Exhibit 99.1
BROOKS AUTOMATION REPORTS RESULTS FOR FISCAL 2005 FIRST QUARTER
ENDED DECEMBER 31, 2004
CHELMSFORD, Mass., Feb. 1 /PRNewswire-FirstCall/ -- Brooks Automation,
Inc. (Nasdaq: BRKS), which develops and produces hardware, software and
systems that enable manufacturing efficiencies for the semiconductor and other
complex manufacturing industries, today announced results for its fiscal 2005
first quarter ended December 31, 2004.
Revenues for the first quarter of fiscal 2005 were $117.8 million, a 42.8
percent increase from $82.5 million in the same quarter a year ago and a 28.2
percent sequential decline from the preceding quarter revenues of $164.0
million. New orders during the quarter were $101.7 million.
Net income for the first quarter of fiscal 2005 on a GAAP ("Generally
Accepted Accounting Principles") basis was a loss of $0.9 million, which
included a charge of $2.7 million for restructuring, $0.9 million for
amortization of acquired intangible assets, and $0.5 million write-off of
inventory from the Life Sciences division. The GAAP loss per share of $0.02 per
share was within the guidance provided by management in the preceding quarter's
conference call. The first quarter 2005 GAAP net income compares to a net loss
in the first quarter 2004 of $8.9 million or $0.23 loss per share on the same
basis.
Edward C. Grady, president and chief executive officer of Brooks Automation,
said "As expected, our revenues were down from the preceding quarter's record
high level as the industry adjusted to fluctuating supply and demand, but our
results show that we continue to react quickly to market conditions and manage
our expenses effectively. Many industry watchers have anticipated that the
weakening end market demand in the latter part of 2004 and heading into 2005
would cause a slowdown in our sector. Historically, inflection points in the
industry cycles have had a magnified effect on Brooks' OEM business over a short
term period of one to two quarters before our business stabilizes. We continue
to make good progress with our primary target markets in tool automation and
factory automation software. An industry slowdown is the best time to capture
design-in wins with OEMs, and we are involved in what we believe is the highest
level of new opportunities in Company history, and the most ever with tier one
OEM customers. Software bookings were again strong in the quarter, driven
primarily by the semiconductor and FPD markets. We have recently announced
several new solutions as part of our Real Time Enterprise initiative that are
attracting interest in their target markets. These new offerings include a
comprehensive manufacturing RFID solution for discrete industries, our Lean
Manufacturing solution for the Aerospace and Defense industry, and an eDHR
(electronic device history record) solution for track-and-trace requirements.
Our software division is planning a number of new solution launches in 2005 that
we expect will further expand our served available market."
"Looking forward, we expect to see a slight improvement next quarter,"
continued Mr. Grady. "Revenues for Brooks should be flat to up 5 percent in the
March quarter compared to the December quarter, and bookings should increase
approximately 5 to 10 percent sequentially. This guidance reflects near term
recovery in our OEM tool automation segment but does not suggest that the rest
of the industry will be up. We are proactively managing our business during this
period of industry softness and are taking more restructuring actions in the
March quarter to continue our emphasis on cost control. The earnings per share
on a GAAP basis for the March quarter are anticipated to be in the range of a
loss of $0.05 per share to breakeven. We expect restructuring and other charges
to impact EPS by approximately $0.10 per share. We remain focused on managing
our business through all cycles of the semiconductor industry to deliver value
to our customers, shareholders and employees."
Q1 Fiscal 2005 Highlights
* Captured 13 new design-in wins at OEM customers in Q1.
* Booked order for multiple FabExpress equipment front-end modules from
emerging OEM for its new process tool.
* Selected by major process control OEM for new compact vacuum tool system.
* Booked multi-million dollar order from new 300mm fab for Manufacturing
Execution System (MES) and related fab management software from a leading
semiconductor manufacturer in Korea.
* Booked multi-million dollar order from a new Generation 6 LCD fab in
Taiwan for material control software (MCS) to run factory automation
system.
* Won new orders for Real Time Dispatch and Reporter software from two
Taiwanese DRAM manufacturers and one new Japanese customer for their
300mm fabs.
* Won new order for Advance Productivity Family (APF) Suite software from a
major high tech industry customer for its magnetic head manufacturing
facility, after detailed ROI analysis showing cycle time variability
improvement, through-put optimization and improved equipment utilization.
* Announced comprehensive RFID solution for discrete manufacturers; Lean
Manufacturing solution for Aerospace and Defense; and tracking and
traceability solution for eDHR requirements especially in the medical
device manufacturing industry.
* Announced partnership with AssurX to joint develop, market and deliver
software solutions such as eDHR for enterprise quality tracking, as well
as membership in EPCglobal, which develops and oversees commercial and
technical standards such as for electronic product code (EPC) technology
that would enable and accelerate the adoption of RFID technologies in
manufacturing and the extended supply chain.
