Exhibit 99.1
Press ReleaseFor Immediate Release
August 6, 2009
Brooks Automation Reports THIRD Quarter Financial Results
Chelmsford, Massachusetts August 6, 2009 — Brooks Automation, Inc. (Nasdaq: BRKS) announced financial results for the Company’s third quarter of fiscal year 2009 ended on June 30, 2009.
Revenues for the third quarter of 2009 were $43.9 million, compared to revenues of $124.0 million in the third quarter of 2008, a decrease of 64.6%. Sequentially, revenues grew 17.6% from second quarter revenues of $37.3 million.
Net loss for the third quarter of fiscal 2009 amounted to $25.7 million, or $0.41 per diluted share. Excluding special charges totaling $2.7 million, the non-GAAP net loss for the third quarter of fiscal 2009 was $23.0 million, or $0.37 per diluted share. The special charges taken during the quarter were $2.3 million of restructuring charges, primarily for severance and $0.4 million of asset impairments associated with closing one of the company’s facilities.
The fiscal 2009 third quarter results compare with a net loss from continuing operations of $10.3 million, or $0.17 per diluted share in the third quarter of the prior year. Sequentially, the net loss was $152.5 million or $2.43 per diluted share in the second quarter of 2009. Excluding special charges, the net loss from continuing operations for the third quarter of the prior year was $7.8 million, or $0.12 per diluted share. Sequentially, the net loss for the second quarter excluding special charges, was $36.2 million or $0.58 per diluted share. Special charges are identified in the tables to this release.
Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization for the third quarter of fiscal 2009 was ($17.2) million, which compared to $1.8 million in the prior year period and ($26.7) million in the second quarter of fiscal 2009. Effective working capital management and reduced levels of losses reduced the sequential use of cash for operations to $16.0 million during the quarter. The Company closed the quarter with $114.4 million of cash and marketable securities.
Revenues for the nine months ended June 30, 2009 were $154.6 million, a 63.1% decrease from the prior period revenues of $419.5 million. The loss from continuing operations for the current fiscal nine month period was $213.4 million, as compared to the prior year’s net loss of $20.4 million. Excluding special charges of $124.4 million in the current fiscal year and $8.6 million in the prior year, the loss from continuing operations before special charges was $89.0 million or $1.42 per share and $11.8 million or $0.18 per share, respectively. Special charges are identified in the tables to this release.
— more —
Brooks Automation, Inc. w15 Elizabeth DrivewChelmsford, Massachusetts 01824w(978)262-2400w www.brooks.com.
Brooks Automation Reports third Quarter Financial Results...................page two
Commenting on recent activities, Robert J. Lepofsky, President and Chief Executive Officer of Brooks stated, “We have experienced accelerating revenue growth as the quarter progressed which, combined with the benefits of our restructuring activities, narrowed the losses during the quarter. We see continuing momentum, particularly for our semiconductor business, and our internal plans are for sequential revenue growth of at least 25% in the September ending quarter. In addition, our use of cash continues to substantially diminish as we maintain our focus on working capital management programs and we move beyond the use of cash for restructuring and IT investments. We are delivering the expected high drop-thru on every incremental dollar of revenue as projected in our business model which will accelerate our return to profitability. The recovery in the semiconductor capital equipment industry is progressing and Brooks’ leadership position as a strategic extension of our customer’s engineering, manufacturing and product support capabilities is clearly strengthening. With increasing revenues, important design-in wins, the improving utilization rates of existing wafer fabs driving our Global Customer Operations business, and the expected returns from our product development initiatives across multiple market sectors, we believe Brooks will emerge from the current business downturn very well positioned to deliver excellent returns to our shareholders.”
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.
Brooks management will webcast its June quarter earnings conference call on Thursday, August 6, 2009 at 4:30 p.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 Company’s 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 2009 fourth quarter results in mid-November, 2009.
# # #
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the global semiconductor and related industries. The company’s advanced offerings in hardware and services are critical to customers where equipment productivity and availability are essential for successful manufacturing. Brooks’ products and global services are used in virtually every fab in the world as well as in a number of diverse industries outside semiconductor manufacturing. For more information see www.brooks.com or emailco.csr@brooks.com.
Brooks Automation, Inc. w15 Elizabeth DrivewChelmsford, Massachusetts 01824w(978)262-2400w www.brooks.com.
Brooks Automation Reports Third 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 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; intense price competition; disputes concerning intellectual property; expenses associated with legal disputes and litigation, continuing uncertainties in global political and economic conditions, the impact of global health concerns, 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
Brooks Automation, Inc. w15 Elizabeth DrivewChelmsford, Massachusetts 01824w(978)262-2400w www.brooks.com.
