News Releases
Brooks Automation Reports Fiscal Second Quarter 2016 Financial Results

CHELMSFORD, Mass.April 28, 2016-- Brooks Automation, Inc. (Nasdaq:BRKS), a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, today reported financial results for the second quarter of 2016, ended March 31, 2016.

Fiscal Second Quarter of 2016 Financial and Operational Highlights:

  • Revenue was $135.3 million;
  • GAAP Net Loss was $(83.9) million with diluted EPS of $(1.22), including the recording of a reserve of $79.3 million on deferred tax assets;
  • Non-GAAP Net Income was $4.9 million with diluted EPS of $0.07;
  • Adjusted EBITDA in the quarter was $11.3 million;
  • Cash flow from operations was $12.8 million; and
  • Total of Cash, Cash Equivalents, and Marketable Securities, as of March 31, 2016, was $68.3 million.
     

Summary of GAAP and Non-GAAP Earnings (Losses)

  Quarter Ended
  March 31,   December 31,   March 31,
Dollars in thousands, except per share data 2016   2015   2015
GAAP net (loss) income $ (83,939 )   $ (4,648 )   $ 2,711  
GAAP diluted (loss) earnings per share $ (1.22 )   $ (0.07 )   $ 0.04  
           
Non-GAAP net income $ 4,920     $ 1,246     $ 5,429  
Non-GAAP diluted earnings per share $ 0.07     $ 0.02     $ 0.08  


A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Management Comments
“Our second quarter results reflect continued momentum towards achieving the strategic and financial objectives of expanding our Life Science business as a larger percentage of overall revenue, strengthening the portfolio and capabilities of the Semiconductor business, and improving the profitability of the overall business,” commented Stephen Schwartz, CEO of Brooks Automation. “Our top line is benefiting from improved semiconductor demand, the acquisition of BioStorage Technologies, and the diversity of the end-markets we serve. We continue to see increased market demand and adoption of our products, including our vacuum automation, contamination control solutions, and automated cryogenic bio-sample management. Our previously announced restructuring initiative is nearly complete and is enabling improved alignment of sales and service, while lowering our cost structure by approximately $16 million annually.  As we move into the second half of fiscal 2016, we are confident about the momentum in the markets we serve and our ability to move into our next phase of growth and profitability.”

GAAP Summary
Revenue increased 13% sequentially to $135.3 million in the second quarter of fiscal 2016 driven by improved semiconductor demand and a full quarter of revenue contributions from the November 30, 2015 acquisition of BioStorage Technologies. Gross margin was 34.6%, 0.8 percentage points better than the first fiscal quarter of 2016. Research and Development expense was $13.1 million, 1% lower than first quarter and Selling, General and Administrative expense was $32.7 million, 4% lower than the first quarter.  In this quarter, the Company incurred $7.3 million of restructuring charges and also reduced accruals for incentive based compensation by $1.7 million for employees separated from the Company.  While the restructuring action positions the Company for improved profitability going forward, the restructuring charge in the quarter drove a pre-tax loss for the total Company and for the U.S. entity.  GAAP accounting requires that, in consideration of the loss in the U.S. combined with losses in recent years excluding income from discontinued operations, the Company record a full reserve against its U.S. deferred tax assets. The non-cash charge of $79.3 million resulted in a reported GAAP net loss of $(83.9) million and diluted loss per share of $(1.22).

Amortization of intangibles, special charges, and one-time items are included in the GAAP summary of earnings.  The impact on earnings of these items is set out in the unaudited table included with this release.

Results of Q2 Fiscal 2016 (Non-GAAP Discussion)
Non-GAAP net income was $4.9 million in the second quarter, resulting in non-GAAP diluted earnings per share of $0.07. Our non-GAAP earnings include the benefit of reduced incentive compensation accruals for employees separated in the quarter which amounted to $1.7 million and benefited non-GAAP EPS by two cents per share.  Excluding the benefit of the reduced accrual, the non-GAAP net income was $3.5 million and non-GAAP EPS was $0.05.  These profit measures compare to first quarter 2016 non-GAAP net income of $1.2 million and non-GAAP earnings per share of $0.02.

