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OFFON

AMTECH SYSTEMS, INC.

(ASYS)
  Report
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Amtech : Reports Third Quarter Fiscal 2021 Results

08/04/2021 | 04:09pm EDT

Amtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies and light-emitting diodes (LEDs), today reported results for its third quarter ended June 30, 2021.

Third Quarter Fiscal 2021 Financial and Operational Highlights:

  • Net revenue of $23.1 million
  • Operating income of $1.2 million, inclusive of approximately $1.1 million of SG&A expenses related to our cybersecurity incident in April 2021
  • Income from continuing operations, net of tax, of $0.4 million
  • Income per diluted share of $0.03
  • Customer orders of $30.9 million
  • June 30, 2021 backlog of $34.3 million
  • Book to bill ratio of 1.3:1
  • Unrestricted cash of $37.0 million

Mr. Michael Whang, Chief Executive Officer of Amtech, commented, “Our strong momentum continued in the third quarter, with revenue growing 17% sequentially and 52% year over year. Broad-based demand for our Semiconductor products remains strong, while the resumption of Material and Substrate equipment purchases signals a growing confidence in our customers’ outlook. Combined with the longer-term growth opportunities created by power semiconductors, advanced packaging, automotive electronics, electric vehicles, and 5G communications, we believe our leadership position in the markets we serve will drive growth and profitability in the years ahead.”

GAAP Financial Results

(in millions, except per share amounts)

Q3

 

 

Q2

 

 

Q3

 

 

9 Months

 

 

9 Months

 

 

FY 2021

 

 

FY 2021

 

 

FY 2020

 

 

2021

 

 

2020

 

Net revenues

$

23.1

 

$

19.8

 

$

15.2

 

$

60.9

 

$

50.4

 

Gross profit

$

10.1

 

$

7.7

 

$

6.0

 

$

25.3

 

$

19.5

 

Gross margin

 

43.6

%

 

39.1

%

 

39.1

%

 

41.6

%

 

38.7

%

Operating income

$

1.2

 

$

0.2

 

$

0.0

 

$

2.4

 

$

0.7

 

Operating margin

 

5.2

%

 

0.9

%

 

0.2

%

 

4.0

%

 

1.4

%

Income (loss) from continuing operations, net of tax

$

0.4

 

$

(0.2

)

$

(0.1

)

$

0.8

 

$

(1.9

)

Diluted income (loss) per share from continuing operations

$

0.03

 

$

(0.02

)

$

(0.01

)

$

0.06

 

$

(0.13

)

Net revenues increased 17% sequentially and increased 52% from the third quarter of fiscal 2020, with the sequential increase primarily attributed to strong shipments of our advanced packaging and SMT equipment and increased shipments of our polishing machines. The same prior year period was affected by the COVID-19 pandemic. IDI accounted for approximately $534,000 of the third quarter fiscal 2021 revenue.

Gross margin increased in the third quarter of fiscal 2021 sequentially and compared to prior year due to product mix and increased capacity utilization, partially offset by rising labor and material costs.

Selling, General & Administrative (“SG&A”) expenses increased $1.6 million sequentially and $2.5 million compared to the same prior year period due primarily to approximately $1.1 million in expenses related to the cyber incident in April 2021, a majority of which will be claimed with our cyber insurance carrier, as well as increased commissions on higher sales. Also, the third quarter of fiscal 2021 includes IDI for the full period. Additionally, the prior year quarter benefited from $0.3 million COVID payroll tax credits and had lower travel and trade show expenses due to COVID.

Research and Development decreased $0.3 million sequentially and increased $0.6 million compared to the same prior year period due primarily to the timing of materials used in our strategic R&D projects.

Operating income was $1.2 million, compared to operating income of $0.2 million in the second quarter of fiscal 2021 and operating income of less than $0.1 million in the same prior year period.

Income tax provision was $0.7 million for the three months ended June 30, 2021, compared to a provision of $0.5 million in the preceding quarter and $0.1 million in the same prior year period.

Income from continuing operations, net of tax, for the third quarter of fiscal 2021 was $0.4 million, or 3 cents per share. This compares to loss from continuing operations of $0.1 million, or 1 cent per share, for the third quarter of fiscal 2020 and loss of $0.2 million, or 2 cent per share, in the preceding quarter.

