Exhibit 99.1
 | For Further Information: Michael W. McCarthy Director — Investor Relations Office: (978) 262-2459 michael.mccarthy@brooks.com |
Press Release
For Immediate Release
November 11, 2008
November 11, 2008
Brooks Automation Reports Fourth Quarter Financial Results
Chelmsford, Massachusetts November 11, 2008 — Brooks Automation, Inc. (Nasdaq: BRKS) announced financial results for the Company’s fourth quarter and fiscal year 2008 ended on September 30, 2008.
Revenues for the fourth quarter of 2008 were $106.9 million, compared to revenues of $166.5 million in the fourth quarter of 2007, a decrease of 35.8%. Sequentially, revenues were down 13.8% from fiscal 2008 third quarter revenues of $124.0 million.
Loss from continuing operations for the fourth quarter of fiscal 2008 amounted to $216.2 million, or $3.45 per diluted share. This loss includes special charges totaling $206.2 million. Excluding special charges, the non-GAAP loss from continuing operations for the fourth quarter of fiscal 2008 was $10.0 million, or $0.16 per diluted share. The special charges taken during the quarter included a non-cash impairment charge of $203.6 million, primarily to write down the value of goodwill reflecting the current industry and economic environment which has significantly impacted the comparable company valuations and the Company’s near term outlook. Other special charges taken during the quarter included restructuring costs of $1.6 million and a $1.0 million non-cash charge to recognize the impairment in value of a minority interest Brooks owns in a small Swiss public company.
The fiscal 2008 fourth quarter loss from continuing operations before special charges of $10.0 million, or $0.16 per diluted share, compares with a loss of $7.8 million, $0.12 in the third quarter of fiscal 2008 and profits of $2.4 million, or $0.03 per diluted share in the fourth quarter of fiscal 2007.
Including the special charges, the fiscal 2008 fourth quarter loss from continuing operations of $216.2 million, or $3.45 per diluted share, compares with a loss from continuing operations of $1.3 million, or $0.02 per diluted share in the fourth quarter of the prior year. Sequentially, the loss from continuing operations increased $205.9 million compared to a fiscal 2008 third quarter loss of $10.3 million.
Adjusted Earnings before Interest, Tax, Depreciation and Amortization for the fourth quarter of fiscal 2008 was ($1.9) million, which compared to $10.4 million in the prior year period and $1.8 million in the third quarter of fiscal 2008. Cash flows from operations, which benefited from strong working capital management, amounted to $6.0 million in the fourth quarter of fiscal 2008. This compared to $20.1 million in the fourth quarter of fiscal 2007 and $1.4 million in the third quarter of fiscal 2008.
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com
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| Brooks Automation Reports Fourth Quarter Financial Results | page two |
Revenues for the full fiscal year 2008 were $526.4 million, a 29.2% decrease from prior year revenues of $743.3 million. The net loss for fiscal 2008 was $235.9 million, or $3.66 per diluted share, compared to the prior year’s net income of $151.5 million, or $2.04 per diluted share. The loss for fiscal 2008 included the non-cash impairment charges of $203.6 million, restructuring charges of $7.3 million, a $3.9 million loss on an investment which was partially offset by a $0.7 million gain in discontinued operations related to the resolution of certain contingencies in connection with the sale of the Brooks Software division, which in total amounted to $3.32 per diluted share. Net income for fiscal 2007 included an $83.9 million gain on the March 30, 2007 sale of the Brooks Software division and $13.3 million of income from that discontinued operation, restructuring charges of $7.1 million and a gain on an investment of $5.1 million, which in total amounted to $1.28 per diluted share.
Commenting on the fourth quarter results, Robert J. Lepofsky, President and Chief Executive Officer of Brooks stated, “Our results for the quarter are reflective of the challenging market conditions faced by every participant in the global electronics food chain. Order booking and shipment rates in the quarter slowed as economic conditions continued to weaken. Those declines have continued over the course of the past three weeks as most of our customers have announced lowered expectations and short-term action plans to reduce spending and conserve cash. Most are planning additional restructuring initiatives over the months ahead. The management team at Brooks has also been evaluating alternative scenarios and we will be reducing capacity, tightly controlling costs and carefully managing our working capital as well. Last quarter, our people adjusted to lower revenues and slowing orders and delivered better performance than we would have forecasted at those levels. The job ahead will be even more challenging.”
