Amtech Systems, Inc. (ASYS) stock plummeted 22.02% in the after-hours trading session at the price of $11.90 after announcing its financial results for the fourth quarter and fiscal year ended 30th September 2021.
ASYS manufactures capital equipment, including wafer polishing, thermal processing, and related consumables used in analog and discrete devices, silicon carbide and silicon power devices, electronic assemblies, and light-emitting diodes.
ASYS Fourth Quarter and Fiscal 2021 Results
On 17th November 2021, ASYS reported its financial results for the fourth quarter and fiscal year ended 30th September 2021 and provided corporate updates.
Fourth Quarter Financial Highlights
ASYS reported $24.3 million in net revenue for the fourth quarter of fiscal 2021. Net revenues grew 61% from the fourth quarter of fiscal 2020. For the fourth quarter of fiscal 2021, an operating income was $1.3 million. The income was $0.05 per diluted share in the fourth quarter ended on 30th September 2021.
For the fourth quarter ended 30th September 2021, the income from operations totaled $0.7 million, or per share of 5 cents. Loss from operations was $2.0 million, or 14 cents per share, for the fourth quarter of fiscal 2020. In the third quarter of fiscal 2021, ASYS reported an income of $0.4 million, or 3 cents per share.
Selling, general & administrative expenses dropped $0.7 million sequentially. SG&A grew by $0.8 million that resulted from higher consulting, logistics, and shipping costs. For the three months ended on 30th September 2021, the income tax provision was $0.7 million, compared to $0.5 million in the same quarter of the prior year. ASYS reported an income tax provision of $0.7 million in the third quarter of fiscal 2021.
Fiscal 2021 Financial Results
ASYS reported $85.2 million in net revenue for fiscal 2021. For the fiscal year ended 30th September 2021, operating income totaled $3.7 million. The company reported an income from operations of $1.5 million for the fiscal year 2021. The income was $0.11 per diluted share for fiscal 2021.
ASYS Financial Outlook
For the first fiscal quarter ending 31st December 2021, ASYS anticipates revenues to range from $24 million to $27 million. The gross margin has expected to be roughly 40% for the quarter ending 31st December 2021.
