CHELMSFORD, Mass., Feb 5, 2010 (GlobeNewswire via COMTEX) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's first quarter of fiscal year 2010 ended on December 31, 2009.
Revenues for the first quarter of fiscal 2010 were $106.2 million, compared to revenues of $73.4 million in the first quarter of fiscal 2009, an increase of 44.6%. Sequentially, revenues grew 65.7% from fourth quarter of fiscal 2009 revenues of $64.1 million.
Net loss attributable to Brooks Automation, Inc. for the first quarter of fiscal 2010 was $2.8 million, or $0.04 per diluted share. Excluding special charges totaling $1.7 million, the non-GAAP Net loss attributed to Brooks Automation, Inc. for the first quarter of fiscal 2010 was $1.1 million, or $0.02 per diluted share. Special charges recognized during the quarter were $1.5 million of restructuring charges, including a $1.2 million adjustment to correct prior period present value discounting of a multi-year facility related restructuring liability; and, a $0.2 million loss on liquidating a residual minority investment in a closely held Swiss public company. Excluding stock compensation expense of $0.6 million the adjusted Net income attributable to Brooks Automation was $0.4 million for the first quarter of fiscal 2010.
The fiscal 2010 first quarter results compare with a Net loss attributable to Brooks Automation of $35.1 million, or $0.56 per diluted share in the first quarter of the prior year. Sequentially, the Net loss attributable to Brooks Automation was $14.5 million or $0.23 per diluted share in the fourth quarter of fiscal 2009. Excluding special charges, the Net loss for the first quarter of the prior year was $29.8 million, or $0.48 per diluted share. Sequentially, the Net loss attributable to Brooks Automation for the fourth quarter of fiscal 2009, excluding special charges, was $14.0 million or $0.22 per diluted share. Special charges are identified in a table to this release.
Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization ("EBITDA") for the first quarter of fiscal 2010 was $5.6 million, which compared to ($20.3) million in the prior year period and ($8.7) million in the fourth quarter of fiscal 2009. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated statements of operations, balance sheets and statements of cash flows attached to this release.
The return to positive Adjusted EBITDA performance and effective working capital management resulted in net cash of $1.5 million being generated by operating activities. The Company closed the quarter with $111.4 million of cash and marketable securities.
Commenting on recent activities, Robert J. Lepofsky, President and Chief Executive Officer of Brooks stated, "Order bookings and shipments accelerated throughout our first fiscal quarter which ended December 31, 2009. A number of customers added significant requirements to existing order commitments late in the quarter causing us to incur unusual expediting and transportation charges in the period. While certainly impacting our short-term financial results the additional costs enhanced our ability to meet very short order fulfillment times and further strengthened our reputation as a highly responsive business partner to key OEM customers in the semiconductor capital equipment sector. The higher than expected revenue surge and associated costs were most pronounced in our Extended Factory operations resulting in a 66% sequential increase in our total quarterly revenues but lower than normal incremental profit drop-thru. As expected we did return to profitable operations and positive cash flow in the month of December. Our customers are currently projecting strong demand over the course of the next several quarters and we believe that trend will translate into excellent financial performance for Brooks in the quarters ahead.
While the focus of our global manufacturing operations has been on meeting the current ramp in demand for semiconductor capital equipment our product and market development teams have been focused on securing design-in wins on new platforms and ensuring our position in targeted emerging markets. Of particular note is our continuing progress in the LED space which we expect will have a growing impact on our business later in 2010 and beyond. Finally in events concluded since the end of the quarter, we completed the acquisition of the intellectual property assets of a company exiting the automation business and we sold an IP package covering certain material handling product that no longer fits in the Brooks product portfolio."
Brooks management will webcast its December quarter earnings conference today at 10:00 a.m. Eastern Time to discuss the attached quarterly results and business highlights. Analysts, investors and members of the media can access the live broadcast available on Brooks' website at www.brooks.com. The call will be archived on this website for convenient on-demand replay until Brooks reports fiscal 2010 second quarter results in early May, 2010.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the global semiconductor and related industries. Our products and services are meeting the needs of customers across a broad spectrum of applications and industries and the global semiconductor manufacturing sector is our largest served market. When demanding productivity and availability objectives are essential factors for success, customers throughout the world turn to Brooks Automation, Inc. For more information see www.brooks.com or email sales@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 revenues, our profit and loss and cash flow expectations 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 increased 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.
