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8-K - FORM 8-K - Brooks Automation, Inc. | b78045e8vk.htm |
EX-99.2 - EX-99.2 - Brooks Automation, Inc. | b78045exv99w2.htm |
Exhibit 99.1
Press Release
For Immediate Release
November 12, 2009
November 12, 2009
Brooks Automation
Reports Fourth Quarter Financial Results
Chelmsford, Massachusetts November 12, 2009 Brooks Automation, Inc. (Nasdaq:
BRKS) announced financial results for the Companys fourth quarter of fiscal year 2009 ended on
September 30, 2009.
Revenues for the fourth quarter of 2009 were $64.1 million, compared to revenues of $106.9 million
in the fourth quarter of 2008, a decrease of 40.0%. Sequentially, revenues grew 46.1% from third
quarter revenues of $43.9 million.
Net loss for the fourth quarter of fiscal 2009 amounted to $14.5 million, or $0.23 per diluted
share. Excluding special charges totaling $0.5 million, the non-GAAP net loss for the fourth
quarter of fiscal 2009 was $14.0 million, or $0.22 per diluted share. Special charges taken during
the quarter were $0.5 million of residual restructuring charges related to the 2009 restructuring
initiatives.
The fiscal 2009 fourth quarter results compare with a loss from continuing operations of $216.2
million, or $3.45 per diluted share in the fourth quarter of the prior year. Sequentially, the net
loss was $25.7 million or $0.41 per diluted share in the third quarter of 2009. Excluding special
charges, the net loss from continuing operations for the fourth quarter of the prior year was $10.0
million, or $0.16 per diluted share. Sequentially, the net loss for the third quarter excluding
special charges, was $23.0 million or $0.37 per diluted share. Special charges are identified in a
table to this release.
Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization for the fourth quarter
of fiscal 2009 was ($8.7) million, which compared to ($1.9) million in the prior year period and
($17.2) million in the third quarter of fiscal 2009. A reconciliation of non-GAAP measures to the
most nearly comparable GAAP measure follows the consolidated statements of operations, balance
sheets and statements of cash flows attached to this release.
Effective working capital management and reduced levels of losses reduced the use of cash in
operations in the quarter to $3.6 million. The Company closed the quarter with $110.5 million of
cash and marketable securities.
Revenues for the fiscal year ended September 30, 2009 were $218.7 million, a 58.4% decrease from
the prior fiscal year revenues of $526.4 million. The net loss for the current fiscal year was
$227.9 million, as compared to the prior years net loss of $235.9 million. Excluding special
charges, the adjusted loss from continuing operations before special charges for fiscal 2009 and
2008 was $102.9 million or $1.64 per share and $21.8 million or $0.34 per share, respectively.
Special charges are identified in the tables to this release.
more
Brooks Automation, Inc. ¨
15 Elizabeth Drive ¨
Chelmsford, Massachusetts 01824 ¨
(978)262-2400 ¨
www.brooks.com
Brooks Automation Reports Fourth Quarter Financial Results | page two | |
Commenting on recent activities, Robert J. Lepofsky, President and Chief Executive Officer of
Brooks stated, We continue to see a sharp and continuing ramp in requirements from our
semiconductor OEM customers. As previously announced, on top of the 46% increase in sales just
reported we anticipate another increase in revenues in the December ending quarter that will exceed
45%. Based on current order booking activity and discussions with our major customers we have
gained a growing confidence in projecting strong sales growth well into calendar year 2010. In
addition, we presently anticipate converging on at least break even results in the current quarter
and positive earnings for our full fiscal year.
Many of the investments we made in new product and market development initiatives during the
business downturn are now beginning to have an impact added Mr. Lepofsky. We are currently
working with several customers on new product platforms serving markets beyond our core
semiconductor manufacturing equipment business. Combined with the continuing recovery of our base
business we believe these new programs can accelerate our growth track well into next year and
beyond.
Brooks management will webcast its September quarter earnings conference today at 10:00 a.m.
Eastern Time to discuss the attached quarterly results and business highlights. During the call,
Company management will respond to questions concerning, but not limited to, the Companys
financial performance, business conditions and industry outlook. Their responses could contain
information that has not been previously disclosed.
Analysts, investors and members of the media can access the live broadcast available on Brooks
website at www.brooks.com. The call will be archived on this website for convenient on-demand
replay until Brooks reports fiscal 2010 first quarter results in early February, 2010.