As noted above, revenue for the second fiscal quarter of 2016 was $135.3 million, up 13% compared to the first fiscal quarter of 2016. Product Solutions increased 13% to $86.8 million, and Global Services declined 2% to $22.0 million.  The Company grew Life Sciences revenue by $5.6 million, or 27% sequentially to $26.5 million, driven by $4.9 million of incremental revenue from a full quarter of BioStorage Technologies acquired November 30, 2015. 

Adjusted gross margin, which excludes amortization, purchase accounting impacts and special charges, was 35.3% in the second quarter, up 0.3 percentage points from the prior quarter. The Product Solutions adjusted gross margin was 36.0% in the second quarter compared to 36.6% in the prior period, with improved margins in Automation products and weaker margins in the Cryogenic products.  Life Sciences adjusted gross margin was 38.5% in the second quarter compared to 30.1% in the first fiscal quarter driven by improved mix in the results of the recently acquired BioStorage business. The Global Services adjusted gross margin was 28.9% in the second quarter compared to 34.0% in the prior quarter, impacted largely by lower volume and increased material costs.  In summary, the total adjusted gross profit increased by $5.8 million compared to the prior quarter, driven primarily by revenue increases across Product Solutions and Life Sciences and improved adjusted gross margins in Life Sciences.

Bookings for the semiconductor business from the Product Solutions and Global Services segments totaled $108.6 million, compared to $111.1 million in the first quarter.  Bookings for the life sciences business totaled $38.5 million, including $10.3 million of new orders from the legacy business and $28.2 million of new contract value from BioStorage.

Non-GAAP operating expense of $42.5 million increased $0.3 million sequentially.  Operating expenses associated with the acquisition of BioStorage drove a $2.3 million expansion, which was largely offset by $1.6 million of incentive compensation accrual reversals related to employees separated in the restructuring initiative.

Adjusted EBITDA in the quarter was $11.3 million, and cash flow provided by operations was $12.8 million in the quarter. The Company's cash, cash equivalents, and marketable securities increased $3.1 million to $68.3 million as of March 31, 2016, which reflects the operating cash flow, dividend payment and capital expenditures during the quarter. 

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 24, 2016 to stockholders of record on June 3, 2016. Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Third Fiscal Quarter of 2016
The Company announced revenue and earnings guidance for the third quarter of fiscal 2016. Revenue is expected to be in the range of $140 million to $147 million and non-GAAP diluted earnings per share is expected to be in the range of $0.10 to $0.14. The Company expects the non-GAAP tax rate for the 2016 fiscal year to be in the range of 15-20%.

Conference Call 
Brooks management will webcast its first quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.

The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-708-6791 (US & Canada only) or 303-223-4375 to listen to the live webcast.

About Brooks Automation, Inc. 
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks’ technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market and, by applying expertise in automation and cryogenics, has expanded its offerings to meet the sample storage needs of customers in the life sciences industry. Brooks recently completed a strategic acquisition of BioStorage Technologies, Inc., complementing Brooks’ life sciences offerings with comprehensive outsource services.  Brooks now offers, in addition to a broad range of products and services for on-site infrastructure for sample management in temperatures of -20°C to -150°C, outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal.  Brooks is headquartered in Chelmsford, MA, with direct operations in North AmericaEurope and Asia. For more information, visit www.brooks.com
 

CONTACT: Lynne Yassemedis
  Brooks Automation, Inc.
  978-262-4443
  lynne.yassemedis@brooks.com 
   
  John Mills
  Senior Managing Director
  ICR, LLC
  310-954-1105
  john.mills@icrinc.com 


“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934  
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include statements regarding our revenue and operating margin expectations, our ability to develop further our business in new and adjacent markets, and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; continuing uncertainties in global political and economic conditions, and other factors and other risks that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
 

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)

