CHELMSFORD, Mass., Feb. 01, 2017 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS), a leading worldwide
provider of automation and cryogenic solutions for multiple markets, including semiconductor manufacturing and life sciences, today
reported financial results for the first quarter of fiscal 2017, ended December 31, 2016.
Fiscal First Quarter of 2017 Financial and Operational Highlights:
- Revenue was $160.0 million;
- Brooks Life Science Systems segment revenue was $33.3 million;
- GAAP net income was $13.9 million with diluted EPS of $0.20;
- Non-GAAP net income was $17.3 million with diluted EPS of $0.25; and
- Cash flow from operations was $18.7 million.
Summary of GAAP and Non-GAAP Earnings
| |
|
Quarter Ended |
| |
|
December
31, |
|
September
30, |
|
December
31, |
| Dollars in thousands, except per share data |
|
2016 |
|
2016 |
|
2015 |
| GAAP net income (loss) |
|
$ |
13,871 |
|
|
$ |
10,547 |
|
|
$ |
(4,648 |
) |
| GAAP diluted earnings (loss) per share |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
(0.07 |
) |
| |
|
|
|
|
|
|
| Non-GAAP net income |
|
$ |
17,301 |
|
|
$ |
15,324 |
|
|
$ |
1,246 |
|
| Non-GAAP diluted earnings per share |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.02 |
|
A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated
statements of operations and statements of cash flows included in this release.
Management Comments
“This quarter we grew our top line with contributions from both segments,” commented Steve Schwartz, CEO of Brooks Automation. “We
delivered a sixth consecutive quarter of sequential growth in Life Sciences and set a record for new contract value booked, at
nearly two times revenue. We also expanded our capabilities with the acquisition of Cool Lab, LLC, further enhancing our
market-leading lineup of comprehensive sample management solutions. The Semiconductor segment also expanded, led by a new record
this quarter in sales of Contamination Control Solutions. Our portfolio is positioned for continued profitable growth.”
GAAP Summary
Revenue for the first quarter of fiscal 2017 increased 2% sequentially to $160.0 million compared to the fourth quarter of fiscal
2016. Gross margin was 35.6%, down 0.3 points from the fourth quarter of fiscal 2016. Operating expenses of $43.8 million
decreased 5%, or $2.4 million, from the previous quarter as a result of lower research and development expenses and lower
restructuring charges. GAAP net income in the quarter was $13.9 million and diluted earnings per share was $0.20, an increase of
31% compared to the fourth quarter.
The amortization of intangible assets, restructuring charges, impact of purchase price accounting adjustments and
special charges are appropriately included in the GAAP summary of earnings discussed above. The impact on earnings of such
non-GAAP adjustments is referenced in the unaudited table included within this press release.
In the proceeding analysis of the non-GAAP results, Brooks adjusted the GAAP results for the impact of
amortization of intangible assets, restructuring charges, and purchase price accounting adjustments to provide investors better
perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its
peers. Brooks also excludes special charges or gains, such as impairment losses, gains or losses from the sale of assets, as
well as other gains and charges that are not representative of the normal operations of the business. Brooks currently includes a
valuation allowance reserve against U.S. deferred tax assets in its GAAP results. In assessing the appropriate tax rate for
the non-GAAP results, the Company evaluated the adjustments discussed above and concluded it was appropriate to maintain the
valuation allowance reserve in deriving the non-GAAP tax rate.
Results of Fiscal First Quarter of 2017 (Non-GAAP Discussion)
Non-GAAP net income was $17.3 million in the first quarter, resulting in non-GAAP diluted earnings per share of $0.25. This
compares to non-GAAP net income of $15.3 million and non-GAAP diluted earnings per share of $0.22 in the fourth quarter of fiscal
2016.
As noted above, revenue for the first quarter of fiscal 2017 was $160.0 million, up 2% compared to the fourth
quarter of fiscal 2016. Brooks Semiconductor Solutions Group (BSSG) segment revenue increased to $126.6 million, or 1%, primarily
driven by Contamination Control Solutions, which achieved record quarterly sales of $24.0 million, up $2.3 million from the fourth
quarter. Brooks Life Science Systems (BLSS) segment revenue grew 5% sequentially to $33.3 million, driven by continued growth of
BioStorage services and $0.3 million of sales from the products of Cool Lab, LLC which was acquired on November 28, 2016.
