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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amtech Systems Inc | NASDAQ:ASYS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.61 | 5.50 | 8.97 | 0 | 09:05:04 |
Amtech Systems, Inc. ("Amtech") (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 fourth quarter and fiscal year ended September 30, 2022.
Fourth Quarter Fiscal 2022 Financial and Operational Highlights:
Fiscal 2022 Financial and Operational Highlights:
“Fiscal 2022 was yet another strong year for Amtech, with over $106 million in revenue, representing a year-over-year growth rate of 25%. While near-term expectations are tempered by both easing demand and supply chain limitations, in the mid-term we are well positioned with increasing alignment to high growth, megatrend end markets such as electric vehicles. Approximately half of our current backlog is related to EV capacity expansion,” commented Mr. Michael Whang, Chief Executive Officer of Amtech. “We are securing production-scale projects across multiple Amtech product lines and divisions in diverse applications including Silicon Carbide wafer polishing and thermal processing for EV sensors, power module substrates, and battery cooling assemblies, among others,” added Whang.
GAAP Financial Results
(in millions, except per share amounts)
Q4 FY
Q3 FY
Q4 FY
12 Months
12 Months
2022
2022
2021
2022
2021
Net revenues
$
32.3
$
20.0
$
24.3
$
106.3
$
85.2
Gross profit
$
12.6
$
5.9
$
9.2
$
39.5
$
34.5
Gross margin
38.8
%
29.6
%
37.8
%
37.2
%
40.5
%
Operating income
$
3.9
$
9.6
$
1.3
$
17.3
$
3.7
Operating margin
12.0
%
47.9
%
5.3
%
16.3
%
4.4
%
Net income
$
4.2
$
10.2
$
0.7
$
17.4
$
1.5
Net income per diluted share
$
0.30
$
0.73
$
0.05
$
1.22
$
0.11
Net revenues increased 62% sequentially and 33% from the fourth quarter of fiscal 2021, with the sequential increase primarily attributable to increased shipments of our advanced packaging equipment and increases in polishing equipment and consumables. During the third fiscal quarter of 2022, our Shanghai facility was closed for approximately two months due to the government-mandated closure relating to its COVID policies. The increase in net revenues from the fourth quarter of fiscal 2021 was due primarily to increased shipments across all of our product lines.
Gross margin increased sequentially and from the fourth quarter of fiscal 2021 due primarily to increased utilization at all our locations, partial offset by increasing material costs, primarily in our semiconductor segment.
Selling, General & Administrative (“SG&A”) expenses increased $0.1 million on a sequential basis and $0.7 million compared to the prior year period. The increase from the fourth quarter of fiscal 2021 primarily relates to the timing of external and internal audit fees.
Research, Development and Engineering decreased $0.3 million sequentially and was relatively consistent as compared to the same prior year period.
Operating income was $3.9 million, compared to operating income of $9.6 million in the third quarter of fiscal 2022 and operating income of $1.3 million in the same prior year period. Operating income in the third quarter of fiscal 2022 benefitted from the pre-tax gain resulting from the sale-leaseback of our building in Massachusetts.
Income tax provision was $0.6 million for the three months ended September 30, 2022, compared to a provision of $20,000 in the preceding quarter and $0.7 million in the same prior year period.
Net income for the fourth quarter of fiscal 2022 was $4.2 million, or 30 cents per share. This compares to net income of $10.2 million, or 73 cents per share, for the preceding quarter and net income of $0.7 million, or 5 cents per share, for the fourth quarter of fiscal 2021.
Outlook
The Company’s outlook reflects the ongoing logistical impacts and the related delays for goods shipped to and from China, as well as supply chain delays we are experiencing in our US business. 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 first fiscal quarter ending December 31, 2022, revenues are expected to be in the range of $21 to $23 million with operating margin negative.
A portion of Amtech's results is 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 fourth quarter financial results. The call will be available to interested parties by dialing 1-877-407-0784. For international callers, please dial +1-201-689-8560. The confirmation code is 13734277. 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™, PR Hoffman™ and Intersurface Dynamics, Inc.
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, 2021, 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 in our subsequently filed Quarterly Reports on Form 10-Qs, 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)
(Unaudited)
Summary Financial Information
(in thousands, except percentages)
Three Months Ended
Years Ended September 30,
September 30, 2022
June 30, 2022
September 30, 2021
2022
2021
Amtech Systems, Inc.
