EXHIBIT 99.1

img235722521_0.jpg 

 

Amtech Reports Second Quarter Fiscal 2023 Results

 

TEMPE, Ariz., May 10, 2023 -- Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power, analog and discrete devices, and electronic assemblies and modules focusing on enabling technologies for electric vehicles (EV) and clean technology (CleanTech) applications, today reported results for its second quarter ended March 31, 2023.

 

Second Quarter Fiscal 2023 Financial and Operational Highlights:

Net revenue of $33.3 million
GAAP operating income of $0.5 million
Non-GAAP operating income of $3.2 million (1)
GAAP net income of $3.2 million
Non-GAAP net income of $2.7 million (1)
GAAP net income per diluted share of $0.23
Non-GAAP net income per diluted share of $0.19 (1)
Customer orders of $34.3 million
Book to bill ratio of 1.0:1
March 31, 2023 backlog of $65.8 million, inclusive of $8.2 million of backlog from Entrepix, Inc.

 

“In the second quarter, we achieved $33.3 million in revenue, growing 21% year over year, inclusive of our recent acquisition of Entrepix. Growth in our SiC products, which now represents approximately 40% of total Material & Substrate segment sales, and demand for our high temperature belt furnaces for EV applications, offset the continued softness in the broader semiconductor industry. These strong results demonstrate the resiliency of our product and end market diversification. We believe our strategy to capitalize on multiple, high-growth, megatrend opportunities and efforts on operational optimization are creating a strong and durable foundation in preparation for sustainable value creation,” commented Mr. Michael Whang, Chief Executive Officer of Amtech.

 

 

(1) See GAAP to non-GAAP reconciliation in schedules following this release.


 

GAAP and Non-GAAP Financial Results

(in millions, except per share amounts)

Q2

 

Q1

 

Q2

 

6 Months

 

6 Months

 

 

FY 2023

 

FY 2023

 

FY 2022

 

2023

 

2022

 

Revenues, net

$

33.3

 

$

21.6

 

$

27.6

 

$

54.9

 

$

54.0

 

Gross profit

$

13.5

 

$

8.3

 

$

11.2

 

$

21.8

 

$

21.1

 

Gross margin

 

40.4

%

 

38.5

%

 

40.5

%

 

39.7

%

 

39.0

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

0.5

 

$

(2.7

)

$

2.6

 

$

(2.2

)

$

3.8

 

GAAP operating margin

 

1.6

%

 

-12.4

%

 

9.4

%

 

-3.9

%

 

7.1

%

Non-GAAP operating income (loss) (1)

$

3.2

 

$

(0.7

)

$

2.7

 

$

2.5

 

$

4.1

 

Non-GAAP operating margin (1)

 

9.5

%

 

-3.1

%

 

9.9

%

 

4.5

%

 

7.5

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

3.2

 

$

(2.7

)

$

2.0

 

$

0.5

 

$

3.0

 

GAAP net income (loss) per diluted share

$

0.23

 

$

(0.20

)

$

0.14

 

$

0.03

 

$

0.21

 

Non-GAAP net income (loss) (1)

$

2.7

 

$

(0.7

)

$

2.1

 

$

1.9

 

$

3.2

 

Non-GAAP net income (loss) per diluted share (1)

$

0.19

 

$

(0.05

)

$

0.15

 

$

0.14

 

$

0.22

 

 

Net revenues increased 55% sequentially and 21% from the second quarter of fiscal 2022. The increase is primarily attributable to additional revenue from Entrepix of $6.3 million and increased shipments of our high temperature belt furnaces.

 

Gross margin increased sequentially due primarily to increased revenues driving improved capacity utilization. Gross margin was relatively consistent when compared to the second quarter of fiscal 2022.

 

Selling, General & Administrative (“SG&A”) expenses increased $2.2 million on a sequential basis and $4.7 million compared to the prior year period due primarily to $1.5 million in acquisition costs, added Entrepix SG&A of $1.9 million, inclusive of $0.7 million of amortization of intangible assets, as well as increased consulting and ERP project expenses. Compared to the prior year period, the increase in SG&A is due primarily to $1.9 million of added SG&A from Entrepix and $1.5 million of transaction expenses related to the acquisition.

 

Research, Development and Engineering increased $0.1 million sequentially and decreased $0.3 million compared to the same prior year period.

 

GAAP operating income was $0.5 million, compared to GAAP operating loss of $2.7 million in the first quarter of fiscal 2023 and GAAP operating income of $2.6 million in the same prior year period.