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | |
| | | Three months ended | | | Nine months ended | |
| | | June 30, | | | June 30, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| Revenues | | | | | | | | | | | | | | | | |
| Product | | $ | 31,510 | | | $ | 105,774 | | | $ | 116,479 | | | $ | 367,157 | |
| Services | | | 12,366 | | | | 18,242 | | | | 38,142 | | | | 52,339 | |
| | | | | | | | | | | | | |
| Total revenues | | | 43,876 | | | | 124,016 | | | | 154,621 | | | | 419,496 | |
| | | | | | | | | | | | | |
| Cost of revenues | | | | | | | | | | | | | | | | |
| Product | | | 29,301 | | | | 78,308 | | | | 115,078 | | | | 266,798 | |
| Services | | | 10,617 | | | | 16,851 | | | | 36,477 | | | | 48,953 | |
| Impairment of long-lived assets | | | 408 | | | | — | | | | 20,924 | | | | — | |
| | | | | | | | | | | | | |
| Total cost of revenues | | | 40,326 | | | | 95,159 | | | | 172,479 | | | | 315,751 | |
| | | | | | | | | | | | | |
| Gross profit (loss) | | | 3,550 | | | | 28,857 | | | | (17,858 | ) | | | 103,745 | |
| | | | | | | | | | | | | |
| Operating expenses | | | | | | | | | | | | | | | | |
| Research and development | | | 7,549 | | | | 10,270 | | | | 24,492 | | | | 34,255 | |
| Selling, general and administrative | | | 19,559 | | | | 25,636 | | | | 72,400 | | | | 84,635 | |
| Impairment of goodwill | | | — | | | | — | | | | 71,800 | | | | — | |
| Impairment of long-lived assets | | | — | | | | — | | | | 14,588 | | | | — | |
| Restructuring charges | | | 2,327 | | | | 2,571 | | | | 12,293 | | | | 5,677 | |
| | | | | | | | | | | | | |
| Total operating expenses | | | 29,435 | | | | 38,477 | | | | 195,573 | | | | 124,567 | |
| | | | | | | | | | | | | |
| Operating loss from continuing operations | | | (25,855 | ) | | | (9,620 | ) | | | (213,431 | ) | | | (20,822 | ) |
| Interest income | | | 536 | | | | 1,237 | | | | 2,079 | | | | 6,252 | |
| Interest expense | | | 60 | | | | 93 | | | | 258 | | | | 536 | |
| Loss on investment | | | — | | | | — | | | | 1,185 | | | | 2,931 | |
| Other (income) expense, net | | | (114 | ) | | | 1,244 | | | | 35 | | | | 426 | |
| | | | | | | | | | | | | |
| Loss from continuing operations before income taxes and minority interests | | | (25,295 | ) | | | (9,720 | ) | | | (212,830 | ) | | | (18,463 | ) |
| Income tax provision | | | 148 | | | | 843 | | | | 728 | | | | 2,398 | |
| | | | | | | | | | | | | |
| Loss from continuing operations before minority interests | | | (25,443 | ) | | | (10,563 | ) | | | (213,558 | ) | | | (20,861 | ) |
| Minority interests in income of consolidated subsidiaries | | | 240 | | | | (13 | ) | | | 63 | | | | (5 | ) |
| Equity in earnings of joint ventures | | | (59 | ) | | | 224 | | | | 253 | | | | 447 | |
| | | | | | | | | | | | | |
| Loss from continuing operations | | | (25,742 | ) | | | (10,326 | ) | | | (213,368 | ) | | | (20,409 | ) |
| Gain on sale of discontinued operations, net of income taxes | | | — | | | | — | | | | — | | | | 371 | |
| | | | | | | | | | | | | |
| Income from discontinued operations, net of income taxes | | | — | | | | — | | | | — | | | | 371 | |
| | | | | | | | | | | | | |
| Net loss | | $ | (25,742 | ) | | $ | (10,326 | ) | | $ | (213,368 | ) | | $ | (20,038 | ) |
| | | | | | | | | | | | | |
| Basic loss per share from continuing operations | | $ | (0.41 | ) | | $ | (0.17 | ) | | $ | (3.40 | ) | | $ | (0.31 | ) |
| Basic income per share from discontinued operations | | | — | | | | — | | | | — | | | | 0.01 | |
| | | | | | | | | | | | | |
| Basic net loss per share | | $ | (0.41 | ) | | $ | (0.17 | ) | | $ | (3.40 | ) | | $ | (0.31 | ) |
| | | | | | | | | | | | | |
| Diluted loss per share from continuing operations | | $ | (0.41 | ) | | $ | (0.17 | ) | | $ | (3.40 | ) | | $ | (0.31 | ) |
| Diluted income per share from discontinued operations | | | — | | | | — | | | | — | | | | 0.01 | |
| | | | | | | | | | | | | |
| Diluted net loss per share | | $ | (0.41 | ) | | $ | (0.17 | ) | | $ | (3.40 | ) | | $ | (0.31 | ) |
| | | | | | | | | | | | | |
| Shares used in computing income (loss) per share | | | | | | | | | | | | | | | | |
| Basic | | | 63,011 | | | | 62,483 | | | | 62,835 | | | | 65,196 | |
| Diluted | | | 63,011 | | | | 62,483 | | | | 62,835 | | | | 65,196 | |
Brooks Automation, Inc. w15 Elizabeth DrivewChelmsford, Massachusetts 01824w(978)262-2400w www.brooks.com.
