Exhibit 99.1
Brooks Automation Announces Legal Settlement in Israel
CHELMSFORD, Mass., May 3 /PRNewswire-FirstCall/ -- Brooks Automation, Inc.
(Nasdaq: BRKS), which creates manufacturing efficiency for the semiconductor
and other complex manufacturing industries, today announced that on April 28,
2004 Brooks was notified by letter that a legal settlement had been concluded
against it in Israel in the amount of approximately $700,000.
As previously disclosed in periodic filings with the Securities and
Exchange Commission, the legal proceeding arose out of a dispute between PRI
Automation, Inc. ("PRI"), prior to the acquisition of PRI by Brooks, and an
Israeli engineering services firm. The dispute pertained to an arrangement
under which PRI engaged the services of the Israeli firm to obtain workers to
perform work on a contract basis for PRI in Israel in 1997. Those workers
were later hired by PRI as direct employees, and the Israeli firm subsequently
filed suit alleging contractual violations and other damages.
Brooks anticipates making payment of the full amount of the settlement to
the Israeli firm during May 2004. Because this resolution provides additional
evidence with respect to the expense associated with the previously disclosed
legal proceeding, Brooks will record the expense associated with the payment
of this settlement in the fiscal quarter ended March 31, 2004. The financial
tables attached to this release show the impact of this expense on previously
announced financial results released by Brooks on April 22, 2004.
All trademarks contained herein are the property of their respective
owners.
Contact:
Mark Chung
Director of Investor Relations
Brooks Automation, Inc.
Telephone: (978) 262-2459
mark.chung@brooks.com
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, September 30,
2004 2003
ASSETS
Cash, cash equivalents and marketable
securities $199,817 $129,480
Accounts receivable, net 103,379 69,374
Inventories 80,447 53,212
Other current assets 10,802 17,946
Total current assets 394,445 270,012
Property, plant and equipment, net 60,587 64,825
Long-term marketable securities 109,991 69,108
Intangible assets, net 78,578 79,550
Other assets 9,384 9,206
Total assets $652,985 $492,701
LIABILITIES, MINORITY INTERESTS AND
STOCKHOLDERS' EQUITY
Current liabilities $165,684 $134,857
Convertible subordinated notes 175,000 175,000
Other long-term liabilities 18,699 19,851
Total liabilities 359,383 329,708
Minority interests 956 707
Stockholders' equity 292,646 162,286
Total liabilities,
minority interests and
stockholders' equity $652,985 $492,701
Cash, cash equivalents, short-
term and long-term marketable
securities
March 31, 2004 $309,808
December 31, 2003 $312,680
September 30, 2003 $198,588
June 30, 2003 $209,646
March 31, 2003 $212,933
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended Six months ended
March 31, March 31,
2004 2003 2004 2003
Revenues $137,984 $92,964 $220,530 $177,819
Cost of revenues 87,074 68,312 139,375 128,793
Gross profit 50,910 24,652 81,155 49,026
Operating expenses:
Research and development 16,634 19,754 32,702 39,428
Selling, general and
administrative 21,469 23,022 41,236 57,128
Acquisition-related and
restructuring charges 2,168 4,728 2,168 25,824
40,271 47,504 76,106 122,380
Income (loss) from operations
before amortization of
acquired intangible assets 10,639 (22,852) 5,049 (73,354)
Amortization of acquired
intangible assets 939 941 1,882 2,988
Income (loss) from operations 9,700 (23,793) 3,167 (76,342)
Interest (income) expense, net 1,083 1,529 2,516 2,349
Other (income) expense, net 239 3,323 197 16,035
Income (loss) before income taxes
and minority interests 8,378 (28,645) 454 (94,726)
Income tax provision 1,829 53 2,842 4,868
Income (loss) before minority
interests 6,549 (28,698) (2,388) (99,594)
Minority interests in earnings of
consolidated subsidiary 317 103 249 193
Net income (loss) $6,232 $(28,801) $(2,637) $(99,787)
Income (loss) per share:
Basic $0.14 $(0.79) $(0.06) $(2.73)
Diluted $0.14 $(0.79) $(0.06) $(2.73)
Shares used in computing income
(loss) per share:
Basic 44,412 36,682 41,417 36,521
Diluted 44,995 36,682 41,417 36,521
Pro Forma Net Income (loss) Before Amortization of Acquired Intangible
Assets and Other Acquisition and Disposition Related Charges
Net income (loss) before
amortization of acquired
intangible assets
and other acquisition and
disposition related charges,
net of taxes $10,829 $(12,652) $3,861 $(36,684)
Income (loss) per share before
amortization of acquired
intangible
assets and other acquisition and
disposition related
charges, net of taxes
Basic $0.24 $(0.34) $0.09 $(1.00)
Diluted $0.24 $(0.34) $0.09 $(1.00)
Shares used in computing income
(loss) per share before
amortization
of acquired intangible assets and
other acquisition and
disposition related charges, net
of taxes
Basic 44,412 36,682 41,417 36,521
Diluted 44,995 36,682 42,036 36,521
BROOKS AUTOMATION, INC.