 

The Company has incurred amortization of intangible assets, included in its GAAP financial statements, related to the acquisition of Entrepix, Inc. The amount of an acquisition’s purchase price allocated to intangible assets and term of its related amortization can vary significantly. The purchase price allocation reflected in our GAAP financial statements is preliminary. The Company expects to incur amortization of acquired intangible assets relating to Entrepix, Inc. of approximately $945,000 per quarter through December 31, 2023, and approximately $420,000 per quarter thereafter.

 

Non-GAAP operating income was $3.2 million, compared to non-GAAP operating loss of $0.7 million in the first quarter of fiscal 2023 and non-GAAP operating income of $2.7 million in the same prior year period.

 

(1) See GAAP to non-GAAP reconciliation in schedules following this release.


 

Income tax benefit was $2.9 million for the three months ended March 31, 2023, compared to a benefit of less than $0.1 million in the preceding quarter and expense of $0.7 million in the same prior year period. Income tax benefit for the three months ended March 31, 2023 includes a one-time tax benefit of $3.2 million related to the release of a portion of our valuation allowance in connection with a deferred tax liability related to the Entrepix acquisition resulting in recognition of previously recorded deferred tax assets.

 

GAAP net income for the second quarter of fiscal 2023 was $3.2 million, or 23 cents per share. This compares to GAAP net loss of $2.7 million, or 20 cents per share, for the preceding quarter and GAAP net income of $2.0 million, or 14 cents per share, for the second quarter of fiscal 2022.

 

Non-GAAP net income for the second quarter of fiscal 2023 was $2.7 million, or 19 cents per share. This compares to non-GAAP net loss of $0.7 million, or 5 cents per share, for the preceding quarter and non-GAAP net income of $2.1 million, or 15 cents per share, for the second quarter of fiscal 2022.

 

In discussing financial results for the three and six months ended March 31, 2023, and the three months ended December 31, 2022, in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles ("GAAP"). All non-GAAP amounts exclude certain adjustments for stock compensation expense, severance expense, amortization of acquired intangible assets, acquisition expenses, and income tax benefit related to our acquisition of Entrepix, Inc. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.

 

Outlook

 

Operating results can be significantly impacted, positively or negatively, by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Actual results may differ materially in the weeks and months ahead.

 

For the third fiscal quarter ending June 30, 2023, revenues are expected to be in the range of $31 to $33 million with operating margin slightly positive.

 

A portion of Amtech's results is denominated in Renminbis, a Chinese currency. The outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Renminbi. Changes in the value of the Renminbi in relation to the United States Dollar could cause actual results to differ from expectations.

 

Conference Call

 

Amtech Systems will host a conference call today at 5:00 p.m. ET to discuss our fiscal second quarter financial results. The call will be available to interested parties by dialing 1-877-407-0784. For international callers, please dial +1-201-689-8560. A live webcast of the conference call will be available in the Investor Relations section of Amtech’s website at: https://www.amtechsystems.com/investors/events.

 

 


 

A replay of the webcast will be available in the Investor Relations section of the company’s website at http://www.amtechsystems.com/conference.htm shortly after the conclusion of the call and will remain available for approximately 30 calendar days.

 

About Amtech Systems, Inc.

 

Amtech Systems, Inc. is a leading, global manufacturer of capital equipment, including thermal processing, wafer cleaning, chemical mechanical polishing (CMP) technology, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC), silicon power, electronic assemblies and modules focusing on enabling technologies for electric vehicles (EV) and clean technology (CleanTech) applications. We sell process equipment and services to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. Our strategic focus is on semiconductor growth opportunities in power electronics, sensors and analog devices leveraging our strength in core competencies in thermal and substrate processing. Amtech's products are recognized under the leading brand names BTU International, Entrepix, Inc., Bruce Technologies™, PR Hoffman™ and Intersurface Dynamics, Inc.

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech's future financial results, operating results, business strategies, projected costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and profitably grow our revenue, and enhancements to our technologies and expansion of our product portfolio. In some cases, forward-looking statements can be identified by terminology such as "may," "plan," "anticipate," "seek," "will," "expect," "intend," "estimate," "believe," "continue," "predict," "potential," "project," "should," "would," "could", "likely," "future," "target," "forecast," "goal," "observe," and "strategy" or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the "SEC") for the year-ended September 30, 2022, listed various important factors that could affect the Company's future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading "Risk Factors" in the Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Qs, and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

 

 


 

Contacts:

Amtech Systems, Inc.

