Exhibit 99.1
[LOGO OF BROOKS AUTOMATION] Brooks Automation, Inc. Tel (978) 262-2400
15 Elizabeth Drive Fax (978) 262-2500
Chelmsford, MA 01824 www.brooks.com
FINAL
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CONTACT:
Mark Chung
Director of Investor Relations
Brooks Automation, Inc.
Telephone: (978) 262-2459
mark.chung@brooks.com
BROOKS AUTOMATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR
FISCAL 2005 ENDED SEPTEMBER 30, 2005
COMPANY MEETS REVENUES GUIDANCE AND CONTINUES TO GENERATE CASH FROM OPERATIONS.
CHELMSFORD, Mass., November 9, 2005 -- 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 fourth quarter and full year of
fiscal 2005 ended September 30, 2005.
Revenues for the fourth quarter of fiscal 2005 were $103.3 million, a 9.2
percent sequential decrease from the preceding quarter revenues of $113.8
million and a decline of 36.4 percent from a year ago revenues of $162.3 million
for the same period. Bookings during the quarter were $86.4 million, a
sequential decrease of 8.0 percent from the preceding quarter reported bookings
of $93.9 million.
Net loss for the fourth quarter of fiscal 2005 on a GAAP ("Generally Accepted
Accounting Principles") basis was $7.6 million or $0.17 per share, which
included $7.8 million or $0.17 per share in charges related to restructuring and
amortization of acquired intangible assets. This GAAP net loss compares to GAAP
net income in the immediately preceding quarter of $0.9 million or $0.02 per
diluted share, which included $0.04 per share in charges related to
restructuring and amortization of acquired intangible assets.
Revenues for the full fiscal year 2005 were $463.7 million, a 13.3 percent
sequential decline from year ago revenues of $535.1 million, primarily due to
the decline in capital expenditures by the semiconductor industry. Full year
GAAP net loss from continuing operations was $6.5 million or $0.15 per share,
which included $0.44 per share in charges related to restructuring and
amortization of acquired intangible assets.
Edward C. Grady, president and chief executive officer of Brooks Automation,
said "Fiscal year 2005 was another difficult year for the industry after a
period of recovery in 2004. While Brooks' hardware business was generally in
line with the semiconductor capital equipment market, software faced a tougher
environment due to fewer new fabs and slow traction penetrating other industry
verticals. Nevertheless, I was pleased that throughout the year, the Company
stayed focused on managing the business and delivering good operational
performance by controlling costs, reducing inventory and generating cash from
operations. During the year, we also successfully introduced 13 new hardware
products and captured 47 new design-in wins.
Creating Manufacturing Efficiency. Accelerating Your Profit.
PRESS RELEASE
"Our financial results for Q4 were slightly better than analysts' consensus
estimates, which are non-GAAP measures. The GAAP loss of $0.17 per share for the
quarter included charges of $0.17 per share related to restructuring and
amortization of acquired intangible assets. We stayed on track in positioning
Brooks as a key outsourcing partner to major tier one OEM customers especially
for the vacuum automation market. With the completion of our strategic business
combination with Helix Technology on October 26, we believe we have strengthened
our company in many areas. We are especially pleased that we have increased our
ability to provide more integrated content for vacuum systems, and the
opportunity we have to leverage Helix's highly-regarded customer support and
service programs to improve relations with major customers on a global scale. We
are working to complete the integration of the two companies as quickly as
possible in order to realize synergies of the merger, minimize distractions and
bring value to our stakeholders."
Mr. Grady commented on the financial outlook for the next quarter. "Our guidance
for the first quarter of fiscal 2006 includes partial contributions from Helix,
since the transaction closed in October. We expect revenues in the December
quarter to be in the range of $120 to $125 million. We believe bookings will
increase 15 to 20 percent over the September bookings for the standalone Brooks
entity and total bookings should be in the $125 to $130 million range for the
consolidated company."
BUSINESS SEGMENT DATA
The following table (unaudited) summarizes the two business segments of Brooks
for the fourth quarter of fiscal 2005 and the full year of fiscal 2005.
Hardware Software Total
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THREE MONTHS ENDED SEPTEMBER 30, 2005:
Revenues, in thousands $ 83,565 $ 19,734 $ 103,299
Gross margin, in thousands $ 24,444 $ 12,347 $ 36,791
Gross margin, % 29.3% 62.6% 35.6%
Operating margin, in thousands $ 1,819 $ (2,181) $ (362)
Amortization of acquired intangible assets $ 736
Restructuring charges $ 7,055
Total loss from continuing operations $ (8,153)
YEAR ENDED SEPTEMBER 30, 2005:
Revenues, in thousands $ 369,778 $ 93,968 $ 463,746
Gross margin, in thousands $ 100,027 $ 62,775 $ 162,802
Gross margin, % 27.1% 66.8% 35.1%
Operating margin, in thousands $ 13,321 $ 3,558 $ 16,879
Amortization of acquired intangible assets $ 3,100
Restructuring charges $ 16,542
Total loss from continuing operations $ (2,763)
Creating Manufacturing Efficiency. Accelerating Your Profit. Page 2
PRESS RELEASE
Q4 FISCAL 2005 HIGHLIGHTS
o Announced acquisition of Helix Technology Corporation on July 11,
2005, and completed the transaction on October 26, 2005 after the
completion of Q4.
o Captured 12 new design-in wins at OEM customers in Q4.
o Won design-in order and shipped MagnaTran(TM) vacuum robots to a major
North American equipment manufacturer to replace its in-house designed
robot on a vacuum tool platform.
o Shipped Marathon Express(TM) vacuum systems to Surface Technology
Systems (STS), a market leader in deep silicon plasma etching for the
MEMS market.
