Astex Announces Record Fiscal 1996 Second Quarter Revenues And Earnings

Business Wire,  Feb 13, 1996  

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WOBURN, Mass.--(BUSINESS WIRE)--February 13, 1995--Applied Science and Technology, Inc. ("ASTeX") (Nasdaq:ASTX) today reported results for the fiscal 1996 second quarter ended December 30, 1995.

Total revenues for the second quarter rose 42% to an all- time record of $6.86 million, versus $4.84 million reported in the second quarter of fiscal 1995. Earnings from operations, excluding non-recurring expenses associated with the recent acquisition of Ehrhorn Technological Operations, Inc. (ETO), were also an all-time record of $595,000. Net loss for the quarter was $2.40 million or a loss of $0.58 per share, compared to net income of $274,000, or $0.07 per share, for the second quarter of fiscal 1995. This loss includes a one-time in process research and development expense of $2.2 million and merger-related expenses of $750,000. Without these expenses, net income would have been an all-time record of $559,000 or $0.13 per share.

Dr. Richard Post, President and Chief Executive Officer, stated, "Our strong results for the quarter reflect increased shipments of our ozone generators and subsystems, plasma sources, microwave generators and components to major semiconductor capital equipment manufacturers. Sales of ozone generators and subsystems increased by $1.7 million, or 242%, for the three months and by $3.3 million, or 402% for the six month period ended December 30, 1995."

Dr. Post continued, "During the quarter, we completed our acquisitions of Ehrhorn Technological Operations, Inc. (ETO) and Newton Engineering Service, Inc. (NES). These acquisitions are strategically important to our Company, and we expect them to provide us with significantly greater opportunities as we continue to develop the cost-effective process technologies needed for future generations of semiconductor manufacturing equipment. The integration of ETO's high power radio frequency (RF) product and technology base with ASTeX is complementary with our existing product line and significantly expands the total available market for our products."

"The industry standard for wafers is evolving from 8" to 12" (or 300mm), increasing the productivity and cost-efficiency of the semiconductor manufacturing process. These larger wafers require higher power for processing. With the acquisition of ETO's high power RF expertise, we are well positioned to develop future process technology. ETO has delivered a prototype generator to one of our major customers, and we are excited about the potential for this product," continued Dr. Post.

"This acquisition is a significant step in our goal to achieve $200 million in revenues in the year 2000. ETO's position as a critical supplier in medical diagnostic imaging (MRI) and surgical instrument sterilization applications provides increased revenue diversity, additional growth opportunities and synergy with ASTeX process capabilities," concluded Dr. Post.

ASTeX is a leading provider of innovative production technology through delivery of components and systems for semiconductor, medical, and CVD diamond applications. ASTeX markets its systems to producers of CVD diamond, while its microwave and RF power generators, plasma sources and ozone generators and subsystems are marketed to the world's leading semiconductor and medical capital equipment manufacturers. Typical semiconductor applications include stripping, etching, CVD and physical vapor deposition, while medical applications include diagnostic imaging and sterilization. -0-

     APPLIED SCIENCE AND TECHNOLOGY, INC. AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF OPERATIONS

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