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
December September
31, 30,
2009 2009
----------- -----------
Assets
Current assets
Cash and cash equivalents $47,164 $59,985
Marketable securities 38,038 28,046
Accounts receivable, net 53,193 38,428
Insurance receivable for
litigation 204 120
Inventories, net 89,763 84,738
Prepaid expenses and other
current assets 10,464 9,872
----------- -----------
Total current assets 238,826 221,189
Property, plant and equipment,
net 71,391 74,793
Long-term marketable
securities 26,157 22,490
Goodwill 48,138 48,138
Intangible assets, net 13,133 14,081
Equity investment in joint
ventures 29,362 29,470
Other assets 2,684 3,161
----------- -----------
Total assets $429,691 $413,322
=========== ===========
Liabilities and equity
Current liabilities
Accounts payable $46,243 $26,360
Deferred revenue 4,097 2,916
Accrued warranty and retrofit
costs 5,734 5,698
Accrued compensation and
benefits 10,370 14,317
Accrued restructuring costs 4,786 5,642
Accrued income taxes payable 2,925 2,686
Accrued expenses and other
current liabilities 11,716 12,870
----------- -----------
Total current liabilities 85,871 70,489
Accrued long-term
restructuring 2,263 2,019
Income taxes payable 11,035 10,755
Long-term pension liability 8,070 7,913
Other long-term liabilities 2,625 2,523
----------- -----------
Total liabilities 109,864 93,699
----------- -----------
Contingencies
Equity
Preferred stock, $0.01 par
value, 1,000,000 shares
authorized, no shares issued
and outstanding -- --
Common stock, $0.01 par
value, 125,000,000 shares
authorized, 78,013,116
shares
issued and 64,551,247 shares
outstanding at December 31,
2009, 77,883,173 shares
issued and 64,421,304 shares
outstanding at September 30,
2009 780 779
Additional paid-in capital 1,798,235 1,795,619
Accumulated other
comprehensive income 16,781 16,318
Treasury stock at cost,
13,461,869 shares at
December 31, 2009 and
September 30, 2009 (200,956) (200,956)
Accumulated deficit (1,295,426) (1,292,631)
----------- -----------
Total Brooks Automation,
Inc. stockholders' equity 319,414 319,129
Noncontrolling interest in
subsidiaries 413 494
----------- -----------
Total equity 319,827 319,623
----------- -----------
Total liabilities and
equity $429,691 $413,322
=========== ===========
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three months ended
December 31,
--------------------
2009 2008
-------- ----------
Revenues
Product $91,521 $ 59,086
Services 14,676 14,360
-------- ----------
Total revenues 106,197 73,446
-------- ----------
Cost of revenues
Product 67,245 53,869
Services 12,706 13,189
-------- ----------
Total cost of revenues 79,951 67,058
-------- ----------
Gross profit 26,246 6,388
-------- ----------
Operating expenses
Research and development 7,541 9,277
Selling, general and
administrative 18,979 27,634
Restructuring charges 1,522 4,105
-------- ----------
Total operating
expenses 28,042 41,016
-------- ----------
Operating loss (1,796) (34,628)
Interest income 328 897
Interest expense 16 126
Loss on investment 191 1,185
Other expense, net 197 38
-------- ----------
Loss before income taxes
and equity in earnings
(losses) of joint
ventures (1,872) (35,080)
Income tax provision 635 391
-------- ----------
Loss before equity in
earnings (losses) of
joint ventures (2,507) (35,471)
Equity in earnings
(losses) of joint
ventures (370) 301
-------- ----------
Net loss $(2,877) $(35,170)
Add: Net loss
attributable to
noncontrolling
interests 82 87
-------- ----------
Net loss attributable to
Brooks Automation, Inc. $(2,795) $ (35,083)
======== ==========
Basic net loss per share
attributable to Brooks
Automation, Inc. common
stockholders $(0.04) $(0.56)
======== ==========
Diluted net loss per
share attributable to
Brooks Automation, Inc.