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
| | | | | | | | | |
| | | June 30, | | | September 30, | |
| | | 2009 | | | 2008 | |
| Assets | | | | | | | | |
| Current assets | | | | | | | | |
| Cash and cash equivalents | | $ | 52,936 | | | $ | 110,269 | |
| Marketable securities | | | 35,313 | | | | 33,077 | |
| Accounts receivable, net | | | 28,108 | | | | 66,844 | |
| Insurance receivable for litigation | | | 343 | | | | 8,772 | |
| Inventories, net | | | 91,404 | | | | 105,901 | |
| Prepaid expenses and other current assets | | | 9,149 | | | | 13,783 | |
| | | | | | | |
| Total current assets | | | 217,253 | | | | 338,646 | |
| Property, plant and equipment, net | | | 78,393 | | | | 81,604 | |
| Long-term marketable securities | | | 26,159 | | | | 33,935 | |
| Goodwill | | | 48,138 | | | | 119,979 | |
| Intangible assets, net | | | 14,909 | | | | 58,452 | |
| Equity investment in joint ventures | | | 28,730 | | | | 26,309 | |
| Other assets | | | 3,502 | | | | 4,713 | |
| | | | | | | |
| Total assets | | $ | 417,084 | | | $ | 663,638 | |
| | | | | | | |
| Liabilities, minority interests and stockholders’ equity | | | | | | | | |
| Current liabilities | | | | | | | | |
| Accounts payable | | $ | 15,700 | | | $ | 37,248 | |
| Deferred revenue | | | 2,884 | | | | 3,553 | |
| Accrued warranty and retrofit costs | | | 5,621 | | | | 8,174 | |
| Accrued compensation and benefits | | | 13,071 | | | | 18,174 | |
| Accrued restructuring costs | | | 8,030 | | | | 7,167 | |
| Accrued income taxes payable | | | 2,702 | | | | 3,151 | |
| Accrual for litigation settlement | | | — | | | | 7,750 | |
| Accrued expenses and other current liabilities | | | 14,063 | | | | 17,634 | |
| | | | | | | |
| Total current liabilities | | | 62,071 | | | | 102,851 | |
| Accrued long-term restructuring | | | 2,707 | | | | 5,496 | |
| Income taxes payable | | | 10,649 | | | | 10,649 | |
| Long-term pension liability | | | 6,243 | | | | — | |
| Other long-term liabilities | | | 2,699 | | | | 2,238 | |
| | | | | | | |
| Total liabilities | | | 84,369 | | | | 121,234 | |
| | | | | | | |
| Contingencies Minority interests | | | 471 | | | | 409 | |
| | | | | | | |
| Stockholders’ equity | | | | | | | | |
| Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding | | | — | | | | — | |
| Common stock, $0.01 par value, 125,000,000 shares authorized, 77,740,154 shares issued and 64,278,285 shares outstanding at June 30, 2009, 77,044,737 shares issued and 63,582,868 shares outstanding at September 30, 2008 | | | 777 | | | | 770 | |
| Additional paid-in capital | | | 1,794,287 | | | | 1,788,891 | |
| Accumulated other comprehensive income | | | 16,277 | | | | 18,063 | |
| Treasury stock at cost, 13,461,869 shares at June 30, 2009 and September 30, 2008 | | | (200,956 | ) | | | (200,956 | ) |
| Accumulated deficit | | | (1,278,141 | ) | | | (1,064,773 | ) |
| | | | | | | |
| Total stockholders’ equity | | | 332,244 | | | | 541,995 | |
| | | | | | | |
| Total liabilities, minority interests and stockholders’ equity | | $ | 417,084 | | | $ | 663,638 | |
| | | | | | | |
Brooks Automation, Inc.w 15 Elizabeth Drivew Chelmsford, Massachusetts 01824w (978)262-2400wwww.brooks.com.
