CHELMSFORD, Mass., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's fourth quarter of fiscal year 2009 ended on September 30, 2009.
Revenues for the fourth quarter of 2009 were $64.1 million, compared to revenues of $106.9 million in the fourth quarter of 2008, a decrease of 40.0%. Sequentially, revenues grew 46.1% from third quarter revenues of $43.9 million.
Net loss for the fourth quarter of fiscal 2009 amounted to $14.5 million, or $0.23 per diluted share. Excluding special charges totaling $0.5 million, the non-GAAP net loss for the fourth quarter of fiscal 2009 was $14.0 million, or $0.22 per diluted share. Special charges taken during the quarter were $0.5 million of residual restructuring charges related to the 2009 restructuring initiatives.
The fiscal 2009 fourth quarter results compare with a loss from continuing operations of $216.2 million, or $3.45 per diluted share in the fourth quarter of the prior year. Sequentially, the net loss was $25.7 million or $0.41 per diluted share in the third quarter of 2009. Excluding special charges, the net loss from continuing operations for the fourth quarter of the prior year was $10.0 million, or $0.16 per diluted share. Sequentially, the net loss for the third quarter excluding special charges, was $23.0 million or $0.37 per diluted share. Special charges are identified in a table to this release.
Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization for the fourth quarter of fiscal 2009 was ($8.7) million, which compared to ($1.9) million in the prior year period and ($17.2) million in the third 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.
Effective working capital management and reduced levels of losses reduced the use of cash in operations in the quarter to $3.6 million. The Company closed the quarter with $110.5 million of cash and marketable securities.
Revenues for the fiscal year ended September 30, 2009 were $218.7 million, a 58.4% decrease from the prior fiscal year revenues of $526.4 million. The net loss for the current fiscal year was $227.9 million, as compared to the prior year's net loss of $235.9 million. Excluding special charges, the adjusted loss from continuing operations before special charges for fiscal 2009 and 2008 was $102.9 million or $1.64 per share and $21.8 million or $0.34 per share, respectively. Special charges are identified in the tables to this release.
Commenting on recent activities, Robert J. Lepofsky, President and Chief Executive Officer of Brooks, stated, "We continue to see a sharp and continuing ramp in requirements from our semiconductor OEM customers. As previously announced, on top of the 46% increase in sales just reported we anticipate another increase in revenues in the December ending quarter that will exceed 45%. Based on current order booking activity and discussions with our major customers we have gained a growing confidence in projecting strong sales growth well into calendar year 2010. In addition, we presently anticipate converging on at least break even results in the current quarter and positive earnings for our full fiscal year."
"Many of the investments we made in new product and market development initiatives during the business downturn are now beginning to have an impact," added Mr. Lepofsky. "We are currently working with several customers on new product platforms serving markets beyond our core semiconductor manufacturing equipment business. Combined with the continuing recovery of our base business we believe these new programs can accelerate our growth track well into next year and beyond."
Brooks management will webcast its September quarter earnings conference today at 10:00 a.m. Eastern Time to discuss the attached quarterly results and business highlights. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Their responses could contain information that has not been previously disclosed.
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 first quarter results in early February, 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 co.csr@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.
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
September 30, September 30,
2009 2008
------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 59,985 $ 110,269
Marketable securities 28,046 33,077
Accounts receivable, net 38,428 66,844
Insurance receivable for litigation 120 8,772
Inventories, net 84,738 105,901
Prepaid expenses and other current assets 9,872 13,783
------------- -------------
Total current assets 221,189 338,646
Property, plant and equipment, net 74,793 81,604
Long-term marketable securities 22,490 33,935
Goodwill 48,138 119,979
Intangible assets, net 14,081 58,452
Equity investment in joint ventures 29,470 26,309
Other assets 3,161 4,713
------------- -------------
Total assets $ 413,322 $ 663,638
============= =============
LIABILITIES, MINORITY INTERESTS AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 26,360 $ 37,248
