Brooks Automation Reports Second Quarter Financial Results

/ Source: GlobeNewswire

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 . 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.

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:

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