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
| | | | | | | | | |
| | | Nine months ended | |
| | | June 30, | |
| | | 2009 | | | 2008 | |
| Cash flows from operating activities | | | | | | | | |
| Net loss | | $ | (213,368 | ) | | $ | (20,038 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | |
| Depreciation and amortization | | | 20,841 | | | | 25,867 | |
| Impairment of goodwill | | | 71,800 | | | | — | |
| Impairment of long-lived assets | | | 35,512 | | | | — | |
| Stock-based compensation | | | 5,007 | | | | 5,612 | |
| Amortization of discount on marketable securities | | | 70 | | | | (782 | ) |
| Undistributed earnings of joint ventures | | | (253 | ) | | | (447 | ) |
| Minority interests | | | 63 | | | | (5 | ) |
| (Gain) loss on disposal of long-lived assets | | | (12 | ) | | | 925 | |
| Loss on investment | | | 1,185 | | | | 2,931 | |
| Gain on sale of software division, net | | | — | | | | (371 | ) |
| Changes in operating assets and liabilities, net of acquisitions and disposals: | | | | | | | | |
| Accounts receivable | | | 38,432 | | | | 32,220 | |
| Inventories | | | 14,324 | | | | (5,138 | ) |
| Prepaid expenses and other current assets | | | 5,199 | | | | 2,469 | |
| Accounts payable | | | (21,533 | ) | | | (18,344 | ) |
| Deferred revenue | | | (658 | ) | | | (1,578 | ) |
| Accrued warranty and retrofit costs | | | (2,558 | ) | | | (2,454 | ) |
| Accrued compensation and benefits | | | (4,313 | ) | | | (6,906 | ) |
| Accrued restructuring costs | | | (1,902 | ) | | | (1,356 | ) |
| Accrued expenses and other current liabilities | | | (757 | ) | | | (5,974 | ) |
| | | | | | | |
| Net cash provided by (used in) operating activities | | | (52,921 | ) | | | 6,631 | |
| | | | | | | |
| Cash flows from investing activities | | | | | | | | |
| Purchases of property, plant and equipment | | | (10,843 | ) | | | (17,235 | ) |
| Purchases of marketable securities | | | (53,316 | ) | | | (137,156 | ) |
| Sale/maturity of marketable securities | | | 58,903 | | | | 174,973 | |
| Proceeds from sale of software division | | | — | | | | 1,500 | |
| Proceeds from the sale of long-lived assets | | | 1,093 | | | | — | |
| Purchases of intangible assets | | | (38 | ) | | | (75 | ) |
| | | | | | | |
| Net cash provided by (used in) investing activities | | | (4,201 | ) | | | 22,007 | |
| | | | | | | |
| Cash flows from financing activities | | | | | | | | |
| Treasury stock purchases | | | — | | | | (90,194 | ) |
| Proceeds from issuance of common stock, net of issuance costs | | | 675 | | | | 1,473 | |
| | | | | | | |
| Net cash provided by (used in) financing activities | | | 675 | | | | (88,721 | ) |
| | | | | | | |
| Effects of exchange rate changes on cash and cash equivalents | | | (886 | ) | | | 1,813 | |
| | | | | | | |
| Net decrease in cash and cash equivalents | | | (57,333 | ) | | | (58,270 | ) |
| Cash and cash equivalents, beginning of period | | | 110,269 | | | | 168,232 | |
| | | | | | | |
| Cash and cash equivalents, end of period | | $ | 52,936 | | | $ | 109,962 | |
| | | | | | | |
Brooks Automation, Inc.w 15 Elizabeth Drivew Chelmsford, Massachusetts 01824w (978)262-2400wwww.brooks.com.
BROOKS AUTOMATION, INC.
