Asyst Technologies, Inc. (Asyst) has reported net sales of $83 million for the third quarter of fiscal 2009, compared with the net sales of $106.5 million in the year-ago quarter. It has also reported a net loss of $7.3 million, or $0.14 per diluted share, for the third quarter of fiscal 2009, compared with the net loss of $867,000 million, or $0.02 per diluted share, in the year-ago quarter.
The non-GAAP net loss for fiscal third quarter was $4.8 million, or $0.10 per share, which compares with $7.8 million, or $0.15 per share, in prior sequential quarter.
The net sales related to the automated material handling systems (AMHS) were $67.6 million, which compares with $70.1 million in prior sequential quarter. The net sales related to tool and the fab automation solutions were $15.4 million, which compares with $25.0 million in prior sequential quarter.
Steve Schwartz, chair and chief executive officer of Asyst, said, We have taken significant action over the past several months to reduce the company’s cash breakeven level and to position the business for the challenging economic environment. Over the first three quarters of the current fiscal year, we have reduced ongoing annual operating expenses by approximately $25 million and reduced the quarterly cash breakeven sales level to approximately $75 million. In the fiscal fourth quarter we are taking further actions, which we expect will result in an additional $30-$35 million of annual savings and a $55 million quarterly cash breakeven level entering the fiscal year that begins April 1. In the fiscal third quarter we achieved gross margin of 31%, up significantly from the prior sequential quarter despite lower volume. This is consistent with our objectives and reflects continuing improvements in our supply chain. Bookings in the fiscal third quarter were $92 million, which allowed us to build backlog for the second consecutive quarter. All of these accomplishments are positioning us to weather what we believe will continue to be a challenging environment in the coming fiscal year.”
The cash at the end of quarter was $77 million, which compares with $79 million in prior quarter and $78 million for same quarter in 2007. The company generated positive adjusted EBITDA of $0.4 million in the quarter, compared with an adjusted EBITDA loss of $2.6 million in prior sequential quarter. In current business conditions, company is focused on generating a positive cash flow before the changes in working capital to support continued investment in the new products and servicing of its debt. The company was in compliance with covenants under its principal credit facility as of December 31, 2008. However, as previously announced, company believes it is probable that it will require a waiver or amendment of certain covenants as of quarter ending March 31, 2009. The company believes that its bank relationships are good and currently is negotiating with its banks for such a waiver or amendment. However, there can be no assurance that a waiver or amendment will be granted or that the terms of any such waiver or amendment will be favorable to the company.
The company offered the following guidance for the fiscal fourth quarter ending March 31, 2009:
The consolidated net sales are anticipated to be in the range of $65 to $75 million. AMHS sales are anticipated to be in the range of $55 to $60 million, and tool and fab automation sales are anticipated to be in the range of $10 to $15 million.
The net loss in accordance with GAAP is anticipated to be in the range of $0.20 to $0.25 per share, including the impact of $3 to $5 million of restructuring charges related to the aforementioned cost reductions.
The non-GAAP net loss is anticipated to be in the range of $0.15 to $0.19 per share. In calculating non-GAAP net loss per share, the company anticipates to exclude about $4 million to $6 million for restructuring charges and intangibles amortization, net of taxes.