Lisa D. Gibbs

Chief Financial Officer

(480) 360-3756

irelations@amtechsystems.com

 

Sapphire Investor Relations, LLC
Erica Mannion and Mike Funari
(617) 542-6180
irelations@amtechsystems.com

 

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Summary Financial Information

(in thousands, except percentages)

 

 

Three Months Ended

 

 

 

Six Months Ended March 31,

 

 

 

March 31,
2023

 

 

December 31,
2022

 

 

March 31,
2022

 

 

 

2023

 

 

2022

 

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

33,310

 

 

$

21,558

 

 

$

27,556

 

 

 

$

54,868

 

 

$

54,019

 

Gross profit

 

$

13,470

 

 

$

8,303

 

 

$

11,160

 

 

 

$

21,773

 

 

$

21,058

 

Gross margin

 

 

40

%

 

 

39

%

 

 

40

%

 

 

 

40

%

 

 

39

%

GAAP operating income (loss)

 

$

519

 

 

$

(2,680

)

 

$

2,595

 

 

 

$

(2,161

)

 

$

3,835

 

Non-GAAP operating income (loss)

 

$

3,162

 

 

$

(670

)

 

$

2,732

 

 

 

$

2,492

 

 

$

4,075

 

New orders

 

$

34,266

 

 

$

25,229

 

 

$

33,695

 

 

 

$

59,495

 

 

$

65,332

 

Backlog

 

$

65,838

 

 

$

54,452

 

 

$

53,566

 

 

 

$

65,838

 

 

$

53,566

 

Semiconductor Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

22,047

 

 

$

16,887

 

 

$

23,584

 

 

 

$

38,934

 

 

$

46,349

 

Gross profit

 

$

8,931

 

 

$

6,172

 

 

$

9,255

 

 

 

$

15,103

 

 

$

17,917

 

Gross margin

 

 

41

%

 

 

37

%

 

 

39

%

 

 

 

39

%

 

 

39

%

GAAP operating income

 

$

2,950

 

 

$

869

 

 

$

3,368

 

 

 

$

3,819

 

 

$

5,725

 

Non-GAAP operating income

 

$

2,950

 

 

$

869

 

 

$

3,368

 

 

 

$

3,819

 

 

$

5,725

 

New orders

 

$

24,606

 

 

$

21,084

 

 

$

28,039

 

 

 

$

45,690

 

 

$

55,848

 

Backlog

 

$

54,767

 

 

$

52,209

 

 

$

50,352

 

 

 

$

54,767

 

 

$

50,352

 

Material and Substrate Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

11,263

 

 

$

4,671

 

 

$

3,972

 

 

 

$

15,934

 

 

$

7,670

 

Gross profit

 

$

4,539

 

 

$

2,131

 

 

$

1,905

 

 

 

$

6,670

 

 

$

3,141

 

Gross margin

 

 

40

%

 

 

46

%

 

 

48

%

 

 

 

42

%

 

 

41

%

GAAP operating income

 

$

297

 

 

$

633

 

 

$

654

 

 

 

$

930

 

 

$

835

 

Non-GAAP operating income

 

$

1,938

 

 

$

633

 

 

$

654

 

 

 

$

2,571

 

 

$

835

 

New orders

 

$

9,660

 

 

$

4,145

 

 

$

5,656

 

 

 

$

13,805

 

 

$

9,484

 

Backlog

 

$

11,071

 

 

$

2,243

 

 

$

3,214

 

 

 

$

11,071

 

 

$

3,214

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues, net

 

$

33,310

 

 

$

27,556

 

 

$

54,868

 

 

$

54,019

 

Cost of sales

 

 

19,840

 

 

 

16,396

 

 

 

33,095

 

 

 

32,961

 

Gross profit

 

 

13,470

 

 

 

11,160

 

 

 

21,773

 

 

 

21,058

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

11,434

 

 

 

6,765

 

 

 

20,624

 

 

 

13,851

 

Research, development and engineering

 

 

1,517

 

 

 

1,800

 

 

 

2,910

 

 

 

3,372

 

Severance expense

 

 

 

 

 

 

 

 

400

 

 

 

 

Operating income (loss)

 

 

519

 

 

 

2,595

 

 

 

(2,161

)

 

 

3,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest (expense) income and other, net

 

 

(261

)

 

 

30

 

 

 

(329

)

 

 

(53

)

Income (loss) before income tax provision

 

 

258

 

 

 

2,625

 

 

 

(2,490

)

 

 

3,782

 

Income tax (benefit) provision

 

 

(2,946

)

 

 

660

 

 

 

(2,950

)

 

 

820

 

Net income

 

$

3,204

 

 

$

1,965

 

 

$

460

 

 

$

2,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income per basic share

 

$

0.23

 

 

$

0.14

 

 

$

0.03

 

 

$

0.21

 

Net income per diluted share

 

$

0.23

 

 

$

0.14

 

 

$

0.03

 

 

