Amtech Systems (ASYS) Posts Winder Q3 Loss
Amtech Systems (NASDAQ: ASYS) reported Q3 EPS of ($0.53), $0.24 worse than the analyst estimate of ($0.29). Revenue for the quarter came in at $9.4 million versus the consensus estimate of $14.15 million.
Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, "We are pleased with the progress made in the quarter on many fronts. We shipped our new PECVD system to a highly respected Korean customer, our new high density, high throughput diffusion system to a key customer in Taiwan, and the Kingstone ion implant system, which shipped in April to the Energy Research Centre of The Netherlands, has been installed. We are now positioned to start joint development efforts on next generation, higher efficiency cell technology with this highly respected partner. We have also made excellent progress on our n-type cell line with our US customer in San Antonio, Texas. Furthermore, we announced today the first production order for our solar implant system from a customer in China."
Pentinga continued, "Year-to-date, we have booked over $50 million in orders, including $29 million in solar orders. This represents a healthy backlog as we move into the second half of calendar 2014. Our selective investment in solar research and development programs through the down-cycle not only doubled the size of the market we can serve, but is delivering new business as reflected in the third quarter's 59 percent increase in our solar backlog compared to the third quarter of 2013. We believe we have successfully participated in pre-recovery solar business opportunities and continue to believe the real recovery will start in 2015."
Brad Anderson, Chief Financial Officer, commented "Due to the significant amount of new products we have shipped in the last several quarters, we have high deferrals of revenue which lower the amount reported on our income statement. For the quarter ended June 30, 2014, we shipped approximately $14.6 million of products and services and had a net revenue deferral of approximately $5.4 million, resulting in net revenues of $9.2 million. We expect to see recognition of these deferrals in the coming quarters. We continue to manage our cash while prudently investing in what we believe to be a significant market opportunity, the advancement of our technologies and the future profitable growth of the Company.
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