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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.13 | -2.66% | 4.75 | 4.75 | 5.00 | 4.89 | 4.70 | 4.88 | 29,129 | 01:00:00 |
(Mark One)
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[X]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended: September 30, 2018
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ________________ to ________________
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AMTECH SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
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Arizona
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86-0411215
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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131 South Clark Drive, Tempe, Arizona
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85281
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
480-967-5146
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Securities registered pursuant to Section 12(b) of the Act:
None
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Securities registered pursuant to Section 12(g) of the Act:
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Common Stock, $0.01 Par Value
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(Title of Class)
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Item 4.
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Mine Safety Disclosures
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•
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Bruce Technologies, Inc., or Bruce Technologies, a Massachusetts corporation based in North Billerica, Massachusetts, acquired in July 2004; and
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•
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BTU International, Inc., or BTU, a Delaware corporation based in North Billerica, Massachusetts, with operations in China, Singapore, Malaysia and the United Kingdom, acquired in January 2015.
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•
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P.R. Hoffman Machine Products, Inc., or PR Hoffman, an Arizona corporation based in Carlisle, Pennsylvania, acquired in July 1997.
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•
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Tempress Systems, Inc., or Tempress, a Texas corporation based in Vaassen, the Netherlands, acquired in 1994 and subsequently reincorporated in the Netherlands;
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•
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R2D Automation SAS, or R2D, a French corporation located near Montpellier, France, acquired in October 2007; and
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•
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SoLayTec B.V., or SoLayTec, a Netherlands corporation based in Eindhoven, the Netherlands. We acquired a 51% controlling interest in 2014 and acquired the remaining 49% in 2017.
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Product
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Countries
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Expiration Date or Pending Approval
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Multiple methods for manufacturing a solar cell and related equipment
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Various
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Various
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Method for manufacturing a solar cell; N-type cells with reverse flow and metal wrap-through
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Netherlands
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2032
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Method for manufacturing a solar cell; N-type cells with reverse flow and metal wrap-through
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United States
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2033
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Wafer boat and use thereof
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Netherlands
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2034
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Wafer boat loader assembly, furnace system, use thereof and method for operating said assembly
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Netherlands
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2035
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IBAL (Individual Boats with Automated Loading) Model S-300
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United States
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Various
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Systems and methods for charging solar cell layers
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Various
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Various
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Gas-bearing-based Atomic Layer Deposition (ALD)
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Europe
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2028
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Carrier-less gas bearing ALD
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Europe
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2029
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Reciprocal and helical-scan multi-nozzle ALD configurations
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Europe
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2030
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Ultrafast gas bearing-based reactive ion etching
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Europe
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2030
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Contactless ALD patterning process
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Europe
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2030
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Maskless patterned fast ALD
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Europe
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2030
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Modular furnace system
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United States
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2021
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Convection furnace thermal profile enhancement
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United States
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2023
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Lapping machine adjustable mechanism
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Various
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2027
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RFID-containing carriers used for silicon wafer quality
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United States
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2027
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•
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changes in global and regional economic conditions;
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•
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the shift of solar and semiconductor production to Asia, where there often is increased price competition;
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•
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tariffs, quotas and international trade barriers, including without limitation unfair trade proceedings against solar PV manufacturers in China;
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•
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changes in capacity utilization and production volume of manufacturers of solar cells, semiconductors, silicon wafers and MEMS;
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•
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the profitability and capital resources of those manufacturers;
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•
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challenges associated with marketing and selling manufacturing equipment and services to a diverse and diffuse customer base; and
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•
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the financial condition of solar PV customers and their access to affordable financing and capital.
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•
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a structural imbalance between supply and demand, which has increased competitive pressure on selling prices;
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•
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varying energy policies of governments around the world and their influence on the rate of growth of the solar PV market, including the availability and amount of government incentives for solar power such as tax credits, feed-in tariffs, rebates, renewable energy portfolio standards and requirements for solar installations on government facilities;
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•
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the need to continually decrease the cost-per-watt of electricity produced by solar PV products to or below competing sources of energy by, among other things, reducing operating costs and increasing throughputs for solar PV manufacturing, and improving the conversion efficiency of solar PV;
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•
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the impact on demand for solar PV products arising from the cost of electricity generated by solar PV compared to the cost of electricity from the existing grid or other energy sources;
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•
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varying levels of operating and industry experience among solar PV manufacturers and the resulting differences in the nature and extent of customer support services requested from us;
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•
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the cost of polysilicon and other materials; and
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•
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an increasing number of local equipment and parts suppliers based in Asia with certain cost and other advantages over suppliers from outside Asia.
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•
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project delays and cost over-runs, leading to lower-than-expected revenue;
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•
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organizational stress/burden that could impact fulfillment of other orders;
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•
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project duration and customer acceptance;
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•
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use of and reliance on subcontractors;
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•
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supplier relationships and constraints;
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•
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pricing and fulfillment;
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•
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unfavorable turnkey site conditions, such as readiness of customer facilities and access restrictions; and
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•
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local regulations and policies.
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•
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maintain the appropriate number and mix of permanent, part-time, temporary and contract employees to meet the fluctuating demand for our products;
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•
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train, integrate and manage personnel, particularly process engineers, field service engineers, sales and marketing personnel, and financial and information technology personnel to maintain and improve skills and morale;
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retain key management and augment our management team, particularly if we lose key members;
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•
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continue to enhance our customer resource and manufacturing management systems to maintain high levels of customer satisfaction and efficiencies, including inventory control;
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•
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implement and improve existing and new administrative, financial and operations systems, procedures and controls;
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•
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expand and upgrade our technological capabilities; and
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•
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manage multiple relationships with our customers, suppliers and other third parties.
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•
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the failure or inability of suppliers to timely deliver sufficient quantities of quality parts on a cost-effective basis;
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•
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volatility in the availability and cost of materials, including rare earth elements;
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•
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difficulties or delays in obtaining required import or export approvals;
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•
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information technology or infrastructure failures; and
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•
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natural disasters or other events beyond our control (such as earthquakes, floods or storms, regional economic downturns, pandemics, social unrest, political instability, terrorism, or acts of war), particularly where we conduct manufacturing operations.
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•
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Asia -
70%
(including China -
53%
, Malaysia
6%
and Taiwan -
7%
); and
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•
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Europe -
16%
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•
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increased costs associated with maintaining the ability to understand the local markets and follow their trends and customs, as well as developing and maintaining an effective marketing and distributing presence;
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•
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limitations on our ability to require advance payments from our customers;
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•
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difficulty in providing customer service and support in local markets;
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•
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difficulty in staffing and managing overseas operations;
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•
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longer sales cycles and time collection periods;
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•
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fewer or weaker legal protections for our intellectual property rights;
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•
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failure to develop appropriate risk management and internal control structures tailored to overseas operations;
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•
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difficulty and costs relating to compliance with the different or changing commercial and legal requirements of our overseas markets;
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•
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fluctuations in foreign currency exchange and interest rates;
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•
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failure to obtain or maintain certifications for our products or services in these markets; and
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•
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international trade barriers such as export requirements, tariffs, taxes and other restrictions and expenses.
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•
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difficulties and increased costs in connection with integration of geographically diverse personnel,
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•
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diversion of management’s attention from other operational matters;
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•
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the potential loss of our key employees and the key employees of acquired companies;
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•
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the potential loss of our key customers and suppliers and the key customers and suppliers of acquired companies;
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•
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disagreement with joint venture or strategic alliance partners;
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failure to comply with laws and regulations as well as industry or technical standards of the overseas markets into which we expand;
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•
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our inability to achieve the intended cost efficiency, level of profitability or other intended strategic goals for the acquisitions, strategic investments, joint ventures or other strategic alliances;
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•
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lack of synergy, or inability to realize expected synergies, resulting from the acquisition;
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•
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the possibility that the issuance of our common stock, if any, in an acquisition or merger could be dilutive to our shareholders;
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•
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impairment of acquired assets as a result of technological advancements or worse-than-expected performance of the acquired company;
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•
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inability to complete proposed transactions as anticipated or at all and any ensuing obligation to pay a termination fee and any other associated transaction expenses;
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•
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the potential impact of the announcement or consummation of a proposed transaction on relationships with third parties;
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•
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potential changes in our credit rating, which could adversely impact our access to and cost of capital;
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•
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potential litigation that may arise in connection with an acquisition;
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•
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reductions in cash balances and/or increases in debt obligations to finance activities associated with a transaction, which reduce the availability of cash flow for general corporate or other purposes;
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•
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inadequacy or ineffectiveness of an acquired company’s internal financial controls, disclosure controls and procedures, and/or environmental, health and safety, anti-corruption, human resource or other policies or practices; and
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•
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unknown, underestimated and/or undisclosed commitments or liabilities.
