The hint of sunshine on the solar sector and resurgence in the semiconductor markets may position Amtech Systems Inc. (ASYS) in the spot light.
The company makes equipments used in the fabrication of solar cells and semiconductor chips and also has a polishing segment that sells equipment used in the lapping and polishing of wafer-thin materials, including silicon wafers used in the production of semiconductors.
Revenues have more than quadrupled from $19.3 million in 2004 to $80.3 million in 2008 and order backlog to $46.7 million from $7.3 million. The company posted a profit of $2.9 million in 2008, compared to a loss of $3.2 million in 2004.
The bulk of the revenues or about 90% is derived from the solar and semiconductor equipment segment and the rest from the polishing segment. The company has been transitioning from a semiconductor-dominant company to a solar dominant one.
In 2008, solar revenue grew by more than 300% to $50.1 million, representing 62% of total revenues. The 2008 order backlog of $46.7 million included about $36.7 million of orders from solar industry customers a growth of 111% from the previous year.
Yet, the lack of funding and demand has scorched the solar industry, slicing the company's revenues and backlog for the first nine in months of 2009 from year-ago levels. The Solar and Semiconductor equipment segment revenues declined by 23% to $36.9 million for the first nine months of 2009, from $47.7 million in the comparable period last year.
The order backlog as of June 30, 2009, declined to $29.7 million from $60.1 million at June 30, 2008. The backlog for the 2009 period included about $27.1 million of orders from solar industry customers compared to $44.2 million in the 2008 period. New orders booked in the nine-month periods ended June 30, 2009 were $22.1 million, down sharply from $83.8 million in the 2008 period.
However, the clouds may be clearing for the solar industry. Analysts believe that the credit crunch may be thawing for solar-power projects and providers, after what has seemed like a long pause.
The government helped last year by extending the 30% investment tax credit for for both residential and commercial solar installations for 8 years through December 31, 2016. Also, February this year, President Obama signed a bill that allows 2009 and 2010 solar projects to receive a 30% upfront cash grant in lieu of the 30% tax credit.
For the recent third quarter, the company posted results that did not compare favorably with the year-ago period, but improved significantly on a sequential basis.
Amtech posted a net loss of $0.24 million or $0.03/share for the third quarter, compared to year-ago net income of $1.2 million, or $0.13 per share. However, loss narrowed from the second quarter's net loss of $2 million, or $0.22 per share.
Net revenue nearly halved to $12.5 million from $24.1 million last year, but increased from the $10.9 million posted in the previous quarter. Solar revenue declined to $10.1 million from $16.6 million in the prior-year quarter, but more than doubled from the $4.6 million in Q2. Gross margin was 29%, compared 29% in the prior year quarter and 22% in the second quarter.
Amtech Systems is releasing fourth quarter results today - November 24, after market close.
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