# # #
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the
global semiconductor and related industries. Our products and services are meeting the needs of
customers across a broad spectrum of applications and industries and the global semiconductor
manufacturing sector is our largest served market. When demanding productivity and availability
objectives are essential factors for success, customers throughout the world turn to Brooks
Automation, Inc. For more information see www.brooks.com or email co.csr@brooks.com.
Brooks Automation, Inc. ¨
15 Elizabeth Drive ¨
Chelmsford, Massachusetts 01824 ¨
(978)262-2400 ¨
www.brooks.com
Brooks Automation Reports Fourth Quarter Financial Results | page three | |
Safe Harbor Statement under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the
Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve
risks and uncertainties, both known and unknown, that could cause Brooks financial and business
results to differ materially from our expectations. They are based on the facts known to management
at the time they are made. These forward-looking statements include statements regarding revenues,
our profit and loss and cash flow expectations and our ability to achieve financial success in the
future. Factors that could cause results to differ from our expectations include the following:
volatility of the industries the Company serves, particularly the semiconductor industry; our
possible inability to meet increased demand for our products due to difficulties in obtaining
components and materials from our suppliers in required quantities and of required quality; the
inability of customers to make payments to us when due; the timing and effectiveness of cost
reduction and cost control measures; price competition; disputes concerning intellectual property;
continuing uncertainties in global political and economic conditions and other factors and other
risks that we have described in our filings with the Securities and Exchange Commission, including
but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly
reports on Form 10-Q. As a result we can provide no assurance that our future results will not be
materially different from those projected. Brooks expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any such statement to reflect any change in our
expectations or any change in events, conditions or circumstances on which any such statement is
based. Brooks undertakes no obligation to update the information contained in this press release.
Contact:
Barbara Culhane
Corporate Marketing Manager
Brooks Automation, Inc.
978-262-2400
www.brooks.com
Barbara Culhane
Corporate Marketing Manager
Brooks Automation, Inc.
978-262-2400
www.brooks.com
Brooks Automation, Inc. ¨
15 Elizabeth Drive ¨
Chelmsford, Massachusetts 01824 ¨
(978)262-2400 ¨
www.brooks.com
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
(In thousands, except share and per share data)
(unaudited)
September 30, | September 30, | |||||||
2009 | 2008 | |||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 59,985 | $ | 110,269 | ||||
Marketable securities |
28,046 | 33,077 | ||||||
Accounts receivable, net |
38,428 | 66,844 | ||||||
Insurance receivable for litigation |
120 | 8,772 | ||||||
Inventories, net |
84,738 | 105,901 | ||||||
Prepaid expenses and other current assets |
9,872 | 13,783 | ||||||
Total current assets |
221,189 | 338,646 | ||||||
Property, plant and equipment, net |
74,793 | 81,604 | ||||||
Long-term marketable securities |
22,490 | 33,935 | ||||||
Goodwill |
48,138 | 119,979 | ||||||
Intangible assets, net |
14,081 | 58,452 | ||||||
Equity investment in joint ventures |
29,470 | 26,309 | ||||||
Other assets |
3,161 | 4,713 | ||||||
Total assets |
$ | 413,322 | $ | 663,638 | ||||
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 26,360 | $ | 37,248 | ||||
Deferred revenue |
2,916 | 3,553 | ||||||
Accrued warranty and retrofit costs |
5,698 | 8,174 | ||||||
Accrued compensation and benefits |
14,317 | 18,174 | ||||||
Accrued restructuring costs |
5,642 | 7,167 | ||||||
Accrued income taxes payable |
2,686 | 3,151 | ||||||
Accrual for litigation settlement |
| 7,750 | ||||||
Accrued expenses and other current liabilities |
12,870 | 17,634 | ||||||
Total current liabilities |
70,489 | 102,851 | ||||||
Accrued long-term restructuring |