Deferred revenue 2,916 3,553
Accrued warranty and retrofit costs 5,698 8,174
Accrued compensation and benefits 14,317 18,174
Accrued restructuring costs 5,642 7,167
Accrued income taxes payable 2,686 3,151
Accrual for litigation settlement -- 7,750
Accrued expenses and other current
liabilities 12,870 17,634
------------- -------------
Total current liabilities 70,489 102,851
Accrued long-term restructuring 2,019 5,496
Income taxes payable 10,755 10,649
Long-term pension liability 7,913 --
Other long-term liabilities 2,523 2,238
------------- -------------
Total liabilities 93,699 121,234
------------- -------------
Commitments and contingencies
Minority interests 494 409
------------- -------------
Stockholders' equity
Preferred stock, $0.01 par value,
1,000,000 shares authorized, no shares
issued and outstanding at September 30,
2009 and 2008 -- --
Common stock, $0.01 par value,
125,000,000 shares authorized,
77,883,173 shares issued and 64,421,304
shares outstanding at September 30, 2009,
77,044,737 shares issued and 63,582,868
shares outstanding at September 30, 2008 779 770
Additional paid-in capital 1,795,619 1,788,891
Accumulated other comprehensive income 16,318 18,063
Treasury stock at cost, 13,461,869 shares
at September 30, 2009 and 2008 (200,956) (200,956)
Accumulated deficit (1,292,631) (1,064,773)
------------- -------------
Total stockholders' equity 319,129 541,995
------------- -------------
Total liabilities, minority interests
and stockholders' equity $ 413,322 $ 663,638
============= =============
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2009 AND 2008
(In thousands, except per share data)
(unaudited)
Three months ended Twelve months ended
September 30, September 30,
--------------------- ---------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues
Product $ 51,073 $ 89,265 $ 167,552 $ 456,422
Services 13,012 17,605 51,154 69,944
---------- ---------- ---------- ----------
Total revenues 64,085 106,870 218,706 526,366
---------- ---------- ---------- ----------
Cost of revenues
Product 40,292 68,365 155,370 335,163
Services 11,931 15,422 48,408 64,375
Impairment of long-lived
assets -- -- 20,924 --
---------- ---------- ---------- ----------
Total cost of revenues 52,223 83,787 224,702 399,538
---------- ---------- ---------- ----------
Gross profit (loss) 11,862 23,083 (5,996) 126,828
---------- ---------- ---------- ----------
Operating expenses
Research and development 7,115 8,669 31,607 42,924
Selling, general and
administrative 18,831 25,881 91,231 110,516
Impairment of goodwill -- 197,883 71,800 197,883
Impairment of long-lived
assets -- 5,687 14,588 5,687
Restructuring charges 513 1,610 12,806 7,287
---------- ---------- ---------- ----------
Total operating
expenses 26,459 239,730 222,032 364,297
---------- ---------- ---------- ----------
Operating loss from
continuing operations (14,597) (216,647) (228,028) (237,469)
Interest income 640 1,151 2,719 7,403
Interest expense 196 102 454 407
Loss on investment -- 1,009 1,185 3,940
Other (income) expense,
net (66) 1,082 (31) 1,739
---------- ---------- ---------- ----------
Loss from continuing
operations before income
taxes, minority interests
and equity (loss) in
earnings of joint
ventures (14,087) (217,689) (226,917) (236,152)
Income tax provision
(benefit) (85) (1,165) 643 1,233
---------- ---------- ---------- ----------
Loss from continuing
operations before
minority interests and
equity (loss) in earnings
of joint ventures (14,002) (216,524) (227,560) (237,385)
Minority interests in
income (loss) of
consolidated subsidiaries 22 (48) 85 (53)
Equity (loss) in earnings
of joint ventures (466) 260 (213) 707
---------- ---------- ---------- ----------
Loss from continuing
operations (14,490) (216,216) (227,858) (236,625)
Gain on sale of
discontinued operations,
net of income taxes -- 308 -- 679
---------- ---------- ---------- ----------
Income from discontinued
operations, net of income
taxes -- 308 -- 679
---------- ---------- ---------- ----------
Net loss $ (14,490) $(215,908) $(227,858) $(235,946)
========== ========== ========== ==========
Basic loss per share from
continuing operations $ (0.23) $ (3.45) $ (3.62) $ (3.67)
Basic income per share
from discontinued
operations -- 0.00 -- 0.01
---------- ---------- ---------- ----------
Basic net loss per share $ (0.23) $ (3.45) $ (3.62) $(3.66)
========== ========== ========== ==========
Diluted loss per share
from continuing
operations $ (0.23) $ (3.45) $ (3.62) $ (3.67)
Diluted income per share
from discontinued
operations -- 0.00 -- 0.01
---------- ---------- ---------- ----------
Diluted net loss per share $ (0.23) $ (3.45) $ (3.62) $ (3.66)
========== ========== ========== ==========
Shares used in computing
income (loss) per share
Basic 63,135 62,587 62,911 64,542
Diluted 63,135 62,587 62,911 64,542
========== ========== ========== ==========
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Year Ended September 30,
------------------------
2009 2008
