$ASYS
AMTECH SYSTEMS INC

2016 Q2 Form 10-Q Financial Statement

#000072050016000106 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $33.34M $40.02M
YoY Change -16.68% 335.43%
Cost Of Revenue $23.71M $29.89M
YoY Change -20.67% 295.4%
Gross Profit $9.631M $10.13M
YoY Change -4.91% 520.97%
Gross Profit Margin 28.89% 25.31%
Selling, General & Admin $8.665M $10.05M
YoY Change -13.82% 145.04%
% of Gross Profit 89.97% 99.27%
Research & Development $2.078M $3.650M
YoY Change -43.07% 19.52%
% of Gross Profit 21.58% 36.04%
Depreciation & Amortization $1.030M $850.0K
YoY Change 21.18% 44.07%
% of Gross Profit 10.69% 8.39%
Operating Expenses $10.74M $13.70M
YoY Change -21.61% 91.48%
Operating Profit -$602.0K -$1.234M
YoY Change -51.22% -68.12%
Interest Expense -$710.0K -$20.00K
YoY Change 3450.0% -150.0%
% of Operating Profit
Other Income/Expense, Net -$265.0K -$15.00K
YoY Change 1666.67% -134.88%
Pretax Income -$1.311M -$1.249M
YoY Change 4.96% -67.37%
Income Tax $70.00K $290.0K
% Of Pretax Income
Net Earnings -$1.209M -$1.604M
YoY Change -24.63% -69.49%
Net Earnings / Revenue -3.63% -4.01%
Basic Earnings Per Share -$0.09 -$0.12
Diluted Earnings Per Share -$0.09 -$0.12
COMMON SHARES
Basic Shares Outstanding 13.17M shares 13.10M shares
Diluted Shares Outstanding 13.17M shares 13.10M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.30M $23.70M
YoY Change 19.41% -25.0%
Cash & Equivalents $28.29M $23.72M
Short-Term Investments
Other Short-Term Assets $4.397M $3.967M
YoY Change 10.84% 104.7%
Inventory $28.39M $29.44M
Prepaid Expenses
Receivables $18.34M $19.56M
Other Receivables $0.00 $300.0K
Total Short-Term Assets $90.29M $90.36M
YoY Change -0.08% 26.95%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00M $20.04M
YoY Change -20.18% 98.69%
Goodwill $11.07M $15.04M
YoY Change -26.42% 76.87%
Intangibles $4.284M $5.187M
YoY Change -17.41% 73.48%
Long-Term Investments $2.960M
YoY Change
Other Assets $1.128M $3.300M
YoY Change -65.82% 32.05%
Total Long-Term Assets $35.87M $43.69M
YoY Change -17.91% 72.42%
TOTAL ASSETS
Total Short-Term Assets $90.29M $90.36M
Total Long-Term Assets $35.87M $43.69M
Total Assets $126.2M $134.1M
YoY Change -5.89% 38.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.41M $19.85M
YoY Change -7.26% 182.48%
Accrued Expenses $2.070M $5.465M
YoY Change -62.12% -7.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $723.0K $692.0K
YoY Change 4.48%
Total Short-Term Liabilities $44.85M $48.71M
YoY Change -7.93% 38.33%
LONG-TERM LIABILITIES
Long-Term Debt $9.626M $8.619M
YoY Change 11.68%
Other Long-Term Liabilities $6.000M $4.900M
YoY Change 22.45% 68.97%
Total Long-Term Liabilities $9.626M $8.619M
YoY Change 11.68% 197.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.85M $48.71M
Total Long-Term Liabilities $9.626M $8.619M
Total Liabilities $60.44M $62.47M
YoY Change -3.24% 63.91%
SHAREHOLDERS EQUITY
Retained Earnings -$35.54M -$30.17M
YoY Change 17.81% 69.44%
Common Stock $132.0K $132.0K
YoY Change 0.0% 34.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.99M $71.12M
YoY Change
Total Liabilities & Shareholders Equity $126.2M $134.1M
YoY Change -5.89% 38.89%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.209M -$1.604M
YoY Change -24.63% -69.49%
Depreciation, Depletion And Amortization $1.030M $850.0K
YoY Change 21.18% 44.07%
Cash From Operating Activities -$3.250M -$9.380M
YoY Change -65.35% 92.61%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$380.0K
YoY Change -34.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$250.0K -$390.0K
YoY Change -35.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 530.0K
YoY Change -94.34% 2550.0%
NET CHANGE
Cash From Operating Activities -3.250M -9.380M
Cash From Investing Activities -250.0K -390.0K
Cash From Financing Activities 30.00K 530.0K
Net Change In Cash -3.470M -9.240M
YoY Change -62.45% 90.52%
FREE CASH FLOW
Cash From Operating Activities -$3.250M -$9.380M
Capital Expenditures -$250.0K -$380.0K
Free Cash Flow -$3.000M -$9.000M
YoY Change -66.67% 84.8%

