EXHIBIT 99.2
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UNAUDITED PRO FORMA FINANCIAL INFORMATION OF
BROOKS AUTOMATION, INC
INDEX TO THE FINANCIAL STATEMENTS
Unaudited Pro Forma Condensed Consolidated Balance
Sheet as of March 31, 1999
Unaudited Pro Forma Condensed Consolidated Statement
of Operations for the six months ended March 31, 1999
Unaudited Pro Forma Condensed Consolidated Statement
of Operations for the year ended September 30, 1998
Notes to the Unaudited Pro Forma Condensed Consolidated
Financial Statements
1
BROOKS AUTOMATION, INC.
UNAUDITED PRO FORMA FINANCIAL INFORMATION
The unaudited pro forma condensed consolidated financial information gives
effect to the acquisition of Hanyon Technology, Inc. ("Hanyon") by Brooks
Automation, Inc. (the "Company") on April 21, 1999. The Company acquired a
90.5% interest in Hanyon for approximately $6.6 million in cash. The
acquisition has been accounted for under the purchase method of accounting. The
pro forma combined balance sheet gives effect to the acquisition on Hanyon as if
the acquisition had been completed as of March 31, 1999. The pro forma combined
statements of operations give effect to the acquisition of Hanyon as if the
acquisition had been completed at the beginning of the period.
The pro forma combined statement of income for the year ended September 30,
1998, includes the audited financial information of the Company for the year
ended September 30, 1998, and the unaudited financial information of Hanyon for
the year ended December 31, 1998. The pro forma combined statement of income for
the six months ended March 31, 1999, includes the unaudited financial
information for the six months ended March 31, 1999, of both the Company and
Hanyon. Hanyon's unaudited results of operations for the three months ended
December 31, 1998, (including revenues and net income of $829,000 and $183,000,
respectively) are included in the Unaudited Pro Forma Condensed Consolidated
Statements of Operations for both the year ended September 30, 1998, and the six
months ended March 31, 1999.
The unaudited pro forma condensed consolidated financial statements are based on
the historical consolidated financial statements of the Company and the
unaudited historical financial statements of Hanyon and reflects certain pro
forma adjustments based upon preliminary estimates, available information, and
certain assumptions that management deems appropriate.
2
These Unaudited Pro Forma Condensed Consolidated Financial Statements should be
read in conjunction with (1) the historical financial statements of Hanyon for
the year ended December 31, 1998, which is included as an exhibit to this Form
8-KA and (2) the historical consolidated financial statements of the Company
that are included in the Company's Annual Report on Form 10-K for the year ended
September 30, 1998, and Interim Quarterly Report on Form 10-Q for the quarter
ended March 31, 1999.
The Unaudited Pro Forma Condensed Consolidated Financial Statements are
presented for comparative purposes only and are not intended to be indicative of
actual consolidated results of operations or consolidated financial position
that would have been achieved had the acquisition of Hanyon been consummated as
of the dates indicated above nor do they purport to indicate results that may be
attained in the future.
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BROOKS AUTOMATION, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
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As of March 31, 1999
(Historical) (Historical) (Pro Forma) (Pro Forma)
Adjustments
and
(In thousands) Brooks Hanyon (a) Eliminations Consolidated
------ ---------- ------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 69,277 $4,357 $(7,320) (b) $ 66,314
Accounts receivable, net 23,123 2,398 (426) (e) 25,095
Inventories 16,839 - 16,839
Prepaids expenses and
other current assets 9,075 186 9,261
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Total current assets 118,314 6,941 (7,746) 117,509
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Fixed assets, net 17,488 372 17,860
Goodwill 1,914 (c) 1,914
Other assets 4,370 729 5,099
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Total assets $140,172 $8,042 $(5,832) $142,382
==================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,473 $ 46 (426) (e) $ 5,093
Accrued expenses and other current
liabilities 12,099 1,589 13,688
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Total current liabilities 17,572 1,635 (426) 18,781
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Other long-term liabilities 759 427 1,186
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Total liabilities 18,331 2,062 (426) 19,967
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Stockholders' equity:
Minority shareholders' interest 574 (c) 574
Preferred stock - - -
Common stock 111 239 (239) (c) 111
Additional paid-in capital 129,237 83 (83) (c) 129,237
Cumulative translation adjustment (431) (382) 382 (431)
Deferred compensation (104) - (104)
Retained earnings (accumulated deficit) (6,972) 6,040 (6,040) (c) (6,972)