Non-GAAP gross margin, which excludes amortization expense, impact of purchase price accounting adjustments and
special charges described above, was 36.3% in the first quarter, down 0.4 points from the prior quarter. BSSG's non-GAAP
gross margin was 36.4% in the first quarter compared to 36.0% in the prior quarter reflecting improved margins in the Cryogenic
products and a favorable mix of revenue. BLSS' non-GAAP gross margin was 35.7% in the first quarter compared to 39.2% in the prior
quarter. The decline was primarily due to a higher mix of genomic services within the BioStorage service offerings. In summary, the
revenue increase in both segments and the improved non-GAAP gross margin in BSSG offset the lower BLSS non-GAAP gross margin,
resulting in an increase of $0.2 million to non-GAAP gross profit.
Bookings for BSSG in the first quarter totaled $122.8 million, compared to $140.1 million in the fourth quarter.
BLSS booked a total of $64.2 million of new contract value, compared to $32.0 million in the fourth quarter.
Non-GAAP operating expenses of $39.5 million in the first quarter decreased $0.8 million sequentially, or 2%,
driven primarily by lower research and development expenses, partially offset by higher SG&A expense in BLSS. The higher Life
Sciences SG&A expense was driven primarily by increased commission expenses due to higher bookings and additional hiring.
Non-GAAP net income was $17.3 million which was 13% higher compared to the prior quarter. This was supported with
non-GAAP operating profit of $18.5 million, which increased $1.0 million compared to the fourth quarter. Both segments reported
positive non-GAAP operating profits, with BSSG at $18.0 million and BLSS at $0.5 million. Non-GAAP income from joint ventures also
contributed $2.1 million of income, an increase of $1.0 million compared to the fourth quarter. The Company’s Japan-based UCI joint
venture continues to benefit from strength in sales of capital equipment in support of OLED manufacturers.
Adjusted EBITDA was $25.6 million, 3% higher compared to the fourth quarter. Cash flow from operations was $18.7
million in the first quarter. The Company's cash, cash equivalents, and marketable securities totaled $89.0 million as of December
31, 2016, a decrease of $2.2 million compared to the end of the prior quarter. The decline reflects $4.8 million cash disbursed for
the acquisition of Cool Lab, LLC closed on November 28, 2016.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on March 24,
2017 to stockholders of record on March 3, 2017. Future dividend declarations, as well as the record and payment dates for such
dividends, are subject to the final determination of the Company's Board of Directors.
Guidance for Second Fiscal Quarter 2017
The Company announced revenue and earnings guidance for the second quarter of fiscal 2017. Revenue is expected to be in the
range of $165 million to $170 million and non-GAAP diluted earnings per share is expected to be in the range of $0.24 to $0.27.
GAAP diluted earnings per share for the second quarter is expected to be in the range of $0.18 to $0.21, reflecting the impact of
amortization, purchase price accounting and anticipated restructuring charges.
Conference Call
Brooks management will webcast its first quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call,
Company management will respond to questions concerning, but not limited to, the Company's financial performance, business
conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.
The call will be broadcast live over the Internet and, together with presentation materials referenced on the call,
will be hosted at the Investor Relations section of Brooks' website at www.brooks.com, and will be archived online on this website for convenient on-demand replay. In
addition, you may call 800-671-7032 (US & Canada only) or 303-223-4373 to listen to the live webcast.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor
manufacturing and life sciences. Brooks' technologies, engineering competencies and global service capabilities provide customers
speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled
environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market as a provider of
precision automation and cryogenic vacuum solutions. Since 2011, Brooks has applied its automation and cryogenics expertise
to meet the sample storage needs of customers in the life sciences industry. Brooks' life sciences offerings include a broad
range of products and services for on-site infrastructure for sample management in temperatures of ‑20°C to -150°C, as well as
comprehensive outsource service solutions across the complete life cycle of biological samples including collection,
transportation, processing, storage, protection, retrieval and disposal. Brooks is headquartered in Chelmsford, MA, with
operations in North America, Europe and Asia. For more information, visit www.brooks.com.