----------- -----------
Cash flows from operating activities
Net loss $ (227,858) $ (235,946)
Adjustments to reconcile net loss to net
cash (used in) provided by operating
activities:
Depreciation and amortization 25,856 34,538
Impairment of assets 107,312 203,570
Stock-based compensation 5,817 6,909
Amortization of premium (discount) on
marketable securities 127 (830)
Undistributed earnings of joint ventures 213 (707)
Minority interests 85 (53)
Loss on disposal of long-lived assets 17 1,070
Gain on sale of software division, net -- (679)
Loss on investment 1,185 3,940
Changes in operating assets and
liabilities, net of acquisitions and
disposals:
Accounts receivable 29,963 38,612
Inventories 21,779 (610)
Prepaid expenses and other current
assets 4,527 5,790
Accounts payable (10,947) (20,601)
Deferred revenue (676) (1,892)
Accrued warranty and retrofit costs (2,496) (2,772)
Accrued compensation and benefits (3,869) (5,839)
Accrued restructuring costs (5,007) (3,089)
Accrued expenses and other current
liabilities (2,522) (7,755)
----------- -----------
Net cash (used in) provided by
operating activities (56,494) 13,656
----------- -----------
Cash flows from investing activities
Purchases of property, plant and equipment (11,339) (23,439)
Proceeds from the sale of software division -- 1,918
Acquisitions -- (1,000)
Purchases of marketable securities (59,091) (151,231)
Sale/maturity of marketable securities 75,628 190,592
Other 1,055 (75)
----------- -----------
Net cash provided by investing
activities 6,253 16,765
----------- -----------
Cash flows from financing activities
Treasury stock purchases -- (90,194)
Issuance of common stock under stock option
and stock purchase plans 1,248 2,391
----------- -----------
Net cash provided by (used in)
financing activities 1,248 (87,803)
----------- -----------
Effects of exchange rate changes on cash and
cash equivalents (1,291) (581)
----------- -----------
Net decrease in cash and cash equivalents (50,284) (57,963)
Cash and cash equivalents, beginning of year 110,269 168,232
----------- -----------
Cash and cash equivalents, end of year $ 59,985 $ 110,269
=========== ===========
BROOKS AUTOMATION, INC.
Supplemental Information
(In thousands, except per share data)
(unaudited)
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 from continuing
operations is presented below:
Quarter ended Quarter ended Quarter ended
Sept. 30, 2009 June 30, 2009 Sept. 30, 2008
------------------- ------------------- --------------------
$ per share $ per share $ per share
--------- --------- --------- --------- ---------- ---------
Loss from
continuing
operations $(14,490) $ (0.23) $(25,742) $ (0.41) $(216,216) $ (3.45)
Impairment
charges -
cost of
revenues -- -- 408 0.01 -- --
Impairment
charges -
operating
expense -- -- -- -- 203,570 3.25
Restructuring
charges 513 0.01 2,327 0.04 1,610 0.03
Loss on
investment -- -- -- -- 1,009 0.02
--------- --------- --------- --------- ---------- ---------
Adjusted
loss
from
continuing
operations $(13,977) $ (0.22) $(23,007) $ (0.37) $ (10,027) $ (0.16)
========= ========= ========= ========= ========== =========
Year ended Year ended
September 30, 2009 September 30, 2008
--------------------- ---------------------
$ per share $ per share
---------- --------- ---------- ---------
Loss from continuing
operations $(227,858) $ (3.62) $(236,625) $ (3.67)
Impairment charges -
cost of revenues 20,924 0.33 -- --
Impairment charges -
operating expenses 86,388 1.37 203,570 3.15
Restructuring charges 12,806 0.20 7,287 0.11
Restructuring related
inventory charges 3,612 0.06 -- --
Loss on investment 1,185 0.02 3,940 0.06
---------- --------- ---------- ---------
Adjusted loss from
continuing operations $(102,943) $ (1.64) $ (21,828) $ (0.34)
========== ========= ========== =========
Quarter ended Year ended
------------------------------ ----------------------
Sept 30, June 30, Sept 30, Sept 30, Sept 30,
2009 2009 2008 2009 2008
--------- --------- ---------- ----------- ----------
Loss from
continuing
operations $(14,490) $(25,742) $(216,216) $(227,858) $(236,625)
Less: Interest
income (640) (536) (1,151) (2,719) (7,403)
Add: Interest
expense 196 60 466 454 1,002
Add: Income tax
provision
(benefit) (85) 148 (1,165) 643 1,233
Add: Depreciation 4,187 3,679 4,554 15,642 18,170
Add: Amortization
of completed
technology 457 457 2,331 5,576 9,324
Add: Amortization
of acquired
intangible assets 371 381 1,786 4,638 7,044
Add: Stock
compensation
expense 810 1,613 1,297 5,817 6,909
Add: Restructuring
related inventory
charges -- -- -- 3,612 --
Add: Impairment
charges - cost of
revenues -- 408 -- 20,924 --
Add: Impairment
charges -
operating expense -- -- 203,570 86,388 203,570
Add: Restructuring
charges 513 2,327 1,610 12,806 7,287
Add: Loss on
investment -- -- 1,009 1,185 3,940
--------- --------- ---------- ----------- ----------
Adjusted EBITDA $ (8,681) $(17,205) $ (1,909) $ (72,892) $ 14,451
========= ========= ========== =========== ==========