  March 31,
 2016
  September 30,
 2015
Assets      
Current assets      
Cash and cash equivalents $ 62,162     $ 80,722  
Marketable securities 66     70,021  
Accounts receivable, net 104,225     86,448  
Inventories 100,738     100,619  
Deferred tax assets 3,819     17,609  
Assets held for sale 2,895     2,900  
Prepaid expenses and other current assets 21,801     15,158  
Total current assets 295,706     373,477  
Property, plant and equipment, net 54,957     41,855  
Long-term marketable securities 6,059     63,287  
Long-term deferred tax assets 756     70,476  
Goodwill 202,347     121,408  
Intangible assets, net 89,495     55,446  
Equity method investments 25,093     24,308  
Other assets 9,982     9,397  
Total assets $ 684,395     $ 759,654  
Liabilities and Stockholders' equity      
Current liabilities      
Accounts payable $ 39,303     $ 44,890  
Deferred revenue 34,419     17,886  
Accrued warranty and retrofit costs 5,735     6,089  
Accrued compensation and benefits 17,311     20,401  
Accrued restructuring costs 7,389     2,073  
Accrued income taxes payable 6,356     6,111  
Deferred tax liabilities 335     1,251  
Accrued expenses and other current liabilities 17,508     15,550  
Total current liabilities 128,356     114,251  
Long-term tax reserves 2,989     3,644  
Long-term deferred tax liabilities 8,052     3,196  
Long-term pension liabilities 3,181     3,118  
Other long-term liabilities 3,863     3,400  
Total liabilities 146,441     127,609  
Commitments and contingencies      
Stockholders' equity      
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding      
Common stock, $0.01 par value, 125,000,000 shares authorized, 82,078,175 shares issued and 68,616,306 shares outstanding at March 31, 2016; 81,093,052 shares issued and 67,631,183 shares outstanding at September 30, 2015 821     811  
Additional paid-in capital 1,849,655     1,846,357  
Accumulated other comprehensive income 10,823     5,898  
Treasury stock at cost- 13,461,869 shares (200,956 )   (200,956 )
Accumulated deficit (1,122,389 )   (1,020,065 )
Total stockholders' equity 537,954     632,045  
Total liabilities and stockholders' equity $ 684,395     $ 759,654  


BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)

  Three Months Ended
March 31,
  Six Months Ended
March 31,
  2016   2015   2016   2015
Revenue              
Product $ 101,462     $ 116,395     $ 190,642     $ 216,125  
Services 33,819     22,918     64,594     45,924  
Total revenue 135,281     139,313     255,236     262,049  
Cost of revenue              
Product 65,346     79,048     123,496     149,268  
Services 23,135     14,240     44,386     27,668  
Total cost of revenue 88,481     93,288     167,882     176,936  
Gross profit 46,800     46,025     87,354     85,113  
Operating expenses              
Research and development 13,111     12,678     26,389     26,167  
Selling, general and administrative 32,692     29,609     66,813     59,020  
Restructuring and other charges 7,336     685     8,811     3,353  
Total operating expenses 53,139     42,972     102,013     88,540  
Operating (loss) income (6,339 )   3,053     (14,659 )   (3,427 )
Interest income 50     228     255     479  
Interest expense (16 )   (98 )   (19 )   (200 )
Other (loss) income, net (124 )   1,161     (183 )   2,180  
(Loss) income before income taxes and equity in earnings (losses) of equity method investments (6,429 )   4,344     (14,606 )   (968 )
Income tax provision (benefit) 78,220     1,560     74,850     (1,550 )
(Loss) income before equity in earnings (losses) of equity method investments (84,649 )   2,784     (89,456 )   582  
Equity in earnings (losses) of equity method investments 710     (73 )   869     (605 )
Net (loss) income (83,939 )   2,711     (88,587 )   (23 )
Basic net (loss) income per share $ (1.22 )   $ 0.04     $ (1.30 )   $  
Diluted net (loss) income per share $ (1.22 )   $ 0.04     $ (1.30 )   $  
Dividend declared per share $ 0.10     $ 0.10     $ 0.20     $ 0.20  
               
Weighted average shares outstanding used in computing net (loss) income per share:              
Basic 68,556     67,387     68,342     67,255  
Diluted 68,556     68,414     68,342     67,255  


BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)

