We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 4.75 | 4.70 | 5.10 | 0 | 09:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
AMTECH SYSTEMS, INC.
|
(Exact name of registrant as specified in its charter)
|
Arizona
|
86-0411215
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
|
|
131 South Clark Drive, Tempe, Arizona
|
85281
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer [ ]
|
Accelerated filer [X]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller Reporting Company [ ]
|
|
Emerging Growth Company [ ]
|
|
Page
|
|
|
|
|
|
|
|
|
Item 1.
|
Condensed Consolidated Financial Statements
|
|
|
December 31,
2017 |
|
September 30,
2017 |
||||
Assets
|
|
(Unaudited)
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
52,696
|
|
|
$
|
51,121
|
|
Restricted cash
|
|
9,913
|
|
|
24,640
|
|
||
Accounts receivable
|
|
|
|
|
||||
Trade (less allowance for doubtful accounts of $1,473 and $866 at December 31, 2017, and September 30, 2017, respectively)
|
|
24,365
|
|
|
22,519
|
|
||
Unbilled and other
|
|
21,620
|
|
|
14,275
|
|
||
Inventories
|
|
22,762
|
|
|
30,210
|
|
||
Vendor deposits
|
|
5,180
|
|
|
11,806
|
|
||
Other
|
|
2,310
|
|
|
2,542
|
|
||
Total current assets
|
|
138,846
|
|
|
157,113
|
|
||
Property, Plant and Equipment - Net
|
|
15,637
|
|
|
15,792
|
|
||
Intangible Assets - Net
|
|
3,378
|
|
|
3,495
|
|
||
Goodwill - Net
|
|
11,484
|
|
|
11,405
|
|
||
Investments
|
|
2,588
|
|
|
2,615
|
|
||
Deferred Income Taxes - Long-Term
|
|
200
|
|
|
200
|
|
||
Other Assets - Long-Term
|
|
980
|
|
|
1,003
|
|
||
Total Assets
|
|
$
|
173,113
|
|
|
$
|
191,623
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
20,483
|
|
|
$
|
21,555
|
|
Accrued compensation and related taxes
|
|
7,422
|
|
|
7,592
|
|
||
Accrued warranty expense
|
|
1,401
|
|
|
1,254
|
|
||
Other accrued liabilities
|
|
2,918
|
|
|
2,056
|
|
||
Customer deposits
|
|
19,328
|
|
|
48,784
|
|
||
Current maturities of long-term debt
|
|
365
|
|
|
361
|
|
||
Deferred profit
|
|
5,632
|
|
|
4,081
|
|
||
Income taxes payable
|
|
1,608
|
|
|
286
|
|
||
Total current liabilities
|
|
59,157
|
|
|
85,969
|
|
||
Long-Term Debt
|
|
8,225
|
|
|
8,134
|
|
||
Income Taxes Payable - Long-Term
|
|
6,802
|
|
|
7,037
|
|
||
Total Liabilities
|
|
74,184
|
|
|
101,140
|
|
||
Commitments and Contingencies
|
|
|
|
|
||||
Stockholders’ 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: 14,876,430 and 14,710,591 at December 31, 2017 and September 30, 2017, respectively |
|
149
|
|
|
147
|
|
||
Additional paid-in capital
|
|
127,015
|
|
|
125,564
|
|
||
Accumulated other comprehensive loss
|
|
(7,988
|
)
|
|
(8,529
|
)
|
||
Retained deficit
|
|
(20,247
|
)
|
|
(26,699
|
)
|
||
Total stockholders’ equity
|
|
98,929
|
|
|
90,483
|
|
||
Total Liabilities and Stockholders’ Equity
|
|
$
|
173,113
|
|
|
$
|
191,623
|
|
|
Three Months Ended December 31,
|
|
||||||
|
2017
|
|
2016
|
|
||||
Revenues, net of returns and allowances
|
$
|
73,611
|
|
|
$
|
29,135
|
|
|
Cost of sales
|
53,274
|
|
|
20,692
|
|
|
||
Gross profit
|
20,337
|
|
|
8,443
|
|
|
||
|
|
|
|
|
||||
Selling, general and administrative
|
10,580
|
|
|
6,996
|
|
|
||
Research, development and engineering
|
1,991
|
|
|
1,627
|
|
|
||
Operating income (loss)
|
7,766
|
|
|
(180
|
)
|
|
||
Loss from equity method investment
|
(26
|
)
|
|
(143
|
)
|
|
||
Interest expense and other income, net
|
(48
|
)
|
|
81
|
|
|
||
Income (loss) before income taxes
|
7,692
|
|
|
(242
|
)
|
|
||
Income tax provision