$

0.21

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,028

 

 

 

13,979

 

 

 

14,018

 

 

 

14,118

 

Diluted

 

 

14,157

 

 

 

14,144

 

 

 

14,142

 

 

 

14,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Balance Sheets

(in thousands, except share data)

 

 

March 31,
2023

 

 

September 30,
2022

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,733

 

 

$

46,874

 

Accounts receivable (less allowance for doubtful accounts of $314 and $114 at
   March 31, 2023 and September 30, 2022, respectively)

 

 

29,427

 

 

 

25,013

 

Inventories

 

 

35,285

 

 

 

25,488

 

Other current assets

 

 

4,416

 

 

 

5,561

 

Total current assets

 

 

86,861

 

 

 

102,936

 

Property, Plant and Equipment - Net

 

 

8,740

 

 

 

6,552

 

Right-of-Use Assets - Net

 

 

12,448

 

 

 

11,258

 

Intangible Assets - Net

 

 

12,563

 

 

 

758

 

Goodwill

 

 

29,257

 

 

 

11,168

 

Deferred Income Taxes - Net

 

 

87

 

 

 

79

 

Other Assets

 

 

1,046

 

 

 

783

 

Total Assets

 

$

151,002

 

 

$

133,534

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,556

 

 

$

7,301

 

Accrued compensation and related taxes

 

 

2,949

 

 

 

4,109

 

Other accrued liabilities

 

 

2,815

 

 

 

1,771

 

Current maturities of finance lease liabilities and long-term debt

 

 

2,202

 

 

 

107

 

Current portion of long-term operating lease liabilities

 

 

2,771

 

 

 

2,101

 

Contract liabilities

 

 

9,661

 

 

 

7,231

 

Income taxes payable

 

 

712

 

 

 

6

 

Total current liabilities

 

 

28,666

 

 

 

22,626

 

Finance Lease Liabilities and Long-Term Debt

 

 

9,530

 

 

 

220

 

Long-Term Operating Lease Liabilities

 

 

9,953

 

 

 

9,395

 

Income Taxes Payable

 

 

2,445

 

 

 

2,849

 

Other Long-Term Liabilities

 

 

111

 

 

 

76

 

Total Liabilities

 

 

50,705

 

 

 

35,166

 

Commitments and Contingencies

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

Preferred stock; 100,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock; $0.01 par value; 100,000,000 shares authorized; shares
   issued and outstanding: 14,039,334 and 13,994,154 at March 31, 2023
   and September 30, 2022, respectively

 

 

140

 

 

 

140

 

Additional paid-in capital

 

 

125,127

 

 

 

124,458

 

Accumulated other comprehensive loss

 

 

(967

)

 

 

(1,767

)

Retained deficit

 

 

(24,003

)

 

 

(24,463

)

Total Shareholders’ Equity

 

 

100,297

 

 

 

98,368

 

Total Liabilities and Shareholders’ Equity

 

$

151,002

 

 

$

133,534

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Cash Flows

(in thousands)

 

 

Six Months Ended March 31,

 

 

 

2023

 

 

2022

 

Operating Activities

 

 

 

 

 

 

Net income

 

$

460

 

 

$

2,962

 

Adjustments to reconcile net income to net cash used in
   operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,887

 

 

 

864

 

Write-down of inventory

 

 

517

 

 

 

115

 

Deferred income taxes

 

 

(3,172

)

 

 

 

Non-cash share-based compensation expense

 

 

338

 

 

 

240

 

Provision for allowance for doubtful accounts

 

 

156

 

 

 

41

 

Other, net

 

 

 

 

 

(2

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

1,113

 

 

 

(8,321

)

Inventories

 

 

(4,631

)

 

 

(2,433

)

Other assets

 

 

2,215

 

 

 

(788

)

Accounts payable

 

 

(1,497

)

 

 

1,407

 

Accrued income taxes

 

 

(1,192

)

 

 

1,272

 

Accrued and other liabilities

 

 

(2,289

)

 

 

331

 

Contract liabilities

 

 

768

 

 

 

3,951

 

Net cash used in operating activities

 

 

(5,327

)

 

 

(361

)

Investing Activities

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(976

)

 

 

(125

)

Acquisition, net of cash and cash equivalents acquired

 

 

(35,498

)

 

 

 

Net cash used in investing activities

 

 

(36,474

)

 

 

(125

)

Financing Activities

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

331

 

 

 

98

 

Repurchase of common stock

 

 

 

 

 

(4,115

)

Payments on long-term debt

 

 

(412

)

 

 

(198

)

Borrowings on long-term debt

 

 

12,000

 

 

 

 

