Asyst Reports Results for Fourth Quarter of Fiscal 2008

Business Wire,  May 6, 2008  

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FREMONT, Calif. -- Asyst Technologies, Inc. (Nasdaq:ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today reported financial results for its fiscal fourth quarter ended March 31, 2008.

Net loss for the fiscal fourth quarter according to GAAP was $12.9 million, or $0.26 per share, which compares with a net loss of $0.9 million, or $0.02 per share, in the prior sequential quarter. Non-GAAP net loss for the fiscal fourth quarter was $10.3 million, or $0.21 per share, which compares with non-GAAP net income of $1.0 million, or $0.02 per share, in the prior sequential quarter. Both GAAP and non-GAAP net income for the quarter include non-cash charges of approximately $0.05 per share to increase reserves related to the company's long-term tax strategies.

Net sales for the fiscal fourth quarter were $94.3 million, which compares with $106.5 million in the prior sequential quarter. Net sales related to automated material handling systems (AMHS) were $62.0 million, which compares with $68.4 million in the prior sequential quarter. Net sales related to tool and fab automation solutions were $32.3 million, which compares with $38.0 million in the prior sequential quarter.

Bookings in the quarter totaled $137 million, up 65% from $83 million in the fiscal third quarter. The increase is largely attributable to $49 million of bookings related to several projects in flat panel display (FPD), including a previously announced large Gen 8 project in Korea.

Steve Schwartz, chairman and chief executive officer of Asyst, said, "With this large Gen 8 order from a key customer, we believe that we are positioned to again be a significant participant in flat panel display manufacturing automation. We also saw increased bookings in semiconductor AMHS, however the increase is more reflective of the timing of customer order decisions than of a fundamental turn in the industry. Based on the AMHS outlook among our market-leading semiconductor customers, we continue to believe that such a turn could be evident in bookings as early as this fall."

Michael A. Sicuro, chief financial officer, said, "We recorded reserves in the quarter related to our long-term tax strategies, which we anticipate will contribute to a lower effective tax rate in future periods. The increased bookings in the fiscal fourth quarter allowed us to build backlog, however the relatively low level of current customer activity leads us to an essentially flat financial outlook for our fiscal first quarter ending in June. Nonetheless, we believe that we have the opportunity to operate at or near breakeven on an EBITDA basis over the near term, and to return to non-GAAP profitability by the second half of our fiscal year."

The company provided the following guidance for the fiscal first quarter ending June 30, 2008:

* Consolidated net sales are expected to be in the range of $85-$95 million. AMHS sales are expected to be in the range of $55-$65 million, and tool and fab automation sales are expected to be approximately $30 million.

* Net loss in accordance with GAAP is expected to be in the range of $0.16 to $0.22 per share.

* Non-GAAP net loss is expected to be in the range of $0.11 to $0.17 per share. In calculating non-GAAP net loss per share, the company expects to exclude approximately $2.5 million for intangibles amortization, net of taxes, and restructuring charges.

About Asyst

Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com.

Conference Call Details

The live conference call discussing these results is available today at 5:00 pm eastern time by dialing 303-262-2137. A live webcast of the conference call is publicly available on Asyst's website at http://www.asyst.com and accessible by going to the investor relations page and clicking on the "webcast" link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst's website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available for approximately two weeks by dialing (303) 590-3000, followed by the passcode 11113427#.