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•
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We sell and operate globally in the United States, Europe and Asia. Disagreement could occur on the jurisdiction of income and taxation among different governmental tax authorities. Potential areas of dispute may include transfer pricing, intercompany charges and intercompany balances.
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We are subject to a China withholding tax on certain non-tangible charges made under our transfer pricing agreements. The interpretation of what charges are subject to the tax and when the liability for the tax occurs has varied and could change in the future.
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•
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Tax rates may increase, and, therefore, have a material adverse effect on our earnings and cash flows.
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Location
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Use
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Own or Lease
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Size
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Corporate
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Tempe, AZ
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Corporate Headquarters
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Own
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15,000 sf
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Solar Equipment Segment
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|
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Vaassen, the Netherlands
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Office, Mfg. & Warehouse
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Own
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54,000 sf
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Eindhoven, the Netherlands
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Office, Mfg. & Warehouse
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Rent
|
|
6,800 sf
|
Clapiers, France
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Office, Mfg. & Warehouse
|
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Rent
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12,000 sf
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Clapiers, France
|
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Manufacturing
|
|
Rent
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6,700 sf
|
Le Cres, France
|
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Manufacturing
|
|
Rent
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|
3,000 sf
|
Semiconductor Equipment Segment
|
|
|
|
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N. Billerica, MA
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Office, Mfg. & Warehouse
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Own
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150,000 sf
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Ashvale, Surrey, U.K.
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Office
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Lease
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1,900 sf
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Shanghai, China
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Office, Mfg. & Warehouse
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Lease
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49,000 sf
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Singapore
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Office
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Lease
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1,600 sf
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Penang, Malaysia
|
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Office
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Lease
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1,570 sf
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Polishing Supplies Segment
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Carlisle, PA
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Office & Mfg.
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Lease
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22,000 sf
|
Period
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(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
July 1, 2018 through
July 31, 2018
|
—
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|
$
|
—
|
|
—
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|
$
|
4,000,000
|
|
August 1, 2018 through
August 31, 2018
|
452,439
|
|
$
|
5.15
|
|
452,439
|
|
$
|
1,671,921
|
|
September 1, 2018 through
September 30, 2018
|
318,710
|
|
$
|
5.24
|
|
318,710
|
|
$
|
—
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Total
|
771,149
|
|
$
|
5.19
|
|
771,149
|
|
|
|
Years Ended September 30,
|
||||||||||||||||||
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2018
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2017
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2016
|
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2015
|
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2014
|
||||||||||
Operating Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue
|
$
|
176,426
|
|
|
$
|
164,516
|
|
|
$
|
120,308
|
|
|
$
|
104,883
|
|
|
$
|
56,501
|
|
Gross profit
|
$
|
55,157
|
|
|
$
|
51,932
|
|
|
$
|
34,063
|
|
|
$
|
27,008
|
|
|
$
|
11,626
|
|
Gross margin
|
31
|
%
|
|
32
|
%
|
|
28
|
%
|
|
26
|
%
|
|
21
|
%
|
|||||
Operating income (loss)
(1)
|
$
|
1,919
|
|
|
$
|
10,425
|
|
|
$
|
(7,908
|
)
|
|
$
|
(13,521
|
)
|
|
$
|
(13,089
|
)
|
Net income (loss) attributable to Amtech Systems, Inc.
(2)(3)
|
$
|
5,305
|
|
|
$
|
9,131
|
|
|
$
|
(7,008
|
)
|
|
$
|
(7,771
|
)
|
|
$
|
(13,047
|
)
|
Income (loss) per share attributable to Amtech Systems, Inc.:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per share
|
$
|
0.36
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
|
$
|
(0.65
|
)
|
|
$
|
(1.34
|
)
|
Diluted income (loss) per share
|
$
|
0.35
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
|
$
|
(0.65
|
)
|
|
$
|
(1.34
|
)
|
Order backlog
|
$
|
51,101
|
|
|
$
|
102,377
|
|
|
$
|
48,610
|
|
|
$
|
34,589
|
|
|
$
|
28,522
|
|
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
58,331
|
|
|
$
|
51,121
|
|
|
$
|
27,655
|
|
|
$
|
25,852
|
|
|
$
|
27,367
|
|
Working capital
|
$
|
79,147
|
|
|
$
|
71,144
|
|
|
$
|
44,860
|
|
|
$
|
46,331
|
|
|
$
|
32,289
|
|
Total assets
|
$
|
149,406
|
|
|
$
|
191,623
|
|
|
$
|
118,430
|
|
|
$
|
125,456
|
|
|
$
|
89,904
|
|
Total current liabilities
|
$
|
45,143
|
|
|
$
|
85,969
|
|
|
$
|
38,064
|
|
|
$
|
39,371
|
|
|
$
|
33,136
|
|
Current maturities of long-term debt
|
$
|
374
|
|
|
$
|
361
|
|
|
$
|
1,134
|
|
|
$
|
919
|
|
|
$
|
—
|
|
Long-term debt
|
$
|
7,960
|
|
|
$
|
8,134
|
|
|
$
|
9,097
|
|
|
$
|
8,448
|
|
|
$
|
—
|
|
Total equity
|
$
|
93,090
|
|
|
$
|
90,483
|
|
|
$
|
65,339
|
|
|
$
|
72,647
|
|
|
$
|
53,588
|
|
(1)
|
Includes $0.5 million, $0.4 million, $0.1 million, $0.1 million and $0.3 million of expense related to inventory write-downs in 2018, 2017, 2016, 2015 and 2014, respectively. Includes $0.9 million and $0.6 million of expense related to restructuring in 2018 and 2015, respectively. Includes $45,000, $(0.7) million, $1.7 million, $(0.2) million and $1.3 million of expense (benefit) related to provision for doubtful accounts receivable in 2018, 2017, 2016, 2015 and 2014, respectively. Includes $7.0 million related to long-lived asset impairment charges in 2018.
|
(2)
|
Includes a pre-tax gain of $2.9 million on the sale of our remaining ownership interest in Kingstone Hong Kong in 2018, a pre-tax gain of $2.6 million on the sale of Kingstone service rights in 2016 and a $8.8 million gain on deconsolidation resulting from the deconsolidation of Kingstone in 2015.
|
(3)
|
Excludes losses of $1.0 million, $1.5 million, $1.3 million and $1.7 million in 2017, 2016, 2015 and 2014, respectively, which are attributable to the 55% controlling interest in Kingstone acquired February 18, 2011 (subsequently deconsolidated in 2015) and the 51% interest in SoLayTec acquired December 24, 2014. During 2017, we acquired the remaining 49% interest in SoLayTec, resulting in Amtech becoming the sole owner. Effective July 1, 2017, Amtech results no longer include a non-controlling interest attributable to SoLayTec.
|
|
Years Ended September 30,
|
||||
|
2018
|
|
2017
|
||
Net revenue
|
100
|
%
|
|
100
|
%
|
Cost of sales
|
69
|
%
|
|
68
|
%
|
Gross margin
|
31
|
%
|
|
32
|
%
|
Selling, general and administrative
|
21
|
%
|
|
21
|
%
|
Research, development and engineering
|
4
|
%
|
|
4
|
%
|
Impairment charges
|
4
|
%
|
|
—
|
%
|
Restructuring charges
|
1
|
%
|
|
—
|
%
|
Operating income
|
1
|
%
|
|
7
|
%
|
Gain on sale of other assets
|
2
|
%
|
|
—
|
%
|
(Loss) income from equity method investment
|
—
|
%
|
|
—
|
%
|
Interest and other expense, net
|
—
|
%
|
|
—
|
%
|
Income before income taxes
|
3
|
%
|
|
7
|
%
|
Income tax provision
|
0
|
%
|
|
1
|
%
|
Net income
|
3
|
%
|
|
6
|
%
|
Add: Net loss attributable to non-controlling interest
|
—
|
%
|
|
1
|
%
|
Net income attributable to Amtech Systems, Inc.
