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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.025 | -0.52% | 4.795 | 4.76 | 4.81 | 4.94 | 4.76 | 4.76 | 12,536 | 18:20:07 |
[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 [X]
|
|
Emerging Growth Company [ ]
|
|
Page
|
|
|
|
|
|
|
|
|
Item 1.
|
Condensed Consolidated Financial Statements
|
|
|
March 31,
2019 |
|
September 30,
2018 |
||||
Assets
|
|
(Unaudited)
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
47,921
|
|
|
$
|
45,897
|
|
Restricted cash
|
|
502
|
|
|
18
|
|
||
Accounts receivable
|
|
|
|
|
||||
Trade (less allowance for doubtful accounts of $444 and $454 at March 31, 2019, and September 30, 2018, respectively)
|
|
17,093
|
|
|
17,985
|
|
||
Unbilled and other
|
|
—
|
|
|
291
|
|
||
Inventories
|
|
19,272
|
|
|
17,835
|
|
||
Contract assets
|
|
107
|
|
|
—
|
|
||
Held-for-sale assets
|
|
25,977
|
|
|
45,322
|
|
||
Other current assets
|
|
2,091
|
|
|
2,884
|
|
||
Total current assets
|
|
112,963
|
|
|
130,232
|
|
||
Property, Plant and Equipment - Net
|
|
10,180
|
|
|
10,509
|
|
||
Intangible Assets - Net
|
|
1,000
|
|
|
1,131
|
|
||
Goodwill - Net
|
|
6,633
|
|
|
6,633
|
|
||
Other Assets
|
|
828
|
|
|
901
|
|
||
Total Assets
|
|
$
|
131,604
|
|
|
$
|
149,406
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
6,128
|
|
|
$
|
6,867
|
|
Accrued compensation and related taxes
|
|
3,604
|
|
|
3,359
|
|
||
Accrued warranty expense
|
|
530
|
|
|
644
|
|
||
Other accrued liabilities
|
|
1,171
|
|
|
667
|
|
||
Current maturities of long-term debt
|
|
356
|
|
|
350
|
|
||
Contract liabilities
|
|
2,015
|
|
|
1,519
|
|
||
Income taxes payable
|
|
2,630
|
|
|
2,357
|
|
||
Held-for-sale liabilities
|
|
21,965
|
|
|
31,798
|
|
||
Total current liabilities
|
|
38,399
|
|
|
47,561
|
|
||
Long-Term Debt
|
|
5,361
|
|
|
5,542
|
|
||
Income Taxes Payable
|
|
3,147
|
|
|
3,213
|
|
||
Total Liabilities
|
|
46,907
|
|
|
56,316
|
|
||
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: 14,227,580 and 14,216,596 at March 31, 2019 and September 30, 2018, respectively
|
|
142
|
|
|
142
|
|
||
Additional paid-in capital
|
|
124,716
|
|
|
124,316
|
|
||
Accumulated other comprehensive loss
|
|
(10,760
|
)
|
|
(9,974
|
)
|
||
Retained deficit
|
|
(29,401
|
)
|
|
(21,394
|
)
|
||
Total shareholders’ equity
|
|
84,697
|
|
|
93,090
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
131,604
|
|
|
$
|
149,406
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues, net of returns and allowances
|
$
|
20,633
|
|
|
$
|
21,115
|
|
|
$
|
43,858
|
|
|
$
|
48,231
|
|
Cost of sales
|
12,706
|
|
|
12,533
|
|
|
26,911
|
|
|
29,689
|
|
||||
Gross profit
|
7,927
|
|
|
8,582
|
|
|
16,947
|
|
|
18,542
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
5,793
|
|
|
6,319
|
|
|
12,419
|
|
|
12,743
|
|
||||
Research, development and engineering
|
713
|
|
|
778
|
|
|
1,579
|
|
|
1,453
|
|
||||
Restructuring charges
|
173
|
|
|
—
|
|
|
1,037
|
|
|
—
|
|
||||
Operating income
|
1,248
|
|
|
1,485
|
|
|
1,912
|
|
|
4,346
|
|
||||
Income from equity method investment
|
—
|
|
|
28
|
|
|
—
|
|
|
2
|
|
||||
Interest income (expense) and other income, net
|
96
|
|
|
(32
|
)
|
|
262
|
|
|
(14
|
)
|
||||
Income from continuing operations before income taxes
|
1,344
|
|
|
1,481
|
|
|
2,174
|
|
|
4,334
|
|
||||
Income tax provision
|
332
|
|
|
420
|
|
|
914
|
|
|
1,572
|
|
||||
Income from continuing operations, net of tax
|
1,012
|
|
|
1,061
|
|
|
1,260
|
|
|
2,762
|
|
||||
(Loss) income from discontinued operations, net of tax
|
(6,647
|
)
|
|
1,774
|
|
|
(9,267
|
)
|
|
6,525
