Business
Amtech Reports Second Quarter Fiscal 2020 Results
TEMPE, Ariz.--(BUSINESS WIRE)-- Amtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing,
About this update from Amtech Systems, Inc.
[{"type":"text","content":" TEMPE, Ariz.--(BUSINESS WIRE)--\nAmtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power chips, electronic assemblies and light-emitting diodes (LEDs), today reported results for its second quarter ended March 31, 2020.\n\n\nSecond Quarter Fiscal 2020 Financial and Operational Highlights from Continuing Operations:\n\n\n\nNet revenue of $14.5 million\n\n\nOperating loss of $1.0 million\n\n\nLoss from continuing operations, net of tax, of $0.5 million\n\n\nLoss per diluted share from continuing operations of $0.04\n\n\nCustomer orders of $20.6 million\n\n\nUnrestricted cash of $49.3 million\n\n\nCash provided by operations of $1.3 million\n\n\nRepurchase of 366,000 shares of common stock at a total cost of approximately $2.0 million\n\n\n\nMr. Michael Whang, Chief Executive Officer of Amtech, commented, “As COVID-19 developed into a global pandemic throughout the second fiscal quarter, we faced disruptions both to our manufacturing facilities and supply chain. However, due to the extraordinary efforts of our employees and partners, we were able to continue to serve our customers, resulting in revenue for the quarter that was above the high end of our guidance.\n\n\n\"Despite ongoing uncertainties related to near-term demand, we are fortunate to have entered this period with both a resilient business model and strong balance sheet which will allow us to navigate the challenges likely to rise in these uncertain times while supporting the execution of our power semi growth strategy,” concluded Mr. Whang.\n\n\nGAAP Financial Results\n\n\n\n\n(in millions, except per share amounts)\n\n\n\nQ2\n\n\n\n \n\n\n\nQ1\n\n\n\n \n\n\n\nQ2\n\n\n\n \n\n\n\n6 Months\n\n\n\n \n\n\n\n6 Months\n\n\n\n \n\n\n\n\n\n \n\n\n\nFY 2020\n\n\n\n \n\n\n\nFY 2020\n\n\n\n \n\n\n\nFY 2019\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n\n\nNet revenues\n\n\n\n$\n\n\n\n14.5\n\n\n\n \n\n\n\n$\n\n\n\n20.7\n\n\n\n \n\n\n\n$\n\n\n\n20.6\n\n\n\n \n\n\n\n$\n\n\n\n35.2\n\n\n\n \n\n\n\n$\n\n\n\n43.9\n\n\n\n \n\n\n\n\n\nGross profit\n\n\n\n$\n\n\n\n5.4\n\n\n\n \n\n\n\n$\n\n\n\n8.2\n\n\n\n \n\n\n\n$\n\n\n\n7.9\n\n\n\n \n\n\n\n$\n\n\n\n13.5\n\n\n\n \n\n\n\n$\n\n\n\n16.9\n\n\n\n \n\n\...