CALCULATION OF PRO FORMA NET INCOME
BEFORE AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS
AND OTHER ACQUISITION AND DISPOSITION RELATED CHARGES
FOR THE THREE MONTHS ENDED MARCH 31, 2004
(in thousands, except per share data)
(unaudited)
U.S. GAAP Adjustments Pro Forma
Revenues $137,984 $- $137,984
Cost of revenues 87,074 - 87,074
Gross profit 50,910 - 50,910
Operating expenses:
Research and development 16,634 10 (A) 16,624
Selling, general and administrative 21,469 772 (B) 20,697
Acquisition-related and
restructuring charges 2,168 2,168 -
40,271 2,950 37,321
Income from operations before
amortization of
acquired intangible assets 10,639 (2,950) 13,589
Amortization of acquired intangible
assets 939 939 -
Income from operations 9,700 (3,889) 13,589
Interest (income) expense, net 1,083 - 1,083
Other (income) expense, net 239 708 (C) (469)
Income before income taxes and
minority interests 8,378 (4,597) 12,975
Income tax provision 1,829 - 1,829
Income before minority interests 6,549 (4,597) 11,146
Minority interests in earnings of
consolidated subsidiary 317 - 317
Net income $6,232 $(4,597) $10,829
Income per share:
Basic $0.14 $0.24
Diluted $0.14 $0.24
Shares used in computing income per
share:
Basic 44,412 44,412
Diluted 44,995 44,995
Adjustments include amortization of
acquired intangible assets and other
acquisition and disposition related
charges.
(A) Comprised of:
Deferred compensation expense
- IAS $10
$10
(B) Comprised of:
Deferred compensation expense
- IAS $772
$772
(C) Comprised of:
Legal settlement - PRI $708
$708
BROOKS AUTOMATION, INC.
CALCULATION OF PRO FORMA NET INCOME
BEFORE AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS
AND OTHER ACQUISITION AND DISPOSITION RELATED CHARGES
FOR THE SIX MONTHS ENDED MARCH 31, 2004
(in thousands, except per share data)
(unaudited)
U.S. GAAP Adjustments Pro Forma
Revenues $220,530 $- $220,530
Cost of revenues 139,375 237 (A) 139,138
Gross profit 81,155 (237) 81,392
Operating expenses:
Research and development 32,702 229 (B) 32,473
Selling, general and administrative 41,236 1,274 (C) 39,962
Acquisition-related and
restructuring charges 2,168 2,168 -
76,106 3,671 72,435
Income from operations before
amortization of
acquired intangible assets 5,049 (3,908) 8,957
Amortization of acquired intangible
assets 1,882 1,882 -
Income from operations 3,167 (5,790) 8,957
Interest (income) expense, net 2,516 - 2,516
Other (income) expense, net 197 708 (D) (511)
Income before income taxes and
minority interests 454 (6,498) 6,952
Income tax provision 2,842 - 2,842
Income (loss) before minority
interests (2,388) (6,498) 4,110
Minority interests in earnings of
consolidated subsidiary 249 - 249
Net income (loss) $(2,637) $(6,498) $3,861
Income (loss) per share:
Basic $(0.06) $0.09
Diluted $(0.06) $0.09
Shares used in computing income
(loss: per share:
Basic 41,417 41,417
Diluted 41,417 42,036
Adjustments include amortization of
acquired intangible assets and other
acquisition and disposition related
charges.
(A) Comprised of:
Deferred compensation expense
- PRI $237
$237
(B) Comprised of:
Deferred compensation expense
- PRI $208
Deferred compensation expense
- IAS 21
$229
(C) Comprised of:
Deferred compensation expense
- IAS $772
Deferred compensation expense
- PRI 502
$1,274
(D) Comprised of:
Legal settlement - PRI $708
$708
SOURCE Brooks Automation, Inc.
-0- 05/03/2004
/CONTACT: Mark Chung, Director of Investor Relations of Brooks Automation,
Inc. , +1-978-262-2459, mark.chung@brooks.com/
/Web site: http://www.brooks.com/
(BRKS)
CO: Brooks Automation, Inc.
ST: Massachusetts, Canada, Israel
IN: CPR SEM
SU: ERN LAW