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Inline with previous guidance, PV equipment supplier, Amtech posted net revenue of US$24.7 million for its financial year first quarter, 2012, a decline of 59% compared to the previous quarter. The company reported minimal order cancellations but noted shipment push-outs as PV manufacturers tackle severe overcapacity. Revenue for FY2Q12 was guided down to be in the range of US$20 - US$22 million.
Amtech reported total orders in the first quarter of fiscal 2012 were US$11.1 million (US$3.1 million solar segment), down 34% compared to total orders of US$16.8 million (US$4.7 million solar segment) in the preceding quarter due primarily to overcapacity in the solar sector.
Solar order backlog declined to US$55.8 million, compared to US$71.2 million at September 30, 2011.
Amtech posted gross margin of 29%, compared to 34% sequentially and 36% in the first quarter of fiscal 2011. Falling sales, despite restructuring, resulted in a net loss for the first quarter of US$876,000.
Higher R&D spending due to the expected roll-out of its ion implant tool for PV applications at SNEC China in a couple of months contributed to the losses.
"At the onset of the downturn, we moved quickly to reduce expenses as sales came under pressure," commented Fokko Pentinga, chief executive officer of Amtech. "We continued to make adjustments in the quarter and continue to reduce both variable and fixed costs with consideration of the current slow demand and the anticipated improved future demand. It is very important to note that the development of new technologies and expansion of our product offerings through both organic and inorganic growth opportunities continue to be our highest priorities. Our ion implant technology is progressing on schedule and our plan is to introduce the system this May at the Shanghai solar show.”