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Total stockholders' equity 121,841 5,980 (5,406) 122,415
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Total liabilities and stockholders'
equity $140,172 $8,042 $(5,832) $142,382
==================================================================
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BROOKS AUTOMATION,INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
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STATEMENT OF OPERATIONS
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For the 6 months ended March 31, 1999
(Historical) (Historical) (Pro Forma) (Pro Forma)
Adjustments
and
(In thousands, except share data) Brooks Hanyon (A) Eliminations Consolidated
----------- ----------- ------------ ----------------
Revenues $43,085 $2,075 (552) (e) $44,608
Cost of revenues 23,977 117 (552) (e) 23,542
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Gross profit 19,108 1,958 0 21,066
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Operating expenses:
Research and development 8,797 0 8,797
Selling, general and administrative 11,920 1,377 191 (d) 13,488
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Total operating expenses 20,717 1,377 191 22,285
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Net income (loss) from operations (1,609) 581 (191) (1,219)
Interest income, net 1,473 (78) 1,395
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Net income (loss) before income taxes (136) 503 (191) 176
Income tax provision (benefit) 305 (40) 265
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(441) 543 (191) (89)
Minority shareholders' interest (52) (f) (52)
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Net income (loss) $ (441) $ 543 $(139) $ (37)
======================================================================
Loss per share:
Basic $(0.04) $(0.00)
Diluted $(0.04) $(0.00)
Shares used in computing loss per share:
Basic 11,028 11,028
Diluted 11,028 11,028
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BROOKS AUTOMATION, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
------------------------------------------
STATEMENT OF OPERATIONS
-----------------------
For the 12 months ended September 30, 1998
(Historical) (Historical) (Pro Forma) (Pro Forma)
Adjustments
and
(In thousands, except share data) Brooks Hanyon (a) Eliminations Consolidated
----- --------- ------------- ------------
Revenues $ 99,862 $7,453 $107,315
Cost of revenues 72,357 396 72,753
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Gross profit 27,505 7,057 34,562
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Operating expenses:
Research and development 22,674 0 22,674
Selling, general and administrative 26,464 2,516 383 (d) 29,363
Acquisition-related and restructuring 3,722 0 3,722
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Total operating expenses 52,860 2,516 383 55,759
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Net income (loss) from operations (25,355) 4,541 (383) (21,196)
Interest income, net 2,694 18 2,712
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Net income (loss) before income taxes (22,661) 4,559 (383) (18,485)
Income tax provision (benefit) (4,300) 1,465 (2,835)
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Net income (loss) (18,361) 3,094 (383) (15,650)
Dividends on preferred stock 521 0 521
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(18,882) 3,094 (383) (16,171)
Minority shareholders' interest (294) (f) (294)
--------------------------------------------------------------
Net income (loss) attributable to
common stockholders $(18,882) $3,094 $ (89) $(15,877)
===============================================================
Loss per share:
Basic $(1.84) $(1.55)
Diluted $(1.84) $(1.55)
Shares used in computing loss per share:
Basic 10,269 10,269
Diluted 10,269 10,269
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NOTES TO BROOKS PRO FORMA FINANCIAL STATEMENTS
(a) The balance sheet as of March 31, 1999, has been translated to US Dollars
at a rate of 1228.00 Korean Won to 1.0 US Dollar. The statement of
operations for the 6 months ended March 31, 1999, and the year ended
September 30, 1998, have been translated to US Dollars at a rate of 1240.84
Korean Won and 1450.04 Korean Won, respectively, to 1.0 US Dollar. The
Hanyon historical financial statements have been converted to US GAAP.
(b) To reflect the cash paid to acquire Hanyon.
(c) To eliminate Hanyon historical equity, to reflect transaction costs, and to
reflect goodwill. This purchase accounting is based upon preliminary
estimates. Goodwill will be amortized on a straight-line basis over
5 years.
(d) To reflect six months and twelve months of amortization of goodwill for the
six months ended March 31, 1999, and the year ended September 30, 1998,
respectively.
(e) To eliminate intercompany transactions as a result of intercompany software
product sales.
(f) To reflect the 9.5% minority shareholders' interest in Hanyon's earnings.
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