Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and sapphire and silicon wafers, today reported record financial results for its second quarter fiscal 2011 ended March 31, 2011.
Second Quarter Financial Highlights:
- Record net revenue of $61.3 million, up 14% sequentially from $53.7 million in Q1 2011
- Record solar revenue of $53.2 million, up 16% sequentially from $45.9 million in Q1 2011
- Quarterly bookings of $73 million ($60 million solar); fiscal year-to-date bookings of $210 million ($189 million solar)
- Record quarter-end backlog of $195 million ($180 million solar), up 13% sequentially from $173 million ($162 million solar) at December 31, 2010
- Gross margin improved to 40%, compared to 36% sequentially
- Operating income of $12.5 million, up 50% from $8.4 million sequentially
- Record net income of $7.5 million, or $0.77 per diluted share, compared to net income of $5.0 million, or $0.52 per diluted share, sequentially
- Second quarter book-to-bill of 1.1:1 (Solar 1.1, Semi 1.5)
J.S. Whang, Chief Executive Officer of Amtech, commented, “Our record revenue and profit for the second quarter further demonstrate our technology leadership in high efficiency solar diffusion and our operational capability to manage and service this high-end growth market. During the quarter we acquired a controlling interest in a China-based solar ion implant technology company, demonstrating our commitment to technology leadership in meeting the ever increasing demand for higher solar cell efficiency. As a result of the acquisition, we immediately established a technology beachhead in a strategically key region of the world, increased our technology expertise, and laid the foundation for future opportunities for our solar business.