Revenues, net of returns and allowances
$
32,315
$
19,964
$
24,340
$
106,298
$
85,205
Gross profit
$
12,553
$
5,900
$
9,211
$
39,511
$
34,530
Gross margin
39
%
30
%
38
%
37
%
41
%
Operating income
$
3,889
$
9,562
$
1,296
$
17,286
$
3,725
New orders
$
20,365
$
30,145
$
34,188
$
113,953
$
115,444
Backlog
$
50,780
$
62,731
$
44,143
$
50,780
$
44,143
Semiconductor Segment
Revenues, net of returns and allowances
$
26,498
$
15,135
$
19,891
$
87,982
$
72,086
Gross profit
$
9,373
$
3,590
$
7,732
$
30,880
$
30,336
Gross margin
35
%
24
%
39
%
35
%
42
%
Operating income
$
4,425
$
10,521
$
2,609
$
20,672
$
8,585
New orders
$
16,165
$
24,144
$
30,247
$
94,268
$
101,988
Backlog
$
48,011
$
58,344
$
42,743
$
48,011
$
42,743
Material and Substrate Segment
Revenues, net of returns and allowances
$
5,817
$
4,829
$
4,449
$
18,316
$
13,119
Gross profit
$
3,180
$
2,310
$
1,479
$
8,631
$
4,194
Gross margin
55
%
48
%
33
%
47
%
32
%
Operating income
$
1,737
$
1,156
$
264
$
3,728
$
278
New orders
$
4,200
$
6,001
$
3,941
$
19,685
$
13,456
Backlog
$
2,769
$
4,387
$
1,400
$
2,769
$
1,400
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended September 30,
Years Ended September 30,
2022
2021
2022
2021
Revenue, net
$
32,315
$
24,340
$
106,298
$
85,205
Cost of sales
19,762
15,129
66,787
50,675
Gross profit
12,553
9,211
39,511
34,530
Selling, general and administrative
7,292
6,558
28,300
24,740
Research, development and engineering
1,372
1,342
6,390
5,979
Gain on sale of fixed assets
—
—
(12,465
)
—
Severance expense
—
15
—
86
Operating income
3,889
1,296
17,286
3,725
Interest income (expense) and other, net
872
46
1,499
(291
)
Income before income tax provision
4,761
1,342
18,785
3,434
Income tax provision
578
676
1,418
1,926
Net income
$
4,183
$
666
$
17,367
$
1,508
Income Per Share:
Net income per basic share
$
0.30
$
0.05
$
1.24
$
0.11
Net income per diluted share
$
0.30
$
0.05
$
1.22
$
0.11
Weighted average shares outstanding:
Basic
13,933
14,190
14,014
14,189
Diluted
14,080
14,387
14,184
14,340
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Balance Sheets
(in thousands, except share data)
September 30, 2022
September 30, 2021
Current Assets
Cash and cash equivalents
$
46,874
$
32,836
Accounts receivable - Net
25,013
22,502
Inventories
25,488
22,075
Income taxes receivable
—
1,046
Other current assets
5,561
2,407
Total current assets
102,936
80,866
Property, Plant and Equipment - Net
6,552
14,083
Right-of-Use Assets - Net
11,258
8,646
Intangible Assets - Net
758
858
Goodwill
11,168
11,168
Deferred Income Taxes - Net
79
631
Other Assets
783
661
Total Assets
$
133,534
$
116,913
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable
$
7,301
$
8,229
Accrued compensation and related taxes
4,109
2,881
Accrued warranty expense
871
545
Other accrued liabilities
900
903
Current maturities of finance lease liabilities and long-term debt
107
396
Current portion of long-term operating lease liabilities
2,101
531
Contract liabilities
7,231
1,624
Income taxes payable
6
—
Total current liabilities
22,626
15,109
Finance Lease Liabilities and Long-Term Debt
220
4,402
Long-Term Operating Lease Liabilities
9,395
8,389
Income Taxes Payable
2,849
3,277
Other Long-Term Liabilities
76
102
Total Liabilities
35,166
31,279
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: 13,994,154 and 14,304,492 in 2022 and 2021, respectively
140
143
Additional paid-in capital
124,458
126,380
Accumulated other comprehensive (loss) income
(1,767
)
14
Retained deficit
(24,463
)
(40,903
)
Total Shareholders’ Equity
98,368
85,634
Total Liabilities and Shareholders’ Equity
$
133,534
$
116,913
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Statements of Cash Flows
(in thousands)
Years Ended September 30,
2022
2021
Operating Activities
Net income (loss)
$
17,367
$
1,508
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
1,729
1,398
Write-down of inventory
102
544
(Reversal of) provision for allowance for doubtful accounts
(32
)
44
Deferred income taxes
592
(65
)
Non-cash share-based compensation expense
543
401
Gain on sale of fixed assets
(12,465
)
—
Other, net
—
43
Changes in operating assets and liabilities:
Accounts receivable
(2,479
)
(11,023
)
Inventories
(3,684
)
(5,180
)
Contract and other assets
(2,203
)
(686
)
Accounts payable
(1,080
)
5,472
Accrued income taxes
623
353
Accrued and other liabilities
584
829
Contract liabilities
5,607
400
Net cash provided by (used in) operating activities
5,204
(5,962
)
Investing Activities
Purchases of property, plant and equipment
(1,135
)
(3,012
)
Proceeds from sale of property, plant and equipment
19,908
—
Acquisition, net of cash and cash equivalents acquired
—
(5,082
)
Net cash provided by (used in) investing activities
18,773
(8,094
)
Financing Activities
Proceeds from the exercise of stock options
720
1,546
Repurchase of common stock
(4,115
)
—
Payments on long-term debt
(4,872
)
(380
)
Borrowings on long-term debt
Net cash (used in) provided by financing activities
(8,267
)
1,166
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(1,672
)
656
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
14,038
(12,234
)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year*
32,836
45,070
Cash, Cash Equivalents and Restricted Cash, End of Year
$
46,874
$
32,836
View source version on businesswire.com: https://www.businesswire.com/news/home/20221130005979/en/
Amtech Systems, Inc. Lisa D. Gibbs Chief Financial Officer (480) 360-3756 irelations@amtechsystems.com
Sapphire Investor Relations, LLC Erica Mannion and Mike Funari (617) 542-6180 irelations@amtechsystems.com
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