|
|
||||
Net (loss) income
|
$
|
(5,635
|
)
|
|
$
|
2,835
|
|
|
$
|
(8,007
|
)
|
|
$
|
9,287
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) Income Per Basic Share:
|
|
|
|
|
|
|
|
||||||||
Basic income per share from continuing operations
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.19
|
|
Basic (loss) income per share from discontinued operations
|
$
|
(0.47
|
)
|
|
$
|
0.12
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.44
|
|
Net (loss) income per basic share
|
$
|
(0.40
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) Income Per Diluted Share:
|
|
|
|
|
|
|
|
||||||||
Diluted income per share from continuing operations
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
Diluted (loss) income per share from discontinued operations
|
$
|
(0.47
|
)
|
|
$
|
0.12
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.43
|
|
Net (loss) income per diluted share
|
$
|
(0.40
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic
|
14,228
|
|
|
14,891
|
|
|
14,224
|
|
|
14,835
|
|
||||
Weighted average shares outstanding - diluted
|
14,258
|
|
|
15,154
|
|
|
14,255
|
|
|
15,223
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss) income
|
$
|
(5,635
|
)
|
|
$
|
2,835
|
|
|
$
|
(8,007
|
)
|
|
$
|
9,287
|
|
Foreign currency translation adjustment
|
(210
|
)
|
|
796
|
|
|
(786
|
)
|
|
1,337
|
|
||||
Comprehensive (loss) income
|
$
|
(5,845
|
)
|
|
$
|
3,631
|
|
|
$
|
(8,793
|
)
|
|
$
|
10,624
|
|
|
Common Stock
|
|
|
|
Accumulated Other Comprehensive
Income (Loss)
|
|
Retained
Earnings (Accumulated
Deficit) |
|
Total Shareholders' Equity
|
|||||||||||||
|
Shares
|
|
Par Value
|
|
Additional Paid-
In Capital
|
|
|
|
||||||||||||||
Balance at September 30, 2017
|
14,711
|
|
|
$
|
147
|
|
|
$
|
125,564
|
|
|
$
|
(8,529
|
)
|
|
$
|
(26,699
|
)
|
|
$
|
90,483
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,452
|
|
|
6,452
|
|
|||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
541
|
|
|
—
|
|
|
541
|
|
|||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
253
|
|
|||||
Stock options exercised
|
165
|
|
|
2
|
|
|
1,198
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
|||||
Balance at December 31, 2017
|
14,876
|
|
|
149
|
|
|
127,015
|
|
|
(7,988
|
)
|
|
(20,247
|
)
|
|
98,929
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,835
|
|
|
2,835
|
|
|||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
796
|
|
|
—
|
|
|
796
|
|
|||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|||||
Stock options exercised
|
20
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|||||
Balance at March 31, 2018
|
14,896
|
|
|
$
|
149
|
|
|
$
|
127,367
|
|
|
$
|
(7,192
|
)
|
|
$
|
(17,412
|
)
|
|
$
|
102,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at September 30, 2018
|
14,217
|
|
|
$
|
142
|
|
|
$
|
124,316
|
|
|
$
|
(9,974
|
)
|
|
$
|
(21,394
|
)
|
|
$
|
93,090
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,372
|
)
|
|
(2,372
|
)
|
|||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(576
|
)
|
|
—
|
|
|
(576
|
)
|
|||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
169
|
|
|
—
|
|
|
—
|
|
|
169
|
|
|||||
Stock options exercised
|
11
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||
Balance at December 31, 2018
|
14,228
|
|
|
142
|
|
|
124,522
|
|
|
(10,550
|
)
|
|
(23,766
|
)
|
|
90,348
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,635
|
)
|
|
(5,635
|
)
|
|||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(210
|
)
|
|
—
|
|
|
(210
|
)
|
|||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
194
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|||||
