation $ 12,446     $ 0.18     $ 6,476     $ 0.09     $ 11,954     $ 0.17  
                       
Shares used in computing non-GAAP diluted net (loss) income per share     69,166         69,101         68,571  
                       
(a)  The tax rate represents the effective tax rate on non-GAAP taxable ordinary income. We expanded our disclosure to correct and clarify the after tax impact of stock-based compensation on Non-GAAP adjusted net income and diluted EPS. For additional information on the impact of this correction on prior periods, please refer to the conference call presentation included in Investor Relations section of the Brooks website at www.brooks.com.


  Nine Months Ended
  June 30, 2016   June 30, 2015
Dollars in thousands, except per share data $   Per Diluted Share   $   Per Diluted Share
GAAP net loss $ (80,022 )   $ (1.17 )   $ 7,658     $ 0.11  
Adjustments:              
Purchase accounting impact on inventory and contracts acquired 499     0.01     1,511     0.02  
Amortization of intangible assets 11,153     0.16     9,646     0.14  
Impairment of equity method investments         681     0.01  
Restructuring charges 9,807     0.14     3,711     0.05  
Gain on sale of a building (55 )            
Liquidation costs due to dissolution of joint venture         69      
Merger costs 3,295     0.05     432     0.01  
Change in valuation allowance against deferred tax assets 79,340     1.16          
Tax effect of  adjustments (6,723 )   (0.10 )   (4,559 )   (0.07 )
Non-GAAP adjusted net income 17,294     0.25     19,149     0.28  
Stock-based compensation, pre-tax 8,206         9,510      
Tax rate 24 %       30 %    
Stock-based compensation, net of tax (a) 6,237     $ 0.09     6,657     $ 0.10  
Non-GAAP adjusted net income - excluding stock-based compensation $ 23,531     $ 0.34     $ 25,806     $ 0.38  
               
Shares used in computing non-GAAP diluted net loss per share     68,437         68,520  
               
(a)  The tax rate represents the effective tax rate on non-GAAP taxable ordinary income.  We expanded our disclosure to correct and clarify the after tax impact of stock-based compensation on Non-GAAP adjusted net income and diluted EPS. For additional information on the impact of this correction on prior periods, please refer to the conference call presentation included in Investor Relations section of the Brooks website at www.brooks.com.


  Quarter Ended
  June 30, 2016   March 31, 2016   June 30, 2015
Dollars in thousands $   %   $   %   $   %
GAAP gross profit/gross margin percentage $ 54,163     36.7 %   $ 46,800     34.6 %   $ 51,187     35.3 %
Adjustments:                      
Amortization of intangible assets 1,083     0.7 %   718     0.5 %   1,299     0.9 %
Purchase accounting impact on inventory and contracts acquired 125     0.1 %   250     0.2 %        
Non-GAAP adjusted gross profit/gross margin percentage $ 55,371     37.5 %   $ 47,768     35.3 %   $ 52,486     36.2 %


  Nine Months Ended
  June 30, 2016   June 30, 2015
Dollars in thousands $   %   $   %
GAAP gross profit/gross margin percentage $ 141,517     35.1 %   $ 136,300     33.5 %
Adjustments:              
Amortization of intangible assets 3,097     0.8 %   3,903     1.0 %
Purchase accounting impact on inventory and contracts acquired 499     0.1 %   1,511     0.4 %
Non-GAAP adjusted gross profit/gross margin percentage $ 145,113     36.0 %   $ 141,714     34.8 %


  Quarter Ended   Nine Months Ended
  June 30,   March 31,   June 30,   June 30,   June 30,
Dollars in thousands 2016   2016   2015   2016   2015
GAAP net (loss) income $ 8,564     $ (83,939 )   $ 7,681     $ (80,022 )   $ 7,658  
Adjustments:                  
Less: Interest income (55 )   (50 )   (199 )   (310 )   (678 )
Add: Interest expense 37     16     100     56     300  
Add: Income tax provision (benefit) 220     78,220     3,340     75,070     1,790  
Add: Depreciation 3,633     3,596     2,979     10,167     9,281  
Add: Amortization of completed technology 1,083     718     1,299     3,097     3,903  
Add: Amortization of customer relationships and acquired intangible assets 2,754     3,091     1,917     8,056     5,743  
Earnings (losses) before interest, taxes, depreciation and amortization $ 16,236     $ 1,652     $ 17,117     $ 16,114     $ 27,997  


