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Amtech Reports First Quarter Fiscal 2011 Record Revenue Of $54 Million; EPS Of $0.52

Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and silicon wafers, today reported record financial results for its fiscal 2011 first quarter ended December 31, 2010.

First Quarter Financial Highlights:
  • Record net revenue of $53.7 million, up 18% sequentially from $45.4 million in Q4 2010
  • Record solar revenue of $45.9 million, up 19% sequentially from $38.6 million in Q4 2010
  • Record quarterly bookings of $137 million ($127 million solar), up 176% sequentially from $50 million ($41 million solar) in Q4 2010
  • Record quarter-end backlog of $173 million ($162 million solar), up 83% sequentially from $94 million ($85 million solar) at September 30, 2010
  • Gross margin of 36%, compared to 39% sequentially
  • Operating income of $8.4 million, compared to operating income of $8.9 million sequentially
  • Net income of $5.0 million, or $0.52 per diluted share, compared to net income of $5.4 million, or $0.58 per diluted share, sequentially
  • First quarter book-to-bill of 2.3:1 (Solar 2.5:1, Semi 1.2:1)
  • Ending unrestricted cash of $53.2 million at December 31, 2010, compared to $56.8 million at September 30, 2010

J.S. Whang, Chief Executive Officer of Amtech, commented: “We are pleased to report another very strong quarter including record revenue and bookings. The strong order momentum we continue to generate for our solar diffusion systems reflects our continued success in expanding with existing customers and attracting new top-tier customers. We continue to see a healthy business pipeline, ending the quarter with record orders and backlog.

“Our recently announced agreement to acquire a China-based ion implant technology company demonstrates our commitment to technology leadership in meeting the increasing demand for higher cell efficiency. As a result of the acquisition, we will immediately establish a technology beachhead in a strategically key region of the world, will increase our technology expertise, and lay the foundation for future opportunities for our solar business. We believe this acquisition will complement and protect our core solar diffusion expertise and leadership. We remain on track to continue to produce and ship at a high volume in the March quarter, and we remain focused on successful execution of our solar growth strategy.”

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