2,019 | 5,496 | ||||||
Income taxes payable |
10,755 | 10,649 | ||||||
Long-term pension liability |
7,913 | | ||||||
Other long-term liabilities |
2,523 | 2,238 | ||||||
Total liabilities |
93,699 | 121,234 | ||||||
Commitments and contingencies |
||||||||
Minority interests |
494 | 409 | ||||||
Stockholders equity |
||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no
shares issued and outstanding at September 30, 2009 and 2008 |
| | ||||||
Common stock, $0.01 par value, 125,000,000 shares authorized,
77,883,173 shares issued and 64,421,304 shares outstanding at September
30, 2009, 77,044,737 shares issued and 63,582,868 shares outstanding at
September 30, 2008 |
779 | 770 | ||||||
Additional paid-in capital |
1,795,619 | 1,788,891 | ||||||
Accumulated other comprehensive income |
16,318 | 18,063 | ||||||
Treasury stock at cost, 13,461,869 shares at September 30, 2009 and 2008 |
(200,956 | ) | (200,956 | ) | ||||
Accumulated deficit |
(1,292,631 | ) | (1,064,773 | ) | ||||
Total stockholders equity |
319,129 | 541,995 | ||||||
Total liabilities, minority interests and stockholders equity |
$ | 413,322 | $ | 663,638 | ||||
Brooks Automation, Inc. ¨
15 Elizabeth Drive ¨
Chelmsford, Massachusetts 01824 ¨
(978)262-2400 ¨
www.brooks.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2009 AND 2008
(In thousands, except per share data)
(unaudited)
FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2009 AND 2008
(In thousands, except per share data)
(unaudited)
Three months ended | Twelve months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Revenues |
||||||||||||||||
Product |
$ | 51,073 | $ | 89,265 | $ | 167,552 | $ | 456,422 | ||||||||
Services |
13,012 | 17,605 | 51,154 | 69,944 | ||||||||||||
Total revenues |
64,085 | 106,870 | 218,706 | 526,366 | ||||||||||||
Cost of revenues |
||||||||||||||||
Product |
40,292 | 68,365 | 155,370 | 335,163 | ||||||||||||
Services |
11,931 | 15,422 | 48,408 | 64,375 | ||||||||||||
Impairment of long-lived assets |
| | 20,924 | | ||||||||||||
Total cost of revenues |
52,223 | 83,787 | 224,702 | 399,538 | ||||||||||||
Gross profit (loss) |
11,862 | 23,083 | (5,996 | ) | 126,828 | |||||||||||
Operating expenses |
||||||||||||||||
Research and development |
7,115 | 8,669 | 31,607 | 42,924 | ||||||||||||
Selling, general and administrative |
18,831 | 25,881 | 91,231 | 110,516 | ||||||||||||
Impairment of goodwill |
| 197,883 | 71,800 | 197,883 | ||||||||||||
Impairment of long-lived assets |
| 5,687 | 14,588 | 5,687 | ||||||||||||
Restructuring charges |
513 | 1,610 | 12,806 | 7,287 | ||||||||||||
Total operating expenses |
26,459 | 239,730 | 222,032 | 364,297 | ||||||||||||
Operating loss from continuing operations |
(14,597 | ) | (216,647 | ) | (228,028 | ) | (237,469 | ) | ||||||||
Interest income |
640 | 1,151 | 2,719 | 7,403 | ||||||||||||
Interest expense |
196 | 102 | 454 | 407 | ||||||||||||
Loss on investment |
| 1,009 | 1,185 | 3,940 | ||||||||||||
Other (income) expense, net |
(66 | ) | 1,082 | (31 | ) | 1,739 | ||||||||||
Loss from continuing operations before income taxes, minority
interests and equity (loss) in earnings of joint ventures |
(14,087 | ) | (217,689 | ) | (226,917 | ) | (236,152 | ) | ||||||||
Income tax provision (benefit) |
(85 | ) | (1,165 | ) | 643 | 1,233 | ||||||||||
Loss from continuing operations before minority interests and
equity (loss) in earnings of joint ventures |
(14,002 | ) | (216,524 | ) | (227,560 | ) | (237,385 | ) | ||||||||
Minority interests in income (loss) of consolidated subsidiaries |
22 | (48 | ) | 85 | (53 | ) | ||||||||||
Equity (loss) in earnings of joint ventures |
(466 | ) | 260 | (213 | ) | 707 | ||||||||||
Loss from continuing operations |
(14,490 | ) | (216,216 | ) | (227,858 | ) | (236,625 | ) | ||||||||
Gain on sale of discontinued operations, net of income taxes |
| 308 | | 679 | ||||||||||||
Income from discontinued operations, net of income taxes |
| 308 | | 679 | ||||||||||||
Net loss |
$ | (14,490 | ) | $ | (215,908 | ) | $ | (227,858 | ) | $ | (235,946 | ) | ||||
Basic loss per share from continuing operations |
$ | (0.23 | ) | $ | (3.45 | ) | $ | (3.62 | ) | $ | (3.67 | ) | ||||
Basic income per share from discontinued operations |
| 0.00 | | 0.01 | ||||||||||||
Basic net loss per share |
$ | (0.23 | ) | $ | (3.45 | ) | $ | (3.62 | ) | $ | (3.66 | ) | ||||