Conference Call and Webcast
Brooks Automation will host a conference call on Tuesday, February 1, 2005
at 4:30 PM Eastern to review its fiscal first quarter results. On the call,
management will discuss the information contained in this announcement and
answer related questions.
Conference Call Date: Tuesday, February 1, 2005
Time: 4:30 p.m. Eastern
Dial in #: (719) 457-2654
Passcode: 1344122
A live Webcast of this conference call will be available in the investor
relations section of the Brooks Automation web site, http://investor.brooks.com
under the title "Brooks Automation Fiscal 2005 First Quarter Earnings Webcast".
An archive of this Webcast will be made available following the conference
call, and can be accessed for at least the next twelve months on the section for
Webcasts at http://investor.brooks.com under the title "Brooks Automation Fiscal
2005 First Quarter Earnings Webcast". A telephone replay will also be made
available following the call at the following number: (719) 457-0820 beginning
at 8:30 p.m. Tuesday, February 1, 2005, and available 7 days. The passcode for
the replay is 1344122.
About Brooks Automation, Inc.
Brooks Automation (Nasdaq: BRKS) is a leading worldwide provider of
automation solutions to the global semiconductor and related industries. The
company's factory and tool automation hardware, software and professional
services can manage every wafer, reticle and data movement in the fab, helping
customers improve throughput and yield while reducing both cost and time to
market. Brooks products and services are used in virtually every fab in the
world as well as by many customers in industries outside of semiconductor
manufacturing. For more information, visit http://www.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, and profit and loss expectations,
gross margin and operating margin expectations, expected restructuring charges,
our future business strategy and market opportunities, level of capital
expenditures and bookings expectations in the semiconductor and discrete
manufacturing industries, demand for our products, and the outlook of the
semiconductor and discrete manufacturing industries. 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; 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 possibility that we may
not be able to fulfill customer orders within a period of time acceptable to
them; the acceptance of our software products and services in industries outside
of the semiconductor industry; the fact that design-in wins do not necessarily
translate to significant revenue; the timing and effectiveness of restructuring,
cost-cutting and expense control measures; intense price competition; possible
disputes concerning intellectual property; continuing uncertainties in global
political and economic conditions, especially arising out of conflict in the
Middle East; and other factors and other risks that we have described in our
filings with the Securities and Exchange Commission, including but not limited
to Brooks' Annual Report on Form 10-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.
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)
December 31, September 30,
2004 2004
------------- -------------
ASSETS
Cash, cash equivalents and marketable
securities $ 261,722 $ 255,367
Accounts receivable, net 92,727 124,004
Inventories 72,664 71,891
Other current assets 13,401 9,873
Total current assets 440,514 461,135
Property, plant and equipment, net 58,280 58,810
Long-term marketable securities 76,655 73,743
Intangible assets, net 68,266 68,963
Other assets 8,434 8,388
Total assets $ 652,149 $ 671,039
LIABILITIES, MINORITY INTERESTS AND
STOCKHOLDERS' EQUITY
Current liabilities $ 144,064 $ 166,998
Convertible subordinated notes 175,000 175,000
Other long-term liabilities 14,144 15,228
Total liabilities 333,208 357,226
Minority interests 1,049 918
Stockholders' equity 317,892 312,895
Total liabilities,
minority interests and
stockholders' equity $ 652,149 $ 671,039
Cash, cash equivalents, short-
term and long-term marketable
securities
December 31, 2004 $ 338,377
September 30, 2004 $ 329,110
June 30, 2004 $ 321,385
March 31, 2004 $ 309,808
December 31, 2003 $ 312,680
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended
December 31,
-----------------------
2004 2003
---------- ----------
Revenues $ 117,818 $ 82,546
Cost of revenues 76,138 52,301
Gross profit 41,680 30,245
Operating expenses:
Research and development 15,912 16,068
Selling, general and administrative 20,856 19,767
Amortization of acquired intangible
assets 890 943
Acquisition-related and
restructuring charges 2,661 -
40,319 36,778
Income (loss) from operations 1,361 (6,533)
Interest (income) expense, net 419 1,433
Other (income) expense, net 221 (42)
Income (loss) before income taxes and
minority interests 721 (7,924)
Income tax provision 1,486 1,013
Loss before minority interests (765) (8,937)
Minority interests in income (loss)
of consolidated subsidiary 130 (68)
Net loss $ (895) $ (8,869)
Earnings (loss) per share:
Basic $ (0.02) $ (0.23)
Diluted $ (0.02) $ (0.23)
Shares used in computing loss per share:
Basic 44,702 38,484
Diluted 44,702 38,484
SOURCE Brooks Automation, Inc.
-0- 02/01/2005
/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/
- -