Amtech scores record revenue and backlog while continuing to see strong order momentum

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Amtech Systems has posted its fiscal 2011 first quarter outcome, ending December 31, 2010, showing record making revenue and backlog results. Total orders during the first quarter were posted at US$137 million, US$127 million coming from solar operations. The order numbers illustrate a 176% increase from the preceding quarter, which finished with US$49.6 million in total orders.

Amtech’s revenue for the first quarter hit a record US$53.7 million, up 18% sequentially from the US$45.4 million that was recorded in 2010’s fourth quarter. The company credits more system shipments to customers in the solar industry and the partial offset from the added amount of revenue deferred for the increase. Solar revenue also ended the quarter on a high note with US$45.9 million, a 19% sequential increase from the US$38.6 million that the solar division finished with in 2010’s fourth quarter.

At the close of the fiscal 2011 first quarter, Amtech held an order backlog of US$173 million, a definite boost from the September 30, 2010 reported backlog of US$94 million. The backlogs for the end of the first quarter include US$162 million in solar orders, up over the US$85 million in September 2010. Amtech notes that the backlog figures include deferred revenue and customer orders that will ship during the next twelve months.

Finally, Amtech finished the first quarter with an operating income of US$8.4 million compared to operating income of US$8.9 million sequentially. The company posted net income for the first quarter of fiscal 2011 at US$5.0 million, or US$0.52 per diluted share, which dropped from the preceding quarter that had recorded net income of US$5.4 million or US$0.58 per diluted share. 

Looking to the future, Amtech is anticipating the full 2011 fiscal year to have revenues well over US$230 million, which would be a 92% increase from fiscal 2010. Fiscal 2011 second quarter revenues are expected to be between US$55 to US$60 million.

J.S. Whang, CEO of Amtech, commented: “We are pleased to report another very strong quarter including record revenue and bookings. The strong order momentum we continue to generate for our solar diffusion systems reflects our continued success in expanding with existing customers and attracting new top-tier customers. We continue to see a healthy business pipeline, ending the quarter with record orders and backlog.

“Our recently announced agreement to acquire a China-based ion implant technology company demonstrates our commitment to technology leadership in meeting the increasing demand for higher cell efficiency. As a result of the acquisition, we will immediately establish a technology beachhead in a strategically key region of the world, will increase our technology expertise, and lay the foundation for future opportunities for our solar business. We believe this acquisition will complement and protect our core solar diffusion expertise and leadership. We remain on track to continue to produce and ship at a high volume in the March quarter, and we remain focused on successful execution of our solar growth strategy,” concluded Whang.

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