|
3
|
%
|
|
7
|
%
|
|
|
|
|
|
|
Years Ended September 30,
|
|
Increase (Decrease)
|
|
|
|||||||||
Segment
|
|
2018
|
|
2017
|
|
|
% Change
|
||||||||
Solar
|
|
$
|
82,502
|
|
|
$
|
87,031
|
|
|
$
|
(4,529
|
)
|
|
(5
|
)%
|
Semiconductor
|
|
80,163
|
|
|
67,237
|
|
|
12,926
|
|
|
19
|
%
|
|||
Polishing
|
|
13,761
|
|
|
10,248
|
|
|
3,513
|
|
|
34
|
%
|
|||
Total net revenue
|
|
$
|
176,426
|
|
|
$
|
164,516
|
|
|
$
|
11,910
|
|
|
7
|
%
|
Segment
|
|
September 30,
2018 |
|
September 30,
2017 |
|
Increase (Decrease)
|
|
% Change
|
|||||||
Solar
|
|
$
|
27,383
|
|
|
$
|
81,371
|
|
|
$
|
(53,988
|
)
|
|
(66
|
)%
|
Semiconductor
|
|
21,023
|
|
|
19,318
|
|
|
1,705
|
|
|
9
|
%
|
|||
Polishing
|
|
2,695
|
|
|
1,688
|
|
|
1,007
|
|
|
60
|
%
|
|||
Total backlog
|
|
$
|
51,101
|
|
|
$
|
102,377
|
|
|
$
|
(51,276
|
)
|
|
(50
|
)%
|
Segment
|
|
September 30,
2018 |
|
September 30,
2017 |
|
Increase (Decrease)
|
|
% Change
|
|||||||
Solar
|
|
$
|
36,073
|
|
|
$
|
126,577
|
|
|
$
|
(90,504
|
)
|
|
(72
|
)%
|
Semiconductor
|
|
81,868
|
|
|
72,931
|
|
|
8,937
|
|
|
12
|
%
|
|||
Polishing
|
|
14,769
|
|
|
10,980
|
|
|
3,789
|
|
|
35
|
%
|
|||
Total new orders
|
|
$
|
132,710
|
|
|
$
|
210,488
|
|
|
$
|
(77,778
|
)
|
|
(37
|
)%
|
|
|
Years Ended September 30,
|
|
|
||||||||||||
Segment
|
|
2018
|
|
Gross Margin
|
|
2017
|
|
Gross Margin
|
|
Incr (Decr)
|
||||||
Solar
|
|
$
|
19,351
|
|
|
23%
|
|
$
|
21,671
|
|
|
25%
|
|
$
|
(2,320
|
)
|
Semiconductor
|
|
30,522
|
|
|
38%
|
|
26,340
|
|
|
39%
|
|
4,182
|
|
|||
Polishing
|
|
5,284
|
|
|
38%
|
|
3,921
|
|
|
38%
|
|
1,363
|
|
|||
Total gross profit
|
|
$
|
55,157
|
|
|
31%
|
|
$
|
51,932
|
|
|
32%
|
|
$
|
3,225
|
|
|
Fiscal Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net cash provided by (used in) operating activities
|
$
|
6,790
|
|
|
$
|
11,789
|
|
|
$
|
(9,689
|
)
|
Net cash provided by (used in) investing activities
|
$
|
4,351
|
|
|
$
|
(1,216
|
)
|
|
$
|
11,173
|
|
Net cash (used in) provided by financing activities
|
$
|
(2,476
|
)
|
|
$
|
12,701
|
|
|
$
|
457
|
|
Effect of exchange rate changes on cash
|
$
|
(1,455
|
)
|
|
$
|
192
|
|
|
$
|
(138
|
)
|
Net increase in cash and cash equivalents
|
$
|
7,210
|
|
|
$
|
23,466
|
|
|
$
|
1,803
|
|
Cash and cash equivalents, beginning of year
|
$
|
51,121
|
|
|
$
|
27,655
|
|
|
$
|
25,852
|
|
Cash and cash equivalents, end of year
|
$
|
58,331
|
|
|
$
|
51,121
|
|
|
$
|
27,655
|
|
Contractual obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Debt obligations
|
|
$
|
8,334
|
|
|
$
|
374
|
|
|
$
|
1,630
|
|
|
$
|
1,696
|
|
|
$
|
4,634
|
|
Operating lease obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Buildings
|
|
1,212
|
|
|
727
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|||||
Office equipment
|
|
125
|
|
|
65
|
|
|
39
|
|
|
21
|
|
|
—
|
|
|||||
Vehicles
|
|
323
|
|
|
181
|
|
|
134
|
|
|
8
|
|
|
—
|
|
|||||
Total operating lease obligations
|
|
1,660
|
|
|
973
|
|
|
658
|
|
|
29
|
|
|
—
|
|
|||||
Purchase obligations
|
|
14,984
|
|
|
14,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
24,978
|
|
|
$
|
16,331
|
|
|
$
|
2,288
|
|
|
$
|
1,725
|
|
|
$
|
4,634
|
|
Other commercial obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bank guarantees
|
|
$
|
3,825
|
|
|
$
|
3,825
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
1.
|
For our equipment business, transactions where legal title passes to the customer upon shipment, we recognize revenue upon shipment for those products where the customer’s defined specifications have been met with at least two similarly configured systems and processes for a comparably situated customer. Our selling prices may include both equipment and services, i.e., installation and start-up services performed by our service technicians. The equipment and services are multiple deliverables. Certain equipment that has a positive track record of successful installation and customer acceptance are considered to be routine systems. Our recognition
|
2.
|
For products where the customer’s defined specifications have not been met with at least two similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. We have, on occasion, experienced longer than expected delays in receiving cash from certain customers pending final installation or system acceptance. If some of our customers refuse to pay the final payment, or otherwise delay final acceptance or installation, the deferred revenue would not be recognized, adversely affecting our future cash flows and operating results.
|
3.
|
Sales of certain equipment, spare parts and consumables are recognized upon shipment, as there are no post shipment obligations other than standard warranties.
|
4.
|
Service revenue is recognized upon performance of the services requested by the customer. Revenue related to service contracts is recognized ratably over the period of the contract or in accordance with the terms of the contract, which generally coincides with the performance of the services requested by the customer.
|
Financial Statements
|
|
|
/s/ MAYER HOFFMAN MCCANN P.C.
|
We have served as the Company's auditor since 2005.
|
|
|
|
Phoenix, Arizona
|
|
December 7, 2018
|
|
|
/s/ MAYER HOFFMAN MCCANN P.C.
