updated 11/10/2010 4:17:34 PM ET 2010-11-10T21:17:34

  • Fiscal year diluted earnings per share from continuing operations of $0.92.
  • Excluding non-recurring income and special charges adjusted diluted earnings of $0.78.
  • Record quarterly diluted earning per share from continuing operations at $0.38.

CHELMSFORD, Mass., Nov. 10, 2010 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's fourth quarter of fiscal year 2010 ended on September 30, 2010.

Revenues for the fourth quarter of 2010 were $181.6 million, compared to revenues of $64.1 million in the fourth quarter of 2009, an increase of 183.4%. Sequentially, revenues grew 15.8% from third quarter revenues of $156.8 million.

Net income attributable to Brooks Automation, Inc. ("Brooks") for the fourth quarter of fiscal 2010 amounted to $24.2 million, or $0.38 per diluted share.

Excluding non-recurring income and special charges, the adjusted net income of $24.4 million, or $0.38 per diluted share, improved on a sequential basis from $16.9 million, or $0.26 per diluted share, and compares with a loss of $(14.0) million, or $(0.22) per diluted share, in the fourth quarter of fiscal 2009.  Non recurring income and special charges and their impact on comparative results are identified in the unaudited table included with this release. Including special charges, the Net income attributable to Brooks in the third quarter was $16.6 million, or $0.26 per diluted share, and the Net loss attributable to Brooks in the fourth quarter of fiscal 2009 was $(14.5) million, or $(0.23) per diluted share.

Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization for the fourth quarter of fiscal 2010 was $29.7 million, which compared to $22.5 million in the third quarter of fiscal 2010 and $(8.7) million in the fourth quarter of fiscal 2009. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated statements of operations, balance sheets and statements of cash flows included in this release.

Net cash provided by operating activities for the fiscal year ended September 30, 2010 was $27.9 million, which together with proceeds from the sale of intellectual property rights in the second fiscal quarter of $7.8 million and net of capital expenditures over the year of $3.5 million resulted in an increase of total cash and marketable securities to $142.4 million at September 30, 2010.

Revenues for the year ended September 30, 2010 were $593.0 million, a 171% increase from $218.7 million for the prior fiscal year. Net income attributable to Brooks for the current fiscal year was $59.0 million, as compared to the prior fiscal year's net loss of $(227.9) million. Excluding non-recurring income and special charges, the adjusted net income (loss) from operations for the current fiscal year was $50.1 million, or $0.78 per diluted share, as compared to a loss of $(102.9) million, or $(1.64) per diluted share, in the prior fiscal year. Non-recurring income and special charges are identified in the unaudited financial information included in this release.

Commenting on recent activities, Stephen S. Schwartz, Chief Executive Officer and President of Brooks stated, "We had a strong finish to the fiscal year with excellent top line growth and record quarterly operating performance.   We saw continuing strength to our semiconductor business and we successfully leveraged that growth to improve margin performance."

Mr. Schwartz added, "Although we are starting to see moderation from the high growth levels attained during fiscal 2010, we believe that our principal served markets will remain healthy as the global economy continues to recover. Additionally, our successes with design-in wins, particularly in markets adjacent to semiconductor, will drive revenue and earnings growth for fiscal 2011."  

Martin S. Headley, Executive Vice-President and Chief Financial Officer noted, "We have a strong cash generating capacity and plan to act on a number of internal and external opportunities for investment to fuel strong long term growth."

Brooks management will webcast its fourth quarter earnings conference today at 4:30 p.m. Eastern Time to discuss the attached quarterly results and business highlights. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Their responses could contain information that has not been previously disclosed.

Analysts, investors and members of the media can access the live broadcast available on Brooks' website at www.brooks.com . The call will be archived on this website for convenient on-demand replay.

About Brooks Automation, Inc.

Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the global semiconductor and related industries. Our products and services are meeting the needs of customers across a broad spectrum of applications and industries and the global semiconductor manufacturing sector is our largest served market. When demanding productivity and availability objectives are essential factors for success, customers throughout the world turn to Brooks Automation, Inc. For more information go to   www.brooks.com or email sales@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 revenue and earnings expectations, our ability to develop further our business in new and adjacent markets, and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: volatility of the industries the Company serves, particularly the semiconductor industry; 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; the failure of our customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; continuing uncertainties in global political and economic conditions, the impact of global health concerns, and other factors and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to our 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.

BROOKS AUTOMATION, INC.
Supplemental Information
(In thousands, except per share data)
(unaudited)

Notes on Non-GAAP Financial Measures:

The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of non-recurring income and charges such as the sale of intellectual property rights, one-time tax refunds, non-cash impairment charges, restructuring charges and gains or losses on investments. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. A table reconciling income (loss) and diluted earnings (loss) per share from operations is presented below:

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