Net cash provided by (used in) financing activities

 

 

11,919

 

 

 

(4,215

)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and
   Restricted Cash

 

 

741

 

 

 

286

 

Net Decrease in Cash, Cash Equivalents and Restricted Cash

 

 

(29,141

)

 

 

(4,415

)

Cash and Cash Equivalents, Beginning of Period

 

 

46,874

 

 

 

32,836

 

Cash, Cash Equivalents and Restricted Cash, End of Period

 

$

17,733

 

 

$

28,421

 

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

Six Months Ended March 31,

 

 

 

March 31,
2023

 

 

December 31,
2022

 

 

March 31,
2022

 

 

 

2023

 

 

2022

 

Amtech Systems, Inc. Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

519

 

 

$

(2,680

)

 

$

2,595

 

 

 

$

(2,161

)

 

$

3,835

 

Acquisition expenses

 

 

1,524

 

 

 

1,446

 

 

 

-

 

 

 

 

2,970

 

 

 

-

 

Amortization of acquired intangible assets

 

 

945

 

 

 

-

 

 

 

-

 

 

 

 

945

 

 

 

-

 

Stock compensation expense

 

 

174

 

 

 

164

 

 

 

137

 

 

 

 

338

 

 

 

240

 

Severance expense

 

 

-

 

 

 

400

 

 

 

-

 

 

 

 

400

 

 

 

-

 

Non-GAAP operating income (loss)

 

$

3,162

 

 

$

(670

)

 

$

2,732

 

 

 

$

2,492

 

 

$

4,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

1.6

%

 

 

(12.4

)%

 

 

9.4

%

 

 

 

(3.9

)%

 

 

7.1

%

Non-GAAP operating margin

 

 

9.5

%

 

 

(3.1

)%

 

 

9.9

%

 

 

 

4.5

%

 

 

7.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Net Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

3,204

 

 

$

(2,744

)

 

$

1,965

 

 

 

$

460

 

 

$

2,962

 

Acquisition expenses

 

 

1,524

 

 

 

1,446

 

 

 

-

 

 

 

 

2,970

 

 

 

-

 

Amortization of acquired intangible assets

 

 

945

 

 

 

-

 

 

 

-

 

 

 

 

945

 

 

 

-

 

Stock compensation expense

 

 

174

 

 

 

164

 

 

 

137

 

 

 

 

338

 

 

 

240

 

Severance expense

 

 

-

 

 

 

400

 

 

 

-

 

 

 

 

400

 

 

 

-

 

Income tax benefit related to acquisition

 

 

(3,164

)

 

 

-

 

 

 

-

 

 

 

 

(3,164

)

 

 

-

 

Non-GAAP net income (loss)

 

$

2,683

 

 

$

(734

)

 

$

2,102

 

 

 

$

1,949

 

 

$

3,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per diluted share

 

$

0.23

 

 

$

(0.20

)

 

$

0.14

 

 

 

$

0.03

 

 

$

0.21

 

Acquisition expenses

 

 

0.11

 

 

 

0.10

 

 

 

-

 

 

 

 

0.21

 

 

 

-

 

Amortization of acquired intangible assets

 

 

0.06

 

 

 

-

 

 

 

-

 

 

 

 

0.07

 

 

 

-

 

Stock compensation expense

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

 

0.02

 

 

 

0.01

 

Severance expense

 

 

-

 

 

 

0.04

 

 

 

-

 

 

 

 

0.03

 

 

 

-

 

Income tax benefit related to acquisition

 

 

(0.22

)

 

 

-

 

 

 

-

 

 

 

 

(0.22

)

 

 

-

 

Non-GAAP net income (loss) per diluted share

 

$

0.19

 

 

$

(0.05

)

 

$

0.15

 

 

 

$

0.14

 

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Segment Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

2,950

 

 

$

869

 

 

$

3,368

 

 

 

$

3,819

 

 

$

5,725

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Amortization of acquired intangible assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Stock compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Severance expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Non-GAAP operating income

 

$

2,950

 

 

$

869

 

 

$

3,368

 

 

 

$

3,819

 

 

$

5,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material and Substrate Segment Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

297

 

 

$

633

 

 

$

654

 

 

 

$

930

 

 

$

835

 

Acquisition expenses

 

 

696

 

 

 

-

 

 

 

-

 

 

 

 

696

 

 

 

-

 

Amortization of acquired intangible assets

 

 

945

 

 

 

-

 

 

 

-

 

 

 

 

945

 

 

 

-

 

Stock compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Severance expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Non-GAAP operating income

 

$

1,938

 

 

$

633

 

 

$

654

 

 

 

$

2,571

 

 

$

835