Stock options exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance at March 31, 2019
|
14,228
|
|
|
$
|
142
|
|
|
$
|
124,716
|
|
|
$
|
(10,760
|
)
|
|
$
|
(29,401
|
)
|
|
$
|
84,697
|
|
|
Six Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
||||
Net (loss) income
|
$
|
(8,007
|
)
|
|
$
|
9,287
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
888
|
|
|
916
|
|
||
Write-down of inventory
|
2,794
|
|
|
126
|
|
||
Capitalized interest
|
106
|
|
|
143
|
|
||
Deferred income taxes
|
7
|
|
|
(23
|
)
|
||
Non-cash share-based compensation expense
|
363
|
|
|
463
|
|
||
Loss (gain) on sale of property, plant and equipment
|
9
|
|
|
(57
|
)
|
||
Income from equity method investment
|
—
|
|
|
(2
|
)
|
||
Provision for allowance for doubtful accounts, net
|
1,141
|
|
|
48
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(1,533
|
)
|
|
(3,642
|
)
|
||
Inventories
|
(650
|
)
|
|
1,644
|
|
||
Contract and other assets
|
10,143
|
|
|
(1,899
|
)
|
||
Accounts payable
|
(650
|
)
|
|
9,097
|
|
||
Accrued income taxes
|
216
|
|
|
(2,954
|
)
|
||
Accrued and other liabilities
|
(378
|
)
|
|
423
|
|
||
Contract liabilities
|
(7,516
|
)
|
|
(31,085
|
)
|
||
Net cash used in operating activities
|
(3,067
|
)
|
|
(17,515
|
)
|
||
Investing Activities
|
|
|
|
||||
Purchases of property, plant and equipment
|
(238
|
)
|
|
(686
|
)
|
||
Proceeds from sale of property, plant and equipment
|
—
|
|
|
68
|
|
||
Net cash used in investing activities
|
(238
|
)
|
|
(618
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from the exercise of stock options
|
37
|
|
|
1,340
|
|
||
Payments on long-term debt
|
(186
|
)
|
|
(183
|
)
|
||
Net cash (used in) provided by financing activities
|
(149
|
)
|
|
1,157
|
|
||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
(903
|
)
|
|
1,372
|
|
||
Net Decrease in Cash, Cash Equivalents and Restricted Cash
|
(4,357
|
)
|
|
(15,604
|
)
|
||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period*
|
62,496
|
|
|
75,761
|
|
||
Cash, Cash Equivalents and Restricted Cash, End of Period*
|
$
|
58,139
|
|
|
$
|
60,157
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Research, development and engineering
|
$
|
713
|
|
|
$
|
778
|
|
|
$
|
1,579
|
|
|
$
|
1,453
|
|
Grants earned
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net research, development and engineering
|
$
|
713
|
|
|
$
|
778
|
|
|
$
|
1,579
|
|
|
$
|
1,453
|
|
|
March 31, 2018
|
||||||
|
As reported
|
|
As adjusted
|
||||
Net cash used in operating activities
|
$
|
(1,805
|
)
|
|
$
|
(17,515
|
)
|
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
$
|
640
|
|
|
$
|
1,372
|
|
Net Decrease in Cash, Cash Equivalents and Restricted Cash
|
$
|
(626
|
)
|
|
$
|
(15,604
|
)
|
Cash, Cash Equivalents and Restricted Cash, Beginning of Period
|
$
|
51,121
|
|
|
$
|
75,761
|
|
Cash, Cash Equivalents and Restricted Cash, End of Period
|
$
|
50,495
|
|
|
$
|
60,157
|
|
|
March 31,
2019 |
||
Unbilled accounts receivable
|
$
|
107
|
|
Contract assets
|
$
|
107
|
|
|
March 31,
2019 |
|
September 30,
2018 |
||||
Customer deposits
|
$
|
2,015
|
|
|
$
|
1,519
|
|
Contract liabilities
|
$
|
2,015
|
|
|
$
|
1,519
|
|
•
|
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 (the “Options”), became fully vested and immediately exercisable. Mr. Pentinga has the right to exercise Options with an exercise price of
$7.01
or less until December 31, 2019. The remaining Options were exercisable during the
90
-day period following the Effective Date; and
|
•
|
certain other benefits as set forth in the Separation Agreement.
|
|
Six Months Ended March 31, 2019
|
||
Balance at September 30, 2018
|
$
|
—
|
|
Severance expense, net of adjustments
|
1,037
|
|
|
Cash payments
|
(49
|
)
|
|
Balance at March 31, 2019
|
$
|
988
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues, net of returns and allowances
|
$
|
8,153
|
|
|
$
|
11,668
|
|
|
$
|
14,381
|
|
|
$
|
58,163
|
|
Cost of sales
|
9,229
|
|
|
8,525
|
|
|
15,352
|
|
|
44,643
|
|
||||
Gross (loss) profit
|
(1,076
|
)
|
|
3,143
|
|
|
(971
|
)
|
|
13,520
|
|
||||
Selling, general and administrative
|
4,082
|
|
|
3,159
|
|
|
5,677
|
|
|
7,315
|
|
||||
Research, development and engineering
|
831
|
|
|
1,404
|
|
|
1,911
|
|
|
2,720
|
|
||||
Restructuring charges
|
591
|
|
|
—
|
|
|
601
|
|
|
—
|
|
||||
Operating (loss) income
|
(6,580
|
)
|
|
(1,420
|
)
|
|
(9,160
|
)
|
|
3,485
|
|
||||
Interest income (expense) and other income, net
|
(48
|
)
|
|
(6
|
)
|
|
(70
|
)
|
|
(72
|
)
|
||||
(Loss) income from discontinued operations before income taxes
|
(6,628
|
)
|
|
(1,426
|
)
|
|
(9,230
|
)
|
|
3,413
|
|
||||
Income tax provision (benefit)
|
19
|
|
|
(3,200
|
)
|
|
37
|
|
|
(3,112
|
)
|
||||
Net (loss) income
|
$
|
(6,647
|
)
|
|
$
|
1,774
|
|
|
$
|
(9,267
|
)
|
|
$
|
6,525
|
|
|
March 31,
2019 |
|
September 30,
2018 |
||||
Assets
|
(Unaudited)
|
|
|
||||
Total current assets
|
$
|
20,418
|
|
|
$
|
39,379
|
|
Property, Plant and Equipment - Net
|
5,559
|
|
|
5,943
|
|
||
Total assets included in the disposal group
|
25,977
|
|
|
45,322
|
|
||
|
|
|
|
||||
Total current liabilities
|
19,545
|
|
|
29,380
|
|
||
Long-Term Debt
|
2,420
|
|
|
2,418
|
|
||
Total liabilities included in the disposal group
|
21,965
|
|
|
31,798
|
|
||
Net assets included in the disposal group
|
$
|
4,012
|
|
|
$
|
13,524
|
|
|
Six Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
(Loss) income from discontinued operations, net of tax
|
$
|
(9,267
|
)
|
|
$
|
6,525
|
|
Depreciation and amortization
|
$
|
287
|
|
|
$
|
324
|
|
Provision for allowance for doubtful accounts, net
|
$
|
981
|
|
|
$
|
37
|
|
Purchases of property, plant and equipment
