updated 5/5/2011 4:16:48 PM ET 2011-05-05T20:16:48

CHELMSFORD, Mass., May 5, 2011 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's second quarter of fiscal year 2011 ended on March 31, 2011.

Revenues for the second quarter of fiscal 2011 were $192.7 million, compared to revenues of $148.4 million in the second quarter of fiscal 2010, an increase of 29.9%. Sequentially, revenues increased 8.0% from first quarter fiscal 2011 revenues of $178.4 million. Order bookings for the second quarter of fiscal 2011 were $193.7 million, a 4.7% increase over order bookings in the fiscal first quarter of $184.9 million.   

Net income attributable to Brooks Automation, Inc. ("Brooks") for the second quarter of fiscal 2011 amounted to $26.6 million, or $0.41 per diluted share.

Excluding special charges or non-recurring income, the adjusted net income of $26.8 million or $0.41 per diluted share compares on a sequential basis with $23.7 million or $0.37 per diluted share and improves from income of $10.1 million or $0.16 per diluted share in the second quarter of fiscal 2010.     Special charges and non-recurring income and their impact on comparative results are identified in the unaudited table included with this release. Including special charges and non-recurring income, the Net income attributable to Brooks in the first quarter of fiscal 2011 and the second quarter of fiscal 2011 was $23.5 million or $0.36 per diluted share and $21.0 million or $0.33 per diluted share, respectively.

Revenues for the six months ended March 31, 2011 were $371.0 million, a 45.8% increase over revenues of $254.6 million for the six months ended March 31, 2010. Net income attributable to Brooks for the six months ended March 31, 2011 were $50.1 million or $0.77 per diluted share as compared to $18.2 million or $0.28 per diluted share for the six months ended March 31, 2010. Excluding the impact of special charges and non-recurring income, net income increased to $50.5 million or $0.78 per diluted share for the six months ended March 31, 2011 as compared to $9.0 million or $0.14 per diluted share for the six months ended March 31, 2010.

Adjusted Earnings before Interest, Tax, Depreciation and Amortization for the second quarter of fiscal 2011 rose to $34.1 million, which compared to $29.9 million in the first quarter of fiscal 2011 and $17.3 million in the second quarter of fiscal 2010. 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 second quarter of fiscal 2011 was $21.2 million, which net of capital expenditures of $1.5 million and other non-operating cash inflow of $0.9 million resulted in an increase of total cash and marketable securities to $178.5 million at March 31, 2011.   For the first six months of the fiscal year cash from operating activities has been $38.9 million and the increase in total cash and marketable securities has been $36.1 million.

Martin S. Headley, Executive Vice-President and Chief Financial Officer, observed, "Continued gross margin expansion in our Critical Solutions Group and Global Customer Operations drove our growth in Operating Income and Operating Margins.   The tragic circumstances in Japan had a modest negative effect on the quarter's financial results and have created certain supply chain situations that we are monitoring closely for potential impact on the second half of the fiscal year."

Mr. Headley added "We are actively working through the various closing conditions required to complete our previously announced transaction to sell our contract manufacturing operations to Celestica LLC. We continue to believe that this transaction will close during the June 2011 fiscal quarter."

Commenting on recent activities, Stephen S. Schwartz, Chief Executive Officer and President of Brooks, stated, "The breadth of our technology engagement in terms of both customer and end market application provides for continuing growth even in a period of leveling demands from some of our larger customers in core wafer front end markets. We also expect to continue expanding gross margins at the same time as we ramp up our investments in innovation." 

Brooks management will web cast its second quarter earnings conference 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 operating margin 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 demand for our products due to difficulties in obtaining components and materials from our suppliers  - particularly those manufacturing in Japan - in required quantities and of required quality; the inability of 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, 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.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
     
  March 31, September 30,
  2011 2010
Assets     
Current assets    
Cash and cash equivalents $59,328 $59,823
Restricted cash 3,788
Marketable securities 59,540 49,011
Accounts receivable, net 99,646 92,273
Inventories, net 126,615 115,787
Prepaid expenses and other current assets 6,372 10,437
Total current assets 355,289 327,331
Property, plant and equipment, net 60,499 63,669
Long-term marketable securities 55,832 33,593
Goodwill 48,138 48,138
Intangible assets, net 9,265 11,123
Equity investment in joint ventures 33,535 31,746
Other assets 2,725 2,624
Total assets $565,283 $518,224
Liabilities and equity     
Current liabilities     
Accounts payable $61,042 $65,734
Deferred revenue 4,515 4,365
Accrued warranty and retrofit costs 7,667 8,195
Accrued compensation and benefits 12,919 13,677
Accrued restructuring costs 1,553 3,509
Accrued income taxes payable 1,294 1,040
Accrued expenses and other current liabilities 10,051 11,635
Total current liabilities 99,041 108,155
Income taxes payable 12,974 12,446
Long-term pension liability 5,754 5,466
Other long-term liabilities 3,071 2,805
Total liabilities 120,840 128,872
Contingencies    
Equity     
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 125,000,000 shares authorized, 79,612,163 shares issued and

66,150,294 shares outstanding at March 31, 2011, 78,869,331 shares issued and 65,407,462

shares outstanding at September 30, 2010
796 789
Additional paid-in capital 1,805,799 1,803,121
Accumulated other comprehensive income 21,827 19,510
Treasury stock at cost, 13,461,869 shares at March 31, 2011 and September 30, 2010 (200,956) (200,956)
Accumulated deficit (1,183,578) (1,233,649)
Total Brooks Automation, Inc. stockholders' equity 443,888 388,815
Noncontrolling interest in subsidiaries 555 537
Total equity 444,443 389,352
Total liabilities and equity $565,283 $518,224
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
         
  Three months ended Six months ended
  March 31,  March 31, 
  2011 2010 2011 2010
Revenues        
Product $175,211 $133,389 $336,635 $224,910
Services 17,440 14,964 34,383 29,640
Total revenues 192,651 148,353 371,018 254,550
Cost of revenues        
Product 118,863 97,271 228,066 164,516
Services 12,114 12,132 23,959 24,838
Total cost of revenues 130,977 109,403 252,025 189,354
Gross profit 61,674 38,950 118,993 65,196
Operating expenses        
Research and development 9,442 7,677 18,340 15,218
Selling, general and administrative 25,245 20,842 49,723 39,821
Restructuring charges 246 484 460 2,006
Total operating expenses 34,933 29,003 68,523 57,045
Operating income 26,741 9,947 50,470 8,151
Interest income 261 265 536 593
Interest expense 28 11 29 27
Sale of intellectual property rights 7,840 7,840
Loss on investment 191
Other (income) expense, net (256) 91 (417) 288
Income before income taxes and equity in earnings (losses) of joint ventures 27,230 17,950 51,394 16,078
Income tax provision (benefit) 1,035 (2,819) 2,023 (2,184)
Income before equity in earnings (losses) of joint ventures 26,195 20,769 49,371 18,262
Equity in earnings (losses) of joint ventures 408 179 718 (191)
Net income $26,603 $20,948 $50,089 $18,071
Add: Net loss (income) attributable to noncontrolling interests (18) 81 (18) 163
Net income attributable to Brooks Automation, Inc. $26,585 $21,029 $50,071 $18,234
Basic net income per share attributable to Brooks Automation, Inc. common stockholders $0.41 $0.33 $0.78 $0.29
Diluted net income per share attributable to Brooks Automation, Inc. common stockholders $0.41 $0.33 $0.77 $0.28
Shares used in computing earnings per share        
Basic 64,516 63,679 64,388 63,535
Diluted 65,061 64,196 64,801 64,042
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
     
