Home Quarter Results Amtech Reports Third Quarter Fiscal 2016 Results
Amtech Reports Third Quarter Fiscal 2016 Results

Amtech Reports Third Quarter Fiscal 2016 Results

22
0

Amtech Systems, Inc. a global supplier of production equipment and related supplies for the solar, semiconductor, and LED markets, recently reported results for its third fiscal quarter ended June 30, 2016.

Third Quarter Fiscal 2016 Financial Highlights

  • Customer orders of $30.0 million (solar $13.2 million)
  • Net revenue of $33.3 million (solar $19 million)
  • Quarter-end backlog of $63.8 million (solar $45.3 million)
  • Net loss of $1.2 million, or $0.09 per share

Nine Months Ended June 30, 2016 Financial Highlights

  • Customer orders of $110.7 million (solar $64.2 million)
  • Shipments of $77 million (solar $37.7 million)
  • Book to bill ratio of 1.4:1 (solar 1.7:1)
  • Net revenue of $77.9 million (solar $38.3 million)

Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, “During the quarter we made significant progress in expanding our served available market with the successful introduction of our next generation PECVD and ALD systems, including a successful showing  at the Shanghai New Energy Conference (SNEC), the largest solar exhibition in the world.  In addition to our large installed base for diffusion, our combined installed base and backlog now also includes 2 Gigawatts of PECVD systems and several hundred Megawatts of ALD PERC systems.  We have compelling technology solutions for both current and next generation solar cell designs, including PERC and N-type.  We are recognized as a market leader for our technology solutions and look to capitalize on the opportunities within this expanding global market for solar while driving profitable growth over the long term.”

Financial Results

Customer orders in the third quarter of fiscal 2016 were $30.0 million ($13.2 million solar), compared to $45 million ($28 million solar) in the preceding quarter and $30.2 million ($15.2 million solar) in the third quarter of fiscal 2015.  For the nine months ended June 30, 2016 and 2015 customer orders were $110.7 million ($64.2 million solar) and $91.1 million ($55.9 million solar), respectively.

At June 30, 2016, the Company’s total order backlog was $63.8 million (solar $45.3 million), compared to total backlog of $67.3 million (solar $51.3 million) at March 31, 2016. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.

Net revenue for the third quarter of fiscal 2016 was $33.3 million compared to $22.5 million in the preceding quarter and $40.0 million in the third quarter of fiscal 2015.  The increase compared to the previous quarter is primarily due to increased shipments from our solar and semiconductor segments. The decrease from the prior year quarter is due primarily to lower shipments and a higher deferral of revenue from the solar segment in which demand can vary significantly from quarter-to-quarter.

Gross margin in the third quarter of fiscal 2016 was 29%, compared to 27% in the preceding quarter and 25% in the third quarter of fiscal 2015. The higher gross margin compared to the previous quarter is primarily the result of higher volumes at our solar and semiconductor segments.  The higher gross margin compared to a year ago is primarily due to higher gross margins achieved in our semiconductor segment due to favorable product mix.

Selling, general and administrative (SG&A) expenses in the third quarter of fiscal 2016 were $8.7 million compared to $7.4 million in the preceding quarter and $10.1 million in the third quarter of fiscal 2015.  The increase compared to the previous quarter is due to increased commissions and shipping expenses resulting from higher shipments.  The decrease compared to a year ago is due to lower commission and shipping expense resulting from lower shipments.

Research, development and engineering (RD&E) expense was $1.6 million in the third quarter of fiscal 2016 compared to $2.2 million in the preceding quarter and $1.3 million in the third quarter of fiscal 2015.  The lower RD&E expense compared to the previous quarter is due to lower spending and slightly higher recognition of grant revenue.  The higher RD&E expense compared to a year ago is due primarily to the deconsolidation of Kingstone in fiscal 2015.

Depreciation and amortization in the third quarter of fiscal 2016 was $0.7 million, compared to $0.7 million in the preceding quarter and $0.8 million in the third quarter of fiscal 2015.

Income tax expense was less than $0.1 million for the three months ended June 30, 2016 compared to $1.7 million in the preceding quarter and $0.3 million in the third quarter of fiscal 2015.  Income tax expense in Q2 2016 is primarily related to tax on the $2.6 million pre-tax gain on the sale of the exclusive sales and service rights for the Kingstone ion implanter.

The net loss for the third quarter of fiscal 2016 was $1.2 million, or $0.09 per share, compared to a net loss of $1.5 million or $0.11 per share in the preceding quarter and a net loss of $1.6 million, or $0.12 per share for the third quarter of fiscal 2015.

Unrestricted cash and cash equivalents at June 30, 2016 were $28.3 million, compared to $31.8 million at March 31, 2016.  The decrease in cash and cash equivalents during the quarter was primarily due to cash used to fund working capital to support the expected higher revenue in the fourth quarter.

(22)

Anand Gupta Editor - EQ Int'l Media Network

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *