CHELMSFORD, Mass., Feb. 5, 2010 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's first quarter of fiscal year 2010 ended on December 31, 2009.
Revenues for the first quarter of fiscal 2010 were $106.2 million, compared to revenues of $73.4 million in the first quarter of fiscal 2009, an increase of 44.6%. Sequentially, revenues grew 65.7% from fourth quarter of fiscal 2009 revenues of $64.1 million.
Net loss attributable to Brooks Automation, Inc. for the first quarter of fiscal 2010 was $2.8 million, or $0.04 per diluted share. Excluding special charges totaling $1.7 million, the non-GAAP Net loss attributed to Brooks Automation, Inc. for the first quarter of fiscal 2010 was $1.1 million, or $0.02 per diluted share. Special charges recognized during the quarter were $1.5 million of restructuring charges, including a $1.2 million adjustment to correct prior period present value discounting of a multi-year facility related restructuring liability; and, a $0.2 million loss on liquidating a residual minority investment in a closely held Swiss public company. Excluding stock compensation expense of $0.6 million the adjusted Net income attributable to Brooks Automation was $0.4 million for the first quarter of fiscal 2010.
The fiscal 2010 first quarter results compare with a Net loss attributable to Brooks Automation of $35.1 million, or $0.56 per diluted share in the first quarter of the prior year. Sequentially, the Net loss attributable to Brooks Automation was $14.5 million or $0.23 per diluted share in the fourth quarter of fiscal 2009. Excluding special charges, the Net loss for the first quarter of the prior year was $29.8 million, or $0.48 per diluted share. Sequentially, the Net loss attributable to Brooks Automation for the fourth quarter of fiscal 2009, excluding special charges, was $14.0 million or $0.22 per diluted share. Special charges are identified in a table to this release.
Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization ("EBITDA") for the first quarter of fiscal 2010 was $5.6 million, which compared to ($20.3) million in the prior year period and ($8.7) million in the fourth quarter of fiscal 2009. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated statements of operations, balance sheets and statements of cash flows attached to this release.
The return to positive Adjusted EBITDA performance and effective working capital management resulted in net cash of $1.5 million being generated by operating activities. The Company closed the quarter with $111.4 million of cash and marketable securities.
Commenting on recent activities, Robert J. Lepofsky, President and Chief Executive Officer of Brooks stated, "Order bookings and shipments accelerated throughout our first fiscal quarter which ended December 31, 2009. A number of customers added significant requirements to existing order commitments late in the quarter causing us to incur unusual expediting and transportation charges in the period. While certainly impacting our short-term financial results the additional costs enhanced our ability to meet very short order fulfillment times and further strengthened our reputation as a highly responsive business partner to key OEM customers in the semiconductor capital equipment sector. The higher than expected revenue surge and associated costs were most pronounced in our Extended Factory operations resulting in a 66% sequential increase in our total quarterly revenues but lower than normal incremental profit drop-thru. As expected we did return to profitable operations and positive cash flow in the month of December. Our customers are currently projecting strong demand over the course of the next several quarters and we believe that trend will translate into excellent financial performance for Brooks in the quarters ahead.
While the focus of our global manufacturing operations has been on meeting the current ramp in demand for semiconductor capital equipment our product and market development teams have been focused on securing design-in wins on new platforms and ensuring our position in targeted emerging markets. Of particular note is our continuing progress in the LED space which we expect will have a growing impact on our business later in 2010 and beyond. Finally in events concluded since the end of the quarter, we completed the acquisition of the intellectual property assets of a company exiting the automation business and we sold an IP package covering certain material handling product that no longer fits in the Brooks product portfolio."
Brooks management will webcast its December quarter earnings conference today at 10:00 a.m. Eastern Time to discuss the attached quarterly results and business highlights. Analysts, investors and members of the media can access the live broadcast available on Brooks' website at www.brooks.com. The call will be archived on this website for convenient on-demand replay until Brooks reports fiscal 2010 second quarter results in early May, 2010.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the global semiconductor and related industries. Our products and services are meeting the needs of customers across a broad spectrum of applications and industries and the global semiconductor manufacturing sector is our largest served market. When demanding productivity and availability objectives are essential factors for success, customers throughout the world turn to Brooks Automation, Inc. For more information see www.brooks.com or email sales@brooks.com.