Diluted loss per share from continuing operations |
$ | (0.23 | ) | $ | (3.45 | ) | $ | (3.62 | ) | $ | (3.67 | ) | ||||
Diluted income per share from discontinued operations |
| 0.00 | | 0.01 | ||||||||||||
Diluted net loss per share |
$ | (0.23 | ) | $ | (3.45 | ) | $ | (3.62 | ) | $ | (3.66 | ) | ||||
Shares used in computing income (loss) per share |
||||||||||||||||
Basic |
63,135 | 62,587 | 62,911 | 64,542 | ||||||||||||
Diluted |
63,135 | 62,587 | 62,911 | 64,542 |
Brooks Automation, Inc. ¨
15 Elizabeth Drive ¨
Chelmsford, Massachusetts 01824 ¨
(978)262-2400 ¨
www.brooks.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
(In thousands)
(unaudited)
Year Ended September 30, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities |
||||||||
Net loss |
$ | (227,858 | ) | $ | (235,946 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
||||||||
Depreciation and amortization |
25,856 | 34,538 | ||||||
Impairment of assets |
107,312 | 203,570 | ||||||
Stock-based compensation |
5,817 | 6,909 | ||||||
Amortization of premium (discount) on marketable securities |
127 | (830 | ) | |||||
Undistributed earnings of joint ventures |
213 | (707 | ) | |||||
Minority interests |
85 | (53 | ) | |||||
Loss on disposal of long-lived assets |
17 | 1,070 | ||||||
Gain on sale of software division, net |
| (679 | ) | |||||
Loss on investment |
1,185 | 3,940 | ||||||
Changes in operating assets and liabilities, net of acquisitions and disposals: |
||||||||
Accounts receivable |
29,963 | 38,612 | ||||||
Inventories |
21,779 | (610 | ) | |||||
Prepaid expenses and other current assets |
4,527 | 5,790 | ||||||
Accounts payable |
(10,947 | ) | (20,601 | ) | ||||
Deferred revenue |
(676 | ) | (1,892 | ) | ||||
Accrued warranty and retrofit costs |
(2,496 | ) | (2,772 | ) | ||||
Accrued compensation and benefits |
(3,869 | ) | (5,839 | ) | ||||
Accrued restructuring costs |
(5,007 | ) | (3,089 | ) | ||||
Accrued expenses and other current liabilities |
(2,522 | ) | (7,755 | ) | ||||
Net cash (used in) provided by operating activities |
(56,494 | ) | 13,656 | |||||
Cash flows from investing activities |
||||||||
Purchases of property, plant and equipment |
(11,339 | ) | (23,439 | ) | ||||
Proceeds from the sale of software division |
| 1,918 | ||||||
Acquisitions |
| (1,000 | ) | |||||
Purchases of marketable securities |
(59,091 | ) | (151,231 | ) | ||||
Sale/maturity of marketable securities |
75,628 | 190,592 | ||||||
Other |
1,055 | (75 | ) | |||||
Net cash provided by investing activities |
6,253 | 16,765 | ||||||
Cash flows from financing activities |
||||||||
Treasury stock purchases |
| (90,194 | ) | |||||
Issuance of common stock under stock option and stock purchase plans |
1,248 | 2,391 | ||||||
Net cash provided by (used in) financing activities |
1,248 | (87,803 | ) | |||||
Effects of exchange rate changes on cash and cash equivalents |
(1,291 | ) | (581 | ) | ||||
Net decrease in cash and cash equivalents |
(50,284 | ) | (57,963 | ) | ||||
Cash and cash equivalents, beginning of year |
110,269 | 168,232 | ||||||
Cash and cash equivalents, end of year |
$ | 59,985 | $ | 110,269 | ||||
Brooks Automation, Inc. ¨ 15 Elizabeth Drive ¨ Chelmsford, Massachusetts 01824 ¨ (978)262-2400 ¨ www.brooks.com
BROOKS AUTOMATION, INC.
Supplemental Information
(In thousands, except per share data)
(unaudited)
Supplemental Information
(In thousands, except per share data)
(unaudited)
Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing
guidance on future results; and as a means to evaluate period-to-period comparisons. These
financial measures are used in addition to and in conjunction with results presented in accordance
with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management
believes these financial measures provide an additional way of viewing aspects of our operations,
that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding
GAAP financial measures, provide a more complete understanding of our business. Management
strongly encourages investors to review our financial statements and publicly-filed reports in
their entirety and not rely on any single measure.
The press release includes financial measures which exclude the effects of charges associated with
our non-cash impairment charges, restructuring programs and gains or losses on investments.