|
1,240
|
|
|
90
|
|
|
||
Net income (loss)
|
6,452
|
|
|
(332
|
)
|
|
||
|
|
|
|
|
||||
Add: net loss attributable to noncontrolling interest
|
—
|
|
|
279
|
|
|
||
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
6,452
|
|
|
$
|
(53
|
)
|
|
|
|
|
|
|
||||
Income (Loss) Per Share:
|
|
|
|
|
||||
|
|
|
|
|
||||
Basic income (loss) per share attributable to Amtech shareholders
|
$
|
0.44
|
|
|
$(0.00)
|
|
||
Weighted average shares outstanding
|
14,781
|
|
|
13,179
|
|
|
||
Diluted income (loss) per share attributable to Amtech shareholders
|
$
|
0.42
|
|
|
$(0.00)
|
|
||
Weighted average shares outstanding
|
15,298
|
|
|
13,179
|
|
|
|
Three Months Ended December 31,
|
|
||||||
|
2017
|
|
2016
|
|
||||
Net income (loss)
|
$
|
6,452
|
|
|
$
|
(332
|
)
|
|
Foreign currency translation adjustment
|
541
|
|
|
(941
|
)
|
|
||
Comprehensive income (loss)
|
6,993
|
|
|
(1,273
|
)
|
|
||
|
|
|
|
|
||||
Comprehensive loss attributable to noncontrolling interest
|
—
|
|
|
375
|
|
|
||
Comprehensive income (loss) attributable to Amtech Systems, Inc.
|
$
|
6,993
|
|
|
$
|
(898
|
)
|
|
|
Three Months Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Operating Activities
|
|
|
|
||||
Net income (loss)
|
$
|
6,452
|
|
|
$
|
(332
|
)
|
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
471
|
|
|
654
|
|
||
Write-down of inventory
|
41
|
|
|
33
|
|
||
Capitalized interest
|
143
|
|
|
190
|
|
||
Deferred income taxes
|
(7
|
)
|
|
31
|
|
||
Non-cash share based compensation expense
|
253
|
|
|
319
|
|
||
Loss from equity method investment
|
26
|
|
|
143
|
|
||
Provision for (reversal of) allowance for doubtful accounts, net
|
48
|
|
|
(1,178
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Restricted cash
|
14,885
|
|
|
(2,425
|
)
|
||
Accounts receivable
|
(8,869
|
)
|
|
(3,600
|
)
|
||
Inventories
|
7,558
|
|
|
1,621
|
|
||
Accrued income taxes
|
1,087
|
|
|
239
|
|
||
Vendor deposits and other assets
|
6,974
|
|
|
725
|
|
||
Accounts payable
|
(1,255
|
)
|
|
78
|
|
||
Customer deposits and accrued liabilities
|
(29,023
|
)
|
|
584
|
|
||
Deferred profit
|
1,479
|
|
|
(619
|
)
|
||
Net cash provided by (used in) operating activities
|
263
|
|
|
(3,537
|
)
|
||
Investing Activities
|
|
|
|
||||
Purchases of property, plant and equipment
|
(93
|
)
|
|
(86
|
)
|
||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
1
|
|
||
Net cash used in investing activities
|
(93
|
)
|
|
(85
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from the exercise of stock options
|
1,199
|
|
|
1
|
|
||
Payments on long-term debt
|
(89
|
)
|
|
(160
|
)
|
||
Borrowings on long-term debt
|
—
|
|
|
21
|
|
||
Net cash provided by (used in) financing activities
|
1,110
|
|
|
(138
|
)
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
295
|
|
|
(257
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
1,575
|
|
|
(4,017
|
)
|
||
Cash and Cash Equivalents, Beginning of Period
|
51,121
|
|
|
27,655
|
|
||
Cash and Cash Equivalents, End of Period
|
$
|
52,696
|
|
|
$
|
23,638
|
|
|
|
|
|
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 customers refuse to pay the final payment, or otherwise delay final acceptance or installation, the deferred revenue would not be recognized, adversely affecting 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. Service contract revenue is recognized as services are performed over the term of the contract, which generally results in ratable recognition over the period of the contract.