"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include statements regarding revenues, our profit and loss and cash flow expectations and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet increased demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; continuing uncertainties in global political and economic conditions and other factors and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
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BROOKS AUTOMATION, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share and per share data) |
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December 31, 2009 |
September 30, 2009 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $47,164 | $59,985 |
| Marketable securities | 38,038 | 28,046 |
| Accounts receivable, net | 53,193 | 38,428 |
| Insurance receivable for litigation | 204 | 120 |
| Inventories, net | 89,763 | 84,738 |
| Prepaid expenses and other current assets | 10,464 | 9,872 |
| Total current assets | 238,826 | 221,189 |
| Property, plant and equipment, net | 71,391 | 74,793 |
| Long-term marketable securities | 26,157 | 22,490 |
| Goodwill | 48,138 | 48,138 |
| Intangible assets, net | 13,133 | 14,081 |
| Equity investment in joint ventures | 29,362 | 29,470 |
| Other assets | 2,684 | 3,161 |
| Total assets | $429,691 | $413,322 |
| Liabilities and equity | ||
| Current liabilities | ||
| Accounts payable | $46,243 | $26,360 |
| Deferred revenue | 4,097 | 2,916 |
| Accrued warranty and retrofit costs | 5,734 | 5,698 |
| Accrued compensation and benefits | 10,370 | 14,317 |
| Accrued restructuring costs | 4,786 | 5,642 |
| Accrued income taxes payable | 2,925 | 2,686 |
| Accrued expenses and other current liabilities | 11,716 | 12,870 |
| Total current liabilities | 85,871 | 70,489 |
| Accrued long-term restructuring | 2,263 | 2,019 |
| Income taxes payable | 11,035 | 10,755 |
| Long-term pension liability | 8,070 | 7,913 |
| Other long-term liabilities | 2,625 | 2,523 |
| Total liabilities | 109,864 | 93,699 |
| Contingencies | ||
| Equity | ||
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Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding |
— | — |
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Common stock, $0.01 par value, 125,000,000 shares authorized, 78,013,116 shares issued and 64,551,247 shares outstanding at December 31, 2009, 77,883,173 shares issued and 64,421,304 shares outstanding at September 30, 2009 |
780 | 779 |
| Additional paid-in capital | 1,798,235 | 1,795,619 |
| Accumulated other comprehensive income | 16,781 | 16,318 |
| Treasury stock at cost, 13,461,869 shares at December 31, 2009 and September 30, 2009 | (200,956) | (200,956) |
| Accumulated deficit | (1,295,426) | (1,292,631) |
| Total Brooks Automation, Inc. stockholders' equity | 319,414 | 319,129 |
| Noncontrolling interest in subsidiaries | 413 | 494 |
| Total equity | 319,827 | 319,623 |
| Total liabilities and equity | $429,691 | $413,322 |
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BROOKS AUTOMATION, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) |
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Three months ended December 31, |
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| 2009 | 2008 | |
| Revenues | ||
| Product | $91,521 | $ 59,086 |
| Services | 14,676 | 14,360 |
| Total revenues | 106,197 | 73,446 |
| Cost of revenues | ||
| Product | 67,245 | 53,869 |
| Services | 12,706 | 13,189 |
| Total cost of revenues | 79,951 | 67,058 |
| Gross profit | 26,246 | 6,388 |
| Operating expenses | ||
| Research and development | 7,541 | 9,277 |
| Selling, general and administrative | 18,979 | 27,634 |
| Restructuring charges | 1,522 | 4,105 |
| Total operating expenses | 28,042 | 41,016 |
| Operating loss | (1,796) | (34,628) |
| Interest income | 328 | 897 |
| Interest expense | 16 | 126 |
| Loss on investment | 191 | 1,185 |
| Other expense, net | 197 | 38 |
| Loss before income taxes and equity in earnings (losses) of joint ventures | (1,872) | (35,080) |
| Income tax provision | 635 | 391 |
| Loss before equity in earnings (losses) of joint ventures | (2,507) | (35,471) |
| Equity in earnings (losses) of joint ventures | (370) | 301 |
| Net loss | $(2,877) | $(35,170) |
| Add: Net loss attributable to noncontrolling interests | 82 | 87 |
| Net loss attributable to Brooks Automation, Inc. | $(2,795) | $ (35,083) |