|
$
|
96
|
|
|
$
|
220
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
$
|
1,012
|
|
|
$
|
1,061
|
|
|
$
|
1,260
|
|
|
$
|
2,762
|
|
Net (loss) income from discontinued operations
|
$
|
(6,647
|
)
|
|
$
|
1,774
|
|
|
$
|
(9,267
|
)
|
|
$
|
6,525
|
|
Net (loss) income
|
$
|
(5,635
|
)
|
|
$
|
2,835
|
|
|
$
|
(8,007
|
)
|
|
$
|
9,287
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used to compute basic EPS
|
14,228
|
|
|
14,891
|
|
|
14,224
|
|
|
14,835
|
|
||||
Common stock equivalents (1)
|
30
|
|
|
263
|
|
|
31
|
|
|
388
|
|
||||
Weighted-average shares used to compute diluted EPS
|
14,258
|
|
|
15,154
|
|
|
14,255
|
|
|
15,223
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income per share from continuing operations
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.19
|
|
Basic (loss) income per share from discontinued operations
|
$
|
(0.47
|
)
|
|
$
|
0.12
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.44
|
|
Net (loss) income per basic share
|
$
|
(0.40
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted income per share from continuing operations
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
Diluted (loss) income per share from discontinued operations
|
$
|
(0.47
|
)
|
|
$
|
0.12
|
|
|
$
|
(0.65
|
)
|
|
$
|
0.43
|
|
Net (loss) income per diluted share
|
$
|
(0.40
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.61
|
|
|
March 31,
2019 |
|
September 30,
2018 |
||||
Purchased parts and raw materials
|
$
|
11,902
|
|
|
$
|
10,989
|
|
Work-in-process
|
4,449
|
|
|
4,159
|
|
||
Finished goods
|
2,921
|
|
|
2,687
|
|
||
|
$
|
19,272
|
|
|
$
|
17,835
|
|
|
Options
|
|
Weighted Average Exercise Price
|
||||
Outstanding at beginning of period
|
1,248,758
|
|
|
$
|
7.69
|
|
|
Granted
|
198,850
|
|
|
5.35
|
|
||
Exercised
|
(11,086
|
)
|
|
3.35
|
|
||
Forfeited
|
(258,930
|
)
|
|
9.02
|
|
||
Outstanding at end of period
|
1,177,592
|
|
|
$
|
7.04
|
|
|
|
|
|
|
||||
Exercisable at end of period
|
914,159
|
|
|
$
|
7.50
|
|
|
Weighted average fair value of options granted during the period
|
$
|
3.08
|
|
|
|
10.