“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These
statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause
Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management
at the time they are made. These forward-looking statements include, but are not limited to statements about our revenue and
earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, and our
ability to deliver financial success in the future. Factors that could cause results to differ from our expectations include the
following: the volatility of the industries the Company serves, particularly the semiconductor industry; our possible
inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required
quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of
cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global
political and economic conditions, and other factors and other risks, including those that we have described in our filings with
the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K
and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially
different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on
which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
CONTACTS:
Lynne Yassemedis
Brooks Automation
978.262.2400
lynne.yassemedis@brooks.com
John Mills
Partner
ICR, LLC
646.277.1254
john.mills@icrinc.com
| BROOKS AUTOMATION, INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited) |
| (In thousands, except per share data) |
| |
| |
Three Months Ended
December 31, |
| |
2016 |
|
2015 |
| Revenue |
|
|
|
| Products |
$ |
122,114 |
|
|
$ |
89,180 |
|
| Services |
37,841 |
|
|
30,775 |
|
| Total revenue |
159,955 |
|
|
119,955 |
|
| Cost of revenue |
|
|
|
| Products |
75,679 |
|
|
58,032 |
|
| Services |
27,333 |
|
|
21,369 |
|
| Total cost of revenue |
103,012 |
|
|
79,401 |
|
| Gross profit |
56,943 |
|
|
40,554 |
|
| Operating expenses |
|
|
|
| Research and development |
10,845 |
|
|
13,278 |
|
| Selling, general and administrative |
31,962 |
|
|
34,121 |
|
| Restructuring and other charges |
975 |
|
|
1,475 |
|
| Total operating expenses |
43,782 |
|
|
48,874 |
|
| Operating income (loss) |
13,161 |
|
|
(8,320 |
) |
| Interest income |
68 |
|
|
205 |
|
| Interest expense |
(96 |
) |
|
(3 |
) |
| Gain on settlement of equity method investment |
1,847 |
|
|
— |
|
| Other loss, net |
(251 |
) |
|
(59 |
) |
| Income (loss) before income taxes and equity in earnings of equity method
investments |
14,729 |
|
|
(8,177 |
) |
| Income tax provision (benefit) |
2,800 |
|
|
(3,370 |
) |
| Income (loss) before equity in earnings of equity method investments |
11,929 |
|
|
(4,807 |
) |
| Equity in earnings of equity method investments |
1,942 |
|
|
159 |
|
| Net income (loss) |
13,871 |
|
|
(4,648 |
) |
| Basic net income (loss) per share |
$ |
0.20 |
|
|
$ |
(0.07 |
) |
| Diluted net income (loss) per share |
$ |
0.20 |
|
|
$ |
(0.07 |
) |
| Dividend declared per share |
$ |
0.10 |
|
|
$ |
0.10 |
|
| |
|
|
|
| Weighted average shares outstanding used in computing net income (loss) per
share: |
|
|
|
| Basic |
69,181 |
|
|
68,130 |
|
| Diluted |
69,870 |
|
|
68,130 |
|
| |
|
|
|
Period ended December 31, 2015 on a quarter-to-date basis reflect a reclassification correction between the
cost of service revenue and the cost of product revenue. Please refer to the Form 10-Q for the period ended December 31,
2016.
| BROOKS AUTOMATION, INC. |
| CONSOLIDATED BALANCE SHEETS |
| (unaudited) |
| (In thousands, except share and per share data) |
| |
| |
December 31,
2016 |
|
September 30,
2016 |
| Assets |
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents |
$ |
82,945 |
|
|
$ |
85,086 |
|
| Marketable securities |
866 |
|
|
39 |
|
| Accounts receivable, net |
114,429 |
|
|
106,372 |
|
| Inventories |
92,519 |
|
|
92,572 |
|
| Prepaid expenses and other current assets |
15,431 |
|
|
15,265 |
|
| Total current assets |
306,190 |
|
|
299,334 |
|
| Property, plant and equipment, net |
54,439 |
|
|
54,885 |
|
