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Brooks Automation Reports Fiscal Second Quarter Ended March 31, 2013 Results

Stocks in this article: BRKS

CHELMSFORD, Mass., May 9, 2013 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS), a leading provider of automation, vacuum and instrumentation solutions for multiple global markets, including semiconductor manufacturing and life sciences, today reported financial results for the second quarter ended March 31, 2013.

Fiscal Second Quarter of 2013 Financial and Operational Highlights:

  • Revenues were $116.6 Million; Order Bookings increased 31% on a sequential basis to $121.3 million;
  • Semiconductor front end product revenues increased 50% to $60 million;
  • GAAP Loss Per Share was $(0.01); Adjusted Earnings Per Share excluding special charges was $0.01;
  • Cash flow from operations was $11.6 million;
  • Cash, Cash Equivalents and Marketable Securities as of March 31st were $145.6 million, or $2.21 per diluted share, with no Debt; and
  • Generated 15 Design-in-Wins for Semiconductor and Adjacent market customers.

Summary of GAAP and Non-GAAP Earnings

 
  Quarter Ended Six Months Ended
000's except EPS March 31, 2013 December 31, 2012 March 31, 2012 March 31, 2013 March 31, 2012
           
GAAP Net (Loss) Income attributable to Brooks $(538) $(9,236) $9,721 $(9,774) $12,544
GAAP Diluted (Loss) Earnings per share $(0.01) $(0.14) $0.15 $(0.15) $0.19
           
Adjusted Net Income (Loss) attributable to Brooks $600 $(3,842) $13,260 $(3,242) $16,867
Adjusted Diluted Earnings (Loss) per Share $0.01 $(0.06) $0.20 $(0.05) $0.26

A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Management Comments

"Our revenue exceeded our expectations in the second quarter as we experienced semiconductor front-end recovery in both our Services and Product Solutions businesses sequentially, as expected, offsetting our Life Sciences revenue decline. The integration of Crossing Automation's products into our Brooks portfolio is ahead of schedule and was a solid contributor during the quarter," said Steve Schwartz, President and Chief Executive Officer of Brooks. "We continue to have a strong market share in Life Sciences even though our revenue was less than expected in the quarter due to delays in finalizing store installations and funding uncertainty, which caused a pull-back on device and consumables demand. Heading into our third fiscal quarter, we are seeing our growth coming from our semiconductor products. This reflects a continuation of our strong market positioning."

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