|
Business Segment Information
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Revenues:
|
|
|
|
|
|
|
|
||||||||
Semiconductor
|
$
|
16,053
|
|
|
$
|
16,582
|
|
|
$
|
35,013
|
|
|
$
|
37,473
|
|
SiC/LED
|
3,273
|
|
|
3,603
|
|
|
6,256
|
|
|
7,126
|
|
||||
Automation
|
1,307
|
|
|
930
|
|
|
2,589
|
|
|
3,632
|
|
||||
|
$
|
20,633
|
|
|
$
|
21,115
|
|
|
$
|
43,858
|
|
|
$
|
48,231
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Semiconductor
|
$
|
1,732
|
|
|
$
|
2,257
|
|
|
$
|
4,477
|
|
|
$
|
5,261
|
|
SiC/LED
|
877
|
|
|
1,111
|
|
|
1,646
|
|
|
2,215
|
|
||||
Automation
|
(116
|
)
|
|
(483
|
)
|
|
(340
|
)
|
|
(36
|
)
|
||||
Non-segment related
|
(1,245
|
)
|
|
(1,400
|
)
|
|
(3,871
|
)
|
|
(3,094
|
)
|
||||
|
$
|
1,248
|
|
|
$
|
1,485
|
|
|
$
|
1,912
|
|
|
$
|
4,346
|
|
|
March 31,
2019 |
|
September 30,
2018 |
||||
Identifiable Assets:
|
|
|
|
||||
Semiconductor
|
$
|
60,362
|
|
|
$
|
59,744
|
|
SiC/LED
|
7,848
|
|
|
6,545
|
|
||
Automation
|
3,995
|
|
|
3,586
|
|
||
Non-segment related*
|
33,422
|
|
|
34,209
|
|
||
Held-for-sale assets**
|
25,977
|
|
|
45,322
|
|
||
|
$
|
131,604
|
|
|
$
|
149,406
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Net revenue
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Cost of sales
|
62
|
%
|
|
59
|
%
|
|
61
|
%
|
|
62
|
%
|
Gross margin
|
38
|
%
|
|
41
|
%
|
|
39
|
%
|
|
38
|
%
|
Selling, general and administrative
|
28
|
%
|
|
30
|
%
|
|
28
|
%
|
|
26
|
%
|
Research, development and engineering
|
3
|
%
|
|
4
|
%
|
|
4
|
%
|
|
3
|
%
|
Restructuring charges
|
1
|
%
|
|
0
|
%
|
|
2
|
%
|
|
0
|
%
|
Operating income
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
|
9
|
%
|
Income from equity method investment
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
Interest (expense) and other income, net
|
1
|
%
|
|
0
|
%
|
|
0
|
%
|
|
(1
|
)%
|
Income from continuing operations before income taxes
|
7
|
%
|
|
7
|
%
|
|
5
|
%
|
|
8
|
%
|
Income tax provision
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
3
|
%
|
Income from continuing operations, net of tax
|
5
|
%
|
|
5
|
%
|
|
3
|
%
|
|
5
|
%
|
(Loss) income from discontinued operations, net of tax
|
(32
|
)%
|
|
8
|
%
|
|
(21
|
)%
|
|
14
|
%
|
Net (loss) income
|
(27
|
)%
|
|
13
|
%
|
|
(18
|
)%
|
|
19
|
%
|
|
Three Months Ended March 31,
|
|
|
|
|
|
Six Months Ended March 31,
|
|
|
|
|
||||||||||||||||
Segment
|
2019
|
|
2018
|
|
Incr (Decr)
|
|
% Change
|
|
2019
|
|
2018
|
|
Incr (Decr)
|
|
% Change
|
||||||||||||
Semiconductor
|
$
|
16,053
|
|
|
$
|
16,582
|
|
|
$
|
(529
|
)
|
|
(3)%
|
|
$
|
35,013
|
|
|
$
|
37,473
|
|
|
$
|
(2,460
|
)
|
|
(7)%
|
SiC/LED
|
3,273
|
|
|
3,603
|
|
|
(330
|
)
|
|
(9)%
|
|
6,256
|
|
|
7,126
|
|
|
(870
|
)
|
|
(12)%
|
||||||
Automation
|
1,307
|
|
|
930
|
|
|
377
|
|
|
41%
|
|
2,589
|
|
|
3,632
|
|
|
(1,043
|
)
|
|
(29)%
|
||||||
Total net revenue
|
$
|
20,633
