Asyst (ASYT) 8-K Asyst Reports Results for First Quarter of Fiscal 2008

Exhibit 99.1

FOR IMMEDIATE RELEASE

ASYST REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 2008

     FREMONT, Calif., Aug. 2, 2007 — Asyst Technologies, Inc. (Nasdaq: ASYT), a leading provider of integrated automation solutions that enhance semiconductor and flat panel display manufacturing productivity, today reported financial results for its fiscal first quarter ended June 30, 2007.

     Net sales for the fiscal first quarter were $121.6 million, down from $126.7 million in the prior sequential quarter. Net sales of automated material handling systems (AMHS) were $76.3 million, which compares with $82.2 million in the prior sequential quarter. Net sales of tool and fab automation solutions were $45.3 million, up from $44.5 million in the prior sequential quarter. Consolidated gross margin increased to 33%, up from 32% in the prior sequential quarter.

     For the fiscal first quarter, net loss according to GAAP was $0.4 million, or $(0.01) per share, which compares with net income of $3.4 million, or $0.07 per share, in the prior sequential quarter. Non-GAAP net income for the fiscal first quarter was $5.3 million, or $0.11 per share, which compares with $8.4 million, or $0.17 per share, in the prior sequential quarter. Both GAAP and non-GAAP net income in the prior sequential quarter included the benefit of approximately $4.0 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 quarter excludes the amortization of intangibles, restructuring charges, and certain non-cash foreign currency translation charges related to the company’s previously announced debt refinancing.

     Steve Schwartz, chairman and chief executive officer of Asyst, said, “We again achieved strong operating performance in the quarter, which helped to drive non-GAAP net income above our guidance. As expected, AMHS bookings were down, which primarily reflects the timing of customer investment decisions. We expect AMHS bookings to increase significantly in the September quarter as customers are making decisions on multiple upcoming projects. We believe that sales are sustainable near current levels for the remainder of calendar 2007 and are optimistic about the prospects for continued business strength in calendar 2008, driven by continued demand for semiconductor memory and resurgence in customer spending related to flat panel display.”

     Commenting on the company’s financial performance and outlook, Michael A. Sicuro, chief financial officer, said, “Through the success of our cost reduction efforts, we were able to again achieve higher gross margins. We reduced selling, general and administrative (SG&A) expenses by more than $2 million in the fiscal first quarter, and expect to hold this level of spending in the current quarter. Research and development (R&D) spending was lower than expected due to timing of certain development projects, but we expect R&D to trend higher in the current quarter as these projects accelerate. We continued a trend of strong cash flow, which enabled the lower cost debt financing announced earlier this week.”

     The company provided the following guidance for the fiscal second quarter ending Sept. 30, 2007:

• Net sales, GAAP net income and non-GAAP net income are expected to be approximately flat with first quarter levels.

• In calculating non-GAAP net income, the company expects to exclude: $3.5 million of intangibles amortization, net of taxes; $0.5 million of restructuring charges; $3.5 million of non-cash charges related to the early retirement of debt; and a $1.0 million non-cash gain, net of taxes, on foreign currency translation related to the refinancing of debt.

Note: Prior to the first quarter of fiscal 2008, the company excluded stock-based compensation expense in its calculation of non-GAAP net income. Accordingly, comparisons of this guidance to prior period results may not be meaningful.

About Asyst

Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst’s modular, interoperable solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst’s homepage is http://www.asyst.com

Conference Call Details

The live conference call discussing these results is available today at 5:00 pm eastern time by dialing 303-262-2006. A live webcast of the conference call is publicly available on Asyst’s website at http://www.asyst.com and accessible by going to the investor relations page and clicking on the “webcast” link. For more information, including this press release, any non-GAAP financial measures that may be discussed on the webcast as well as the most directly comparable GAAP financial measures and a reconciliation of the difference between those GAAP and non-GAAP financial measures, as well as any other material financial and other statistical information contained in the webcast, please visit Asyst’s website at www.asyst.com. A replay of the Webcast may be accessed via the same procedure. In addition, a standard telephone instant replay of the conference call is available by dialing (303) 590-3000, followed by the passcode 11094428#. The audio instant replay is available from Aug. 2 at 7:00 pm Eastern Time through Aug. 16 at 2:59 a.m. Eastern Time.