  Six Months Ended March 31,
  2016   2015
Cash flows from operating activities      
Net loss $ (88,587 )   $ (23 )
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 13,849     12,733  
Stock-based compensation 6,568     7,108  
Amortization of premium on marketable securities 315     634  
Undistributed (earnings) losses of equity method investments (869 )   605  
Deferred income tax provision (benefit) 73,454     (2,728 )
Gain on disposal of long-lived assets     (4 )
Changes in operating assets and liabilities, net of acquisitions and disposals:      
Accounts receivable (664 )   (13,269 )
Inventories (374 )   2,474  
Prepaid expenses and other current assets (2,046 )   (5,365 )
Accounts payable (7,073 )   8,345  
Deferred revenue 15,538     (3,868 )
Accrued warranty and retrofit costs (333 )   (274 )
Accrued compensation and benefits (7,297 )   (6,200 )
Accrued restructuring costs 5,323     (6 )
Accrued expenses and other current liabilities (7,433 )   4,791  
Net cash provided by operating activities 371     4,953  
Cash flows from investing activities      
Purchases of property, plant and equipment (6,090 )   (3,647 )
Purchases of marketable securities (12,900 )   (30,739 )
Sales and maturities of marketable securities 139,388     47,625  
Disbursement for a loan receivable (741 )    
Acquisitions, net of cash acquired (125,498 )   (17,257 )
Proceeds from sales of property, plant and equipment     6  
Purchases of other investments (250 )   (5,000 )
Net cash used in investing activities (6,091 )   (9,012 )
Cash flows from financing activities      
Proceeds from issuance of common stock 948     867  
Principal repayments of capital lease obligations     (244 )
Common stock dividends paid (13,738 )   (13,480 )
Net cash used in financing activities (12,790 )   (12,857 )
Effects of exchange rate changes on cash and cash equivalents (50 )   (4,022 )
Net decrease in cash and cash equivalents (18,560 )   (20,938 )
Cash and cash equivalents, beginning of period 80,722     94,114  
Cash and cash equivalents, end of period $ 62,162     $ 73,176  


Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of special charges such as restructuring charges and acquisition related charges. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. Tables reconciling GAAP to the non-GAAP measures are presented below.

          Quarter Ended        
  March 31, 2016   December 31, 2015   March 31, 2015
Dollars in thousands, except per share data $   Per Diluted 
Share
  $   Per Diluted 
Share
  $   Per Diluted 
Share
GAAP net (loss) income $ (83,939 )   $ (1.22 )   $ (4,648 )   $ (0.07 )   $ 2,711     $ 0.04  
Adjustments, net of tax:                      
Purchase accounting impact on inventory and contracts acquired 205     0.00     82     0.00         0.00  
Amortization of intangible assets 3,122     0.05     2,386     0.03     2,219     0.03  
Restructuring charges 6,016     0.09     969     0.01     457     0.01  
Merger costs 176     0.00     2,457     0.04     42     0.00  
Change in valuation allowance against deferred tax assets 79,340     1.15         0.00         0.00  
Non-GAAP adjusted net income 4,920     0.07     1,246     0.02     5,429     0.08  
Stock-based compensation, pre-tax 1,855         4,713         3,625      
Tax rate 16 %       30 %       30 %    
Stock-based compensation, net of tax (a) 1,556     0.02     3,299     0.05     2,531     0.04  
Non-GAAP adjusted net income - excluding stock-based compensation $ 6,476     $ 0.09     $ 4,545     $ 0.07     $ 7,960     $ 0.12  
                       
Shares used in computing non-GAAP diluted net (loss) income per share     69,101         69,243         68,414  
                       
(a)  The tax rate represents the effective tax rate on non-GAAP taxable ordinary income. We expanded our disclosure to correct and clarify the after tax impact of stock-based compensation on Non-GAAP adjusted net income and diluted EPS. For additional information on the impact of this correction on prior periods, please refer to the conference call presentation included in Investor Relations section of the Brooks website at www.brooks.com

 