Outlook

The Company’s outlook reflects the anticipated ongoing logistical impacts and the related delays for goods shipped to and from China. Actual results may differ materially in the weeks and months ahead. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Operating results can be significantly impacted, positively or negatively, by the timing of orders, system shipments, and the financial results of semiconductor manufacturers.

For the fourth fiscal quarter ending September 30, 2021, revenues are expected to be in the range of $25 to $27 million. Gross margin for the quarter ending September 30, 2021 is expected to be in the upper 30% range due to a shift in product mix, with operating margin in the mid to upper single digits.

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 today at 5:00 p.m. ET to discuss our fiscal third quarter financial results. The call will be available to interested parties by dialing 800-437-2398. For international callers, please dial +1 929-477-0577. The confirmation code is 7973960. 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 web site 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 capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. Our strategic focus is on semiconductor growth opportunities in power electronics, sensors and analog devices leveraging our strength in our core competencies in thermal and substrate processing. We are a market leader in the high-end power chip market (SiC substrates, 300mm horizontal thermal reactor, and electronic assemblies used in power, RF, and other advanced applications), developing and supplying essential equipment and consumables used in the semiconductor industry. Amtech's products are recognized under the leading brand names BTU International, Bruce Technologies, 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, 2020, 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 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)

August 4, 2021

(Unaudited)

 

Summary Financial Information for Continuing Operations

(in thousands, except percentages and ratios)

 

 

 

Three Months Ended

 

 

 

Nine Months Ended June 30,

 

 

 

June 30,
2021

 

 

March 31,
2021

 

 

June 30,
2020

 

 

 

2021

 

 

2020

 

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

23,100

 

 

$

19,790

 

 

$

15,227

 

 

 

$

60,865

 

 

$

50,379

 

Gross profit

 

$

10,079

 

 

$

7,728

 

 

$

5,951

 

 

 

$

25,319

 

 

$

19,483

 

Gross margin

 

 

44

%

 

 

39

%

 

 

39

%

 

 

 

42

%

 

 

39

%

Operating income

 

$

1,204

 

 

$

171

 

 

$

31

 

 

 

$

2,429

 

 

$

696

 

New orders

 

$

30,861

 

 

$

32,526

 

 

$

10,830

 

 

 

$

81,256

 

 

$

49,081

 

Backlog

 

$

34,295

 

 

$

26,534

 

 

$

15,221

 

 

 

$

34,295

 

 

$

15,221

 

Semiconductor Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

19,501

 

 

$

17,119

 

 

$

12,357

 

 

 

$

52,195

 

 

$

41,581

 

Gross profit

 

$

8,599

 

 

$

7,093

 

 

$

4,953

 

 

 

$

22,604

 

 

$

16,552

 

Gross margin

 

 

44

%

 

 

41

%

 

 

40

%

 

 

 

43

%

 

 

40

%

Operating income

 

$

2,114

 

 

$

1,665

 

 

$

1,058

 

 

 

$

5,976

 

 

$

3,762

 

New orders

 

$

26,607

 

 

$

29,651

 

 

$

8,356

 

 

 

$

71,741

 

 

$

40,469

 

Backlog

 

$

32,388

 

 

$

25,281

 

 

$

13,798

 

 

 

$

32,388

 

 

$

13,798

 

Material and Substrate Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net of returns and allowances

 

$

3,599

 

 

$

2,671

 

 

$

2,870

 

 

 

$

8,670

 

 

$

8,155

 

Gross profit

 

$

1,480

 

 

$

635

 

 

$

998

 

 

 

$

2,715

 

 

$

2,922

 

Gross margin

 

 

41

%

 

 

24

%

 

 

35

%

 

 

 

31

%

 

 

36

%

Operating income (loss)

 

$

333

 

 

$

(253

)

 

$

241

 

 

 

$

14

 

 

$

1,196

 

New orders

 

$

4,254

 

 

$

2,875

 

 

$

2,474

 

 

 

$

9,515

 

 

$

8,612

 

Backlog

 

$

1,907

 

 

$

1,253

 

 

$

1,423

 

 

 

$

1,907

 

