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Brooks Automation Reports First Quarter Financial Results

/ Source: GlobeNewswire

    CHELMSFORD, Mass., Feb. 3, 2011 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's first quarter of fiscal year 2011 ended on December 31, 2010.

    Revenues for the first quarter of fiscal 2011 were $178.4 million, compared to revenues of $106.2 million in the first quarter of fiscal 2010, an increase of 68.0%. Sequentially, revenues declined 1.8% from fourth quarter fiscal 2010 revenues of $181.6 million.

    Net income attributable to Brooks Automation, Inc. ("Brooks") for the first quarter of fiscal 2011 amounted to $23.5 million, or $0.36 per diluted share.

    Excluding  special charges, the adjusted net income of $23.7 million or $0.37 per diluted share compares on a sequential basis with $24.4 million or $0.38 per diluted share and  improves from a loss of $(1.1) million or $(0.02) per diluted share in the first quarter of fiscal 2010. 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 fourth quarter was $24.2 million or $0.38 per diluted share and the Net Loss attributable to Brooks in the first quarter of fiscal 2010 was $(2.8) million or $(0.04) per diluted share.

    Adjusted Earnings before Interest, Tax, Depreciation and Amortization for the first quarter of fiscal 2011 was $29.9 million, which compared to $29.7 million in the fourth quarter of fiscal 2010 and $5.6 million in the first 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 first quarter of fiscal 2011 was $17.7 million, which net of capital expenditures of $1.6 million resulted in an increase of total cash and marketable securities to $157.9 million at December 31, 2010.

    Martin S. Headley, Executive Vice-President and Chief Financial Officer observed, "Continued margin expansion in each of our segments resulted in continued sequential growth in Operating Profits and Adjusted EBITDA. The increase in operating profitability was offset by the anticipated $1.5 million increase in our income tax provision that resulted in our small step back in reported earnings. Margin expansion also drove the Company to exceed profit and earnings projections on revenues comparable with guidance."

    Commenting on recent activities, Stephen S. Schwartz, Chief Executive Officer and President of Brooks stated, "Our developing strength across a broad universe of OEMs is expanding our market share and leading us to many new opportunities in adjacent markets. Although we have experienced a moderated start to the fiscal year, we are firmer in our assurance that fiscal 2011 will represent a strong year in growth of revenues and earnings over fiscal 2010." 

    Dr. Schwartz added, "We believe that we are well positioned to start putting our strong balance sheet to work in fueling our growth strategy of expanded presence outside of our traditional markets."

    Brooks management will web cast its first quarter earnings conference tomorrow at 10:00 a.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 . 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 increased demand for our products due to difficulties in obtaining components and materials from our suppliers 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.
    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 (loss) and diluted earnings (loss) per share from operations is presented below:

    CONTACT: Barbara Culhane Corporate Marketing Manager Brooks Automation, Inc. 978-262-2400 www.brooks.com