|
Phoenix, Arizona
|
|
December 7, 2018
|
|
Assets
|
|
September 30,
2018 |
|
September 30,
2017 |
||||
Current Assets
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
$
|
58,331
|
|
|
$
|
51,121
|
|
Restricted cash
|
|
4,165
|
|
|
24,640
|
|
||
Accounts receivable
|
|
|
|
|
|
|||
Trade (less allowance for doubtful accounts of $1,407 and $866 at
|
|
20,475
|
|
|
22,519
|
|
||
September 30, 2018 and September 30, 2017, respectively)
|
|
|
|
|
||||
Unbilled and other
|
|
12,749
|
|
|
14,275
|
|
||
Inventory
|
|
24,710
|
|
|
30,210
|
|
||
Vendor deposits
|
|
668
|
|
|
11,806
|
|
||
Other
|
|
3,192
|
|
|
2,542
|
|
||
Total current assets
|
|
124,290
|
|
|
157,113
|
|
||
Property, Plant and Equipment - Net
|
|
16,452
|
|
|
15,792
|
|
||
Intangible Assets - Net
|
|
1,130
|
|
|
3,495
|
|
||
Goodwill - Net
|
|
6,633
|
|
|
11,405
|
|
||
Investments
|
|
—
|
|
|
2,615
|
|
||
Deferred Income Taxes
|
|
—
|
|
|
200
|
|
||
Other Assets
|
|
901
|
|
|
1,003
|
|
||
Total Assets
|
|
$
|
149,406
|
|
|
$
|
191,623
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
11,374
|
|
|
$
|
21,555
|
|
Accrued compensation and related taxes
|
|
7,394
|
|
|
7,592
|
|
||
Accrued warranty expense
|
|
1,040
|
|
|
1,254
|
|
||
Other accrued liabilities
|
|
4,239
|
|
|
2,056
|
|
||
Customer deposits
|
|
15,298
|
|
|
48,784
|
|
||
Current maturities of long-term debt
|
|
374
|
|
|
361
|
|
||
Deferred profit
|
|
3,071
|
|
|
4,081
|
|
||
Income taxes payable
|
|
2,353
|
|
|
286
|
|
||
Total current liabilities
|
|
45,143
|
|
|
85,969
|
|
||
Long-Term Debt
|
|
7,960
|
|
|
8,134
|
|
||
Income Taxes Payable
|
|
3,213
|
|
|
7,037
|
|
||
Total Liabilities
|
|
56,316
|
|
|
101,140
|
|
||
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: 14,216,596 and 14,710,591 at September 30, 2018 and September 30, 2017, respectively
|
|
142
|
|
|
147
|
|
||
Additional paid-in capital
|
|
124,316
|
|
|
125,564
|
|
||
Accumulated other comprehensive loss
|
|
(9,974
|
)
|
|
(8,529
|
)
|
||
Retained deficit
|
|
(21,394
|
)
|
|
(26,699
|
)
|
||
Total Shareholders’ Equity
|
|
93,090
|
|
|
90,483
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
149,406
|
|
|
$
|
191,623
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenue, net of returns and allowances
|
$
|
176,426
|
|
|
$
|
164,516
|
|
|
$
|
120,308
|
|
Cost of sales
|
121,269
|
|
|
112,584
|
|
|
86,245
|
|
|||
Gross profit
|
55,157
|
|
|
51,932
|
|
|
34,063
|
|
|||
|
|
|
|
|
|
||||||
Selling, general and administrative
|
37,535
|
|
|
35,135
|
|
|
33,967
|
|
|||
Research, development and engineering
|
7,800
|
|
|
6,372
|
|
|
8,004
|
|
|||
Impairment charges
|
7,006
|
|
|
—
|
|
|
—
|
|
|||
Restructuring charges
|
897
|
|
|
—
|
|
|
—
|
|
|||
Operating income (loss)
|
1,919
|
|
|
10,425
|
|
|
(7,908
|
)
|
|||
Gain on sale of other assets
|
2,883
|
|
|
—
|
|
|
2,576
|
|
|||
Income (loss) from equity method investment
|
234
|
|
|
(417
|
)
|
|
299
|
|
|||
Interest and other income (expense), net
|
489
|
|
|
(178
|
)
|
|
(417
|
)
|
|||
Income (loss) before income taxes
|
5,525
|
|
|
9,830
|
|
|
(5,450
|
)
|
|||
Income tax provision
|
220
|
|
|
1,744
|
|
|
3,100
|
|
|||
Net income (loss)
|
5,305
|
|
|
8,086
|
|
|
(8,550
|
)
|
|||
Add: Net loss attributable to non-controlling interest
|
—
|
|
|
1,045
|
|
|
1,542
|
|
|||
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
5,305
|
|
|
$
|
9,131
|
|
|
$
|
(7,008
|
)
|
|
|
|
|
|
|
||||||
Income (Loss) Per Share:
|
|
|
|
|
|
||||||
Basic income (loss) per share attributable to Amtech shareholders
|
$
|
0.36
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
Weighted average shares outstanding
|
14,833
|
|
|
13,378
|
|
|
13,168
|
|
|||
Diluted income (loss) per share attributable to Amtech shareholders
|
$
|
0.35
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
Weighted average shares outstanding
|
15,065
|
|
|
13,501
|
|
|
13,168
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income (loss)
|
$
|
5,305
|
|
|
$
|
8,086
|
|
|
$
|
(8,550
|
)
|
Foreign currency translation adjustment
|
(1,445
|
)
|
|
423
|
|
|
(199
|
)
|
|||
Comprehensive income (loss)
|
3,860
|
|
|
8,509
|
|
|
(8,749
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive loss attributable to non-controlling interest
|
—
|
|
|
969
|
|
|
1,531
|
|
|||
Comprehensive income (loss) attributable to Amtech Systems, Inc.
|
$
|
3,860
|
|
|
$
|
9,478
|
|
|
$
|
(7,218
|
)
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-in Capital
|
|
Accum-ulated Other Compre-hensive
Income (Loss)
|
|
Retained
Deficit
|
|
Total Share-holders’
Equity |
|
Non-control-ling Interest
|
|
Total
Equity |
||||||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Cost
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balances at September 30, 2015
|
13,150
|
|
|
$
|
131
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
110,191
|
|
|
$
|
(8,666
|
)
|
|
$
|
(28,822
|
)
|
|
$
|
72,834
|
|
|
$
|
(187
|
)
|
|
$
|
72,647
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,008
|
)
|
|
(7,008
|
)
|
|
(1,542
|
)
|
|
(8,550
|
)
|
||||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(210
|
)
|
|
—
|
|
|
(210
|
)
|
|
11
|
|
|
(199
|
)
|
||||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
|
—
|
|
|
1,390
|
|
||||||||
Restricted shares released
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock options exercised
|
15
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
51
|
|
||||||||
Balances at September 30, 2016
|
13,179
|
|
|
$
|
132
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
111,631
|
|
|
$
|
(8,876
|
)
|
|
$
|
(35,830
|
)
|
|
$
|
67,057
|
|
|
$
|
(1,718
|
)
|
|
$
|
65,339
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,131
|
|
|
9,131
|
|
|
(1,045
|
)
|
|
8,086
|
|
||||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347
|
|
|
—
|
|
|
347
|
|
|
76
|
|
|
423
|
|
||||||||
Acquisition of non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,687
|
|
|
2,687
|
|
||||||||
Tax benefit of stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
||||||||
Proceeds from stock offering
|
1,214
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
10,620
|
|
|
—
|
|
|
—
|
|
|
10,632
|
|
|
|
|
10,632
|
|
|||||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,328
|
|
|
—
|
|
|
—
|
|
|
1,328
|
|
|
—
|
|
|
1,328
|
|
||||||||
Stock options exercised
|
318
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,967
|
|
|
—
|
|
|
—
|
|
|
1,970
|
|
|
—
|
|
|
1,970
|
|
||||||||
Balances at September 30, 2017
|
14,711
|
|
|
$
|
147
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
125,564
|
|
|
$
|
(8,529
|
)
|
|
$
|
(26,699
|
)
|
|
$
|
90,483
|
|
|
$
|
—
|
|
|
$
|
90,483
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,305
|
|
|
5,305
|
|
|
—
|
|
|
5,305
|
|
||||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,445
|
)
|
|
—
|
|
|
(1,445
|
)
|
|
—
|
|
|
(1,445
|
)
|
||||||||
Repurchase of treasury stock
|
—
|
|
|
—
|
|
|
(771
|
)
|
|
(4,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,000
|
)
|
|
—
|
|
|
(4,000
|
)
|
||||||||
Retirement of treasury stock
|
(771
|
)
|
|
(8
|
)
|
|
771
|
|
|
4,000
|
|
|
(3,992
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
855
|
|
|
—
|
|
|
—
|
|
|
855
|
|
|
—
|
|
|
855
|
|
||||||||
Stock options exercised
|
277
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,889
|
|
|
—
|
|
|
—
|
|
|
1,892
|
|
|
—
|
|
|
1,892
|
|
||||||||
Balances at September 30, 2018
|
14,217
|
|
|
$
|
142
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
124,316
|
|
|
$
|
(9,974
|
)
|
|
$
|
(21,394
|
)
|
|
$
|
93,090
|
|
|
$
|
—
|
|
|
$
|
93,090
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
5,305
|
|
|
$
|
8,086
|
|
|
$
|
(8,550
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
1,854
|
|
|
2,493
|
|
|
2,974
|
|
|||
Non-cash impairment charges
|
7,006
|
|
|
—
|
|
|
—
|
|
|||
Write-down of inventory
|
542
|
|
|
420
|
|
|
84
|
|
|||
Capitalized interest
|
143
|
|
|
277
|
|
|
322
|
|
|||
Provision for (reversal of) allowance for doubtful accounts
|
45
|
|
|
(720
|
)
|
|
1,698
|
|
|||
Deferred income taxes
|
209
|
|