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.w 15 Elizabeth Drivew Chelmsford, Massachusetts 01824w (978)262-2400wwww.brooks.com.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | |
| | | June 30, 2009 | | | March 31, 2009 | | | June 30, 2008 | |
| | | $ | | | per share | | | $ | | | per share | | | $ | | | per share | |
| Loss from continuing operations | | $ | (25,742 | ) | | $ | (0.41 | ) | | $ | (152,543 | ) | | $ | (2.43 | ) | | $ | (10,326 | ) | | $ | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Impairment charges — cost of revenues | | | 408 | | | | 0.01 | | | | 20,516 | | | | 0.33 | | | | — | | | | — | |
| Impairment charges — operating expense | | | — | | | | — | | | | 86,388 | | | | 1.37 | | | | — | | | | — | |
| Restructuring charges | | | 2,327 | | | | 0.04 | | | | 5,861 | | | | 0.09 | | | | 2,571 | | | | 0.04 | |
| Restructuring related inventory charges | | | — | | | | — | | | | 3,612 | | | | 0.06 | | | | — | | | | — | |
| Loss on investment | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| |
| | | | | | | | | | | | | | | | | | | |
| Adjusted loss from continuing operations | | $ | (23,007 | ) | | $ | (0.37 | ) | | $ | (36,166 | ) | | $ | (0.58 | ) | | $ | (7,755 | ) | | $ | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Nine months ended | |
| | | June 30, 2009 | | | June 30, 2008 | |
| | | $ | | | per share | | | $ | | | per share | |
| Loss from continuing operations | | $ | (213,368 | ) | | $ | (3.40 | ) | | $ | (20,409 | ) | | $ | (0.31 | ) |
| | | | | | | | | | | | | | | | | |
| Impairment charges — cost of revenues | | | 20,924 | | | | 0.33 | | | | — | | | | — | |
| Impairment charges — operating expense | | | 86,388 | | | | 1.37 | | | | — | | | | — | |
| Restructuring charges | | | 12,293 | | | | 0.20 | | | | 5,677 | | | | 0.09 | |
| Restructuring related inventory charges | | | 3,612 | | | | 0.06 | | | | — | | | | — | |
| Loss on investment | | | 1,185 | | | | 0.02 | | | | 2,931 | | | | 0.04 | |
| |
| | | | | | | | | | | | | |
| Adjusted loss from continuing operations | | $ | (88,966 | ) | | $ | (1.42 | ) | | $ | (11,801 | ) | | $ | (0.18 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarter ended | | | Nine months ended | |
| | | June 30, | | | Mar 31, | | | June 30, | | | June 30, | | | June 30, | |
| | | 2009 | | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| Loss from continuing operations | | $ | (25,742 | ) | | $ | (152,543 | ) | | $ | (10,326 | ) | | | (213,368 | ) | | | (20,409 | ) |
| |
| Less: Interest income | | | (536 | ) | | | (646 | ) | | | (1,237 | ) | | | (2,079 | ) | | | (6,252 | ) |
| Add: Interest expense | | | 60 | | | | 72 | | | | 93 | | | | 258 | | | | 536 | |
| Add: Income tax provision (benefit) | | | 148 | | | | 189 | | | | 843 | | | | 728 | | | | 2,398 | |
| Add: Depreciation | | | 3,679 | | | | 3,620 | | | | 4,718 | | | | 11,455 | | | | 13,616 | |
| Add: Amortization of completed technology | | | 457 | | | | 2,331 | | | | 2,331 | | | | 5,119 | | | | 6,993 | |
| Add; Amortization of acquired intangible assets | | | 381 | | | | 1,993 | | | | 1,786 | | | | 4,267 | | | | 5,258 | |
| Add: Stock compensation expense | | | 1,613 | | | | 1,870 | | | | 1,069 | | | | 5,007 | | | | 5,612 | |
| Add: Restructuring related inventory charges | | | — | | | | 3,612 | | | | — | | | | 3,612 | | | | — | |
| Add: Impairment charges — cost of revenues | | | 408 | | | | 20,516 | | | | — | | | | 20,924 | | | | — | |
| Add: Impairment charges — operating expense | | | — | | | | 86,388 | | | | — | | | | 86,388 | | | | — | |
| Add: Restructuring charges | | | 2,327 | | | | 5,861 | | | | 2,571 | | | | 12,293 | | | | 5,677 | |
| Add: Loss on investment | | | — | | | | — | | | | — | | | | 1,185 | | | | 2,931 | |
| | | | | | | | | | | | | | | | |
| |
| Adjusted EBITDA | | $ | (17,205 | ) | | $ | (26,737 | ) | | $ | 1,848 | | | $ | (64,211 | ) | | $ | 16,360 | |
| | | | | | | | | | | | | | | | |
Brooks Automation, Inc.w 15 Elizabeth Drivew Chelmsford, Massachusetts 01824w (978)262-2400wwww.brooks.com.