Mr. Lepofsky continued, “While the decision to contract current operations in response to current market conditions is difficult, we also see the upcoming period as one of opportunity. We are a strategically critical partner of our customers and we remain committed to our long-term plan of creating value for our shareholders through growth initiatives that are aligned with the needs of those customers. While those needs may be delayed they are not disappearing. The commitment of our organization, our enviable market position and the strength of our debt-free balance sheet will ensure our ability to take full advantage of new opportunities that will emerge over the year ahead. One thing is clear — we at Brooks plan to come out of this downturn as a stronger and better positioned company.”
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 Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com
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| Brooks Automation Reports Fourth Quarter Financial Results | page three |
Brooks management will webcast its September quarter earnings conference call on Tuesday, November 11, 2008 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 atwww.brooks.com. The call will be archived on this website for convenient on-demand replay until Brooks reports fiscal 2009 first quarter results in mid-February, 2009.
# # #
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation solutions and integrated subsystems to the global semiconductor and related industries. The company’s advanced offerings in hardware and services can help customers improve manufacturing efficiencies, accelerate time-to-market and reduce cost-of-ownership. Brooks’ products and global services are used in virtually every semiconductor fab in the world as well as in a number of diverse industries outside of semiconductor manufacturing. For more information seewww.brooks.com or emailco.csr@brooks.com.
“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 bookings, revenues, profit and loss and cash flow expectations, anticipated capacity reductions and cost controls, future business strategy and market opportunities, level of capital expenditures and bookings expectations in the semiconductor industry, demand for our new and existing products, purchasing and manufacturing trends among semiconductor manufacturing OEMs, our strategy of sourcing from low cost regions, and the outlook of the semiconductor industry. Factors that could cause results to differ from our expectations include the following: our dependence on the cyclical semiconductor industry; the possibility of downturns in market demand for electronics; 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; a decision by semiconductor manufacturing OEMs not to outsource increasing amounts of their manufacturing operations; our ability to continue to effectively implement our flexible manufacturing model and our supply chain consolidation; the highly competitive nature and rapid technological change that characterizes the industries in which we compete; decisions by customers to accelerate delivery under or to cancel or defer orders that previously had been accepted; decisions by customers to reject the products we ship to them; the inability of customers to make payments to us when due; the possibility that we may not be able to fulfill customer orders within a period of time acceptable to them; the fact that design-in wins do not necessarily translate to significant revenue; the timing and effectiveness of restructuring, cost-cutting, low cost sourcing and expense control measures; intense price competition; disputes concerning intellectual property; expenses associated with legal disputes and litigation, 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.
08-21
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(In thousands, except per share data)
(unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(In thousands, except per share data)
(unaudited)
| Three Months ended | Twelve Months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Revenues | ||||||||||||||||
| Product | $ | 80,122 | $ | 140,030 | $ | 411,653 | $ | 625,405 | ||||||||
| Services | 26,748 | 26,473 | 114,713 | 117,853 | ||||||||||||
| Total revenues | 106,870 | 166,503 | 526,366 | 743,258 | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Product | 60,874 | 105,441 | 304,961 | 431,586 | ||||||||||||