 

$

1,423

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

August 4, 2021

(Unaudited)

 

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues, net of returns and allowances

 

$

23,100

 

 

$

15,227

 

 

$

60,865

 

 

$

50,379

 

Cost of sales

 

 

13,021

 

 

 

9,276

 

 

 

35,546

 

 

 

30,896

 

Gross profit

 

 

10,079

 

 

 

5,951

 

 

 

25,319

 

 

 

19,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

7,281

 

 

 

4,804

 

 

 

18,182

 

 

 

16,134

 

Research, development and engineering

 

 

1,523

 

 

 

899

 

 

 

4,637

 

 

 

2,436

 

Restructuring charges

 

 

71

 

 

 

217

 

 

 

71

 

 

 

217

 

Operating income

 

 

1,204

 

 

 

31

 

 

 

2,429

 

 

 

696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sale of subsidiary

 

 

 

 

 

 

 

 

 

 

 

(2,793

)

Interest (expense) income and other, net

 

 

(155

)

 

 

(13

)

 

 

(337

)

 

 

512

 

Income (loss) from continuing operations before income taxes

 

 

1,049

 

 

 

18

 

 

 

2,092

 

 

 

(1,585

)

Income tax provision

 

 

680

 

 

 

90

 

 

 

1,250

 

 

 

297

 

Income (loss) from continuing operations, net of tax

 

 

369

 

 

 

(72

)

 

 

842

 

 

 

(1,882

)

Loss from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

(11,816

)

Net income (loss)

 

$

369

 

 

$

(72

)

 

$

842

 

 

$

(13,698

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Per Basic Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per share from continuing operations

 

$

0.03

 

 

$

(0.01

)

 

$

0.06

 

 

$

(0.13

)

Basic loss per share from discontinued operations

 

$

 

 

$

 

 

$

 

 

$

(0.83

)

Net income (loss) per basic share

 

$

0.03

 

 

$

(0.01

)

 

$

0.06

 

 

$

(0.96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per share from continuing operations

 

$

0.03

 

 

$

(0.01

)

 

$

0.06

 

 

$

(0.13

)

Diluted loss per share from discontinued operations

 

$

 

 

$

 

 

$

 

 

$

(0.83

)

Net income (loss) per diluted share

 

$

0.03

 

 

$

(0.01

)

 

$

0.06

 

 

$

(0.96

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

14,176

 

 

 

14,155

 

 

 

14,163

 

 

 

14,195

 

Weighted average shares outstanding - diluted

 

 

14,373

 

 

 

14,155

 

 

 

14,292

 

 

 

14,195

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

August 4, 2021

(Unaudited)

 

Condensed Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

June 30,
2021

 

 

September 30,
2020

 

Assets

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,040

 

 

$

45,070

 

Accounts receivable (less allowance for doubtful accounts of $138 and $159 at June 30, 2021, and September 30, 2020, respectively)

 

 

20,893

 

 

 

11,243

 

Inventories

 

 

20,528

 

 

 

17,277

 

Income taxes receivable

 

 

1,057

 

 

 

1,362

 

Other current assets

 

 

1,894

 

 

 

1,617

 

Total current assets

 

 

81,412

 

 

 

76,569

 

Property, Plant and Equipment - Net

 

 

12,007

 

 

 

11,995

 

Right-of-Use Assets - Net

 

 

8,789

 

 

 

5,124

 

Intangible Assets - Net

 

 

883

 

 

 

609

 

Goodwill - Net

 

 

11,168

 

 

 

6,633

 

Deferred Income Taxes - Net

 

 

566

 

 

 

566

 

Other Assets

 

 

744

 

 

 

602

 

Total Assets

 

$

115,569

 

 

$

102,098

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,571

 

 

$

2,676

 

Accrued compensation and related taxes

 

 

2,427

 

 

 

2,066

 

Accrued warranty expense

 

 

485

 

 

 

380

 

Other accrued liabilities

 

 

1,825

 

 

 

751

 

Current maturities of long-term debt

 

 

392

 

 

 

380

 

Contract liabilities

 

 

1,870

 

 

 

1,224

 

Total current liabilities

 

 

15,570

 

 

 

7,477

 

Long-Term Debt

 