| Long-term marketable securities |
5,217 |
|
|
6,096 |
|
| Long-term deferred tax assets |
1,683 |
|
|
1,982 |
|
| Goodwill |
210,587 |
|
|
202,138 |
|
| Intangible assets, net |
83,432 |
|
|
81,843 |
|
| Equity method investments |
25,295 |
|
|
27,273 |
|
| Other assets |
5,464 |
|
|
12,354 |
|
| Total assets |
$ |
692,307 |
|
|
$ |
685,905 |
|
| Liabilities and Stockholders' Equity |
|
|
|
| Current liabilities |
|
|
|
| Accounts payable |
$ |
52,090 |
|
|
$ |
41,128 |
|
| Deferred revenue |
24,759 |
|
|
14,966 |
|
| Accrued warranty and retrofit costs |
6,217 |
|
|
6,324 |
|
| Accrued compensation and benefits |
14,255 |
|
|
21,254 |
|
| Accrued restructuring costs |
3,227 |
|
|
5,939 |
|
| Accrued income taxes payable |
7,775 |
|
|
7,554 |
|
| Accrued expenses and other current liabilities |
19,941 |
|
|
22,628 |
|
| Total current liabilities |
128,264 |
|
|
119,793 |
|
| Long-term tax reserves |
2,087 |
|
|
2,681 |
|
| Long-term deferred tax liabilities |
2,307 |
|
|
2,913 |
|
| Long-term pension liabilities |
2,281 |
|
|
2,557 |
|
| Other long-term liabilities |
4,466 |
|
|
4,271 |
|
| Total liabilities |
139,405 |
|
|
132,215 |
|
| Commitments and contingencies |
|
|
|
| Stockholders' Equity |
|
|
|
| Preferred stock, $0.01 par value, 1,000,000 shares authorized, no
shares issued or outstanding |
— |
|
|
— |
|
| Common stock, $0.01 par value, 125,000,000 shares authorized,
82,982,977 shares issued and 69,521,108 shares outstanding at December 31, 2016; 82,220,270 shares issued and 68,758,401 shares
outstanding at September 30, 2016 |
830 |
|
|
821 |
|
| Additional paid-in capital |
1,858,103 |
|
|
1,855,703 |
|
| Accumulated other comprehensive income |
5,063 |
|
|
15,166 |
|
| Treasury stock at cost - 13,461,869 shares |
(200,956 |
) |
|
(200,956 |
) |
| Accumulated deficit |
(1,110,138 |
) |
|
(1,117,044 |
) |
| Total stockholders' equity |
552,902 |
|
|
553,690 |
|
| Total liabilities and stockholders' equity |
$ |
692,307 |
|
|
$ |
685,905 |
|
| BROOKS AUTOMATION, INC. |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (unaudited) |
| (In thousands) |
| |
| |
Three Months Ended
December 31, |
| |
2016 |
|
2015 |
| Cash flows from operating activities |
|
|
|
| Net income (loss) |
$ |
13,871 |
|
|
$ |
(4,648 |
) |
| Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
| Depreciation and amortization |
6,752 |
|
|
6,445 |
|
| Gain on settlement of equity method investment |
(1,847 |
) |
|
— |
|
| Stock-based compensation |
2,498 |
|
|
4,714 |
|
| Amortization of premium on marketable securities and deferred
financing costs |
79 |
|
|
274 |
|
| Undistributed earnings of equity method investments |
(1,942 |
) |
|
(159 |
) |
| Deferred income tax benefit |
(421 |
) |
|
(3,797 |
) |
| Gain on disposal of long-lived assets |
(109 |
) |
|
— |
|
| Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
| Accounts receivable |
(11,137 |
) |
|
218 |
|
| Inventories |
(2,930 |
) |
|
119 |
|
| Prepaid expenses and other current assets |
(3,516 |
) |
|
(1,697 |
) |
| Accounts payable |
13,040 |
|
|
(7,639 |
) |
| Deferred revenue |
10,737 |
|
|
8,872 |
|
| Accrued warranty and retrofit costs |
(4 |
) |
|
(305 |
) |
| Accrued compensation and tax withholdings |
(6,884 |
) |
|
(10,059 |
) |
| Accrued restructuring costs |
(2,538 |
) |
|
(407 |
) |
| Accrued expenses and other current liabilities |
3,061 |
|
|
(4,308 |
) |
| Net cash provided by (used in) operating activities |
18,710 |
|
|
(12,377 |
) |
| Cash flows from investing activities |
|
|
|
| Purchases of property, plant and equipment |
(3,768 |
) |
|
(2,486 |
) |
| Purchases of marketable securities |
— |
|
|
(12,901 |
) |
| Sales and maturities of marketable securities |
— |
|
|
135,873 |
|
| Acquisitions, net of cash acquired |
(5,346 |
) |
|
(125,498 |
) |
| Disbursement for a loan receivable |
— |
|
|
(300 |
) |
| Purchases of other investments |
(170 |
) |
|
— |
|
| Net cash used in investing activities |
(9,284 |
) |
|
(5,312 |
) |