| Services | 22,913 | 21,075 | 94,577 | 92,077 | ||||||||||||
| Total cost of revenues | 83,787 | 126,516 | 399,538 | 523,663 | ||||||||||||
| Gross profit | 23,083 | 39,987 | 126,828 | 219,595 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 8,669 | 12,530 | 42,924 | 51,715 | ||||||||||||
| Selling, general and administrative | 25,881 | 28,939 | 110,516 | 120,421 | ||||||||||||
| Impairment charges | 203,570 | — | 203,570 | — | ||||||||||||
| Restructuring charges | 1,610 | 3,657 | 7,287 | 7,108 | ||||||||||||
| Total operating expenses | 239,730 | 45,126 | 364,297 | 179,244 | ||||||||||||
| Operating income (loss) from continuing operations | (216,647 | ) | (5,139 | ) | (237,469 | ) | 40,351 | |||||||||
| Interest income | 1,151 | 3,023 | 7,403 | 11,897 | ||||||||||||
| Interest expense | 102 | 80 | 407 | 583 | ||||||||||||
| Gain (loss) on investment | (1,009 | ) | — | (3,940 | ) | 5,110 | ||||||||||
| Other (income) expense, net | 1,082 | (277 | ) | 1,739 | 1,139 | |||||||||||
| Income (loss) from continuing operations before income taxes, minority interests and equity in earnings of joint ventures | (217,689 | ) | (1,919 | ) | (236,152 | ) | 55,636 | |||||||||
| Income tax provision (benefit) | (1,165 | ) | (442 | ) | 1,233 | 2,287 | ||||||||||
| Income (loss) from continuing operations before minority interests and equity in earnings of joint ventures | (216,524 | ) | (1,477 | ) | (237,385 | ) | 53,349 | |||||||||
| Minority interests in income (loss) of consolidated subsidiaries | (48 | ) | (42 | ) | (53 | ) | 68 | |||||||||
| Equity in earnings of joint ventures | 260 | 142 | 707 | 1,020 | ||||||||||||
| Income (loss) from continuing operations | (216,216 | ) | (1,293 | ) | (236,625 | ) | 54,301 | |||||||||
| Income (loss) from discontinued operations, net of income taxes | — | — | — | 13,273 | ||||||||||||
| Gain on sale of discontinued operations, net of income taxes | 308 | — | 679 | 83,898 | ||||||||||||
| Income (loss) from discontinued operations, net of income taxes | 308 | — | 679 | 97,171 | ||||||||||||
| Net income (loss) | $ | (215,908 | ) | $ | (1,293 | ) | $ | (235,946 | ) | $ | 151,472 | |||||
| Basic income (loss) per share from continuing operations | $ | (3.45 | ) | $ | (0.02 | ) | $ | (3.67 | ) | $ | 0.74 | |||||
| Basic income (loss) per share from discontinued operations | 0.00 | — | 0.01 | 1.32 | ||||||||||||
| Basic net income (loss) per share | $ | (3.45 | ) | $ | (0.02 | ) | $ | (3.66 | ) | $ | 2.06 | |||||
| Diluted income (loss) per share from continuing operations | $ | (3.45 | ) | $ | (0.02 | ) | $ | (3.67 | ) | $ | 0.73 | |||||
| Diluted income (loss) per share from discontinued operations | 0.00 | — | 0.01 | 1.31 | ||||||||||||
| Diluted net income (loss) per share | $ | (3.45 | ) | $ | (0.02 | ) | $ | (3.66 | ) | $ | 2.04 | |||||
| Shares used in computing income (loss) per share | ||||||||||||||||
| Basic | 62,587 | 69,654 | 64,542 | 73,492 | ||||||||||||
| Diluted | 62,587 | 69,654 | 64,542 | 74,074 | ||||||||||||
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.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, | |||||||
| 2008 | 2007 | |||||||
ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 110,269 | $ | 168,232 | ||||
| Marketable securities | 33,077 | 80,102 | ||||||
| Accounts receivable, net | 66,844 | 105,904 | ||||||
| Insurance receivable for litigation | 8,772 | — | ||||||
| Inventories, net | 105,901 | 104,794 | ||||||
| Prepaid expenses and other current assets | 13,783 | 20,489 | ||||||
| Total current assets | 338,646 | 479,521 | ||||||
| Property, plant and equipment, net | 81,604 | 80,747 | ||||||
| Long-term marketable securities | 33,935 | 26,283 | ||||||
| Goodwill | 119,979 | 319,302 | ||||||
| Intangible assets, net | 58,452 | 76,964 | ||||||
| Equity investment in joint ventures | 26,309 | 24,007 | ||||||
| Other assets | 4,713 | 8,014 | ||||||
| Total assets | $ | 663,638 | $ | 1,014,838 | ||||
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 37,248 | $ | 57,758 | ||||
| Deferred revenue | 3,553 | 5,424 | ||||||
| Accrued warranty and retrofit costs | 8,174 | 10,986 | ||||||
| Accrued compensation and benefits | 18,174 | 23,850 | ||||||
| Accrued restructuring costs | 7,167 | 6,778 | ||||||
| Accrued income taxes payable | 3,151 | 5,934 | ||||||
| Accrual for litigation settlement | 7,750 | — | ||||||
| Accrued expenses and other current liabilities | 17,634 | 21,908 | ||||||
| Total current liabilities | 102,851 | 132,638 | ||||||
| Accrued long-term restructuring | 5,496 | 8,933 | ||||||
| Income taxes payable | 10,649 | 10,159 | ||||||
| Other long-term liabilities | 2,238 | 2,866 | ||||||
| Total liabilities | 121,234 | 154,596 | ||||||
| Commitments and contingencies | ||||||||
| Minority interests | 409 | 463 | ||||||
| Stockholders’ equity | ||||||||
| Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding at September 30, 2008 and 2007 | — | — | ||||||
| Common stock, $0.01 par value, 125,000,000 shares authorized, 77,044,737 shares issued and 63,582,868 shares outstanding at September 30, 2008, 76,483,603 shares issued and 70,423,603 shares outstanding at September 30, 2007 | 770 | 765 | ||||||
| Additional paid-in capital | 1,788,891 | 1,780,401 | ||||||
| Accumulated other comprehensive income | 18,063 | 18,202 | ||||||
| Treasury stock at cost, 13,461,869 shares and 6,060,000 shares at September 30, 2008 and 2007, respectively | (200,956 | ) | (110,762 | ) | ||||
| Accumulated deficit | (1,064,773 | ) | (828,827 | ) | ||||
| Total stockholders’ equity | 541,995 | 859,779 | ||||||
| Total liabilities, minority interests and stockholders’ equity | $ | 663,638 | $ | 1,014,838 | ||||
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
(In thousands)
(unaudited)
| Twelve Months Ended September 30, | ||||||||
| 2008 | 2007 | |||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | (235,946 | ) | $ | 151,472 | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 34,538 | 32,801 | ||||||
| Impairment of assets | 203,570 | — | ||||||
| Stock-based compensation | 6,909 | 8,743 | ||||||
| Discount on marketable securities | (830 | ) | (1,531 | ) | ||||
| Undistributed earnings of joint ventures | (707 | ) | (1,020 | ) | ||||
| Dividends from equity investment | — | 286 | ||||||
| Minority interests | (53 | ) | 68 | |||||
| Loss on disposal of long-lived assets | 1,070 | 1,672 | ||||||
| Gain on sale of software division, net | (679 | ) | (81,813 | ) | ||||
| (Gain) loss on investment | 3,940 | (5,110 | ) | |||||
| Changes in operating assets and liabilities, net of acquisitions and disposals: | ||||||||
| Accounts receivable | 38,612 | (841 | ) | |||||
| Inventories | (610 | ) | (4,473 | ) | ||||
| Prepaid expenses and other current assets | 5,790 | (4,096 | ) | |||||
| Accounts payable | (20,601 | ) | (14,759 | ) | ||||
| Deferred revenue | (1,892 | ) | 2,295 | |||||
| Accrued warranty and retrofit costs | (2,772 | ) | (646 | ) | ||||
| Accrued compensation and benefits | (5,839 | ) | (2,724 | ) | ||||
| Accrued restructuring costs | (3,089 | ) | (882 | ) | ||||
| Accrued expenses and other current liabilities | (8,755 | ) | (6,569 | ) | ||||
| Net cash provided by operating activities | 12,656 | 72,873 | ||||||
| Cash flows from investing activities | ||||||||
| Purchases of property, plant and equipment | (23,439 | ) | (20,618 | ) | ||||
| Purchases of intangible assets | (75 | ) | (15 | ) | ||||
| Proceeds from the sale of software division | 1,918 | 130,393 | ||||||
| Acquisition of Synetics Solutions Inc., net of cash acquired | — | (38 | ) | |||||
| Acquisition of Keystone Electronics (Wuxi) Co., cash acquired net of expenses | — | 162 | ||||||
| Purchases of marketable securities | (151,231 | ) | (391,748 | ) | ||||
| Sale/maturity of marketable securities | 190,592 | 362,833 | ||||||
| Net cash provided by investing activities | 17,765 | 80,969 | ||||||
| Cash flows from financing activities | ||||||||
| Treasury stock purchases | (90,194 | ) | (110,762 | ) | ||||
| Payments of short- and long-term debt and capital lease obligations | — | (1,740 | ) | |||||
| Proceeds from issuance of common stock, net of issuance costs | 2,391 | 9,303 | ||||||
| Net cash used in financing activities | (87,803 | ) | (103,199 | ) | ||||
| Effects of exchange rate changes on cash and cash equivalents | (581 | ) | 1,816 | |||||
| Net increase (decrease) in cash and cash equivalents | (57,963 | ) | 52,459 | |||||
| Cash and cash equivalents, beginning of year | 168,232 | 115,773 | ||||||
| Cash and cash equivalents, end of year | $ | 110,269 | $ | 168,232 | ||||
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com
BROOKS AUTOMATION, INC.
