SAN FRANCISCO Despite a dramatic drop off in sales, semiconductor fab automation provider Asyst Technologies Inc. swung to a profit in its third quarter of fiscal 2006, posting a GAAP net income of $3 million on sales of $106.8 million, the company said Tuesday (Jan. 31),
Net income of $3 million, based on generally accepted accounting principles (GAAP), equates to 6 cents per share. The company had reported GAAP net losses for both the year-ago ($11.6 million) and prior sequential quarters ($1.5 million).
Third quarter consolidated net sales of $106.8 million were down 34 percent from the $161.4 million in net sales that the company reported for the third quarter of fiscal 2005 and down 14 percent from the consolidated sales of $124.6 million reported for the second quarter of fiscal 2006.
Asyst (Fremont, Calif.) said fiscal third quarter net sales at Asyst Shinko Inc., the company's 51 percent-owned joint venture in Japan, were $67.3 million, down 21 percent from $85.4 million in the second quarter of fiscal 2006.
Total net bookings for the fiscal third quarter, which closed Dec. 31, were $85 million, down 15 percent from $100 million in the prior sequential quarter, Asyst said.
"We now have reported four consecutive quarters of gross margin improvement and achieved a significant milestone in reporting GAAP profitability for the fiscal third quarter," said Steve Schwartz, Asyst chairman and CEO, in a statement.
Asyst said it currently expects consolidated net sales for the fiscal fourth quarter to be in the range of $110 million to $120 million. The company expects to report a net income for the fiscal fourth quarter of 4 to 8 cents per share.