Asyst Technologies Inc., a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, has reported financial results for its fiscal fourth quarter ended Mar. 31, 2007.
Net sales for the fiscal fourth quarter were $127 million, up from $126 million in the prior sequential quarter. Net sales of automated material handling systems (AMHS) were $82 million, up 5% from $78 million in the prior sequential quarter. Net sales of other tool and fab automation solutions were $45 million, down 6 percent from $48 million in the prior sequential quarter. Gross margins increased in both business units, leading to consolidated gross margin of 32 percent for the fiscal fourth quarter, up from 30 percent in the prior sequential quarter.
For the fiscal fourth quarter, net income according to GAAP was $3.4 million, or $0.07 per share, which compares with a net loss of $0.2 million, or less than $0.01 per share, in the prior sequential quarter. GAAP net income for the quarter includes the benefit of approximately $4 million, or $0.08 per share, related to the implementation of a new tax structure for the full fiscal year 2007.
Non-GAAP net income for the fiscal fourth quarter, which excludes the net impact of intangibles amortization, stock-based compensation expense, and restructuring charges, was $8.4 million, or $0.17 per share. Non-GAAP net income for the quarter includes an estimated $3.0 million, or $0.06 per share, related to the tax structure impact attributable to the first three quarters of fiscal 2007. In the prior sequential quarter, non-GAAP net income was $5.9 million, or $0.12 per share.
Net bookings for the quarter were $134 million, up 20 percent from $112 million in the prior sequential quarter. The company's overall book-to-bill ratio was 1.1 and backlog as of the end of the quarter increased to approximately $195 million.
Steve Schwartz, Chairman and CEO, Asyst, said: "We continued to drive operational performance in the fiscal fourth quarter. Gross margins across the business returned to our current target operating range. We also finalized and announced our new global organizational structure, which we believe will be a platform for tighter integration of our product and sales activities, better utilization of our global supply chain capabilities, and greater efficiencies throughout the company. We believe that sales related to semiconductor AMHS are sustainable at approximately current levels for the remainder of the calendar year, as demand for our AMHS solutions reflects customers' longer term capacity plans. We expect demand for our other tool and fab automation solutions to largely track with the broader equipment industry. Finally, we continue to see potential for increased flat panel display activity near the end of our current fiscal year."
Commenting on the company's financial performance and outlook, Michael A. Sicuro, CFO, said: "The improved gross margin in the fiscal fourth quarter was the result of favorable AMHS project mix and continued positive momentum in our supply chain programs. Although we expect some measure of continued volatility in our AMHS gross margins due to project mix, we believe that our AMHS cost estimation accuracy is improving and that we will continue to reduce the volatility of AMHS gross margins over time."
Asyst