Supplemental Information
(In thousands, except per share data)
(unaudited)
(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:
| Quarter ended | ||||||||||||||||||||||||
| September 30, 2008 | June 30, 2008 | September 30, 2007 | ||||||||||||||||||||||
| $ | per share | $ | per share | $ | per share | |||||||||||||||||||
| Loss from continuing operations | $ | (216,216 | ) | $ | (3.45 | ) | $ | (10,326 | ) | $ | (0.17 | ) | $ | (1,293 | ) | $ | (0.02 | ) | ||||||
| Impairment charges | 203,570 | 3.25 | — | — | — | — | ||||||||||||||||||
| Restructuring charges | 1,610 | 0.03 | 2,571 | 0.04 | 3,657 | 0.05 | ||||||||||||||||||
| Loss on investment | 1,009 | 0.02 | — | — | — | — | ||||||||||||||||||
| Net income (loss) before special charges | $ | (10,027 | ) | $ | (0.16 | ) | (7,755 | ) | $ | (0.12 | ) | $ | 2,364 | $ | 0.03 | |||||||||
| Year ended | ||||||||||||||||
| September 30, 2008 | September 30, 2007 | |||||||||||||||
| $ | per share | $ | per share | |||||||||||||
| Income (loss) from continuing operations | $ | (236,625 | ) | $ | (3.67 | ) | $ | 54,301 | $ | 0.73 | ||||||
| Impairment charges | 203,570 | 3.15 | — | — | ||||||||||||
| Restructuring charges | 7,287 | 0.11 | 7,108 | 0.10 | ||||||||||||
| Loss (gain) on investment | 3,940 | 0.06 | (5,110 | ) | (0.07 | ) | ||||||||||
| Net income (loss) before special charges | $ | (21,828 | ) | $ | (0.34 | ) | $ | 56,299 | $ | 0.76 | ||||||
| Quarter ended | Year Ended | |||||||||||||||||||
| Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||||||||||||
| 2008 | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
| Income (loss) from continuing operations | $ | (216,216 | ) | $ | (10,326 | ) | $ | (1,293 | ) | $ | (236,625 | ) | $ | 54,301 | ||||||
| Less: Interest income | (1,151 | ) | (1,237 | ) | (3,023 | ) | (7,403 | ) | (11,897 | ) | ||||||||||
| Add: Interest expense | 466 | 93 | 80 | 1,002 | 583 | |||||||||||||||
| Add: Income tax provision (benefit) | (1,165 | ) | 843 | (442 | ) | 1,233 | 2,287 | |||||||||||||
| Add: Depreciation | 4,554 | 4,718 | 4,709 | 18,170 | 17,479 | |||||||||||||||
| Add: Amortization of completed technology | 2,331 | 2,331 | 2,331 | 9,324 | 9,324 | |||||||||||||||
| Add; Amortization of acquired intangible assets | 1,786 | 1,786 | 1,482 | 7,044 | 5,939 | |||||||||||||||
| Add: Stock compensation expense | 1,297 | 1,069 | 2,863 | 6,909 | 8,743 | |||||||||||||||
| Add: Impairment charges | 203,570 | — | — | 203,570 | — | |||||||||||||||
| Add: Restructuring charges | 1,610 | 2,571 | 3,657 | 7,287 | 7,108 | |||||||||||||||
| Add: Loss (gain) on investment | 1,009 | — | — | 3,940 | (5,110 | ) | ||||||||||||||
| Adjusted EBITDA | $ | (1,909 | ) | $ | 1,848 | $ | 10,364 | $ | 14,451 | $ | 88,757 | |||||||||
Brooks Automation, Inc.t 15 Elizabeth Drivet Chelmsford, Massachusetts 01824t (978)262-2400twww.brooks.com