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I also would like to note that we make reference to a number of non-GAAP financial measures which are used to in addition to and in conjunction with results provided in accordance with GAAP.Management believes these non-GAAP measures provide an additional way of viewing aspects of our operations and performance. 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 till the exclusion of GAAP financials. With me today is Brooks’ President and Chief Executive Officer, Steve Schwartz, who will follow my introductory remarks with commentary on the business environment and our current initiatives. I will then provide an overview of the third quarter financial results and a summary of our financial outlook for the quarter ended September 30, which is our fourth quarter of 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 on your Investor Relations page. To frame the events of the quarter, a summary is provided on slide 3. After opening the quarter with bookings largely in line with our expectations, we saw two events that substantially slowed down the bookings right in the quarter. First, as many of you will have heard from our customers and peers, semiconductors bookings got very weak very quickly late in the quarter. Secondly we saw a contraction in Sample Storage and Management Systems projects being awarded largely through a slowdown in European funding. Together these combined to bring bookings down to a $128 million in the quarter. Offsetting the weakness in frontend Semi and Life Science systems was strong demand for our Polycold cryochillers supporting tablet and smartphone capacity build. Our margins were adversely impacted by lower demand for tools with our high vacuum products that result in a proportionate increase in low margin atmospheric robots as compared to the more favorably contributing vacuum robotic and cryopump products. We also remain in negotiation with significant customers to establish timetables through introduction of alternately sourced components and sub systems. With that scene setting, let me introduce Steve Schwartz.
Steve SchwartzThank you, Martin. Good afternoon everyone and thank you for joining our call. We are pleased to be able to discuss our third quarter results with you and give you some color as to the progress we are making on our growth initiatives. Like others in our space who have already reported earnings, we too began to see a softening of the semiconductor business starting in early June when orders began to slow considerably. But even in a challenging semiconductor environment, our revenue remained basically flat. We actually showed an increase of about 4% quarter-on-quarter in our BPS business unit led by the strength of our Polycold business which was driven by coding applications for active displays for tablets and smartphones. This increase was offset by a drop in revenue in our Life Science Systems business and I'll say more about that in a moment. As we look forward different dynamics will take place in the September quarter when we expect to see Semiconductor revenue falling, Adjacent revenue holding and Services and Life Science Systems businesses also steady. Martin will give some more detail about our guidance but I want to take a time right now to speak to you about our progress and challenges going forward. We had another very strong quarter of design win activity as we added 21 more OEM design wins, right about our quarterly average. The wins this time were highly weighted to adjacent markets where we closed on 13 new business opportunities which included six wins for non-MOCVD steps in LED manufacturing and two for semi backend packaging applications. Read the rest of this transcript for free on seekingalpha.com