|
(27
|
)
|
|
2,280
|
|
|||
Non-cash share based compensation expense
|
855
|
|
|
1,328
|
|
|
1,390
|
|
|||
(Gain) loss on sale of property, plant and equipment
|
(92
|
)
|
|
26
|
|
|
(60
|
)
|
|||
Gain on sale of other assets
|
(2,883
|
)
|
|
—
|
|
|
(2,576
|
)
|
|||
(Income) loss from equity method investment
|
(234
|
)
|
|
417
|
|
|
(299
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|||||
Restricted cash
|
20,558
|
|
|
(22,262
|
)
|
|
(253
|
)
|
|||
Accounts receivable
|
3,274
|
|
|
(8,655
|
)
|
|
(4,998
|
)
|
|||
Inventory
|
3,965
|
|
|
(6,638
|
)
|
|
491
|
|
|||
Accrued income taxes
|
(1,749
|
)
|
|
573
|
|
|
351
|
|
|||
Vendor deposits and other assets
|
10,649
|
|
|
(8,898
|
)
|
|
(814
|
)
|
|||
Accounts payable
|
(10,164
|
)
|
|
5,374
|
|
|
(224
|
)
|
|||
Customer deposits and accrued liabilities
|
(31,532
|
)
|
|
40,817
|
|
|
(1,355
|
)
|
|||
Deferred profit
|
(961
|
)
|
|
(822
|
)
|
|
(150
|
)
|
|||
Net cash provided by (used in) operating activities
|
6,790
|
|
|
11,789
|
|
|
(9,689
|
)
|
|||
Investing Activities
|
|
|
|
|
|
|
|
|
|||
Purchases of property, plant and equipment
|
(1,495
|
)
|
|
(1,256
|
)
|
|
(978
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
114
|
|
|
40
|
|
|
255
|
|
|||
Proceeds from partial sale of subsidiary
|
—
|
|
|
—
|
|
|
7,012
|
|
|||
Proceeds from sale of other assets
|
5,732
|
|
|
—
|
|
|
4,884
|
|
|||
Net cash provided by (used in) investing activities
|
4,351
|
|
|
(1,216
|
)
|
|
11,173
|
|
|||
Financing Activities
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of common stock, net
|
1,892
|
|
|
12,602
|
|
|
51
|
|
|||
Repurchase of common stock
|
(4,000
|
)
|
|
—
|
|
|
—
|
|
|||
Payments on long-term obligations
|
(368
|
)
|
|
(674
|
)
|
|
(739
|
)
|
|||
Borrowings on long-term debt
|
—
|
|
|
755
|
|
|
1,145
|
|
|||
Excess tax benefit of stock compensation
|
—
|
|
|
18
|
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
(2,476
|
)
|
|
12,701
|
|
|
457
|
|
|||
Effect of Exchange Rate Changes on Cash
|
(1,455
|
)
|
|
192
|
|
|
(138
|
)
|
|||
Net Increase in Cash and Cash Equivalents
|
7,210
|
|
|
23,466
|
|
|
1,803
|
|
|||
Cash and Cash Equivalents, Beginning of Year
|
51,121
|
|
|
27,655
|
|
|
25,852
|
|
|||
Cash and Cash Equivalents, End of Year
|
$
|
58,331
|
|
|
$
|
51,121
|
|
|
$
|
27,655
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|||
Income tax (payments) refunds, net
|
$
|
(980
|
)
|
|
$
|
146
|
|
|
$
|
(116
|
)
|
Interest paid, net of capitalized interest
|
304
|
|
|
269
|
|
|
305
|
|
|||
Supplemental Non-cash Financing and Investing Activities:
|
|
|
|
|
|
||||||
Transfer inventory to property, plant, and equipment
|
$
|
902
|
|
|
$
|
120
|
|
|
$
|
—
|
|
Transfer of property, plant, and equipment to inventory
|
—
|
|
|
22
|
|
|
526
|
|
|||
Net of acquired non-controlling interest over debt forgiveness (See Note 13)
|
—
|
|
|
(332
|
)
|
|
—
|
|
1.
|
For our equipment business, transactions where legal title passes to the customer upon shipment, we recognize revenue upon shipment for those products where the customer’s defined specifications have been met with at least
two
similarly configured systems and processes for a comparably situated customer. Our selling prices may include both equipment and services, i.e., installation and start-up services performed by our service technicians. The equipment and services are multiple deliverables. Certain equipment that has a positive track record of successful installation and customer acceptance are considered to be routine systems. Our recognition of revenue upon delivery of such equipment that has been routinely installed and accepted is equal to the total selling price minus the relative selling price of the undelivered services.
|
2.
|
For products where the customer’s defined specifications have not been met with at least
two
similarly configured systems and processes, the revenue and directly related costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criterion has been met. We have, on occasion, experienced longer than expected delays in receiving cash from certain customers pending final installation or system acceptance. If some of our customers refuse to pay the final payment, or otherwise delay final acceptance or installation, the deferred revenue would not be recognized, adversely affecting our future cash flows and operating results.
|
3.
|
Sales of certain equipment, spare parts and consumables are recognized upon shipment, as there are no post shipment obligations other than standard warranties.
|
4.
|
Service revenue is recognized upon performance of the services requested by the customer. Revenue related to service contracts is recognized ratably over the period of the contract or in accordance with the terms of the contract, which generally coincides with the performance of the services requested by the customer.
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
1,254
|
|
|
$
|
795
|
|
|
$
|
793
|
|
Additions for warranties issued during the period
|
1,567
|
|
|
1,723
|
|
|
1,074
|
|
|||
Reductions in the liability for payments made under the warranty
|
(910
|
)
|
|
(414
|
)
|
|
(832
|
)
|
|||
Changes related to pre-existing warranties
|
(865
|
)
|
|
(872
|
)
|
|
(250
|
)
|
|||
Currency translation adjustment
|
(6
|
)
|
|
22
|
|
|
10
|
|
|||
Ending balance
|
$
|
1,040
|
|
|
$
|
1,254
|
|
|
$
|
795
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Research, development and engineering
|
$
|
9,237
|
|
|
$
|
7,001
|
|
|
$
|
9,535
|
|
Grants earned
|
(1,437
|
)
|
|
(629
|
)
|
|
(1,531
|
)
|
|||
Net research, development and engineering
|
$
|
7,800
|
|
|
$
|
6,372
|
|
|
$
|
8,004
|
|
•
|
We will adopt the standard as of October 1, 2018, the start of our first quarter of fiscal 2019.
|
•
|
We believe that since substantially all of our revenue is contractual, substantially all of our revenue falls within the scope of ASU 2014-09, as amended.
|
•
|
We expect to use the cumulative effect transition method. Such method provides that upon applying the new standard, the cumulative effect from prior periods is recognized in our consolidated balance sheet as of the date of adoption, including an adjustment to retained earnings. Prior periods will not be retrospectively adjusted.
|
•
|
As discussed in our revenue recognition policy above, we currently have three categories of equipment revenue: routine equipment, non-routine equipment and new technology. Our routine equipment revenue is generally recognized upon shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is typically recognized upon customer acceptance. Deferrals for non-routine equipment are generally equal to the contractual non-contingent amount. For new technology, all revenue and direct costs are deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. We have determined that under ASU 2014-09, our policy for deferrals related to non-routine equipment will no longer apply. Therefore, our new revenue recognition policy will consist of only two categories: routine equipment and new technology. Routine equipment revenue will continue to be recognized at shipment with a deferral equal to the relative selling price of the undelivered services (i.e. installation) which is recognized upon customer acceptance. Revenue and direct costs for new technology will continue to be deferred at the time of shipment and later recognized at the time of customer acceptance or when this criteria has been met. The elimination of the non-routine category affects a small percentage of our equipment sales (less than
5%
of fiscal year 2018 revenue). In most contracts, this change will result in higher revenue recognized at shipment and lower revenue deferrals, which are recognized upon customer acceptance.
|
•
|
Sales commissions on contracts with performance periods that exceed one year will be recorded as an asset and amortized to expense over the related contract performance period in proportion to the revenue recognized as opposed to being expensed in the period the transaction is generated.
|
•
|
We expect that our disclosures in the notes to our consolidated financial statements related to revenue recognition will be significantly expanded under the new standard.
|
|
Years ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|||||||||
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
5,305
|
|
|
$
|
9,131
|
|
|
$
|
(7,008
|
)
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Weighted-average shares used to compute basic EPS
|
14,833
|
|
|
13,378
|
|
|
13,168
|
|
|||
Common stock equivalents
(1)
|
232
|
|
|
123
|
|
|
—
|
|
|||
Weighted-average shares used to compute diluted EPS
|
15,065
|
|
|
13,501
|
|
|
13,168
|
|
|||
|
|
|
|
|
|
||||||
Basic income (loss) per share attributable to Amtech shareholders
|
$
|
0.36
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
Diluted income (loss) per share attributable to Amtech shareholders
|
$
|
0.35
|
|
|
$
|
0.68
|
|
|
$
|
(0.53
|
)
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Purchased parts and raw materials
|
$
|
15,896
|
|
|
$
|
14,789
|
|
Work-in-process
|
6,067
|
|
|
11,078
|
|
||
Finished goods
|
2,747
|
|
|
4,343
|
|
||
|
$
|
24,710
|
|
|
$
|
30,210
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Land
|
$
|
4,956
|
|
|
$
|
4,990
|
|
Building and leasehold improvements
|
14,513
|
|
|
14,408
|
|
||
Equipment and machinery
|
10,434
|
|
|
8,934
|
|
||
Furniture and fixtures
|
4,957
|
|
|
5,243
|
|
||
|
34,860
|
|
|
33,575
|
|
||
Accumulated depreciation and amortization
|
(18,408
|
)
|
|
(17,783
|
)
|
||
|
$
|
16,452
|
|
|
$
|
15,792
|
|
|
|
|
Years Ended September 30,
|
||||||||||||||||||
|
|
|
2018
|
|
2017
|
||||||||||||||||
|
Useful Life
|
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
||||||||||||
Customer lists
|
6-10 years
|
|
$
|
1,219
|
|
$
|
(745
|
)
|
$
|
474
|
|
|
$
|
2,471
|
|
$
|
(1,521
|
)
|
$
|
950
|
|
Technology
|
5-10 years
|
|
—
|
|
—
|
|
—
|
|
|
3,386
|
|
(2,024
|
)
|
1,362
|
|
||||||
Trade names
|
10-15 Years
|
|
869
|
|
(213
|
)
|
656
|
|
|
1,468
|
|
(285
|
)
|
1,183
|
|
||||||
Other
|
2-10 years
|
|
—
|
|
—
|
|
—
|
|
|
78
|
|
(78
|
)
|
—
|
|
||||||
|
|
|
$
|
2,088
|
|
$
|
(958
|
)
|
$
|
1,130
|
|
|
$
|
7,403
|
|
$
|
(3,908
|
)
|
$
|
3,495
|
|
|
Solar
|
|
Semiconductor
|
|
Polishing
|
|
Total
|
||||||||
Goodwill
|
$
|
6,962
|
|
|
$
|
5,063
|
|
|
$
|
728
|
|
|
$
|
12,753
|
|
Accumulated impairment losses
|
(1,348
|
)
|
|
—
|
|
|
—
|
|
|
(1,348
|
)
|
||||
Balance at September 30, 2017
|
5,614
|
|
|
5,063
|
|
|
728
|
|
|
11,405
|
|
||||
Impairment of goodwill
|
(5,663
|
)
|
|
—
|
|
|
—
|
|
|
(5,663
|
)
|
||||
Net exchange differences
|
49
|
|
|
842
|
|
|
—
|
|
|
891
|
|
||||
Balance at September 30, 2018
|
$
|
—
|
|
|
$
|
5,905
|
|
|
$
|
728
|
|
|
$
|
6,633
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
6,836
|
|
|
$
|
5,905
|
|
|
$
|
728
|
|
|
$
|
13,469
|
|
Accumulated impairment losses
|
(6,836
|
)
|
|
—
|
|
|
—
|
|
|
(6,836
|
)
|
||||
Balance at September 30, 2018
|
$
|
—
|
|
|
$
|
5,905
|
|
|
$
|
728
|
|
|
$
|
6,633
|
|
|
Annual Maturities
|
||
2019
|
$
|
374
|
|
2020
|
807
|
|
|
2021
|
823
|
|
|
2022
|
840
|
|
|
2023
|
856
|
|
|
Thereafter
|
4,634
|
|
|
Total
|
$
|
8,334
|
|
Name of Plan
|
|
Shares Authorized
|
|
Shares Available
|
|
Options Outstanding
|
|
Plan Expiration
|
|||
2007 Employee Stock Incentive Plan
|
|
3,000,000
|
|
|
739,561
|
|
|
1,042,407
|
|
|
Mar. 2020
|
Non-Employee Directors Stock Option Plan
|
|
500,000
|
|
|
88,600
|
|
|
206,351
|
|
|
Mar. 2020
|
|
|
|
|
|
828,161
|
|
|
1,248,758
|
|
|
|
|
Years Ended September 30,
|
||||
|
2018
|
|
2017
|
|
2016
|
Risk free interest rate
|
3%
|
|
2%
|
|
2%
|
Expected life
|
6 years
|
|
6 years
|
|
6 years
|
Dividend rate
|
0%
|
|
0%
|
|
0%
|
Volatility
|
59%
|
|
63%
|
|
63%
|
|
Years Ended September 30,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
||||||||||||
Outstanding at beginning of period
|
1,560,441
|
|
|
$
|
7.95
|
|
|
1,841,567
|
|
|
$
|
8.15
|
|
|
1,627,477
|
|
|
$
|
9.11
|
|
|||
Granted
|
44,000
|
|
|
7.40
|
|
|
145,000
|
|
|
5.23
|
|
|
360,075
|
|
|
5.25
|
|
||||||
Exercised
|
(277,154
|
)
|
|
6.71
|
|
|
(317,986
|
)
|
|
6.30
|
|
|
(15,346
|
)
|
|
3.28
|
|
||||||
Forfeited/expired
|
(78,529
|
)
|
|
16.12
|
|
|
(108,140
|
)
|
|
12.71
|
|
|
(130,639
|
)
|
|
12.86
|
|
||||||
Outstanding at end of period
|
1,248,758
|
|
|
$
|
7.69
|
|
|
1,560,441
|
|
|
$
|
7.95
|
|
|
1,841,567
|
|
|
$
|
8.15
|
|
|||
Exercisable at end of period
|
1,014,300
|
|
|
$
|
7.93
|
|
|
1,055,865
|
|
|
$
|
8.58
|
|
|
1,127,611
|
|
|
$
|
8.92
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average grant-date fair value of options granted during the period
|
$
|
4.20
|
|
|
|
|
$
|
3.04
|
|
|
|
|
$
|
3.03
|
|
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Range of Exercise
Prices
|
|
Number
Outstanding
|
|
Remaining
Contractual
Life
|
|
Weighted Average
Exercise
Price Per Share
|
|
Number Exercisable
|
|
Weighted Average
Exercise
Price Per Share
|
||||||
|
|
|
|
(in years)
|
|
|
|
|
|
|
||||||
2.95-5.07
|
|
173,154
|
|
|
5.76
|
|
$
|
3.99
|
|
|
112,321
|
|
|
$
|
3.45
|
|
5.20-5.20
|
|
990
|
|
|
0.96
|
|
5.20
|
|
|
990
|
|
|
5.20
|
|
||
5.25-5.25
|
|
204,524
|
|
|
6.93
|
|
5.25
|
|
|
137,024
|
|
|
5.25
|
|
||
5.40-6.15
|
|
79,319
|
|
|
4.95
|
|
5.91
|
|
|
71,819
|
|
|
5.93
|
|
||
7.01-7.01
|
|
160,225
|
|
|
4.74
|
|
7.01
|
|
|
160,225
|
|
|
7.01
|
|
||
7.15-7.87
|
|
68,315
|
|
|
7.19
|
|
7.50
|
|
|
24,315
|
|
|
7.69
|
|
||
7.98-7.98
|
|
186,533
|
|
|
3.05
|
|
7.98
|
|
|
186,533
|
|
|
7.98
|
|
||
8.20-9.94
|
|
21,191
|
|
|
3.21
|
|
9.31
|
|
|
17,441
|