|
|
December 31,
2017 |
|
September 30,
2017 |
||||
Deferred revenues
|
$
|
8,370
|
|
|
$
|
6,822
|
|
Deferred costs
|
2,738
|
|
|
2,741
|
|
||
Deferred profit
|
$
|
5,632
|
|
|
$
|
4,081
|
|
|
Three Months Ended
|
|
||||||
|
December 31,
2017 |
|
December 31,
2016 |
|
||||
Research, development and engineering
|
$
|
2,290
|
|
|
$
|
1,830
|
|
|
Grants earned
|
(299
|
)
|
|
(203
|
)
|
|
||
Net research, development and engineering
|
$
|
1,991
|
|
|
$
|
1,627
|
|
|
|
Three Months Ended December 31,
|
|
||||||
|
2017
|
|
2016
|
|
||||
Basic Income (Loss) Per Share Computation
|
|
|
|
|
||||
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
6,452
|
|
|
$
|
(53
|
)
|
|
Weighted Average Shares Outstanding:
|
|
|
|
|
||||
Common stock
|
14,781
|
|
|
13,179
|
|
|
||
Basic income (loss) per share attributable to Amtech shareholders
|
$
|
0.44
|
|
|
$(0.00)
|
|
||
Diluted Income (Loss) Per Share Computation
|
|
|
|
|
||||
Net income (loss) attributable to Amtech Systems, Inc.
|
$
|
6,452
|
|
|
$
|
(53
|
)
|
|
Weighted Average Shares Outstanding:
|
|
|
|
|
||||
Common stock
|
14,781
|
|
|
13,179
|
|
|
||
Common stock equivalents (1)
|
517
|
|
|
—
|
|
|
||
Diluted shares
|
15,298
|
|
|
13,179
|
|
|
||
Diluted income (loss) per share attributable to Amtech shareholders
|
$
|
0.42
|
|
|
$(0.00)
|
|
|
December 31,
2017 |
|
September 30,
2017 |
||||
Purchased parts and raw materials
|
$
|
13,628
|
|
|
$
|
14,789
|
|
Work-in-process
|
5,806
|
|
|
11,078
|
|
||
Finished goods
|
3,328
|
|
|
4,343
|
|
||
|
$
|
22,762
|
|
|
$
|
30,210
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
||||
Outstanding at beginning of period
|
1,560,441
|
|
|
$
|
7.95
|
|
|
Granted
|
—
|
|
|
—
|
|
||
Exercised
|
(165,839
|
)
|
|
7.03
|
|
||
Forfeited
|
(27,299
|
)
|
|
20.04
|
|
||
Outstanding at end of period
|
1,367,303
|
|
|
$
|
7.82
|
|
|
|
|
|
|
||||
Exercisable at end of period
|
1,142,012
|
|
|
$
|
8.06
|
|
|
Weighted average fair value of options
granted during the period
|
$
|
—
|
|
|
|
8.