Management believes these measures are useful to investors because it eliminates accounting charges
that do not reflect Brooks day-to-day operations. A table reconciling income (loss) and diluted
earnings (loss) per share from continuing operations is presented below:
Brooks Automation, Inc. ¨ 15 Elizabeth Drive ¨ Chelmsford, Massachusetts 01824 ¨ (978)262-2400 ¨ www.brooks.com
Quarter ended | ||||||||||||||||||||||||
September 30, 2009 | June 30, 2009 | September 30, 2008 | ||||||||||||||||||||||
$ | per share | $ | per share | $ | per share | |||||||||||||||||||
Loss from continuing operations |
$ | (14,490 | ) | $ | (0.23 | ) | $ | (25,742 | ) | $ | (0.41 | ) | $ | (216,216 | ) | $ | (3.45 | ) | ||||||
Impairment charges - cost of revenues |
- | - | 408 | 0.01 | - | - | ||||||||||||||||||
Impairment charges - operating expense |
- | - | - | - | 203,570 | 3.25 | ||||||||||||||||||
Restructuring charges |
513 | 0.01 | 2,327 | 0.04 | 1,610 | 0.03 | ||||||||||||||||||
Loss on investment |
- | - | - | - | 1,009 | 0.02 | ||||||||||||||||||
Adjusted loss from continuing
operations |
$ | (13,977 | ) | $ | (0.22 | ) | $ | (23,007 | ) | $ | (0.37 | ) | $ | (10,027 | ) | $ | (0.16 | ) | ||||||
Year ended | ||||||||||||||||||||||||
September 30, 2009 | September 30, 2008 | |||||||||||||||||||||||
$ | per share | $ | per share | |||||||||||||||||||||
Loss from continuing operations |
$ | (227,858 | ) | $ | (3.62 | ) | $ | (236,625 | ) | $ | (3.67 | ) | ||||||||||||
Impairment charges - cost of revenues |
20,924 | 0.33 | - | - | ||||||||||||||||||||
Impairment charges - operating expenses |
86,388 | 1.37 | 203,570 | 3.15 | ||||||||||||||||||||
Restructuring charges |
12,806 | 0.20 | 7,287 | 0.11 | ||||||||||||||||||||
Restructuring related inventory charges |
3,612 | 0.06 | - | - | ||||||||||||||||||||
Loss on investment |
1,185 | 0.02 | 3,940 | 0.06 | ||||||||||||||||||||
Adjusted loss from continuing
operations |
$ | (102,943 | ) | $ | (1.64 | ) | $ | (21,828 | ) | $ | (0.34 | ) | ||||||||||||
Quarter ended | Year ended | |||||||||||||||||||||||
Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||||||||||||||||
2009 | 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||
Loss from continuing operations |
$ | (14,490 | ) | $ | (25,742 | ) | $ | (216,216 | ) | (227,858 | ) | (236,625 | ) | |||||||||||
Less: Interest income |
(640 | ) | (536 | ) | (1,151 | ) | (2,719 | ) | (7,403 | ) | ||||||||||||||
Add: Interest expense |
196 | 60 | 466 | 454 | 1,002 | |||||||||||||||||||
Add: Income tax provision (benefit) |
(85 | ) | 148 | (1,165 | ) | 643 | 1,233 | |||||||||||||||||
Add: Depreciation |
4,187 | 3,679 | 4,554 | 15,642 | 18,170 | |||||||||||||||||||
Add: Amortization of completed technology |
457 | 457 | 2,331 | 5,576 | 9,324 | |||||||||||||||||||
Add:
Amortization of acquired intangible assets |
371 | 381 | 1,786 | 4,638 | 7,044 | |||||||||||||||||||
Add: Stock compensation expense |
810 | 1,613 | 1,297 | 5,817 | 6,909 | |||||||||||||||||||
Add: Restructuring related inventory charges |
- | - | - | 3,612 | - | |||||||||||||||||||
Add: Impairment charges - cost of revenues |
- | 408 | - | 20,924 | - | |||||||||||||||||||
Add: Impairment charges - operating expense |
- | - | 203,570 | 86,388 | 203,570 | |||||||||||||||||||
Add: Restructuring charges |
513 | 2,327 | 1,610 | 12,806 | 7,287 | |||||||||||||||||||
Add: Loss on investment |
- | - | 1,009 | 1,185 | 3,940 | |||||||||||||||||||
Adjusted EBITDA |
$ | (8,681 | ) | $ | (17,205 | ) | $ | (1,909 | ) | $ | (72,892 | ) | $ | 14,451 | ||||||||||
Brooks Automation, Inc. ¨ 15 Elizabeth Drive ¨ Chelmsford, Massachusetts 01824 ¨ (978)262-2400 ¨ www.brooks.com