|
|
9.55
|
|
||
9.98-9.98
|
|
228,300
|
|
|
5.81
|
|
9.98
|
|
|
177,425
|
|
|
9.98
|
|
||
10.50-22.26
|
|
126,207
|
|
|
2.12
|
|
13.99
|
|
|
126,207
|
|
|
13.99
|
|
||
|
|
1,248,758
|
|
|
5.03
|
|
$
|
7.69
|
|
|
1,014,300
|
|
|
$
|
7.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Pensioenfonds Metaal en Techniek (PMT)
|
$
|
897
|
|
|
$
|
805
|
|
|
$
|
796
|
|
Other plans
|
188
|
|
|
188
|
|
|
187
|
|
|||
Total
|
$
|
1,085
|
|
|
$
|
993
|
|
|
$
|
983
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Current:
|
|
|
|
|
|
||||||
Domestic federal
|
$
|
1,167
|
|
|
$
|
54
|
|
|
$
|
530
|
|
Foreign
|
(1,404
|
)
|
|
1,330
|
|
|
500
|
|
|||
Foreign withholding taxes
|
356
|
|
|
240
|
|
|
280
|
|
|||
Domestic state
|
101
|
|
|
120
|
|
|
110
|
|
|||
Total current
|
220
|
|
|
1,744
|
|
|
1,420
|
|
|||
|
|
|
|
|
|
||||||
Deferred:
|
|
|
|
|
|
||||||
Domestic federal
|
—
|
|
|
—
|
|
|
1,680
|
|
|||
Total deferred
|
—
|
|
|
—
|
|
|
1,680
|
|
|||
Total provision
|
$
|
220
|
|
|
$
|
1,744
|
|
|
$
|
3,100
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Federal statutory rate
|
24.3
|
%
|
|
34.0
|
%
|
|
34.0
|
%
|
|||
|
|
|
|
|
|
||||||
Tax expense (benefit) at the federal statutory rate
|
$
|
1,342
|
|
|
$
|
3,340
|
|
|
$
|
(1,890
|
)
|
Effect of permanent book-tax differences
|
75
|
|
|
340
|
|
|
1,120
|
|
|||
State tax provision
|
76
|
|
|
100
|
|
|
110
|
|
|||
Valuation allowance for net deferred tax assets
|
617
|
|
|
(1,610
|
)
|
|
2,690
|
|
|||
Uncertain tax items
|
(3,013
|
)
|
|
350
|
|
|
350
|
|
|||
Tax rate differential
|
1,107
|
|
|
(776
|
)
|
|
1,050
|
|
|||
Other items
|
16
|
|
|
—
|
|
|
(330
|
)
|
|||
|
$
|
220
|
|
|
$
|
1,744
|
|
|
$
|
3,100
|
|
|
Years Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Deferred tax assets (liabilities):
|
|
|
|
||||
Capitalized inventory costs
|
$
|
193
|
|
|
$
|
210
|
|
Inventory write-downs
|
1,333
|
|
|
1,945
|
|
||
Accrued warranty
|
204
|
|
|
260
|
|
||
Deferred profits
|
1,006
|
|
|
1,190
|
|
||
Accruals and reserves not currently deductible
|
5,017
|
|
|
1,945
|
|
||
Stock option expense
|
738
|
|
|
1,080
|
|
||
Book vs. tax basis of acquired assets
|
—
|
|
|
(1,290
|
)
|
||
Federal net operating loss carryforwards
|
2,922
|
|
|
4,820
|
|
||
Foreign and state net operating losses
|
13,860
|
|
|
14,800
|
|
||
Book vs. tax depreciation and amortization
|
(1,667
|
)
|
|
(2,250
|
)
|
||
Foreign tax credits
|
—
|
|
|
420
|
|
||
Other deferred tax assets
|
163
|
|
|
—
|
|
||
Total deferred tax assets
|
23,769
|
|
|
23,130
|
|
||
Valuation allowance
|
(23,769
|
)
|
|
(22,930
|
)
|
||
Deferred tax assets, net of valuation allowance
|
$
|
—
|
|
|
$
|
200
|
|
|
Years Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Balance at the beginning of the year
|
$
|
22,930
|
|
|
$
|
24,310
|
|
Additions (reductions) to valuation allowance
|
839
|
|
|
(1,380
|
)
|
||
Balance at the end of the year
|
$
|
23,769
|
|
|
$
|
22,930
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Balance at beginning of the year
|
$
|
4,210
|
|
|
$
|
3,860
|
|
|
$
|
3,510
|
|
Additions related to tax positions taken in prior years
|
155
|
|
|
350
|
|
|
350
|
|
|||
Reductions due to resolution of uncertain tax position
|
(3,167
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at the end of the year
|
$
|
1,198
|
|
|
$
|
4,210
|
|
|
$
|
3,860
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net revenue:
|
|
|
|
|
|
||||||
Solar*
|
$
|
82,502
|
|
|
$
|
87,031
|
|
|
$
|
60,946
|
|
Semiconductor
|
80,163
|
|
|
67,237
|
|
|
50,637
|
|
|||
Polishing
|
13,761
|
|
|
10,248
|
|
|
8,725
|
|
|||
|
$
|
176,426
|
|
|
$
|
164,516
|
|
|
$
|
120,308
|
|
Operating income (loss):
|
|
|
|
|
|
||||||
Solar*
|
$
|
(7,050
|
)
|
|
$
|
6,060
|
|
|
$
|
(6,696
|
)
|
Semiconductor
|
11,848
|
|
|
9,538
|
|
|
3,904
|
|
|||
Polishing
|
3,672
|
|
|
2,617
|
|
|
1,588
|
|
|||
Non-segment related
|
(6,551
|
)
|
|
(7,790
|
)
|
|
(6,704
|
)
|
|||
|
$
|
1,919
|
|
|
$
|
10,425
|
|
|
$
|
(7,908
|
)
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Solar
|
$
|
540
|
|
|
$
|
1,008
|
|
|
$
|
235
|
|
Semiconductor
|
352
|
|
|
236
|
|
|
692
|
|
|||
Polishing
|
603
|
|
|
12
|
|
|
51
|
|
|||
|
$
|
1,495
|
|
|
$
|
1,256
|
|
|
$
|
978
|
|
Depreciation and amortization expense:
|
|
|
|
|
|
||||||
Solar
|
$
|
1,003
|
|
|
$
|
1,544
|
|
|
$
|
2,014
|
|
Semiconductor
|
715
|
|
|
876
|
|
|
870
|
|
|||
Polishing
|
136
|
|
|
73
|
|
|
90
|
|
|||
|
$
|
1,854
|
|
|
$
|
2,493
|
|
|
$
|
2,974
|
|
|
September 30,
2018 |
|
September 30,
2017 |
||||
Identifiable assets:
|
|
|
|
||||
Solar
|
$
|
48,898
|
|
|
$
|
97,999
|
|
Semiconductor
|
59,744
|
|
|
57,177
|
|
||
Polishing
|
6,545
|
|
|
5,078
|
|
||
Non-segment related
|
34,219
|
|
|
31,369
|
|
||
|
$
|
149,406
|
|
|
$
|
191,623
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net revenue:
|
|
||||||||||
The Netherlands
|
$
|
76,373
|
|
|
$
|
81,443
|
|
|
$
|
52,189
|
|
United States
|
72,753
|
|
|
60,952
|
|
|
44,299
|
|
|||
France
|
6,129
|
|
|
5,588
|
|
|
8,758
|
|
|||
China
|
17,634
|
|
|
12,673
|
|
|
11,799
|
|
|||
Other
|
3,537
|
|
|
3,860
|
|
|
3,263
|
|
|||
|
$
|
176,426
|
|
|
$
|
164,516
|
|
|
$
|
120,308
|
|
Operating income (loss):
|
|
|
|
|
|
||||||
The Netherlands
|
$
|
(5,269
|
)
|
|
$
|
5,206
|
|
|
$
|
(7,773
|
)
|
United States
|
3,871
|
|
|
1,527
|
|
|
(1,396
|
)
|
|||
France
|
(3,058
|
)
|
|
(1,000
|
)
|
|
(783
|
)
|
|||
China
|
5,445
|
|
|
3,647
|
|
|
1,530
|
|
|||
Other
|
930
|
|
|
1,045
|
|
|
514
|
|
|||
|
$
|
1,919
|
|
|
$
|
10,425
|
|
|
$
|
(7,908
|
)
|
|
|
|
|
|
|
||||||
|
|
|