About Our Non-GAAP Operating Results and Adjustments

To supplement our consolidated financial results prepared under generally accepted accounting principles (“GAAP”), we use non-GAAP measures of operating results, such as “non-GAAP net income,” and “EBITDA.” Our non-GAAP net income and EBITDA give an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, our non-GAAP net income and EBITDA are among the primary indicators management uses as a basis for planning and forecasting future periods. These measures are not in accordance with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. We compute non-GAAP net income by adjusting GAAP net income (loss) for the impact of amortization of acquisition-related intangibles, restructuring and impairment charges, costs related to events outside the normal course of business, certain foreign exchange losses and gains, and other non-cash charges and gains. We compute EBITDA by adjusting GAAP net income (loss) for the impact of the above items, as well as depreciation, interest expense, and income taxes. The presentation of this additional information should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with GAAP.

Forward Looking Statements

Except for statements of historical fact, the statements in this release are forward-looking. The forward-looking statements include statements regarding future financial results; and other factors more fully detailed in the company’s annual report on Form 10-K for the year ended March 31, 2007, and other reports filed with the Securities and Exchange Commission. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to: uncertainties whether the expected range of results discussed above will change as Asyst finalizes and files its financial statements; uncertainties arising from our inability to maintain effective internal control over financial reporting; the impact of lawsuits or other proceedings initiated in relation to the company’s prior stock option grant practices; uncertainty that these or other matters could comprise a material weakness in the company’s internal control over financial reporting, which could prevent the company from timely meeting its future reporting requirements or obligations to maintain effective internal control; the volatility of semiconductor industry cycles; our ability to achieve forecasted revenues, margins and profits; failure to respond to rapid demand shifts; dependence on a few significant customers; the timing and scope of decisions by customers to transition and expand fabrication facilities and investment in fab automation equipment; our ability to maintain or expand market share in our product segments; our ability to improve gross margins through product cost reduction and supply chain initiatives; continued risks associated with the acceptance of new products and product capabilities; the risk that customers will delay, reduce or cancel planned projects or bookings and thus delay recognition or the amount of our anticipated revenue; competition in the semiconductor equipment industry and specifically in AMHS; failure to retain and attract key employees; and other factors more fully detailed in the company’s annual report on Form 10-K for the year ended March 31, 2007, and other reports filed with the Securities and Exchange Commission.

“Asyst” is a registered trademark of Asyst Technologies, Inc. Copyright 1993-2007, Asyst Technologies, Inc. All Rights Reserved.

Contact:	John Swenson
	Vice President, Investor Relations & Corporate Communications
	510-661-5000

(Tables to Follow)

ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)

	June 30,		March 31,
	2007		2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	88,499	$	99,701
Accounts receivable, net		143,434		125,889
Inventories		50,915		51,797
Prepaid expenses and other		25,583		27,888
Total current assets		308,431		305,275
LONG-TERM ASSETS:
Property and equipment, net		24,175		25,138
Goodwill		80,215		83,723
Intangible assets, net		34,537		41,994
Other assets		9,141		9,556
Total long-term assets		148,068		160,411
Total assets	$	456,499	$	465,686
LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term loans and notes payable	$	2,521	$	1,453
Current portion of long-term debt and capital leases		55,055		58,949
Accounts payable		101,048		101,287
Accrued liabilities		79,335		83,211
Deferred revenue		11,198		10,880
Total current liabilities		249,157		255,780
LONG-TERM LIABILITIES:
Convertible notes		86,250		86,250
Long-term debt and capital leases, net of current portion		119		162
Deferred tax and other long-term liabilities		27,059		28,683
Total long-term liabilities		113,428		115,095
MINORITY INTEREST		144		130
SHAREHOLDERS’ EQUITY		93,770		94,681
Total liabilities, minority interest and shareholders’ equity	$	456,499	$	465,686