  Quarter Ended   Nine Months Ended
  June 30,   March 31,   June 30,   June 30,   June 30
Dollars in thousands 2016   2016   2015   2016   2015
Earnings (losses) before interest, taxes, depreciation and amortization $ 16,236     $ 1,652     $ 17,117     $ 16,112     $ 27,997  
Adjustments:                  
Add: Stock-based compensation 1,637     1,855     2,402     8,206     9,510  
Add: Restructuring charges 996     7,336     358     9,807     3,711  
Add: Purchase accounting impact on inventory and contracts acquired 125     250         499     1,511  
Less: Gain on sale of a building (55 )           (55 )    
Add: Liquidation of a joint venture         69         69  
Add: Merger costs 84     215     44     3,295     432  
Add: Impairment of equity method investments                 681  
Adjusted earnings before interest, taxes, depreciation and amortization $ 19,023     $ 11,308     $ 19,990     $ 37,864     $ 43,911  


  Quarter Ended   Nine Months Ended
  June 30,   March 31,   June 30,   June 30,   June 30,
Dollars in thousands 2016   2016   2015   2016   2015
GAAP selling, general and administrative expenses $ 31,854     $ 32,692     $ 27,825     $ 98,667     $ 86,845  
Adjustments:                  
Less: Amortization of customer relationships and acquired intangible assets (2,754 )   (3,091 )   (1,917 )   (8,056 )   (5,743 )
Less: Merger costs (84 )   (215 )   (44 )   (3,295 )   (432 )
Non-GAAP adjusted selling, general and administrative expenses $ 29,016     $ 29,386     $ 25,864     $ 87,316     $ 80,670  
Research and development expenses $ 12,819     $ 13,111     $ 12,834     $ 39,208     $ 39,001  
Non-GAAP adjusted operating expenses $ 41,835     $ 42,497     $ 38,698     $ 126,524     $ 119,671  


  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Quarter Ended   Quarter Ended
Dollars in thousands June 30, 2016   March 31, 2016   June 30, 2015   June 30, 2016   March 31, 2016   June 30, 2015
GAAP gross profit $ 42,904     $ 36,943     $ 46,515     $ 11,259     $ 9,857     $ 4,672  
Adjustments:                      
Amortization of intangible assets 711     390     901     372     328     398  
Purchase accounting impact on inventory and contracts acquired 125     250                  
Non-GAAP adjusted gross profit $ 43,740     $ 37,583     $ 47,416     $ 11,631     $ 10,185     $ 5,070  


  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Nine Month Ended   Nine Month Ended
Dollars in thousands June 30, 2016   June 30, 2015   June 30, 2016   June 30, 2015
GAAP gross profit $ 114,506     $ 122,938     $ 27,011     $ 13,362  
Adjustments:                  
Amortization of intangible assets 2,005     2,706     1,093     1,197  
Purchase accounting impact on inventory and contracts acquired 500     551         960  
Non-GAAP adjusted gross profit $ 117,011     $ 126,195     $ 28,104     $ 15,519  


  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Quarter Ended   Quarter Ended
Dollars in thousands June 30, 2016   March 31, 2016   June 30, 2015   June 30, 2016   March 31, 2016   June 31, 2015
GAAP gross margin 36.2 %   33.9 %   36.3 %   38.7 %   37.2 %   27.8 %
Adjustments:                      
Amortization of intangible assets 0.6 %   0.4 %   0.7 %   1.3 %   1.2 %   2.4 %
Purchase accounting impact on inventory and contracts acquired 0.1 %   0.2 %                
Non-GAAP adjusted gross margin 36.9 %   34.5 %   37 %   40.0 %   38.5 %   30.2 %


  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Nine Month Ended   Nine Month Ended
Dollars in thousands June 30, 2016   June 30, 2015   June 30, 2016   June 30, 2015
GAAP gross margin 35.1 %   34.5 %   35.3 %   26.2 %
Adjustments:                      
Amortization of intangible assets 0.6 %   0.8 %   1.4 %   2.3 %
Purchase accounting impact on inventory and contracts acquired 0.2 %   0.2 %       1.9 %
Non-GAAP adjusted gross margin 35.9 %   35.5 %   36.8 %   30.4 %

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Brooks Automation, Inc.
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