Brooks Automation Inc. (BRKS)
F3Q10 (Qtr End 06/30/10) Earnings Call
August 5, 2010 4:30 am ET
Martin Headley - CFO
Bob Lepofsky - CEO
Steve Schwartz - Designate CEO
Patrick Ho - Stifel Nicolaus
Ben Pang - Caris & Company
Hari Chandra - Deutsche Bank
Good afternoon, and welcome to the Brooks Automation Earnings Conference. Please be aware that today's conference is being recorded.
At this time, I'd like it turn the call over to your speaker today, Mr. Martin Headley, Chief Financial Officer. Please go ahead sir.
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Thank you and good afternoon, everybody. I'd like to welcome each of you to the Brooks Automation fiscal 2010 third quarter results call. Our press release was issued its about 4:00 pm Eastern Time this afternoon, and is available on our website at www.brooks.com. As our copies of our third quarter Form 10-Q on the illustrative PowerPoint slides used during our call today.
I would like to remind everybody that during the course of the call, we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of factors that cause actual financial results or other events to differ significantly from those identified in such forward-looking statements.
I refer you to the section of our earnings release titled Safe Harbor Statement. The Safe Harbor slide on our website and to the company's various filings with the SEC. I would also note that we will make reference to a number of non-GAAP financial measures, which are used in addition to and in conjunction with results presented in accordance with GAAP. We should not be relied upon to the exclusion of GAAP measures.
Management believes these financial measures provide an additional way of viewing aspects of our operations, but when viewed with our GAAP results and the reconciliations to GAAP measures provide a more complete understanding of our business.
Joining me on our call today are our Chief Executive Officer, Bob Lepofsky; and our CEO designate Steve Schwartz. Bob will open the call after which I will provide a more detailed overview of the third quarter financials and the summary of our outlook for the September quarter before Steve provide his prospective. We then take your questions and at the end of the call after that Q&A period, Steve will provide some concluding prepared remarks. And that with you, Bob.
Thank you, Martin and good day ladies and gentlemen. We do appreciate you joining us today. These are exciting times at Brooks as we take full advantage of the current strong market conditions, maintain a cautious view of next year given the uncertain pace over the broader economic recovery and accelerate the pace of our own work in new product and market segment development.
The current market is allowing is to deliver strong operating results, $0.26 a share in the June quarter and an expected $0.31 to $0.34 a share next quarter. We continue to see revenue growth and even faster market expansion at least through the end of calendar year 2010. While we are maintaining a cautious view of next year at this point in time as people debate the strength of the semi cap equipment investment cycle, we are encouraged about the success of our new product launches and the impact that they will have on 2011 results.
From where we sit today, we think that new business will more than mitigate any downward pressure on our core business and 2011 will still show growth over 2010. Building on the successes of our product to market development activities quarter by quarter we believe that you will see an accelerating impact of new product initiatives. Some of these we have talked about in the past others will emerge over the next several quarters.
The really good news for today is our current position. As a direct result of the incredible work of the entire global Brooks team, we are stronger today than at anytime in our history.
Three years ago we set out to turn the potential of Brooks into real performance to the benefit of our customers, employees, and most importantly the patient shareholders of Brooks. We knew at the time, that we had many of the critical pieces of the puzzle. A strong technology base, a core group of employees who really wanted to succeed. A global customer list with demanding requirements and growth opportunities and a strong balance sheet, and we have high expectations. What we did not appreciate at the time was that the world was headed into unprecedented economic collapse that it want to impact everything we wanted to do.
Despite the challenges the Brooks did what they needed to do and the results we announced today are reflective of the collaborative efforts of an incredible team. Martin will go into the details of the quarter in a moment, but before he does I want to make one thing clear, these results are not the combination of our work. Rather they form a foundation on the first steps that will support our long-term growth strategy.
We have no intensions to be merely another semi-cap industry cycle rider. We will continue to build on our strong position in the semi space but we will intensify our efforts in newer adjacencies where we can leverage out core technology capabilities.
In the near-term, you will see important results from our efforts to expand existing relationship, such as our work on high productivity tools for general lighting applications of high brightness LEDs, innovative new solar cell production tools and simplified analytical tools used in the widening range of markets.