 

4,502

 

 

 

4,798

 

Long-Term Lease Liability

 

 

8,419

 

 

 

5,064

 

Income Taxes Payable

 

 

3,471

 

 

 

3,240

 

Other Long-Term Liabilities

 

 

67

 

 

 

 

Total Liabilities

 

 

32,029

 

 

 

20,579

 

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: 14,252,978 and 14,063,172 at June 30, 2021 and September 30, 2020, respectively

 

 

143

 

 

 

141

 

Additional paid-in capital

 

 

125,858

 

 

 

124,435

 

Accumulated other comprehensive loss

 

 

(892

)

 

 

(646

)

Retained deficit

 

 

(41,569

)

 

 

(42,411

)

Total shareholders’ equity

 

 

83,540

 

 

 

81,519

 

Total Liabilities and Shareholders’ Equity

 

$

115,569

 

 

$

102,098

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

August 4, 2021

(Unaudited)

 

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Nine Months Ended June 30,

 

 

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

842

 

 

$

(13,698

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,038

 

 

 

932

 

Write-down of inventory

 

 

278

 

 

 

540

 

Deferred income taxes

 

 

 

 

 

784

 

Non-cash share-based compensation expense

 

 

277

 

 

 

257

 

Loss on sales of subsidiaries

 

 

 

 

 

13,708

 

Provision for (reversal of) allowance for doubtful accounts, net

 

 

16

 

 

 

(26

)

Other, net

 

 

8

 

 

 

13

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,385

)

 

 

2,356

 

Inventories

 

 

(3,328

)

 

 

(2,791

)

Other assets

 

 

(324

)

 

 

(2,376

)

Accounts payable

 

 

5,815

 

 

 

(2,363

)

Accrued income taxes

 

 

536

 

 

 

(2,722

)

Accrued and other liabilities

 

 

809

 

 

 

5,346

 

Contract liabilities

 

 

646

 

 

 

(950

)

Net cash used in operating activities

 

 

(2,772

)

 

 

(990

)

Investing Activities

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(790

)

 

 

(860

)

Acquisition, net of cash and cash equivalents acquired

 

 

(5,082

)

 

 

 

Net cash disposed of in sales of subsidiaries

 

 

 

 

 

(9,940

)

Net cash used in investing activities

 

 

(5,872

)

 

 

(10,800

)

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

1,148

 

 

 

799

 

Repurchase of common stock

 

 

 

 

 

(2,000

)

Payments on long-term debt

 

 

(284

)

 

 

(285

)

Net cash provided by (used in) financing activities

 

 

864

 

 

 

(1,486

)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

 

 

(250

)

 

 

578

 

Net Decrease in Cash, Cash Equivalents and Restricted Cash

 

 

(8,030

)

 

 

(12,698

)

Cash, Cash Equivalents and Restricted Cash, Beginning of Period*

 

 

45,070

 

 

 

59,134

 

Cash, Cash Equivalents and Restricted Cash, End of Period

 

$

37,040

 

 

$

46,436

 

*

Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Condensed Consolidated Balance Sheets for periods prior to January 22, 2020.

 


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08/04AMTECH : Fiscal Q3 Earnings Snapshot
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08/04AMTECH : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERAT..
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Analyst Recommendations on AMTECH SYSTEMS, INC.
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Financials (USD)
Sales 2021 86,9 M - -
Net income 2021 2,25 M - -
Net Debt 2021 - - -
P/E ratio 2021 76,6x
Yield 2021 -
Capitalization 171 M 171 M -
Capi. / Sales 2021 1,97x
Capi. / Sales 2022 1,48x
Nbr of Employees 296
Free-Float 97,6%
Chart AMTECH SYSTEMS, INC.
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Amtech Systems, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends AMTECH SYSTEMS, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 12,00 $
Average target price 14,67 $
Spread / Average Target 22,2%
EPS Revisions
Managers and Directors
Michael Whang President, Chief Executive Officer & Director
Lisa D. Gibbs Chief Financial Officer, Secretary Director & VP
Jong S. Whang Executive Chairman
Michael Garnreiter Lead Independent Director
Sukesh Mohan Independent Director
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1st jan.Capi. (M$)
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