| Cash flows from financing activities |
|
|
|
| Payment of deferred financing costs |
(27 |
) |
|
— |
|
| Common stock dividends paid |
(6,966 |
) |
|
(6,844 |
) |
| Net cash used in financing activities |
(6,993 |
) |
|
(6,844 |
) |
| Effects of exchange rate changes on cash and cash equivalents |
(4,574 |
) |
|
(617 |
) |
| Net decrease in cash and cash equivalents |
(2,141 |
) |
|
(25,150 |
) |
| Cash and cash equivalents, beginning of period |
85,086 |
|
|
80,722 |
|
| Cash and cash equivalents, end of period |
$ |
82,945 |
|
|
$ |
55,572 |
|
| |
|
|
|
| Supplemental disclosure of cash flow information: |
|
|
|
| Purchases of property, plant and equipment included in accounts
payable |
$ |
424 |
|
|
$ |
955 |
|
| Fair value of non-cash consideration for the acquisition of Cool Lab,
LLC |
10,348 |
|
|
— |
|
Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing guidance on
future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in
conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial
measures. Management adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, and
purchase price accounting adjustments to provide investors better perspective on the results of operations which the Company
believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains,
such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative
of the normal operations of the business. Brooks currently includes a valuation allowance reserve against U.S. deferred tax assets
in its GAAP results. In assessing the appropriate tax rate for non-GAAP results, the Company evaluated the adjustments discussed
above and concluded it was appropriate to maintain the valuation allowance reserve in establishing the non-GAAP tax rate.
Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not
rely on any single measure.
| |
|
|
|
|
Quarter
Ended |
|
|
|
|
| |
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
| Dollars in thousands, except per share data |
$ |
|
per diluted
share |
|
$ |
|
per diluted
share |
|
$ |
|
per diluted
share |
| GAAP net income |
$ |
13,871 |
|
|
$ |
0.20 |
|
|
$ |
10,547 |
|
|
$ |
0.15 |
|
|
$ |
(4,648 |
) |
|
$ |
(0.07 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
| Purchase accounting impact on inventory and contracts acquired |
70 |
|
|
— |
|
|
125 |
|
|
— |
|
|
125 |
|
|
— |
|
| Amortization of intangible assets |
4,058 |
|
|
0.06 |
|
|
3,826 |
|
|
0.06 |
|
|
3,507 |
|
|
0.05 |
|
| Impairment of other assets |
— |
|
|
— |
|
|
807 |
|
|
0.01 |
|
|
— |
|
|
— |
|
| Restructuring charges |
975 |
|
|
0.01 |
|
|
2,232 |
|
|
0.03 |
|
|
1,475 |
|
|
0.02 |
|
| Merger costs |
249 |
|
|
— |
|
|
81 |
|
|
— |
|
|
2,996 |
|
|
0.04 |
|
| Fair value adjustment of equity investment |
(1,847 |
) |
|
(0.03 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| BioCision stub period adjustment |
203 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Tax effect of adjustments |
(278 |
) |
|
— |
|
|
(2,293 |
) |
|
(0.03 |
) |
|
(2,209 |
) |
|
(0.03 |
) |
| Non-GAAP adjusted net income |
17,301 |
|
|
0.25 |
|
|
15,324 |
|
|
0.22 |
|
|
1,246 |
|
|
0.02 |
|
| Stock based compensation, pre-tax |
2,498 |
|
|
— |
|
|
3,532 |
|
|
— |
|
|
4,713 |
|
|
— |
|
| Tax rate |
15 |
% |
|
— |
|
|
16 |
% |
|
— |
|
|
30 |
% |
|
— |
|
| Stock-based compensation, net of tax (a) |
2,123 |
|
|
0.03 |
|
|
2,967 |
|
|
0.04 |
|
|
3,289 |
|
|
0.05 |
|
| Non-GAAP adjusted net income - excluding stock-based
compensation |
$ |
19,424 |
|
|
$ |
0.28 |
|
|
$ |
18,291 |
|
|
$ |
0.26 |
|
|
$ |
4,535 |
|
|
$ |
0.07 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares used in computing non-GAAP diluted net income per share |
— |
|
|
69,870 |
|
|
— |
|
|
69,540 |
|
|
— |
|
|
68,130 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
(a) The tax rate represents the effective tax rate on non-GAAP taxable ordinary income. We expanded our
disclosure to correct and clarify the after tax impact of stock-based compensation on Non-GAAP adjusted net income and diluted EPS.