Facts In Submission

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11454000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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382000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q3 us-gaap Notes And Loans Receivable Net Current
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0 USD
us-gaap Number Of Operating Segments
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2015Q3 us-gaap Other Assets Current
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213000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3168000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-299000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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511000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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442000 USD
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0.60
CY2015Q3 us-gaap Other Deferred Credits Current
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3983000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-265000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-434000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-8595000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
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0 USD
us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
ProceedsFromDivestitureOfInterestInConsolidatedSubsidiaries
7012000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
521000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
34000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
557000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1145000 USD
us-gaap Proceeds From Sale Of Other Assets1
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0 USD
us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
4884000 USD
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793000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
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745000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
-8737000 USD
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
-7808000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33269000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32672000 USD
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PropertyPlantAndEquipmentNet
17761000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15998000 USD
CY2015Q3 us-gaap Purchase Obligation
PurchaseObligation
9800000 USD
CY2016Q2 us-gaap Purchase Obligation
PurchaseObligation
15800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
311000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
549000 USD
CY2015Q2 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
2342000 USD
us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
5869000 USD
CY2016Q2 us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
510000 USD
us-gaap Research And Development Arrangement With Federal Government Customer Funding To Offset Costs Incurred
ResearchAndDevelopmentArrangementWithFederalGovernmentCustomerFundingToOffsetCostsIncurred
1202000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3650000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9763000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2078000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
411000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7217000 USD
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
600000 USD
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
638000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
600000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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606000 USD
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40016000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
76685000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
33342000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
77899000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24513000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8665000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23709000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
864000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1059000 USD
CY2015Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1200000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1900000 USD
CY2016Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
800000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1600000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
628000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1023000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
793000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
745000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
806000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
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us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
6000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
822000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
624000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
92000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-121000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
691000 USD
us-gaap Stock Issued1
StockIssued1
26625000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
72834000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
66990000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
72647000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
65718000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2000000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2300000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1800000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1800000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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1600000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13103000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11644000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13173000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13165000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11644000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13173000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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13165000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk &#8211;</font><font style="font-family:inherit;font-size:10pt;"> Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company&#8217;s customers consist of solar cell and semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. Credit risk is managed by performing ongoing credit evaluations of our customers&#8217; financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and country of domicile. Reserves for potentially uncollectible receivables are maintained based on an assessment of collectability.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains its cash, cash equivalents and restricted cash in multiple financial institutions. Approximately </font><font style="font-family:inherit;font-size:10pt;">75%</font><font style="font-family:inherit;font-size:10pt;"> of the Company's total cash balances are primarily invested in US Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The remainder of the Company&#8217;s cash is maintained with financial institutions with reputable credit ratings in The Netherlands, France and China.</font></div></div>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Deferred Profit</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Revenue deferred pursuant to the Company&#8217;s revenue recognition policy, net of the related deferred costs, if any, is recorded as deferred profit in current liabilities.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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