Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer
of thermal processing, wafer cleaning and chemical mechanical
polishing (CMP) capital equipment and related consumables used in
semiconductor, advanced mobility and renewable energy manufacturing
applications, today reported results for its second quarter ended
March 31, 2024.
Second Quarter Fiscal 2024 Financial and Operational
Results:
- Net revenue of $25.4 million
- GAAP operating income of $1.4 million
- Net proceeds of $2.5 million from sale of corporate
headquarters building
- Debt payments of $6.4 million, ending the quarter with net cash
position of $8.8 million
- Non-GAAP operating income of $0.2 million (1)
- GAAP net income of $1.0 million
- Non-GAAP net loss of $0.2 million (1)
- Customer orders of $19.8 million
- Backlog of $44.3 million
(1) See GAAP to non-GAAP reconciliation in
schedules following this release.
“In the second quarter of fiscal 2024 we benefited from
improvements in our cost structure and operational effectiveness.
We exceeded the high-end of our guidance range with revenue of
$25.4 million and, more importantly, we delivered adjusted EBITDA
of $0.8 million despite continued softness in overall market
demand. Over the past few quarters, we have better aligned the size
of our organization to support current market demand and believe we
have positioned the company to deliver strong operating results as
the broader semiconductor market recovers,” commented Mr. Bob
Daigle, Chief Executive Officer of Amtech.
GAAP and Non-GAAP Financial Results
(in millions, except per share
amounts)
Q2
Q1
Q2
6 Months
6 Months
FY 2024
FY 2024
FY 2023
2024
2023
Revenues, net
$
25.4
$
24.9
$
33.3
$
50.4
$
54.9
Gross profit
$
8.5
$
8.2
$
13.5
$
16.7
$
21.8
Gross margin
33.2
%
33.0
%
40.4
%
33.1
%
39.7
%
Non-GAAP gross profit (1)
$
8.6
$
9.3
$
13.5
$
18.0
$
21.8
Non-GAAP gross margin (1)
33.9
%
37.5
%
40.4
%
35.7
%
39.7
%
GAAP operating income (loss)
$
1.4
$
(8.9
)
$
0.5
$
(7.6
)
$
(2.2
)
GAAP operating margin
5.4
%
-35.9
%
1.6
%
-15.0
%
-3.9
%
Non-GAAP operating income (loss) (1)
$
0.2
$
(0.2
)
$
3.2
$
(0.0
)
$
2.5
Non-GAAP operating margin (1)
0.7
%
-0.8
%
9.5
%
0.0
%
4.5
%
GAAP net income (loss)
$
1.0
$
(9.4
)
$
3.2
$
(8.4
)
$
0.5
GAAP net income (loss) per diluted
share
$
0.07
$
(0.66
)
$
0.23
$
(0.59
)
$
0.03
Non-GAAP net (loss) income (1)
$
(0.2
)
$
(0.6
)
$
2.7
$
(0.8
)
$
1.9
Non-GAAP net (loss) income per diluted
share (1)
$
(0.01
)
$
(0.04
)
$
0.19
$
(0.06
)
$
0.14
(1) See GAAP to non-GAAP reconciliation in
schedules following this release.
Net revenues increased 2% sequentially and decreased 24% from
the second quarter of fiscal 2023. The sequential increase is
primarily due to increased consumable sales in our Material and
Substrate segment, as customers update their buying patterns and
adjust inventory levels. The decrease from prior year is primarily
attributable to lower sales across most of our product portfolio
due to a slow-down in the broader semiconductor market.
In the second quarter of fiscal 2024, GAAP gross margin was flat
sequentially and decreased compared to the same prior year period.
In our semiconductor segment, GAAP gross margin was negatively
affected by product mix and increased material costs, both
primarily attributed to shipments of our horizontal diffusion
furnaces. GAAP gross margin in our Material and Substrate segment
increased sequentially and compared to the same prior year period
due primarily to a more favorable product mix, with increased
consumable sales partially offset by lower equipment sales.
Non-GAAP gross margin decreased sequentially and compared to the
same prior year period due primarily to a less favorable product
mix and increased material costs, both primarily attributed to
shipments of our horizontal diffusion furnaces.
Selling, General & Administrative (“SG&A”) expenses
decreased $0.3 million on a sequential basis and decreased $3.2
million compared to the prior year period. The sequential decrease
is due primarily to reductions in labor expenses and lower
commissions and shipping expenses. Compared to the same prior year
period, the decrease is due primarily to $1.5 million of lower
acquisition expenses, $0.6 million of lower amortization expense,
and reductions in labor, commissions and shipping expenses.
