Amtech Systems releases second-quarter results

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Amtech Systems has released its financial results for its fiscal 2010 second quarter, which ended March 31. Net revenue totalled $16.1 million, a 4% increase from the previous $15.5 million. Solar revenue came in at $10.9 million, compared to $11.9 million sequentially. Operating income was reported as $422, 000 from $128,000 sequentially.

J.S. Whang, CEO of Amtech, commented: “We continue to make substantial progress with the ramp-up of operations to profitably manage our rapid growth and record backlog. Therefore, our March productivity was better than originally anticipated, allowing us to produce more equipment for shipment in our fiscal third quarter. This productivity resulted in better-than-expected gross margins in the second quarter, improving our profitability. We remain on track to produce record volumes in the June and September quarters and to deliver on our revenue guidance of $100-$105 million for fiscal 2010, and our marketing pipeline continues to stay healthy.”

The second quarter bookings were $34 million, with $27.6 million in solar. Gross margin was 29% to a sequential 30% and net income was $206,000 compared to $80,000 sequentially. The ending cash balance was reported as $43.1 million as of March 31, an increase from $42.5 million on December 31, 2009.

Amtech expects revenue in the next two fiscal quarters to be between $35 and $37 million with GAAP operating margins at or above 10% in the second half of this fiscal year.

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