Azenta, Inc. · NASDAQ:AZTA
Azenta — Brooks Automation — Q4 FY2008 Earnings Presentation
12 slides from Azenta's earnings presentation, Nov 14, 2008
Slide 1: Q4 Fiscal 2008 Financial Results Conference Call
Q4 Fiscal 2008 Financial Results Conference Call Tuesday, November 11, 2008 4:30 p.m. ET
Slide 2: Safe Harbor Statement
Safe Harbor Statement "Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward-looking statements that are subject to risks and uncertainties that co
Slide 3: Operations Summary
Operations Summary We provided guidance for the 4th quarter of $0.05 to $0.15 loss GAAP EPS excluding special charges, on revenues of $110 to $125 million Reported for the 4th quarter $0.16 loss GAAP EPS excluding special charges on revenues of $106.9 million Q4 $000's Q4 DEPS FY2008 $000's FY2008 D
Slide 4: Special Charges
Special Charges Special charges in the quarter comprised the following ($000's): Asset impairments Asset impairments Goodwill 197,883 Other intangibles 2,219 Buildings and leasehold improvements 3,468 203,570 TEC-SEM Asset Investment TEC-SEM Asset Investment 1,009 Restructuring ($125 million breakev
Slide 5: Cost Reductions Help Offset Revenue Declines
Cost Reductions Help Offset Revenue Declines Q3 FY08 Q4 FY08 Change Revenues $124,016 $106,870 $(17,146) Gross Profit 28,857 23,083 (5,774) Research & Development 10,270 8,669 (1,601) SG&A 25,636 25,881 245 Impairment Charges - 203,570 203,570 Restructuring Charges 2,571 1,610 (961) Operating Income
Slide 6: Revenue & Operating Loss Waterfall
Revenue & Operating Loss Waterfall Q3 124,016 (7,049) License income (1,179) (1,179) Automated Systems (7,870) (349) Critical Components 521 1,260 GCO - Legacy products (4,308) (3,022) GCO - Spares and Service (4,310) (2,484) Research & development 1,601 Special Investigation (2,109) SG&A 1,864 Q4 1
Slide 7: Increased Operating Loss
Increased Operating Loss Result Impact Net Loss Q3 FY08 Q4 FY08 FY08 Comments on Sequential Trends Operating loss ($9,620) ($216,647) $(237,469) Impairment charge Interest income, net 1,144 1,049 6,996 Lower rates Loss on investment 0 (1,009) (3,940) Small Swiss investment Other income (expense) (1,
Slide 8: Critical Components Segment
Critical Components Segment Q3 FY08 Q4 FY08 FY08 Comments on Sequential Trends Revenues $28,341 $28,862 $127,035 Other end markets offset by semiconductor r Gross Profit 10,241 11,501 47,871 Favorable cost & mix Gross Margin % 36.1% 39.8% 37.7% Operating Expenses 8,810 9,109 36,219 Slightly higher a
Slide 9: Automation Systems Segment
Automation Systems Segment Q3 FY08 Q4 FY08 FY08 Comments on Sequential Trends Revenues $58,873 $49,824 $273,294 Semiconductor weakness Gross Profit 9,733 8,205 57,714 Gross Margin % 16.5% 16.5% 20.0% Unfavorable absorption Operating Expenses 19,746 18,287 86,768 Lower R&D and lower allocations Segme
Slide 10: Global Customer Support Segment
Global Customer Support Segment Q3 FY08 Q4 FY08 FY08 Comments on Sequential Trends Revenues $36,802 $28,184 $126,037 Lower legacy product sales Gross Profit 8,883 3,377 24,243 Legacy sales down; legacy E&O charge at $0.9 million Gross Margin % 24.1% 12.0% 19.2% Operating Expenses 5,564 5,371 23,413
Slide 11: Q4 FY08 Cash Flow
Q4 FY08 Cash Flow Net Loss ($215,908) Depreciation & Amortization 8,671 Stock based compensation 1,297 Impairment of assets 203,570 Other non-cash items 490 Change in assets 7,905 Cash flow from Continuing Operations 6,025 Capital Expenditures (6,204) Stock Repurchases 0 Other (947) Net Change in Ca
Slide 12: Working Capital Management
Working Capital Management Sept 2007 June 2008 Sept 2008 Net Working Capital -$ % to annualized sales 98,549 14.8% 104,875 21.1% 92,449 21.6% Accounts Receivable - $ % to annualized sales 105,904 15.9% 73,229 14.8% 66,844 15.6% Inventories, net - $ % to annualized sales 104,794 15.7% $111,154 22.4%