common stockholders $(0.04) $(0.56)
======== ==========
Shares used in computing
loss per share
Basic 63,394 62,651
Diluted 63,394 62,651
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Three months ended
December 31,
--------------------
2009 2008
-------- ----------
Cash flows from operating activities
Net loss $(2,877) $ (35,170)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation and amortization 4,794 8,380
Stock-based compensation 1,517 1,524
Amortization of premium (discount) on
marketable securities 136 (34)
Undistributed (earnings) losses of
joint ventures 370 (301)
Gain on disposal of long-lived assets -- (8)
Loss on investment 191 1,185
Changes in operating assets and
liabilities, net of acquisitions and
disposals:
Accounts receivable (14,759) 26,330
Inventories (5,163) (3,252)
Prepaid expenses and other current
assets (834) 71
Accounts payable 19,902 (7,580)
Deferred revenue 1,199 (330)
Accrued warranty and retrofit costs 32 (237)
Accrued compensation and benefits (2,834) (1,201)
Accrued restructuring costs (605) 890
Accrued expenses and other 413 (3,745)
-------- ----------
Net cash provided by (used in)
operating activities 1,482 (13,478)
-------- ----------
Cash flows from investing activities
Purchases of property, plant and
equipment (461) (5,084)
Purchases of marketable securities (43,983) (35,022)
Sale/maturity of marketable securities 29,853 22,533
Proceeds from the sale of investment 240 --
-------- ----------
Net cash used in investing
activities (14,351) (17,573)
-------- ----------
Effects of exchange rate changes on cash
and cash equivalents 48 (1,118)
-------- ----------
Net decrease in cash and cash equivalents (12,821) (32,169)
Cash and cash equivalents, beginning of
period 59,985 110,269
-------- ----------
Cash and cash equivalents, end of period $47,164 $78,100
======== ==========
BROOKS AUTOMATION, INC.
Supplemental Information
(In thousands, except per share data)
(unaudited)
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 charges associated
with our non-cash impairment charges, restructuring programs and gains or losses on
investments. Management believes these measures are useful to investors because it eliminates
accounting charges that do not reflect Brooks' day-to-day operations. A table reconciling
income (loss) and diluted earnings (loss) per share is presented below:
Quarter ended
-----------------------------------------------------------
December 31, 2009 September 30, 2009 December 31, 2008
------------------- ------------------ ------------------
per per
$ per share $ share $ share
-------- --------- --------- ------- --------- -------
Net loss attributable to Brooks
Automation, Inc. $(2,795) $(0.04) $(14,490) $(0.23) $(35,083) $(0.56)
Restructuring charges 1,522 0.02 513 0.01 4,105 0.07
Loss on investment 191 0.00 -- -- 1,185 0.02
-------- --------- --------- ------- --------- -------
Adjusted net loss attributable to
Brooks Automation, Inc. (1,082) (0.02) (13,977) (0.22) (29,793) (0.48)
Stock-based compensation 1,517 0.02 810 0.01 1,524 0.02
-------- --------- --------- ------- --------- -------
Adjusted net income (loss)
attributable to Brooks
Automation, Inc., excluding
stock-based compensation $435 $0.01 $(13,167) $(0.21) $(28,269) $(0.45)
======== ========= ========= ======= ========= =======
Quarter ended
------------------------------
Dec 31, Sept 30, Dec 31,
2009 2009 2008
-------- --------- ---------
Net loss attributable to Brooks
Automation, Inc. $(2,795) $(14,490) $(35,083)
Less: Interest income (328) (640) (897)
Add: Interest expense 16 196 126
Add: Income tax provision
(benefit) 635 (85) 391
Add: Depreciation 3,846 4,187 4,156
Add: Amortization of completed
technology 457 457 2,331
Add; Amortization of acquired
intangible assets 491 371 1,893
Add: Stock-based compensation 1,517 810 1,524
Add: Restructuring charges 1,522 513 4,105
Add: Loss on investment 191 -- 1,185
-------- --------- ---------
Adjusted EBITDA $5,552 $(8,681) $(20,269)
======== ========= =========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Brooks Automation, Inc.
CONTACT: Brooks Automation, Inc.
Barbara Culhane, Corporate Marketing Manager
978-262-2400
www.brooks.com