  Six months ended
  March 31, 
  2011 2010
Cash flows from operating activities    
Net income $50,089 $18,071
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,312 9,460
Sale of intellectual property rights (7,840)
Stock-based compensation 3,616 3,561
Amortization of premium on marketable securities 921 368
Undistributed (earnings) losses of joint ventures (718) 191
(Gain) loss on disposal of long-lived assets 14 (4)
Loss on investment 191
Changes in operating assets and liabilities, net of acquisitions and disposals:     
Accounts receivable (6,199) (29,258)
Inventories (9,744) (19,653)
Prepaid expenses and other current assets 2,853 (4,132)
Accounts payable (4,807) 40,424
Deferred revenue 92 1,062
Accrued warranty and retrofit costs (538) 1,414
Accrued compensation and benefits (2,443) (2,972)
Accrued restructuring costs (1,956) (1,857)
Accrued expenses and other (574) 235
Net cash provided by operating activities 38,918 9,261
Cash flows from investing activities    
Purchases of property, plant and equipment (3,175) (1,163)
Purchases of marketable securities (71,225) (70,872)
Sale/maturity of marketable securities 37,551 43,757
Increase in restricted cash (3,788)
Proceeds from the sale of intellectual property rights 7,840
Purchase of intangible assets (892)
Other 243
Net cash used in investing activities (40,637) (21,087)
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs 681 590
Net cash provided by financing activities 681 590
Effects of exchange rate changes on cash and cash equivalents 543 (128)
Net decrease in cash and cash equivalents (495) (11,364)
Cash and cash equivalents, beginning of period 59,823 59,985
Cash and cash equivalents, end of period $59,328 $48,621

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 special charges such as 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 and diluted earnings per share from operations is presented below:

  Quarter ended
  March 31, 2011 December 31, 2010 March 31, 2010
  $ per share $ per share $ per share
             
Net income attributable to Brooks Automation, Inc.  $ 26,585  $ 0.41  $ 23,486  $ 0.36  $ 21,029  $ 0.33
             
Restructuring charges  246  0.00  214  0.00  484  0.01
One-time income tax benefit  --   --   --   --   (3,899)  (0.06)
Sale of intellectual property rights, net of tax  --   --   --   --   (7,519)  $ (0.12)
Adjusted net income attributable to Brooks Automation, Inc.  26,831  0.41  23,700  0.37  10,095  0.16
             
Stock-based compensation  2,407  0.04  1,209  0.02  2,044  0.03
Adjusted net income attributable to Brooks Automation, Inc., excluding stock-based compensation  $ 29,238  $ 0.45  $ 24,909  $ 0.39  $ 12,139  $ 0.19
             
             
  Six Months Ended    
  March 31, 2011 March 31, 2010    
  $ per share $ per share    
             
Net income attributable to Brooks Automation, Inc.  $ 50,071  $ 0.77  $ 18,234  $ 0.28    
             
Restructuring charges  460  0.01  2,006  0.03    
Loss on investment  --   --   191  0.00    
One-time income tax benefit  --   --   (3,899)  (0.06)    
Sale of intellectual property rights, net of tax  --   --   (7,519)  (0.12)    
Adjusted net income attributable to Brooks Automation, Inc.  $ 50,531  0.78  $ 9,013  0.14    
             
Stock-based compensation  3,616  0.06  3,561  0.06    
Adjusted net income attributable to Brooks Automation, Inc. - excluding stock-based compensation  $ 54,147  $ 0.84  $ 12,574  $ 0.20    
             
             
  Quarter ended  
  Mar 31, Dec 31, Mar 31, Mar 31, Mar 31,  
  2011 2010 2010 2011 2010  
             
Net income attributable to Brooks Automation, Inc.  $ 26,585  $ 23,486  $ 21,029  50,071  18,234  
             
Less: Interest income  (261)  (275)  (265)  (536)  (593)  
Add: Interest expense  28  1  11  29  27  
Add: Income tax provision (benefit)  1,035  988  (2,819)  2,023  (2,184)  
Add: Depreciation  3,109  3,345  3,701  6,454  7,547  
Add: Amortization of completed technology  480  479  472  959  929  
Add: Amortization of acquired intangible assets  449  450  493  899  984  
Add: Stock-based compensation  2,407  1,209  2,044  3,616  3,561  
Add: Restructuring charges  246  214  484  460  2,006  
Add: Loss on investment  --   --   --  --  191  
Sale of intellectual property rights, pre-tax  --   --   (7,840)  --  (7,840)  
             
Adjusted EBITDA  $ 34,078  $ 29,897  $ 17,310  $ 63,975  $ 22,862  
CONTACT:  Barbara Culhane
          Corporate Marketing Manager
          Brooks Automation, Inc.
          978-262-2400
          www.brooks.com

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