For additional information on the impact of this correction on prior periods, please refer to the conference call presentation
included in Investor Relations section of the Brooks website at www.brooks.com.
| |
Quarter Ended |
| |
December 31,
2016 |
|
September 30,
2016 |
|
December 31,
2015 |
| Dollars in thousands |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
| GAAP gross profit/gross margin percentage |
$ |
56,943 |
|
|
35.6 |
% |
|
$ |
56,565 |
|
|
35.9 |
% |
|
$ |
40,554 |
|
|
33.8 |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of intangible assets |
993 |
|
|
0.6 |
% |
|
1,083 |
|
|
0.7 |
% |
|
1,296 |
|
|
1.1 |
% |
| Purchase accounting impact on inventory and contracts acquired |
70 |
|
|
— |
% |
|
125 |
|
|
0.1 |
% |
|
125 |
|
|
0.1 |
% |
| Non-GAAP adjusted gross profit/gross margin percentage |
58,006 |
|
|
36.3 |
% |
|
57,773 |
|
|
36.7 |
% |
|
41,975 |
|
|
35.0 |
% |
| |
Quarter Ended |
| |
December
31, |
|
September
30, |
|
December
31, |
| Dollars in thousands |
2016 |
|
2016 |
|
2015 |
| GAAP net income (loss) |
$ |
13,871 |
|
|
$ |
10,547 |
|
|
$ |
(4,648 |
) |
| Adjustments: |
|
|
|
|
|
| Less: Interest income |
(68 |
) |
|
(142 |
) |
|
(205 |
) |
| Add: Interest expense |
96 |
|
|
101 |
|
|
3 |
|
| Add: Income tax provision (benefit) |
2,800 |
|
|
740 |
|
|
(3,370 |
) |
| Add: Depreciation |
2,695 |
|
|
2,900 |
|
|
2,938 |
|
| Add: Amortization of completed technology |
993 |
|
|
1,083 |
|
|
1,296 |
|
| Add: Amortization of customer relationships and acquired intangible
assets |
3,064 |
|
|
2,743 |
|
|
2,211 |
|
| Earnings (losses) before interest, taxes, depreciation and amortization |
$ |
23,451 |
|
|
$ |
17,972 |
|
|
$ |
(1,775 |
) |
| |
Quarter Ended |
| |
December
31, |
|
September
30, |
|
December
31, |
| Dollars in thousands |
2016 |
|
2016 |
|
2015 |
| Earnings (losses) before interest, taxes, depreciation and amortization |
$ |
23,451 |
|
|
$ |
17,972 |
|
|
$ |
(1,775 |
) |
| Adjustments: |
|
|
|
|
|
| Add: Impairment of other assets |
— |
|
|
807 |
|
|
— |
|
| Less: Fair value adjustment of equity method investment |
(1,847 |
) |
|
— |
|
|
— |
|
| Add: Stock-based compensation |
2,498 |
|
|
3,532 |
|
|
4,713 |
|
| Add: Restructuring charges |
975 |
|
|
2,232 |
|
|
1,475 |
|
| Add: BioCision stub period adjustment |
203 |
|
|
— |
|
|
— |
|
| Add: Purchase accounting impact on inventory and contracts
acquired |
70 |
|
|
125 |
|
|
125 |
|
| Add: Merger costs |
249 |
|
|
81 |
|
|
2,996 |
|
| Adjusted earnings before interest, taxes, depreciation and amortization |
$ |
25,599 |
|
|
$ |
24,749 |
|
|
$ |
7,534 |
|
| |
Quarter Ended |
| |
December
31, |
|
September
30, |
|
December
31, |
| Dollars in thousands |
2016 |
|
2016 |
|
2015 |
| GAAP selling, general and administrative expenses |
$ |
31,962 |
|
|
$ |
31,594 |
|
|
$ |
34,121 |
|
| Adjustments: |
|
|
|
|
|
| Less: Amortization of customer relationships and acquired intangible
assets |
(3,064 |
) |
|
(2,743 |
) |
|
(2,211 |
) |
| Less: Impairment of other assets |
— |
|
|
(807 |
) |
|
— |
|
| Less: Merger costs |
(249 |
) |
|
(81 |
) |
|
(2,996 |
) |
| Non-GAAP adjusted selling, general and administrative expenses |