ASYST TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)

	Three Months Ended
	June 30, 2007			March 31, 2007			June 30, 2006
NET SALES	$	121,620		$	126,708		$	116,981
COST OF SALES		81,457			85,670			75,925
Gross profit		40,163			41,038			41,056
OPERATING EXPENSES:
Research and development		8,299			8,896			8,587
Selling, general and administrative		21,668			23,565			21,402
Amortization of acquired intangible assets		5,807			5,784			3,324
Restructuring charges		545			208			1,812
Total operating expenses		36,319			38,453			35,125
Income from operations		3,844			2,585			5,931
Other income (expense), net		(3,751	)		(408	)		(105	)
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST		93			2,177			5,826
BENEFIT FROM (PROVISION FOR) INCOME TAXES		(474	)		1,214			(4,322	)
MINORITY INTEREST		(5	)		(1	)		(2,087	)
NET INCOME (LOSS) PRIOR TO CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		(386	)		3,390			(583	)
Cumulative effect of change in accounting principle		—			—			103
NET INCOME (LOSS)	$	(386	)	$	3,390		$	(480	)
BASIC NET INCOME (LOSS) PER SHARE PRIOR TO CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE	$	(0.01	)	$	0.07		$	(0.01	)
Cumulative effect of change in accounting principle		—			—			0.00
BASIC NET INCOME (LOSS) PER SHARE	$	(0.01	)	$	0.07		$	(0.01	)
SHARES USED IN THE PER SHARE CALCULATION — BASIC		49,457			49,232			48,600
DILUTED NET INCOME (LOSS) PER SHARE PRIOR TO CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE	$	(0.01	)	$	0.07		$	(0.01	)
Cumulative effect of change in accounting principle		—			—			0.00
DILUTED NET INCOME (LOSS) PER SHARE	$	(0.01	)	$	0.07		$	(0.01	)
SHARES USED IN THE PER SHARE CALCULATION — DILUTED		49,457			49,990			48,600

ASYST TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share data)

	Three Months Ended
	June 30, 2007
	GAAP			Adjustments			Non-GAAP
NET SALES	$	121,620		$	—		$	121,620
COST OF SALES		81,457			—			81,457
Gross profit		40,163			—			40,163
OPERATING EXPENSES:
Research and development		8,299						8,299
Selling, general and administrative		21,668						21,668
Amortization of acquired intangible assets		5,807			(5,807	)1		—
Restructuring charges		545			(545	)2		—
Total operating expenses		36,319			(6,352	)		29,967
Income from operations		3,844			6,352			10,196
Other income (expense), net		(3,751	)		2,568	3		(1,183	)
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST		93			8,920			9,013
PROVISION FOR INCOME TAXES		(474	)		(3,216	)4		(3,690	)
MINORITY INTEREST		(5	)		—			(5	)
NET INCOME (LOSS)	$	(386	)	$	5,704		$	5,318
BASIC NET INCOME (LOSS) PER SHARE	$	(0.01	)	$	0.12		$	0.11
DILUTED NET INCOME (LOSS) PER SHARE	$	(0.01	)	$	0.11		$	0.11
SHARES USED IN THE PER SHARE CALCULATION — BASIC		49,457			49,457			49,457
SHARES USED IN THE PER SHARE CALCULATION — DILUTED		49,457			50,218			50,218

1.	Amortization of net intangibles.
2.	Severance benefits related to headcount reductions.
3.	Foreign currency translation charges associated with inter-company loans.
4.	Tax effect of amortization of net intangibles and other income and (expense), net.