As of September 30,
|
||||||||
|
|
|
2018
|
|
2017
|
||||||
Net property, plant and equipment:
|
|
|
|
|
|
||||||
The Netherlands
|
|
|
$
|
5,943
|
|
|
$
|
5,190
|
|
||
United States
|
|
|
10,039
|
|
|
9,924
|
|
||||
France
|
|
|
177
|
|
|
289
|
|
||||
China
|
|
|
293
|
|
|
389
|
|
||||
|
|
|
$
|
16,452
|
|
|
$
|
15,792
|
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Balance at beginning of year
|
$
|
866
|
|
|
$
|
3,730
|
|
|
$
|
5,009
|
|
Provision / (Reversal)
|
45
|
|
|
(720
|
)
|
|
1,698
|
|
|||
Write offs
|
(33
|
)
|
|
(1,249
|
)
|
|
(1,942
|
)
|
|||
Adjustment
(1) (2) (3)
|
529
|
|
|
(895
|
)
|
|
(1,035
|
)
|
|||
Balance at end of year
|
$
|
1,407
|
|
|
$
|
866
|
|
|
$
|
3,730
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Fiscal Year 2018:
|
|
||||||||||||||
Revenue
|
$
|
73,611
|
|
|
$
|
32,783
|
|
|
$
|
41,200
|
|
|
$
|
28,832
|
|
Gross profit
|
$
|
20,337
|
|
|
$
|
11,725
|
|
|
$
|
14,599
|
|
|
$
|
8,496
|
|
Gross margin
|
27.6
|
%
|
|
35.8
|
%
|
|
35.4
|
%
|
|
29.5
|
%
|
||||
Operating income (loss)
|
$
|
7,766
|
|
|
$
|
65
|
|
|
$
|
2,936
|
|
|
$
|
(8,848
|
)
|
Income tax provision (benefit)
|
$
|
1,240
|
|
|
$
|
(2,780
|
)
|
|
$
|
1,390
|
|
|
$
|
370
|
|
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
6,452
|
|
|
$
|
2,835
|
|
|
$
|
4,971
|
|
|
$
|
(8,953
|
)
|
Net income (loss) per share attributable to Amtech Systems, Inc.:
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share
|
$
|
0.44
|
|
|
$
|
0.19
|
|
|
$
|
0.33
|
|
|
$
|
(0.61
|
)
|
Shares used in calculation
|
14,781
|
|
|
14,891
|
|
|
14,925
|
|
|
14,730
|
|
||||
Diluted income (loss) per share
|
$
|
0.42
|
|
|
$
|
0.19
|
|
|
$
|
0.33
|
|
|
$
|
(0.61
|
)
|
Shares used in calculation
|
15,298
|
|
|
15,154
|
|
|
15,091
|
|
|
14,730
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2017:
|
|
||||||||||||||
Revenue
|
$
|
29,135
|
|
|
$
|
32,944
|
|
|
$
|
47,760
|
|
|
$
|
54,677
|
|
Gross profit
|
$
|
8,443
|
|
|
$
|
8,395
|
|
|
$
|
15,502
|
|
|
$
|
19,592
|
|
Gross margin
|
29.0
|
%
|
|
25.5
|
%
|
|
32.5
|
%
|
|
35.8
|
%
|
||||
Operating (loss) income
|
$
|
(180
|
)
|
|
$
|
(1,400
|
)
|
|
$
|
3,971
|
|
|
$
|
8,034
|
|
Income tax provision
|
$
|
90
|
|
|
$
|
194
|
|
|
$
|
986
|
|
|
$
|
474
|
|
Net (loss) income attributable to Amtech Systems, Inc.
|
$
|
(53
|
)
|
|
$
|
(1,420
|
)
|
|
$
|
3,287
|
|
|
$
|
7,317
|
|
Net (loss) income per share attributable to Amtech Systems, Inc.:
|
|
|
|
|
|
|
|
||||||||
Basic (loss) income per share
|
$
|
—
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.25
|
|
|
$
|
0.53
|
|
Shares used in calculation
|
13,179
|
|
|
13,188
|
|
|
13,242
|
|
|
13,895
|
|
||||
Diluted (loss) income per share
|
$
|
—
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.25
|
|
|
$
|
0.51
|
|
Shares used in calculation
|
13,179
|
|
|
13,188
|
|
|
13,398
|
|
|
14,294
|
|
||||
|
|
|
|
|
|
|
|
•
|
a severance payment of
$864,000
in gross, less all customary and appropriate income and employment taxes;
|
•
|
a payment of
$458,500
for all other amounts due him;
|
•
|
all of his time-based stock options, consisting of
264,167
options (the “Options”), became fully vested and immediately exercisable. Mr. Pentinga has the right to exercise
122,500
of such Options with an exercise price of
$7.01
or less until December 31, 2019. The remaining
141,667
of such Options are exercisable during the
90
-day period following the Effective Date; and
|
•
|
certain other benefits as set forth in the Separation Agreement.
|
EXHIBIT
|
|
INCORPORATED BY REFERENCE
|
FILED
|
||||
NO.
|
EXHIBIT DESCRIPTION
|
FORM
|
FILE NO.
|
EXHIBIT NO.
|
FILING DATE
|
HEREWITH
|
|
10-Q
|
000-11412
|
3.1
|
|
February 9, 2012
|
|
||
8-K
|
000-11412
|
3.1
|
|
April 28, 2005
|
|
||
8-K
|
000-11412
|
3.1
|
|
January 8, 2008
|
|
||
8-K
|
000-11412
|
3.1
|
|
February 2, 2015
|
|
||
8-K
|
000-11412
|
4.1
|
|
October 5, 2015
|
|
||
8-K
|
000-11412
|
4.1
|
|
April 28, 2005
|
|
||
8-K
|
000-11412
|
10.1
|
|
May 14, 2014
|
|
||
8-K
|
000-11412
|
10.4
|
|
April 10, 2015
|
|
||
10-Q
|
000-11412
|
10.1
|
|
February 9, 2012
|
|
||
10-Q
|
000-11412
|
10.2
|
|
August 9, 2012
|
|
||
8-K
|
000-11412
|
10.1
|
|
July 6, 2012
|
|
||
10-Q
|
000-11412
|
10.3
|
|
August 9, 2012
|
|
||
10-Q
|
000-11412
|
10.15
|
|
August 8, 2013
|
|
||
10-Q
|
000-11412
|
10.16
|
|
August 8, 2013
|
|
||
8-K
|
000-11412
|
10.1
|
|
April 10, 2015
|
|
||
8-K
|
000-11412
|
10.2
|
|
April 10, 2015
|
|
||
8-K
|
000-11412
|
10.1
|
|
November 19, 2015
|
|
||
10-Q
|
000-11412
|
10.2
|
|
May 5, 2016
|
|
||
8-K
|
000-11412
|
10.1
|
|
November 16, 2016
|
|
EXHIBIT
|
|
INCORPORATED BY REFERENCE
|
FILED
|
||||
NO.
|
EXHIBIT DESCRIPTION
|
FORM
|
FILE NO.
|
EXHIBIT NO.
|
FILING DATE
|
HEREWITH
|
|
8-K
|
000-11412
|
10.2
|
|
November 16, 2016
|
|
||
8-K
|
000-11412
|
10.3
|
|
November 16, 2016
|
|
||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
|
|
|
|
X
|
|||
8-K
|
000-11412
|
99.1
|
|
October 8, 2015
|
|
||
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
|
101.PRE
|
Taxonomy Presentation Linkbase Document
|
|
|
|
|
X
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
|
X
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
|
|
|
|
X
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
|
AMTECH SYSTEMS, INC.
|
||
|
|
||
December 7, 2018
|
By:
|
/s/ Lisa D. Gibbs
|
|
|
|
Lisa D. Gibbs, Vice President - Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer and Duly Authorized Officer)
|
|
1 Year Amtech Systems Chart |
1 Month Amtech Systems Chart |
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