$ |
28,649 |
|
|
$ |
27,963 |
|
|
$ |
28,914 |
|
| Research and development expenses |
$ |
10,845 |
|
|
$ |
12,335 |
|
|
$ |
13,278 |
|
| Non-GAAP adjusted operating expenses |
$ |
39,494 |
|
|
$ |
40,298 |
|
|
$ |
42,192 |
|
| |
Quarter Ended |
| |
December
31, |
|
September
30, |
|
December
31, |
| Dollars in thousands |
2016 |
|
2016 |
|
2015 |
| GAAP equity in earnings of equity method investments |
$ |
1,942 |
|
|
$ |
1,132 |
|
|
$ |
159 |
|
| Adjustments: |
|
|
|
|
|
| Add: BioCision stub period adjustment |
203 |
|
|
— |
|
|
— |
|
| Non-GAAP adjusted equity in earnings of equity method investments |
$ |
2,145 |
|
|
$ |
1,132 |
|
|
$ |
159 |
|
| |
Brooks Semiconductor
Solutions Group |
|
Brooks Life Science
Systems |
| |
Quarter Ended |
|
Quarter Ended |
| Dollars in thousands |
December 31,
2016 |
|
September 30,
2016 |
|
December 31,
2015 |
|
December 31,
2016 |
|
September 30,
2016 |
|
December 31,
2015 |
| GAAP gross profit |
$ |
45,468 |
|
|
$ |
44,513 |
|
|
$ |
34,659 |
|
|
$ |
11,475 |
|
|
$ |
12,052 |
|
|
$ |
5,895 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
| Amortization of intangible assets |
627 |
|
|
711 |
|
|
904 |
|
|
366 |
|
|
372 |
|
|
393 |
|
| Purchase accounting impact on inventory and contracts acquired |
— |
|
|
125 |
|
|
125 |
|
|
70 |
|
|
— |
|
|
— |
|
| Non-GAAP adjusted gross profit |
$ |
46,095 |
|
|
$ |
45,349 |
|
|
$ |
35,688 |
|
|
$ |
11,911 |
|
|
$ |
12,424 |
|
|
$ |
6,288 |
|
| |
Brooks Semiconductor
Solutions Group |
|
Brooks Life Science
Systems |
| |
Quarter Ended |
|
Quarter Ended |
| Dollars in thousands |
December 31,
2016 |
|
September 30,
2016 |
|
December 31,
2015 |
|
December 31,
2016 |
|
September 30,
2016 |
|
December 31,
2015 |
| GAAP gross margin |
35.9 |
% |
|
35.4 |
% |
|
35.0 |
% |
|
34.4 |
% |
|
38.1 |
% |
|
28.2 |
% |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of intangible assets |
0.5 |
% |
|
0.6 |
% |
|
0.9 |
% |
|
1.1 |
% |
|
1.2 |
% |
|
1.9 |
% |
| Purchase accounting impact on inventory and contracts acquired |
— |
|
|
0.1 |
% |
|
0.1 |
% |
|
0.2 |
% |
|
— |
|
|
— |
|
| Non-GAAP adjusted gross margin |
36.4 |
% |
|
36.0 |
% |
|
36.0 |
% |
|
35.7 |
% |
|
39.2 |
% |
|
30.1 |
% |
| |
Brooks Semiconductor
Solutions Group |
|
Brooks Life Science
Systems |
|
Total |
| |
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
| Dollars in thousands |
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
September 30, 2016 |
|
December 31, 2015 |
| GAAP operating gross profit |
$ |
17,371 |
|
|
$ |
15,208 |
|
|
$ |
2,940 |
|
|
$ |
112 |
|
|
$ |
1,104 |
|
|
$ |
(4,602 |
) |
|
$ |
17,483 |
|
|
$ |
16,312 |
|
|
$ |
(1,662 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of intangible assets |
627 |
|
|
711 |
|
|
904 |
|
|
366 |
|
|
372 |
|
|
393 |
|
|
993 |
|
|
1,083 |
|
|
1,297 |
|
| Purchase accounting impact on inventory and contracts acquired |
— |
|
|
125 |
|
|
125 |
|
|
70 |
|
|
— |
|
|
— |
|
|
70 |
|
|
125 |
|
|
125 |
|
| Non-GAAP adjusted operating profit |
$ |
17,998 |
|
|
$ |
16,044 |
|
|
$ |
3,969 |
|
|
$ |
548 |
|
|
$ |
1,476 |
|
|
$ |
(4,209 |
) |
|
$ |
18,546 |
|
|
$ |
17,520 |
|
|
$ |
(240 |
) |
