• Fiscal year diluted earnings per share from continuing operations of $0.92.
  • Excluding non-recurring income and special charges adjusted diluted earnings of $0.78.
  • Record quarterly diluted earning per share from continuing operations at $0.38.

CHELMSFORD, Mass., Nov. 10, 2010 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS) announced financial results for the Company's fourth quarter of fiscal year 2010 ended on September 30, 2010.

Revenues for the fourth quarter of 2010 were $181.6 million, compared to revenues of $64.1 million in the fourth quarter of 2009, an increase of 183.4%. Sequentially, revenues grew 15.8% from third quarter revenues of $156.8 million.

Net income attributable to Brooks Automation, Inc. ("Brooks") for the fourth quarter of fiscal 2010 amounted to $24.2 million, or $0.38 per diluted share.

Excluding non-recurring income and special charges, the adjusted net income of $24.4 million, or $0.38 per diluted share, improved on a sequential basis from $16.9 million, or $0.26 per diluted share, and compares with a loss of $(14.0) million, or $(0.22) per diluted share, in the fourth quarter of fiscal 2009.  Non recurring income and special charges and their impact on comparative results are identified in the unaudited table included with this release. Including special charges, the Net income attributable to Brooks in the third quarter was $16.6 million, or $0.26 per diluted share, and the Net loss attributable to Brooks in the fourth quarter of fiscal 2009 was $(14.5) million, or $(0.23) per diluted share.

Adjusted Earnings (Loss) before Interest, Tax, Depreciation and Amortization for the fourth quarter of fiscal 2010 was $29.7 million, which compared to $22.5 million in the third quarter of fiscal 2010 and $(8.7) million in the fourth quarter of fiscal 2009. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated statements of operations, balance sheets and statements of cash flows included in this release.

Net cash provided by operating activities for the fiscal year ended September 30, 2010 was $27.9 million, which together with proceeds from the sale of intellectual property rights in the second fiscal quarter of $7.8 million and net of capital expenditures over the year of $3.5 million resulted in an increase of total cash and marketable securities to $142.4 million at September 30, 2010.

Revenues for the year ended September 30, 2010 were $593.0 million, a 171% increase from $218.7 million for the prior fiscal year. Net income attributable to Brooks for the current fiscal year was $59.0 million, as compared to the prior fiscal year's net loss of $(227.9) million. Excluding non-recurring income and special charges, the adjusted net income (loss) from operations for the current fiscal year was $50.1 million, or $0.78 per diluted share, as compared to a loss of $(102.9) million, or $(1.64) per diluted share, in the prior fiscal year. Non-recurring income and special charges are identified in the unaudited financial information included in this release.

Commenting on recent activities, Stephen S. Schwartz, Chief Executive Officer and President of Brooks stated, "We had a strong finish to the fiscal year with excellent top line growth and record quarterly operating performance.   We saw continuing strength to our semiconductor business and we successfully leveraged that growth to improve margin performance."

Mr. Schwartz added, "Although we are starting to see moderation from the high growth levels attained during fiscal 2010, we believe that our principal served markets will remain healthy as the global economy continues to recover. Additionally, our successes with design-in wins, particularly in markets adjacent to semiconductor, will drive revenue and earnings growth for fiscal 2011."  

Martin S. Headley, Executive Vice-President and Chief Financial Officer noted, "We have a strong cash generating capacity and plan to act on a number of internal and external opportunities for investment to fuel strong long term growth."

Brooks management will webcast its fourth quarter earnings conference today at 4:30 p.m. Eastern Time to discuss the attached quarterly results and business highlights. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Their responses could contain information that has not been previously disclosed.

Analysts, investors and members of the media can access the live broadcast available on Brooks' website at www.brooks.com. The call will be archived on this website for convenient on-demand replay.

About Brooks Automation, Inc.

Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions to the global semiconductor and related industries. Our products and services are meeting the needs of customers across a broad spectrum of applications and industries and the global semiconductor manufacturing sector is our largest served market. When demanding productivity and availability objectives are essential factors for success, customers throughout the world turn to Brooks Automation, Inc. For more information go to   www.brooks.com or email sales@brooks.com.

"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934 

Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include statements regarding our revenue and earnings expectations, our ability to develop further our business in new and adjacent markets, and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet increased demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the failure of our customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; continuing uncertainties in global political and economic conditions, the impact of global health concerns, and other factors and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
BROOKS AUTOMATION, INC.    
CONSOLIDATED BALANCE SHEETS    
(unaudited)    
(In thousands, except share and per share data)    
     
    September 30, 2010   September 30, 2009 
Assets    
Current assets    
Cash and cash equivalents $ 59,823 $ 59,985
Marketable securities  49,011  28,046
Accounts receivable, net  92,273  38,428
Inventories, net  115,787  84,738
Prepaid expenses and other current assets  10,437  9,992
Total current assets  327,331  221,189
Property, plant and equipment, net  63,669  74,793
Long-term marketable securities  33,593  22,490
Goodwill  48,138  48,138
Intangible assets, net  11,123  14,081
Equity investment in joint ventures  31,746  29,470
Other assets  2,624  3,161
Total assets $ 518,224 $ 413,322
Liabilities and equity    
Current liabilities    
Accounts payable $ 65,734 $ 26,360
Deferred revenue  4,365  2,916
Accrued warranty and retrofit costs  8,195  5,698
Accrued compensation and benefits  13,677  14,317
Accrued restructuring costs  3,509  5,642
Accrued income taxes payable  1,040  2,686
Accrued expenses and other current liabilities  11,635  12,870
Total current liabilities  108,155  70,489
Accrued long-term restructuring  —  2,019
Income taxes payable  12,446  10,755
Long-term pension liability  5,466  7,913
Other long-term liabilities  2,805  2,523
Total liabilities  128,872  93,699
Contingencies    
Equity    
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding  —  —
Common stock, $0.01 par value, 125,000,000 shares authorized, 78,869,331 shares issued and 65,407,462 shares outstanding at September 30, 2010, 77,883,173 shares issued and 64,421,304 shares outstanding at September 30, 2009  789  779
Additional paid-in capital  1,803,121  1,795,619
Accumulated other comprehensive income  19,510  16,318
Treasury stock at cost, 13,461,869 shares at September 30, 2010 and 2009  (200,956)  (200,956)
Accumulated deficit  (1,233,649)  (1,292,631)
Total Brooks Automation, Inc. stockholders' equity  388,815  319,129
Noncontrolling interest in subsidiaries  537  494
Total equity  389,352  319,623
Total liabilities and equity $ 518,224 $ 413,322
BROOKS AUTOMATION, INC.    
CONSOLIDATED STATEMENTS OF OPERATIONS    
(unaudited)    
(In thousands, except per share data)    
     
     Three months ended  September 30,   Year ended  September 30, 
   2010   2009   2010   2009 
Revenues        
Product  $ 165,475 $ 51,073  $ 532,174 $ 167,552
Services   16,157  13,012   60,798  51,154
Total revenues   181,632  64,085   592,972  218,706
Cost of revenues        
Product  113,965  40,292  377,599  155,370
Services  12,473  11,931  49,078  48,408
Impairment of long-lived assets   —  —   —  20,924
Total cost of revenues   126,438  52,223   426,677  224,702
Gross profit (loss)   55,194  11,862   166,295  (5,996)
Operating expenses        
Research and development  8,043  7,115  31,162  31,607
Selling, general and administrative  24,576  18,831  85,597  91,231
Impairment of goodwill  —  —  —  71,800
Impairment of long-lived assets  —  —  —  14,588
Restructuring charges   235  513   2,529  12,806
Total operating expenses   32,854  26,459   119,288  222,032
Operating income (loss)  22,340  (14,597)  47,007  (228,028)
Interest income  307  640  1,121  2,719
Interest expense  46  196  80  454
Sale of intellectual property rights  —  —  7,840  —
Loss on investment  —  —  191  1,185
Other income, net   662  66   367  31
Income (loss) before income taxes and equity in earnings (losses) of joint ventures  23,263  (14,087)  56,064  (226,917)
Income tax provision (benefit)   (527)  (85)   (2,746)  643
Income (loss) before equity in earnings (losses) of joint ventures  23,790  (14,002)  58,810  (227,560)
Equity in earnings (losses) of joint ventures   518  (466)   215  (213)
Net income (loss)  $ 24,308 $ (14,468)  $ 59,025 $ (227,773)
Net income attributable to noncontrolling interests   (132)  (22)   (43)  (85)
Net income (loss) attributable to Brooks Automation, Inc.  $ 24,176 $ (14,490)  $ 58,982 $ (227,858)
Basic net income (loss) per share attributable to Brooks Automation, Inc. common stockholders  $ 0.38 $ (0.23)  $ 0.92 $ (3.62)
Diluted net income (loss) per share attributable to Brooks Automation, Inc. common stockholders  $ 0.38 $ (0.23)  $ 0.92 $ (3.62)
Shares used in computing earnings (loss) per share        
Basic  64,068  63,135  63,777  62,911
Diluted  64,330  63,135  64,174  62,911
   
BROOKS AUTOMATION, INC.  
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(unaudited)  
(In thousands)  
     Year ended  September 30, 
   2010   2009 
Cash flows from operating activities    
Net income (loss) $ 59,025 $ (227,773)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization  18,420  25,856
Impairment of assets  —  107,312
Sale of intellectual property rights  (7,840)  —
Stock-based compensation  6,567  5,817
Amortization of premium on marketable securities  942  127
Undistributed (earnings) losses of joint ventures  (215)  213
Loss on disposal of long-lived assets  4  17
Loss on investment  191  1,185
Changes in operating assets and liabilities, net of acquisitions and disposals:    
Accounts receivable  (53,163)  29,963
Inventories  (31,341)  21,779
Prepaid expenses and other current assets  (499)  4,527
Accounts payable  39,352  (10,947)
Deferred revenue  1,487  (676)
Accrued warranty and retrofit costs  2,483  (2,496)
Accrued compensation and benefits  (913)  (3,869)
Accrued restructuring costs  (4,123)  (5,007)
Accrued expenses and other  (2,505)  (2,522)
Net cash provided by (used in) operating activities  27,872  (56,494)
Cash flows from investing activities    
Purchases of property, plant and equipment  (3,472)  (11,339)
Purchases of marketable securities  (117,473)  (59,091)
Sale/maturity of marketable securities  84,546  75,628
Proceeds from the sale of intellectual property rights  7,840  —
Purchase of intangible assets  (892)  —
Other  243  1,055
Net cash provided by (used in) investing activities  (29,208)  6,253
Cash flows from financing activities    
Proceeds from issuance of common stock, net of issuance costs  1,245  1,248
Net cash provided by financing activities  1,245  1,248
Effects of exchange rate changes on cash and cash equivalents  (71)  (1,291)
Net decrease in cash and cash equivalents  (162)  (50,284)
Cash and cash equivalents, beginning of period  59,985  110,269
Cash and cash equivalents, end of period $ 59,823 $ 59,985

BROOKS AUTOMATION, INC. Supplemental Information (In thousands, except per share data) (unaudited)

Notes on Non-GAAP Financial Measures:

The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of non-recurring income and charges such as the sale of intellectual property rights, one-time tax refunds, non-cash impairment charges, restructuring charges and gains or losses on investments. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. A table reconciling income (loss) and diluted earnings (loss) per share from operations is presented below:
  Quarter ended
  September 30, 2010 June 30, 2010 September 30, 2009
  $ per share $ per share $ per share
             
Net income (loss) attributable to Brooks Automation, Inc.  $ 24,176  $ 0.38  $ 16,572  $ 0.26  $ (14,490)  $ (0.23)
             
Restructuring charges  235  0.00  288  0.00  513  0.01
Adjusted net income (loss) attributable to Brooks Automation, Inc.  24,411  0.38  16,860  0.26  (13,977)  (0.22)
             
Stock-based compensation  1,678  0.03  1,328  0.02  810  0.01
Adjusted net income (loss) attributable to Brooks Automation, Inc. - excluding stock-based compensation  $ 26,089  $ 0.41  $ 18,188  $ 0.28  $ (13,167)  $ (0.21)
             
  Year Ended    
  September 30, 2010 September 30, 2009    
  $ per share $ per share    
             
Net income (loss) attributable to Brooks Automation, Inc.  $ 58,982  $ 0.92  $ (227,858)  $ (3.62)    
             
Impairment charges - cost of revenues  --  --  20,924  0.33    
Impairment charges - operating expense  --  --  86,388  1.37    
Restructuring charges  2,529  0.04  12,806  0.20    
Restructuring related inventory charges  --  --  3,612  0.06    
Loss on investment  191  0.00  1,185  0.02    
One-time income tax benefit  (3,899)  (0.06)  --  --    
Sale of intellectual property rights, net of tax  (7,730)  (0.12)  --  --    
Adjusted net income (loss) attributable to Brooks Automation, Inc.  50,073  0.78  (102,943)  (1.64)    
             
Stock-based compensation  6,567  0.10  5,817  0.09    
Adjusted net income (loss) attributable to Brooks Automation, Inc. - excluding stock-based compensation  $ 56,640  $ 0.88  $ (97,126)  $ (1.54)    
             
  Quarter ended Year Ended  
  Sep 30, 2010 June 30, 2010 Sep 30, 2009 Sep 30, 2010 Sep 30, 2009  
             
Net income (loss) attributable to Brooks Automation, Inc.  $ 24,176  $ 16,572  $ (14,490)  $ 58,982  $ (227,858)  
             
Less: Interest income  (307)  (221)  (640)  (1,121)  (2,719)  
Add: Interest expense  46  7  196  80  454  
Add: Income tax provision (benefit)  (527)  (35)  (85)  (2,746)  643  
Add: Depreciation  3,419  3,597  4,187  14,563  15,642  
Add: Amortization of completed technology  479  479  457  1,887  5,576  
Add: Amortization of acquired intangible assets  493  493  371  1,970  4,638  
Add: Stock-based compensation  1,678  1,328  810  6,567  5,817  
Add: Restructuring related inventory charges  --  --  --  --  3,612  
Add: Impairment charges - cost of revenues  --  --  --  --  20,924  
Add: Impairment charges - operating expense  --  --  --  --  86,388  
Add: Restructuring charges  235  288  513  2,529  12,806  
Add: Loss on investment  --  --  --  191  1,185  
Sale of intellectual property rights, pre-tax  --  --  --  (7,840)  --  
             
Adjusted EBITDA  $ 29,692  $ 22,508  $ (8,681)  $ 75,062  $ (72,892)  
CONTACT:  Brooks Automation, Inc.          Barbara Culhane, Corporate Marketing Manager          978-262-2400          www.brooks.com