Azenta, Inc. · NASDAQ:AZTA
Azenta — Brooks Automation — Q1 FY2009 Earnings Presentation
13 slides from Azenta's earnings presentation, Feb 9, 2009
Slide 1: Q1 Fiscal 2009 Financial Results Conference Call
Q1 Fiscal 2009 Financial Results Conference Call Monday, February 9, 2009 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: Accelerating deterioration of business conditions drives losses
Accelerating deterioration of business conditions drives losses Management did not provide specific guidance for the quarter Revenues declined by 31% Q4-08 $000's Q4-08 DEPS Q1-09 $000's Q1-09 DEPS Loss before Special charges ( 10,027) ($0.16) ( 29,793) ($0.48) Special Charges (206,189) ($3.29) ( 5,
Slide 4: Inventory provisions and investments for the future increase loss drop thru' rate
Inventory provisions and investments for the future increase loss drop thru' rate Q4 FY08 Q1 FY09 Change Revenues $106,870 $73,443 ($33,427) Gross Profit 23,083 6,388 ( 16,695) Research & Development 8,669 9,277 ( 608) SG&A 25,881 27,634 ( 1,753) Operating Loss before Special Charges ($11,467) ($30,
Slide 5: Revenue & Operating Loss Waterfall
Revenue & Operating Loss Waterfall Q4 $106,870 ($11,467) License income 446 446 Automated Systems (21,478) (8,626) Critical Components (6,053) (4,541) GCO (6,342) (1,429) Incremental inventory provisions (2,093) Research & development (608) SG&A consulting investments (917) Former director indemnifi
Slide 6: Intangibles Asset impairment in Q4 impacts comparisons
6 Intangibles Asset impairment in Q4 impacts comparisons Q4 FY08 Q1 FY09 Comments on Sequential Trends Operating loss before Sp Charges ($ 11,467) ($30,523) Special charges in operating expenses ( 205,180) ( 4,105) Q4 intangible asset impairment Interest income, net 1,049 771 Declining rate environm
Slide 7: Balance Sheet management mitigates cash burn
Balance Sheet management mitigates cash burn Adjusted EBITDA ($20,269) Restructuring cash flow (3,268) Net Interest income 771 Change in assets 9,288 Cash flow from Continuing Operations (13,478) Capital Expenditures (5,084) Currency and other 937 Net Change in Cash and Marketable Securities ($17,62
Slide 8: Critical Balance Sheet accounts
Critical Balance Sheet accounts September 2008 December 2008 Comments on Sequential Trends Cash and Marketable Securities 177,281 159,657 Accounts receivable, net 66,844 40,882 DSO improves to 50 days Inventories, net 105,901 109,559 Lead times as compared to customer cancellations Accounts payable
Slide 9: Critical Components Segment
Critical Components Segment Q4 FY08 Q1 FY09 Comments on Sequential Trends Revenues $28,862 $22,809 Semi and industrial market declines Gross Profit 11,501 6,961 Gross Margin % 39.8% 30.5% Under absorption of fixed costs & amortization Operating Expenses 9,109 10,912 Increased R&D investments, corpor
Slide 10: Automation Systems Segment
Automation Systems Segment Q4 FY08 Q1 FY09 Comments on Sequential Trends Revenues $49,824 $28,792 End market equipment declines and inventory adjustments Gross Profit 8,205 ( 3,421) Additional $3 million of inventory provisions Gross Margin % 16.5% -11.9% Under absorption of fixed costs Operating Ex
Slide 11: Global Customer Support Segment
Global Customer Support Segment Q4 FY08 Q1 FY09 Comments on Sequential Trends Revenues $28,184 $21,842 Highest percent decline in legacy and spares Gross Profit 2,592 2,848 $900 inventory provisions in Q4 FY08 Gross Margin % 9.2% 13.0% Operating Expenses 5,371 6,416 Higher corporate cost allocation
Slide 12: Looking Forward
Looking Forward 54% Q1 bookings decline and customer announcements provide difficult outlook for Q2 Comprehensive restructuring will reduce cost base throughout the company Targeting $80 to $85 million cash breakeven exiting the third fiscal quarter Brooks is committed to emerging from this trough a
Slide 13: Reconciliations of Non-GAAP measures
Reconciliations of Non-GAAP measures Q4 FY08 Q1 FY09 Operating Loss before Special Charges ( $11,467) ( $30,523) Less: restructuring charges ( 1,610) ( 4,105) Less: asset impairments ( 203,570) - Operating Loss ($216,647) ( $34,628)