Amtech (ASYS) Reports Preliminary Q2 Sales of $10.5M; Comments on FY09 Outlook

April 8, 2009 4:22 PM EDT

Amtech Systems, Inc. (NASDAQ: ASYS) reports preliminary Q2 sales of $10.5 million. Sees Q2 operating results and EBITDA negatively impacted by reduced revenue levels, expected restructuring and non-cash impairment charges, resulting in the Company reporting a significant loss from operations and negative EBITDA.

Backlog at March 31, 2009 of approximately $34.5 million, consisting of orders expected to ship within the next 12 months and deferred revenue.

Amtech expects to launch its third solar product, a new solar etch system (PSG removal process) by June 30, 2009.

Highlighted the following cost reduction actions:

• Consolidated workforce has been reduced 22% since its peak at September 30, 2008.
  
• Amtech executive officers and outside directors have taken a reduction in salary and board meeting fees, respectively, starting April 1, 2009.
  
• Bruce Technologies, a wholly-owned subsidiary focused on the semiconductor market, has been restructured to further streamline its operations, which will result in restructuring charges and a probable non-cash impairment charge in Q2 related to Bruce Technologies’ long-lived assets.

Related Categories

Corporate News
Guidance

Stocks Mentioned

Related Entities

• American Technology Research
• Layoffs

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?