|
|
|
$
|
21,115
|
|
|
$
|
(482
|
)
|
|
(2)%
|
|
$
|
43,858
|
|
|
$
|
48,231
|
|
|
$
|
(4,373
|
)
|
|
(9)%
|
|
March 31,
|
|
|
|
|
||||||||
Segment
|
2019
|
|
2018
|
|
Incr (Decr)
|
|
% Change
|
||||||
Semiconductor
|
$
|
17,286
|
|
|
$
|
26,366
|
|
|
$
|
(9,080
|
)
|
|
(34)%
|
SiC/LED
|
3,311
|
|
|
1,794
|
|
|
1,517
|
|
|
85%
|
|||
Automation
|
1,394
|
|
|
2,216
|
|
|
(822
|
)
|
|
(37)%
|
|||
Total backlog
|
$
|
21,991
|
|
|
$
|
30,376
|
|
|
$
|
(8,385
|
)
|
|
(28)%
|
|
Three Months Ended March 31,
|
|
|
|
|
|
Six Months Ended March 31,
|
|
|
|
|
||||||||||||||||
Segment
|
2019
|
|
2018
|
|
Incr (Decr)
|
|
% Change
|
|
2019
|
|
2018
|
|
Incr (Decr)
|
|
% Change
|
||||||||||||
Semiconductor
|
$
|
15,469
|
|
|
$
|
19,227
|
|
|
$
|
(3,758
|
)
|
|
(20)%
|
|
$
|
31,563
|
|
|
$
|
44,519
|
|
|
$
|
(12,956
|
)
|
|
(29)%
|
SiC/LED
|
3,133
|
|
|
2,532
|
|
|
601
|
|
|
24%
|
|
6,877
|
|
|
7,233
|
|
|
(356
|
)
|
|
(5)%
|
||||||
Automation
|
723
|
|
|
1,089
|
|
|
(366
|
)
|
|
(34)%
|
|
1,498
|
|
|
1,976
|
|
|
(478
|
)
|
|
(24)%
|
||||||
Total new orders
|
$
|
19,325
|
|
|
$
|
22,848
|
|
|
$
|
(3,523
|
)
|
|
(15)%
|
|
$
|
39,938
|
|
|
$
|
53,728
|
|
|
$
|
(13,790
|
)
|
|
(26)%
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||||||||||||||||||
Segment
|
2019
|
|
Gross Margin
|
|
2018
|
|
Gross Margin
|
|
Incr (Decr)
|
|
2019
|
|
Gross Margin
|
|
2018
|
|
Gross Margin
|
|
Incr (Decr)
|
||||||||||||
Semiconductor
|
$
|
6,443
|
|
|
40%
|
|
$
|
7,075
|
|
|
43%
|
|
$
|
(632
|
)
|
|
$
|
13,933
|
|
|
40%
|
|
$
|
14,563
|
|
|
39%
|
|
$
|
(630
|
)
|
SiC/LED
|
1,262
|
|
|
39%
|
|
1,540
|
|
|
43%
|
|
(278
|
)
|
|
2,486
|
|
|
40%
|
|
3,076
|
|
|
43%
|
|
(590
|
)
|
||||||
Automation
|
222
|
|
|
17%
|
|
(33
|
)
|
|
(4)%
|
|
255
|
|
|
528
|
|
|
20%
|
|
903
|
|
|
25%
|
|
(375
|
)
|
||||||
Total gross profit
|
$
|
7,927
|
|
|
38%
|
|
$
|
8,582
|
|
|
41%
|
|
$
|
(655
|
)
|
|
$
|
16,947
|
|
|
39%
|
|
$
|
18,542
|
|
|
38%
|
|
$
|
(1,595
|
)
|
|
Six Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net cash used in operating activities
|
$
|
(3,067
|
)
|
|
$
|
(17,515
|
)
|
Net cash used in investing activities
|
(238
|
)
|
|
(618
|
)
|
||
Net cash (used in) provided by financing activities
|
(149
|
)
|
|
1,157
|
|
||
Effect of exchange rate changes on cash
|
(903
|
)
|
|
1,372
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(4,357
|
)
|
|
(15,604
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period*
|
62,496
|
|
|
75,761
|
|
||
Cash, cash equivalents and restricted cash, end of period*
|
$
|
58,139
|
|
|
$
|
60,157
|
|
|
|
|
|
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:
|
May 9, 2019
|
|
Lisa D. Gibbs
|
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial Officer and Duly Authorized Officer)
|
|
|
|
1 Year Amtech Systems Chart |
1 Month Amtech Systems Chart |
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