Amtech Systems, Inc., a manufacturer of capital equipment, including thermal processing and wafer handling automation, and related consumables used in fabricating semiconductor devices, light-emitting diodes (LEDs), silicon carbide (SiC) and silicon power chips and solar cells, today reported results for its second quarter, which ended March 31, 2019.
On March 28, 2019, the Company adopted a plan to sell the majority of the Solar segment, including Tempress and SoLayTec. As a result, the Company is reporting those subsidiaries as discontinued operations beginning with its second quarter results.
Including discontinued operations, the Company had $28.8 million of revenue, gross margin of 24%, and operating loss of $5.3 million for the quarter ended March 31, 2019.
Based on continuing operations, however, the company showed a net revenue of $20.6 million, with income from continuing operations, net of tax, of $1 million, and income per diluted share from continuing operations of $0.07.
Customer orders totaled $19.3 million, with a backlog of $22 million as of March 31, 2019, down from $23.7 million on December 31, 2018. The company shows a book to bill ratio of 0.9:1 and has unrestricted cash totaling $47.9 million.
“With the announced plans to divest our solar businesses, we are increasing our effort and focus on our semiconductor and SiC/LED businesses, and future opportunities, which we believe will best position Amtech Group for profitable growth over the long-term,” said J.S. Whang, Executive Chairman and Chief Executive Officer of Amtech.
Despite softening in the semiconductor market, Amtech’s core business continues to see a solid base level of demand, in part due to the strength of the North American market. Planning discussions centered around the increasing demand for more robust power chips, which validates Amtech’s semiconductor and SiC/LED businesses and points toward expansion of the company’s SiC/LED manufacturing capacity.