Research, Development and Engineering expenses decreased $0.7
million sequentially and decreased $0.6 million compared to the
same prior year period due primarily to the timing of purchases
related to specific projects in our Semiconductor segment.
During the second quarter of fiscal 2024, we sold our corporate
headquarters building in Tempe, Arizona for a gain of $2.2 million
and net cash proceeds of $2.5 million.
GAAP operating income was $1.4 million, compared to GAAP
operating loss of $8.9 million in the first quarter of fiscal 2024
and GAAP operating income of $0.5 million in the same prior year
period.
Non-GAAP operating income was $0.2 million, compared to non-GAAP
operating loss of $0.2 million in the first quarter of fiscal 2024
and non-GAAP operating income of $3.2 million in the same prior
year period.
GAAP net income for the second quarter of fiscal 2024 was $1.0
million, or 7 cents per share. This compares to GAAP net loss of
$9.4 million, or 66 cents per share, for the preceding quarter and
GAAP net income of $3.2 million, or 23 cents per share, for the
second quarter of fiscal 2023.
Non-GAAP net loss for the second quarter of fiscal 2024 was $0.2
million, or 1 cent per share. This compares to non-GAAP net loss of
$0.6 million, or 4 cents per share, for the preceding quarter and
non-GAAP net income of $2.7 million, or 19 cents per share, for the
second quarter of fiscal 2023.
Unrestricted cash and cash equivalents at March 31, 2024, were
$13.0 million, compared to $13.1 million at September 30, 2023.
Debt payments during the three months ended March 31, 2024 were
$6.4 million. Net cash as of March 31, 2024 was $8.8 million
compared to $7.0 million as of December 31, 2023.
In discussing financial results for the three and six months
ended March 31, 2024 and 2023 and the three months ended December
31, 2023, in this press release, the Company refers to certain
financial measures that are adjusted from the financial results
prepared in accordance with United States generally accepted
accounting principles ("GAAP"). All non-GAAP amounts exclude
certain adjustments for stock compensation expense, severance
expense, expenses related to the discontinued product line,
intangible asset impairment, gain on the sale of our Arizona
headquarters, amortization of acquired intangible assets,
acquisition expenses, and income tax benefit related to our
acquisition of Entrepix, Inc. A tabular reconciliation of financial
measures prepared in accordance with GAAP to the non-GAAP financial
measures is included at the end of this press release.
Outlook
Operating results can be significantly impacted, positively or
negatively, by the timing of orders, system shipments, logistical
challenges, and the financial results of semiconductor
manufacturers. Additionally, the semiconductor equipment industries
can be cyclical and inherently impacted by changes in market
demand. Actual results may differ materially in the weeks and
months ahead.
For the third fiscal quarter ending June 30, 2024, we expect
revenues in the range of $22 - 25 million with adjusted EBITDA
nominally positive, which includes some expenses and production
downtime with the BTU facility move. Although the near-term outlook
for revenue and earnings remains challenging, we remain confident
that the future prospects are strong for both our consumables and
equipment serving advanced mobility and advanced packaging
applications. We took actions during the first and second quarters
of fiscal 2024, which will reduce Amtech's structural costs by
approximately $6 million annually and better align product pricing
with value. These steps should significantly improve results and
enhance profitability through market cycles.
A portion of Amtech's results is denominated in Renminbis, a
Chinese currency. The outlook provided in this press release is
based on an assumed exchange rate between the United States Dollar
and the Renminbi. Changes in the value of the Renminbi in relation
to the United States Dollar could cause actual results to differ
from expectations.
Conference Call
Amtech Systems will host a conference call at 5:00 pm ET on
Wednesday, May 8, 2024 to discuss our fiscal second quarter
financial results. The call will be available to interested parties
by dialing 1-888-886-7786. For international callers, please dial
+1-416-764-8658. A live webcast of the conference call will be
available in the Investor Relations section of Amtech’s website at:
https://www.amtechsystems.com/investors/events.
A replay of the webcast will be available in the Investor
Relations section of the company’s website at
http://www.amtechsystems.com/conference.htm shortly after the
conclusion of the call and will remain available for approximately
30 calendar days.
About Amtech Systems, Inc.
Amtech Systems, Inc. is a leading, global manufacturer of
thermal processing, wafer cleaning and chemical mechanical
polishing (CMP) capital equipment and related consumables used in
semiconductor, advanced mobility and renewable energy manufacturing
applications. We sell process equipment and services used in the
fabrication of semiconductor devices, such as silicon carbide
(SiC), silicon power, electronic assemblies and modules to
semiconductor device and module manufacturers worldwide,
particularly in Asia, North America and Europe. Our strategic focus
is on growth opportunities which leverage our strengths in thermal
and substrate processing. Amtech's products are recognized under
the leading brand names BTU International, Entrepix, Inc., PR
Hoffman™ and Intersurface Dynamics, Inc.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is
forward-looking in nature. All statements in this press release, or
made by management of Amtech Systems, Inc. and its subsidiaries
("Amtech"), other than statements of historical fact, are hereby
identified as "forward-looking statements" (as such term is defined
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995). The
forward-looking statements in this press release relate only to
events or information as of the date on which the statements are
made in this press release. Examples of forward-looking statements
include statements regarding Amtech's future financial results,
operating results, business strategies, projected costs, products
under development, competitive positions, plans and objectives of
Amtech and its management for future operations, efforts to improve
operational efficiencies and effectiveness and profitably grow our
revenue, and enhancements to our technologies and expansion of our
product portfolio. In some cases, forward-looking statements can be
identified by terminology such as "may," "plan," "anticipate,"
"seek," "will," "expect," "intend," "estimate," "believe,"
"continue," "predict," "potential," "project," "should," "would,"
"could", "likely," "future," "target," "forecast," "goal,"
"observe," and "strategy" or the negative of these terms or other
comparable terminology used in this press release or by our
management, which are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. The Form 10-K that Amtech filed with the
Securities and Exchange Commission (the "SEC") for the year-ended
September 30, 2023, listed various important factors that could
affect the Company's future operating results and financial
condition and could cause actual results to differ materially from
historical results and expectations based on forward-looking
statements made in this document or elsewhere by Amtech or on its
behalf. These factors can be found under the heading "Risk Factors"
in the Form 10-K and in our subsequently filed Quarterly Reports on
Form 10-Qs, and investors should refer to them. Because it is not
possible to predict or identify all such factors, any such list
cannot be considered a complete set of all potential risks or
uncertainties. Except as required by law, we undertake no
obligation to publicly update forward-looking statements, whether
as a result of new information, future events, or otherwise.
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Summary Financial Information
(in thousands, except
percentages)
Three Months Ended
Six Months Ended March
31,
March 31, 2024
December 31, 2023
March 31, 2023
2024
2023
Amtech Systems, Inc.
Revenues, net
$
25,433
$
24,920
$
33,310
$
50,353
$
54,868
GAAP gross profit
$
8,451
$
8,219
$
13,470
$
16,670
$
21,773
Non-GAAP gross profit
$
8,626
$
9,341
$
13,470
$
17,967
$
21,773
GAAP gross margin
33
%
33
%
40
%
33
%
40
%
Non-GAAP gross margin
34
%
37
%
40
%
36
%
40
%
GAAP operating income (loss)
$
1,363
$
(8,934
)
$
519
$
(7,571
)
$
(2,161
)
Non-GAAP operating income (loss)
$
188
$
(210
)
$
3,162
$
(22
)
$
2,492
New orders
$
19,771
$
23,105
$
34,266
$
42,876
$
59,495
Backlog
$
44,316
$
49,979
$
65,838
$
44,316
$
65,838
Semiconductor Segment
Revenues, net
$
17,441
$
17,527
$
22,047
$
34,968
$
38,934
GAAP gross profit
$
5,040
$
6,159
$
8,931
$
11,199
$
15,103
Non-GAAP gross profit
$
5,040
$
6,159
$
8,931
$
11,199
$
15,103
GAAP gross margin
29
%
35
%
41
%
32
%
39
%
Non-GAAP gross margin
29
%
35
%
41
%
32
%
39
%
GAAP operating income
$
896
$
1,081
$
2,950
$
1,977
$
3,819
Non-GAAP operating income
$
896
$
1,192
$
2,950
$
2,088
$
3,819
New orders
$
12,061
$
17,129
$
24,606
$
29,189
$
45,690
Backlog
$
39,455
$
44,835
$
54,767
$
39,455
$
54,767
Material and Substrate Segment
Revenues, net
$
7,992
$
7,393
$
11,263
$
15,385
$
15,934
GAAP gross profit
$
3,411
$
2,060
$
4,539
$
5,471
$
6,670
Non-GAAP gross profit
$
3,586
$
3,182
$
4,539
$
6,768
$
6,670
GAAP gross margin
43
%
28
%
40
%
36
%
42
%
Non-GAAP gross margin
45
%
43
%
40
%
44
%
42
%
GAAP operating income (loss)
$
900
$
(7,844
)
$
297
$
(6,943
)
$
930
Non-GAAP operating income
$
1,300
$
452
$
1,938
$
1,753
$
2,571
New orders
$
7,710
$
5,976
$
9,660
$
13,687
$
13,805
Backlog
$
4,861
$
5,144
$
11,071
$
4,861
$
11,071
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Statements of
Operations
(in thousands, except per share
data)
Three Months Ended March
31,
Six Months Ended March
31,
2024
2023
2024
2023
Revenues, net
$
25,433
$
33,310
$
50,353
$
54,868
Cost of sales
16,982
19,840
32,834
33,095
Intangible asset impairment
—
—
849
—
Gross profit
8,451
13,470
16,670
21,773
Selling, general and administrative
8,252
11,434
16,819
20,624
Research, development and engineering
921
1,517
2,509
2,910
Gain on sale of fixed assets
(2,197
)
—
(2,197
)
—
Goodwill impairment
—
—
6,370
—
Intangible asset impairment
—
—
430
—
Severance expense
112
—
310
400
Operating income (loss)
1,363
519
(7,571
)
(2,161
)
Interest income
14
49
33
339
Interest expense
(193
)
(155
)
(391
)
(157
)
Foreign currency loss
—
(168
)
(187
)
(515
)
Other
9
13
9
4
Income (loss) before income tax
provision
1,193
258
(8,107
)
(2,490
)
Income tax provision (benefit)
223
(2,946
)
281
(2,950
)
Net income (loss)
$
970
$
3,204
$
(8,388
)
$
460
Income (Loss) Per Share:
Net income (loss) per basic share
$
0.07
$
0.23
$
(0.59
)
$
0.03
Net income (loss) per diluted share
$
0.07
$
0.23
$
(0.59
)
$
0.03
Weighted average shares
outstanding:
Basic
14,197
14,028
14,193
14,018
Diluted
14,209
14,157
14,193
14,142
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Balance Sheets
(in thousands, except share
data)
March 31, 2024
September 30, 2023
Assets
Current Assets
Cash and cash equivalents
$
13,000
$
13,133
Accounts receivable (less allowance for
credit losses of $115 and $146 at March 31, 2024 and September 30,
2023, respectively)
21,230
26,474
Inventories
31,308
34,845
Income taxes receivable
457
632
Other current assets
4,304
6,105
Total current assets
70,299
81,189
Property, Plant and Equipment - Net
9,476
9,695
Right-of-Use Assets - Net
9,784
11,217
Intangible Assets - Net
4,352
6,114
Goodwill
21,261
27,631
Deferred Income Taxes - Net
123
101
Other Assets
1,179
1,074
Total Assets
$
116,474
$
137,021
Liabilities and Shareholders’
Equity
Current Liabilities
Accounts payable
$
6,741
$
10,815
Accrued compensation and related taxes
2,085
3,481
Accrued warranty expense
763
965
Other accrued liabilities
1,133
1,551
Current maturities of finance lease
liabilities and long-term debt
4,243
2,265
Current portion of long-term operating
lease liabilities
1,934
2,623
Contract liabilities
9,015
8,018
Total current liabilities
25,914
29,718
Finance Lease Liabilities and Long-Term
Debt
65
8,422
Long-Term Operating Lease Liabilities
8,195
8,894
Income Taxes Payable
1,357
1,575
Other Long-Term Liabilities
52
47
Total Liabilities
35,583
48,656
Commitments and Contingencies
Shareholders’ Equity
Preferred stock; 100,000,000 shares
authorized; none issued
—
—
Common stock; $0.01 par value; 100,000,000
shares authorized; shares issued and outstanding: 14,208,795 and
14,185,977 at March 31, 2024 and September 30, 2023,
respectively
142
142
Additional paid-in capital
127,658
126,963
Accumulated other comprehensive loss
(1,476
)
(1,695
)
Retained deficit
(45,433
)
(37,045
)
Total Shareholders’ Equity
80,891
88,365
Total Liabilities and Shareholders’
Equity
$
116,474
$
137,021
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Consolidated Statements of Cash
Flows
(in thousands)
Six Months Ended March
31,
2024
2023
Operating Activities
Net (loss) income
$
(8,388
)
$
460
Adjustments to reconcile net (loss) income
to net cash provided by (used in) operating activities:
Depreciation and amortization
1,572
1,887
Write-down of inventory
940
517
Goodwill impairment
6,370
—
Intangible asset impairment
1,279
—
Deferred income taxes
(22
)
(3,172
)
Non-cash share-based compensation
expense
667
338
Gain on sale of property, plant and
equipment
(2,197
)
—
Provision for allowance for credit
losses
—
156
Changes in operating assets and
liabilities:
Accounts receivable
5,244
1,113
Inventories
2,617
(4,631
)
Other assets
3,163
2,215
Accounts payable
(3,462
)
(1,497
)
Accrued income taxes
(42
)
(1,192
)
Accrued and other liabilities
(3,432
)
(2,289
)
Contract liabilities
998
768
Net cash provided by (used in) operating
activities
5,307
(5,327
)
Investing Activities
Purchases of property, plant and
equipment
(1,976
)
(976
)
Proceeds from the sale of property, plant
and equipment
2,700
—
Acquisition, net of cash and cash
equivalents acquired
—
(35,498
)
Net provided by provided by (used in)
investing activities
724
(36,474
)
Financing Activities
Proceeds from the exercise of stock
options
28
331
Payments on long-term debt
(6,413
)
(412
)
Borrowings on long-term debt
—
12,000
Net cash (used in) provided by financing
activities
(6,385
)
11,919
Effect of Exchange Rate Changes on Cash
and Cash Equivalents
221
741
Net Decrease in Cash and Cash
Equivalents
(133
)
(29,141
)
Cash and Cash Equivalents, Beginning of
Period
13,133
46,874
Cash and Cash Equivalents, End of
Period
$
13,000
$
17,733
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of GAAP to Non-GAAP
Financial Measures
(in thousands, except per share
data)
Three Months Ended
Six Months Ended March
31,
March 31, 2024
December 31, 2023
March 31, 2023
2024
2023
Amtech Systems, Inc. Gross
Profit:
GAAP gross profit
$
8,451
$
8,219
$
13,470
$
16,670
$
21,773
Write-down of inventory related to
polishing equipment
175
273
-
448
-
Intangible asset impairment
-
849
-
849
-
Non-GAAP gross profit
$
8,626
$
9,341
$
13,470
$
17,967
$
21,773
GAAP gross margin
33
%
33
%
40
%
33
%
40
%
Non-GAAP gross margin
34
%
37
%
40
%
36
%
40
%
Semiconductor Segment Gross
Profit:
GAAP gross profit
$
5,040
$
6,159
$
8,931
$
11,199
$
15,103
Write-down of inventory related to
polishing equipment
-
-
-
-
-
Intangible asset impairment
-
-
-
-
-
Non-GAAP gross profit
$
5,040
$
6,159
$
8,931
$
11,199
$
15,103
GAAP gross margin
29
%
35
%
41
%
32
%
39
%
Non-GAAP gross margin
29
%
35
%
41
%
32
%
39
%
Material and Substrate Segment Gross
Profit:
GAAP gross profit
$
3,411
$
2,060
$
4,539
$
5,471
$
6,670
Write-down of inventory related to
polishing equipment
175
273
-
448
-
Intangible asset impairment
-
849
-
849
-
Non-GAAP gross profit
$
3,586
$
3,182
$
4,539
$
6,768
$
6,670
GAAP gross margin
43
%
28
%
40
%
36
%
42
%
Non-GAAP gross margin
45
%
43
%
40
%
44
%
42
%
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of GAAP to Non-GAAP
Financial Measures
(in thousands, except per share
data)
Three Months Ended
Six Months Ended March
31,
March 31, 2024
December 31, 2023
March 31, 2023
2024
2023
Amtech Systems, Inc. Operating Income
(Loss):
GAAP operating income (loss)
$
1,363
$
(8,934
)
$
519
$
(7,571
)
$
(2,161
)
Gain on sale of fixed assets
(2,197
)
-
-
(2,197
)
-
Building move expense
231
-
-
231
-
Acquisition expenses
-
-
1,524
-
2,970
Write-down of inventory related to
polishing equipment
175
273
-
448
-
Amortization of acquired intangible
assets
154
287
945
441
945
Stock compensation expense
350
317
174
667
338
Goodwill impairment
-
6,370
-
6,370
-
Intangible asset impairment
-
1,279
-
1,279
-
Severance expense
112
198
-
310
400
Non-GAAP operating income (loss)
$
188
$
(210
)
$
3,162
$
(22
)
$
2,492
GAAP operating margin
5.4
%
(35.9
)%
1.6
%
(15.0
)%
(3.9
)%
Non-GAAP operating margin
0.7
%
(0.8
)%
9.5
%
(0.0
)%
4.5
%
Semiconductor Segment Operating
Income:
GAAP operating income
$
896
$
1,081
$
2,950
$
1,977
$
3,819
Severance expense
-
111
-
111
-
Non-GAAP operating income
$
896
$
1,192
$
2,950
$
2,088
$
3,819
Material and Substrate Segment
Operating Income (Loss):
GAAP operating income (loss)
$
900
$
(7,844
)
$
297
$
(6,943
)
$
930
Acquisition expenses
-
-
696
-
696
Write-down of inventory related to
polishing equipment
175
273
-
448
-
Amortization of acquired intangible
assets
154
287
945
441
945
Goodwill impairment
-
6,370
-
6,370
-
Intangible asset impairment
-
1,279
-
1,279
-
Severance expense
71
87
-
158
-
Non-GAAP operating income
$
1,300
$
452
$
1,938
$
1,753
$
2,571
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of GAAP to Non-GAAP
Financial Measures
(in thousands, except per share
data)
Three Months Ended
Six Months Ended March
31,
March 31, 2024
December 31, 2023
March 31, 2023
2024
2023
Consolidated Net Income (Loss):
GAAP net income (loss)
$
970
$
(9,358
)
$
3,204
$
(8,388
)
$
460
Gain on sale of fixed assets
(2,197
)
-
-
(2,197
)
-
Building move expense
231
-
-
231
-
Acquisition expenses
-
-
1,524
-
2,970
Write-down of inventory related to
polishing equipment
175
273
-
448
-
Amortization of acquired intangible
assets
154
287
945
441
945
Stock compensation expense
350
317
174
667
338
Goodwill impairment
-
6,370
-
6,370
-
Intangible asset impairment
-
1,279
-
1,279
-
Severance expense
112
198
-
310
400
Income tax provision related to
acquisition
-
-
(3,164
)
-
(3,164
)
Non-GAAP net (loss) income
$
(205
)
$
(634
)
$
2,683
$
(839
)
$
1,949
Net (Loss) Income per Diluted
Share:
GAAP net income (loss) per diluted
share
$
0.07
$
(0.66
)
$
0.23
$
(0.59
)
$
0.03
Gain on sale of fixed assets
(0.15
)
-
-
(0.15
)
-
Building move expense
0.02
-
-
0.01
-
Acquisition expenses
-
-
0.11
-
0.21
Write-down of inventory related to
polishing equipment
0.01
0.02
-
0.03
-
Amortization of acquired intangible
assets
0.01
0.02
0.06
0.03
0.07
Stock compensation expense
0.02
0.02
0.01
0.05
0.02
Goodwill impairment
-
0.45
-
0.45
-
Intangible asset impairment
-
0.09
-
0.09
-
Severance expense
0.01
0.02
-
0.02
0.03
Income tax provision related to
acquisition
-
-
(0.22
)
-
(0.22
)
Non-GAAP net (loss) income per diluted
share
$
(0.01
)
$
(0.04
)
$
0.19
$
(0.06
)
$
0.14
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of Net Income (Loss) to
EBITDA and Adjusted EBITDA
(in thousands, except per share
data)
Three Months Ended March 31,
2024
Six Months Ended March 31,
2024
Amtech Systems, Inc. EBITDA:
GAAP net income (loss)
$
970
$
(8,388
)
Interest income
(14
)
(33
)
Interest expense
193
391
Income tax provision
223
281
Depreciation and amortization expense
720
1,572
EBITDA
2,092
(6,177
)
Gain on sale of fixed assets
(2,197
)
(2,197
)
Building move expense
231
231
Write-down of inventory related to
polishing equipment
175
448
Stock compensation expense
350
667
Goodwill impairment
-
6,370
Intangible asset impairment
-
1,279
Severance expense
112
310
Adjusted EBITDA
$
763
$
931
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508230607/en/
Amtech Systems, Inc. Lisa D. Gibbs Chief Financial Officer (480)
360-3756 irelations@amtechsystems.com
Sapphire Investor Relations, LLC Erica Mannion and Mike Funari
(617) 542-6180 irelations@amtechsystems.com
Grafico Azioni Amtech Systems (NASDAQ:ASYS)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Amtech Systems (NASDAQ:ASYS)
Storico
Da Feb 2024 a Feb 2025