  Six Months Ended
  March 31, 2016   March 31, 2015
Dollars in thousands, except per share data $   Per Diluted 
Share
  $   Per Diluted 
Share
GAAP net loss $ (88,587 )   $ (1.30 )   $ (23 )   $ 0.00  
Adjustments, net of tax:              
Purchase accounting impact on inventory and contracts acquired 287     0.00     1,164     0.02  
Amortization of intangible assets 5,508     0.08     4,440     0.07  
Impairment of equity method investments     0.00     681     0.01  
Restructuring charges 6,985     0.10     2,243     0.03  
Merger costs 2,633     0.04     367     0.01  
Change in valuation allowance against deferred tax assets 79,340     1.14         0.00  
Non-GAAP adjusted net income 6,166     0.09     8,872     0.13  
Stock-based compensation, pre-tax 6,568         7,108      
Tax rate 26 %       30 %    
Stock-based compensation, net of tax (a) 4,855     $ 0.07     4,989     $ 0.07  
Non-GAAP adjusted net income - excluding stock-based compensation $ 11,021     $ 0.16     $ 13,861     $ 0.20  
               
Shares used in computing non-GAAP diluted net loss per share     69,313         68,419  
               
(a)  The tax rate represents the effective tax rate on non-GAAP taxable ordinary income.  We expanded our disclosure to correct and clarify the after tax impact of stock-based compensation on Non-GAAP adjusted net income and diluted EPS. For additional information on the impact of this correction on prior periods, please refer to the conference call presentation included in Investor Relations section of the Brooks website at www.brooks.com.

 

  Quarter Ended
  March 31, 2016   December 31, 2015   March 31, 2015
Dollars in thousands $   %   $   %   $   %
GAAP gross profit/gross margin percentage $ 46,800     34.6 %   $ 40,554     33.8 %   $ 46,025     33.0 %
Adjustments:                      
Amortization of intangible assets 718     0.5 %   1,296     1.1 %   1,299     0.9 %
Purchase accounting impact on inventory and contracts acquired 250     0.2 %   125     0.1 %       %
Non-GAAP adjusted gross profit/gross margin percentage $ 47,768     35.3 %   $ 41,975     35.0 %   $ 47,324     34.0 %

 

  Six Months Ended
  March 31, 2016   March 31, 2015
Dollars in thousands $   %   $   %
GAAP gross profit/gross margin percentage $ 87,354     34.2 %   $ 85,113     32.5 %
Adjustments:              
Amortization of intangible assets 2,014     0.8 %   2,604     1.0 %
Purchase accounting impact on inventory and contracts acquired                                 375     0.1 %   1,511     0.6 %
Non-GAAP adjusted gross profit/gross margin percentage $ 89,743     35.2 %   $ 89,228     34.1 %

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2016   2015   2015   2016   2015
GAAP net (loss) income $ (83,939 )   $ (4,648 )   $ 2,711     $ (88,587 )   $ (23 )
Adjustments:                  
Less: Interest income (50 )   (205 )   (228 )   (255 )   (479 )
Add: Interest expense 16     3     98     19     200  
Add: Income tax provision (benefit) 78,220     (3,370 )   1,560     74,850     (1,550 )
Add: Depreciation 3,596     2,938     3,117     6,534     6,302  
Add: Amortization of completed technology 718     1,296     1,299     2,014     2,604  
Add: Amortization of customer relationships and acquired intangible assets 3,091     2,211     1,914     5,302     3,826  
Earnings (losses) before interest, taxes, depreciation and amortization $ 1,652     $ (1,775 )   $ 10,471     $ (123 )   $ 10,880  

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2016   2015   2015   2016   2015
Earnings (losses) before interest, taxes, depreciation and amortization $ 1,652     $ (1,775 )   $ 10,471     $ (123 )   $ 10,880  
Adjustments:                  
Add: Stock-based compensation 1,855     4,713     3,625     6,568     7,108  
Add: Restructuring charges 7,336     1,475     685     8,811     3,353  
Add: Purchase accounting impact on inventory and contracts acquired         250     125         375     1,511  
Add: Merger costs 215     2,996     64     3,211     389  
Add: Impairment of equity method investments                 681  
Adjusted earnings before interest, taxes, depreciation and amortization $ 11,308     $ 7,534     $ 14,845     $ 18,842     $ 23,922  

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2016   2015   2015   2016   2015
GAAP selling, general and administrative expenses $ 32,692     $ 34,121     $ 29,609     $ 66,813     $ 59,020  
Adjustments:                  
Less: Amortization of customer relationships and acquired intangible assets (3,091 )   (2,211 )   (1,914 )   (5,302 )   (3,826 )
Less: Merger costs (215 )   (2,996 )   (64 )   (3,211 )   (389 )
Non-GAAP adjusted selling, general and administrative expenses $ 29,386     $ 28,914     $ 27,631     $ 58,300     $ 54,805  

 

  Brooks Product Solutions Segment   Brooks Global Services Segment   Brooks Life Science Segment
  Quarter Ended   Quarter Ended   Quarter Ended
Dollars in thousands March 31, 2016   December 31, 2015   March 31, 2015   March 31, 2016   December 31, 2015   March 31, 2015   March 31, 2016   December 31, 2015   March 31, 2015
GAAP gross profit $ 30,570     $ 27,101     $ 33,995     $ 6,373     $ 7,558     $ 7,043     $ 9,857     $ 5,895     $ 4,987  
Adjustments:                                  
Amortization of intangible assets 390     802     744         102     157     328     393     398  
Purchase accounting impact on inventory and contracts acquired 250     125                              
Non-GAAP adjusted gross profit $ 31,210     $ 28,028     $ 34,739     $ 6,373     $ 7,660     $ 7,200     $ 10,185     $ 6,288     $ 5,385  

 

  Brooks Product Solutions Segment   Brooks Global Services Segment   Brooks Life Science Segment
  Six Month Ended   Six Month Ended   Six Month Ended
Dollars in thousands March 31, 2016   March 31, 2015   March 31, 2016   March 31, 2015   March 31, 2016   March 31, 2015
GAAP gross profit 57,671     60,917     $ 13,931     $ 15,506     $ 15,752     $ 8,690  
Adjustments:                      
Amortization of intangible assets 1,192     1,492     102     314     721     798  
Purchase accounting impact on inventory and contracts acquired                   375     551                 960  
Non-GAAP adjusted gross profit $ 59,238     $ 62,960     $ 14,033     $ 15,820     $ 16,473     $ 10,448  

 

  Brooks Product Solutions Segment   Brooks Global Services Segment   Brooks Life Science Segment
  Quarter Ended   Quarter Ended   Quarter Ended
Dollars in thousands March 31, 2016   December 31, 2015   March 31, 2015   March 31, 2016   December 31, 2015   March 31, 2015   March 31, 2016   December 31, 2015   March 31, 2015
GAAP gross margin 35.2 %   35.4 %   34.4 %   28.9 %   33.6 %   30.8 %   37.2 %   28.2 %   28.5 %
Adjustments:                                  
Amortization of intangible assets 0.4 %   1.0 %   0.8 %   %   0.5 %   0.7 %   1.2 %   1.9 %   2.3 %
Purchase accounting impact on inventory and contracts acquired 0.3 %   0.2 %   %   %   %   %       %   %
Non-GAAP adjusted gross margin 36.0 %   36.6 %   35.1 %   28.9 %   34.0 %   31.5 %   38.5 %   30.1 %   30.7 %

 

  Brooks Product Solutions Segment   Brooks Global Services Segment   Brooks Life Science Segment
  Six Month Ended   Six Month Ended   Six Month Ended
Dollars in thousands March 31, 2016   March 31, 2015   March 31, 2016   March 31, 2015   March 31, 2016   March 31, 2015
GAAP gross margin 35.3 %   33.5 %   31.3 %   33.7 %   33.3 %   25.4 %
Adjustments:                      
Amortization of intangible assets 0.7 %   0.8 %   0.2 %   0.7 %   1.5 %   2.3 %
Purchase accounting impact on inventory and contracts acquired                   0.2 %   0.3 %   %   %   %   2.8 %
Non-GAAP adjusted gross margin 36.3 %   34.6 %   31.5 %   34.4 %   34.8 %   30.5 %

 

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