| Basic net loss per share attributable to Brooks Automation, Inc. common stockholders | $(0.04) | $(0.56) |
| Diluted net loss per share attributable to Brooks Automation, Inc. common stockholders | $(0.04) | $(0.56) |
| Shares used in computing loss per share | ||
| Basic | 63,394 | 62,651 |
| Diluted | 63,394 | 62,651 |
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BROOKS AUTOMATION, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) |
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Three months ended December 31, |
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| 2009 | 2008 | |
| Cash flows from operating activities | ||
| Net loss | $(2,877) | $ (35,170) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 4,794 | 8,380 |
| Stock-based compensation | 1,517 | 1,524 |
| Amortization of premium (discount) on marketable securities | 136 | (34) |
| Undistributed (earnings) losses of joint ventures | 370 | (301) |
| Gain on disposal of long-lived assets | — | (8) |
| Loss on investment | 191 | 1,185 |
| Changes in operating assets and liabilities, net of acquisitions and disposals: | ||
| Accounts receivable | (14,759) | 26,330 |
| Inventories | (5,163) | (3,252) |
| Prepaid expenses and other current assets | (834) | 71 |
| Accounts payable | 19,902 | (7,580) |
| Deferred revenue | 1,199 | (330) |
| Accrued warranty and retrofit costs | 32 | (237) |
| Accrued compensation and benefits | (2,834) | (1,201) |
| Accrued restructuring costs | (605) | 890 |
| Accrued expenses and other | 413 | (3,745) |
| Net cash provided by (used in) operating activities | 1,482 | (13,478) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (461) | (5,084) |
| Purchases of marketable securities | (43,983) | (35,022) |
| Sale/maturity of marketable securities | 29,853 | 22,533 |
| Proceeds from the sale of investment | 240 | — |
| Net cash used in investing activities | (14,351) | (17,573) |
| Effects of exchange rate changes on cash and cash equivalents | 48 | (1,118) |
| Net decrease in cash and cash equivalents | (12,821) | (32,169) |
| Cash and cash equivalents, beginning of period | 59,985 | 110,269 |
| Cash and cash equivalents, end of period | $47,164 | $78,100 |
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Supplemental Information (In thousands, except per share data) (unaudited) |
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| Notes on Non-GAAP Financial Measures: | ||||||
| The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure. | ||||||
| The press release includes financial measures which exclude the effects of charges associated with our non-cash impairment charges, restructuring programs and gains or losses on investments. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. A table reconciling income (loss) and diluted earnings (loss) per share is presented below: | ||||||
| Quarter ended | ||||||
| December 31, 2009 | September 30, 2009 | December 31, 2008 | ||||
| $ | per share | $ | per share | $ | per share | |
| Net loss attributable to Brooks Automation, Inc. | $(2,795) | $(0.04) | $(14,490) | $(0.23) | $(35,083) | $(0.56) |
| Restructuring charges | 1,522 | 0.02 | 513 | 0.01 | 4,105 | 0.07 |
| Loss on investment | 191 | 0.00 | -- | -- | 1,185 | 0.02 |
| Adjusted net loss attributable to Brooks Automation, Inc. | (1,082) | (0.02) | (13,977) | (0.22) | (29,793) | (0.48) |
| Stock-based compensation | 1,517 | 0.02 | 810 | 0.01 | 1,524 | 0.02 |
| Adjusted net income (loss) attributable to Brooks Automation, Inc., excluding stock-based compensation | $435 | $0.01 | $(13,167) | $(0.21) | $(28,269) | $(0.45) |
| Quarter ended | ||||||
| Dec 31, 2009 |
Sept 30, 2009 |
Dec 31, 2008 |
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| Net loss attributable to Brooks Automation, Inc. | $(2,795) | $(14,490) | $(35,083) | |||
| Less: Interest income | (328) | (640) | (897) | |||
| Add: Interest expense | 16 | 196 | 126 | |||
| Add: Income tax provision (benefit) | 635 | (85) | 391 | |||
| Add: Depreciation | 3,846 | 4,187 | 4,156 | |||
| Add: Amortization of completed technology | 457 | 457 | 2,331 | |||
| Add; Amortization of acquired intangible assets | 491 | 371 | 1,893 | |||
| Add: Stock-based compensation | 1,517 | 810 | 1,524 | |||
| Add: Restructuring charges | 1,522 | 513 | 4,105 | |||
| Add: Loss on investment | 191 | -- | 1,185 | |||
| Adjusted EBITDA | $5,552 | $(8,681) | $(20,269) | |||