o Introduced and took orders for the new Marathon 2(TM) (M2) vacuum
transport system in July, with shipments to 3 customers through Q4.
o Introduced and took orders for the new MagnaTran Radius vacuum
transfer robot in July, capturing first design-in win at major
customer during the quarter.
o Provided customers with early preview of new generation of atmospheric
tool automation products in July, with several evaluation units
shipped to customers during the quarter.
o Won order from 2 semiconductor fabs in China and a major semiconductor
manufacturer in Japan for FACTORYworks(TM) manufacturing execution
system (MES).
o Won order from a large European semiconductor manufacturer's Malaysia
facility for multiple applications including FACTORYworks MES, Real
Time Dispatcher(TM), Xsite(TM) maintenance management and Autosched
AP(TM).
o Won major order for 300works(TM) services from large European fab.
o Won order from major Korean TFT-LCD flat panel display manufacturer
for Activity Manager(TM)and other execution software, the second Gen
7+ fab for this customer.
CONFERENCE CALL AND WEBCAST
Brooks Automation will host a conference call at 4:30 p.m. Eastern, November 9,
2005 to review its fourth fiscal quarter 2005 and full fiscal year 2005 results.
On the call, management will discuss the information contained in this
announcement and answer related questions.
Conference Call Date: Wednesday, November 9, 2005
Time: 4:30 p.m. Eastern
Dial in #: (719) 457-2638
Passcode: 4586046
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 Fourth Quarter Fiscal 2005 Earnings Webcast."
Creating Manufacturing Efficiency. Accelerating Your Profit. Page 3
PRESS RELEASE
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 Fourth
Quarter Fiscal 2005 Earnings Webcast." A telephone replay will also be made
available following the call at the following number: (719) 457-0820 beginning
at 7:00 p.m. Eastern, Wednesday, November 9, 2005, and available 7 days. The
passcode for the replay is 4586046.
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, software 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, 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,
expected restructuring charges and other 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, purchasing and manufacturing trends among semiconductor
manufacturing OEMs, the benefits of the acquisition of Helix 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; 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 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; disputes concerning intellectual property; our
ability to successfully integrate Helix's operations and employees; the risk
that the cost savings and any other synergies from the Helix acquisition may not
be fully realized or may take longer to realize than expected; the risk that
possible disruption from the Helix acquisition will make it more difficult to
maintain relationships with customers and employees; 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, 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.
# # #
All trademarks contained herein are the property of their respective owners.
Creating Manufacturing Efficiency. Accelerating Your Profit. Page 4
PRESS RELEASE
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, September 30,
2005 2004
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ASSETS
Cash, cash equivalents and marketable securities $ 324,023 $ 255,367
Accounts receivable, net 77,555 122,889
Inventories 48,434 71,614
Other current assets 16,077 11,265
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Total current assets 466,089 461,135
Property, plant and equipment, net 54,165 58,507
Long-term marketable securities 32,935 73,743
Intangible assets, net 65,922 68,963
Other assets 4,969 8,691
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Total assets $ 624,080 $ 671,039
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LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities $ 125,095 $ 166,998
Convertible subordinated notes 175,000 175,000
Other long-term liabilities 13,090 15,228
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Total liabilities 313,185 357,226
Minority interests 1,060 918
Stockholders' equity 309,835 312,895
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Total liabilities, minority interests and stockholders' equity $ 624,080 $ 671,039
============= =============
Cash, cash equivalents, short-term and long-term marketable
securities
September 30, 2005 $ 356,958
June 30, 2005 $ 349,724
March 31, 2005 $ 351,214
December 31, 2004 $ 338,377
September 30, 2004 $ 329,110
Creating Manufacturing Efficiency. Accelerating Your Profit. Page 5
BROOKS AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
2005 2004 2005 2004
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Revenues $ 103,299 $ 162,344 $ 463,746 $ 535,053
Cost of revenues 66,508 97,685 300,944 332,260
Gross profit 36,791 64,659 162,802 202,793
Operating expenses:
Research and development 14,696 17,279 62,771 65,821
Selling, general and administrative 22,457 24,931 83,152 87,074
Amortization of acquired intangible assets 736 891 3,100 3,663
Restructuring charges 7,055 2,304 16,542 5,356
44,944 45,405 165,565 161,914
Income (loss) from continuing operations (8,153) 19,254 (2,763) 40,879
Interest expense (income), net (461) 854 185 4,508
Other (income) expense, net (1,046) 375 (1,752) 911
Income (loss) from continuing operations before income
taxes and minority interests (6,646) 18,025 (1,196) 35,460
Income tax provision 939 2,500 5,204 8,053
Income (loss) from continuing operations before
minority interests (7,585) 15,525 (6,400) 27,407
Minority interests in income of consolidated subsidiary 69 27 141 211
Income (loss) from continuing operations (7,654) 15,498 (6,541) 27,196
Income (loss) from discontinued operations, net of
income taxes 38 (7,468) (3,516) (9,475)
Net income (loss) $ (7,616) $ 8,030 $ (10,057) $ 17,721
Basic income (loss) per share from continuing operations $ (0.17) $ 0.35 $ (0.15) $ 0.63
Basic income (loss) per share from discontinued
operations 0.00 (0.17) (0.08) (0.22)
Basic income (loss) per share $ (0.17) $ 0.18 $ (0.22) $ 0.41
Diluted income (loss) per share from continuing
operations $ (0.17) $ 0.35 $ (0.15) $ 0.63
Diluted income (loss) per share from discontinued
operations 0.00 (0.17) (0.08) (0.22)
Diluted income (loss) per share $ (0.17) $ 0.18 $ (0.22) $ 0.41
Shares used in computing earnings (loss) per share
Basic 45,102 44,642 44,919 43,006
Diluted 45,102 44,837 44,919 43,469
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