|
Business Segment Information
|
|
Three Months Ended December 31,
|
|
||||||
|
2017
|
|
2016
|
|
||||
Net Revenues:
|
|
|
|
|
||||
Solar *
|
$
|
49,197
|
|
|
$
|
11,424
|
|
|
Semiconductor
|
20,891
|
|
|
15,703
|
|
|
||
Polishing
|
3,523
|
|
|
2,008
|
|
|
||
|
$
|
73,611
|
|
|
$
|
29,135
|
|
|
Operating income (loss):
|
|
|
|
|
||||
Solar *
|
$
|
5,352
|
|
|
$
|
(1,023
|
)
|
|
Semiconductor
|
3,004
|
|
|
2,361
|
|
|
||
Polishing
|
1,104
|
|
|
464
|
|
|
||
Non-segment related
|
(1,694
|
)
|
|
(1,982
|
)
|
|
||
|
$
|
7,766
|
|
|
$
|
(180
|
)
|
|
|
December 31,
2017 |
|
September 30,
2017 |
||||
Identifiable Assets:
|
|
|
|
||||
Solar
|
$
|
76,794
|
|
|
$
|
97,999
|
|
Semiconductor
|
58,706
|
|
|
57,177
|
|
||
Polishing
|
5,912
|
|
|
5,078
|
|
||
Non-segment related
|
31,701
|
|
|
31,369
|
|
||
|
$
|
173,113
|
|
|
$
|
191,623
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Overview
|
•
|
Results of Operations
|
•
|
Liquidity and Capital Resources
|
•
|
Off-Balance Sheet Arrangements
|
•
|
Contractual Obligations
|
•
|
Critical Accounting Policies
|
•
|
Impact of Recently Issued Accounting Pronouncements
|
|
Three Months Ended
|
|
||||
|
December 31,
2017 |
|
December 31,
2016 |
|
||
Net revenue
|
100
|
%
|
|
100
|
%
|
|
Cost of sales
|
72
|
%
|
|
71
|
%
|
|
Gross margin
|
28
|
%
|
|
29
|
%
|
|
Selling, general and administrative
|
14
|
%
|
|
24
|
%
|
|
Research, development and engineering
|
3
|
%
|
|
6
|
%
|
|
Operating income (loss)
|
11
|
%
|
|
(1
|
)%
|
|
Gain on sale of other assets
|
0
|
%
|
|
0
|
%
|
|
Income (loss) from equity method investment
|
0
|
%
|
|
0
|
%
|
|
Interest expense and other income, net
|
0
|
%
|
|
0
|
%
|
|
Income (loss) before income taxes
|
11
|
%
|
|
(1
|
)%
|
|
Income taxes provision
|
2
|
%
|
|
0
|
%
|
|
Net income (loss)
|
9
|
%
|
|
(1
|
)%
|
|
Add: net loss attributable to noncontrolling interest
|
0
|
%
|
|
1
|
%
|
|
Net income (loss) attributable to Amtech Systems, Inc.
|
9
|
%
|
|
0
|
%
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
||||||||
Segment
|
2017
|
|
2016
|
|
Incr (Decr)
|
|
% Change
|
|
||||||
Solar
|
$
|
49,197
|
|
|
$
|
11,424
|
|
|
$
|
37,773
|
|
|
331%
|
|
Semiconductor
|
20,891
|
|
|
15,703
|
|
|
5,188
|
|
|
33%
|
|
|||
Polishing
|
3,523
|
|
|
2,008
|
|
|
1,515
|
|
|
75%
|
|
|||
Total net revenue
|
$
|
73,611
|
|
|
$
|
29,135
|
|
|
$
|
44,476
|
|
|
153%
|
|
|
Three Months Ended December 31,
|
|
||||||||||||||
Segment
|
2017
|
|
Gross Margin
|
|
2016
|
|
Gross Margin
|
|
Incr (Decr)
|
|
||||||
Solar
|
$
|
11,313
|
|
|
23%
|
|
$
|
1,611
|
|
|
14%
|
|
$
|
9,702
|
|
|
Semiconductor
|
7,488
|
|
|
36%
|
|
6,095
|
|
|
39%
|
|
1,393
|
|
|
|||
Polishing
|
1,536
|
|
|
44%
|
|
737
|
|
|
37%
|
|
799
|
|
|
|||
Total gross profit
|
$
|
20,337
|
|
|
28%
|
|
$
|
8,443
|
|
|
29%
|
|
$
|
11,894
|
|
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4.
|
CONTROLS AND PROCEDURES
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
EXHIBIT
|
|
INCORPORATED BY REFERENCE
|
FILED
|
|||
NO.
|
EXHIBIT DESCRIPTION
|
FORM
|
FILE NO.
|
EXHIBIT NO.
|
FILING DATE
|
HEREWITH
|
|
|
|
|
X
|
||
|
|
|
|
X
|
||
|
|
|
|
X
|
||
|
|
|
|
X
|
||
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
|
By
|
/s/ Lisa D. Gibbs
|
|
Dated:
|
February 8, 2018
|
|
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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions