I’d like to remind everybody that during the course of the call we will be making a number of forward-looking statements within the meaning of the Private Litigation Securities Act of 1995.There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements. And I refer you to the section of our earnings release titled “Safe Harbor Statement,” the Safe Harbor slide in the aforementioned PowerPoint presentation on our website, and the company’s various filings with the SEC including Form 10-K and the fiscal year ended September 30 2011. We make no obligation to update these statements, should future financial data or events occur that differ from forward-looking statements presented today. I would also note we also make reference to a number of non-GAAP financial measures, which are used to in addition to and in conjunction with results presented in accordance with GAAP. Management believes these non-GAAP measures provide an additional way of viewing aspects of our operations and performance but, when considered with the GAAP financial results and the reconciliations of GAAP measures, provide a more complete understanding of the Brooks’ business. Non-GAAP measures should not be relied upon to the exclusion of GAAP measures. With me today is Brooks’ President and Chief Executive Officer, Steve Schwartz, who will open with remarks around the business environment and our current initiatives. I will then provide an overview of the first quarter financial results and a summary of our financial outlook for the March quarter, the second quarter of Brooks’ fiscal 2012. We’ll then take your questions. During our prepared remarks, I will from time-to-time make reference to the slides available to everybody at the Investor Relations page of our website. And with that, let me introduce Steve Schwartz. Stephen S. Schwartz Thank you, Martin, and thanks to all of you for joining our call. Today, I’ll spend a few minutes updating you on our progress against our strategic initiatives, highlighting some of the focus areas for the company, and outlining what we see as prospects for our continued growth in each of the markets that we serve.
There’s been a significant change in our business outlook since our last earnings call. In November, we knew that we renew our cyclical bottom in our semi business, but we did not know when or how much of a recover we might expect. Our orders began to pick up in December, so that our near-term outlook has improved significantly and we’re looking forward to an improvement in the semiconductor portion of our business.Consistent with many of the North American suppliers to this industry, who have already reported their December results, our semiconductor products revenue in the December quarter was down about 27% from June 2011 levels. Fortunately, capital spending announcements from large IC makers are setting the tone for an improved 2012 forecasts. And like other suppliers to this industry, we too see improvement in the March quarter. We’re also beginning to have more confidence that the June quarter will be up from there. Ultimately, the continued global macro economic uncertainty will determine the speed and surety of these capacity investments, but for now, the tone is distinctly positive. In our Life Science Systems business, we participate in large and growing market that is not susceptible to dramatic capacity driven swings. Our December quarter Life Science Systems revenue was $12.8 million, up $4.4 million from September, a quarter in which we had the benefit of only two months of Nexus revenue. We anticipate a further increase in Life Science Systems revenue in the March quarter. In Life Science Systems, we have targeted an area of strong secular growth and although, order patterns can be lumpy, our business overall should be steadier. As we discussed on our last call, we've seen some decrease in the non-semiconductor portion of our business, specifically from the September quarter to the December quarter, revenues from semiconductor products was flat and Life Sciences revenue was up. Meaning that, all of the quarter-to-quarter revenue decrease was due to the decline in our industrial and adjacent markets. Read the rest of this transcript for free on seekingalpha.com