News Releases
Brooks Automation Reports Fiscal Fourth Quarter of 2015 Results Ended September 30, 2015

CHELMSFORD, Mass.Nov. 05, 2015 -- 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 fourth quarter and full year ended September 30, 2015.

Fiscal Fourth Quarter of 2015 Financial and Operational Highlights:

  • Revenue was $145.8 million;
  • GAAP Net Income was $6.6 million with diluted EPS of $0.10;
  • Non-GAAP Net Income was $11.4 million with diluted EPS of $0.17;
  • Total order bookings were $113.5 million;
  • Adjusted Gross Margin improved to 37.1%;
  • Operating cash flow was $22.3 million.



Fiscal Full Year 2015 Financial and Operational Highlights:

  • Revenue was $552.7 million, an increase of 14% compared to the prior fiscal year;
  • GAAP net income was $14.2 million with diluted EPS of $0.21;
  • Non-GAAP net income was $30.5 million with diluted EPS of $0.45;
  • Operating cash flow was $43.7 million;
  • Total of Cash, Cash Equivalents, and Marketable Securities, as of September 30, was $214.0 million or $3.12 per diluted share with no bank debt.


Summary of GAAP and Non-GAAP Earnings

  Quarter Ended
  September 30,   June 30,   September 30,
Dollars in thousands, except per share data 2015   2015   2014
GAAP net income attributable to Brooks Automation, Inc. $ 6,563     $ 7,681     $ 248  
GAAP diluted earnings per share $ 0.10     $ 0.11     $ 0.00  
           
Non-GAAP net income attributable to Brooks Automation, Inc. $ 11,394     $ 10,277     $ 4,726  
Non-GAAP diluted earnings per share $ 0.17     $ 0.15     $ 0.07  


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

Management Comments
“We finished the fiscal year with a strong fourth quarter led by the strength of our new products that serve the semiconductor industry.  Our Contamination Control Solutions products are rapidly becoming the standard for fabs,” stated Dr. Steve Schwartz, Chief Executive Officer of Brooks.  “Our improved earnings are a testament to our superior products and the improvements we have made in our cost structure.  We exited the fiscal year leaner and more flexible than we started the year and better positioned to deal with the variability in the semiconductor space. With our announcement earlier today of the agreement to acquire BioStorage Technologies, we are broadening our base in the growth space of the Life Sciences market.”

GAAP Summary
Revenue increased 1% sequentially to $145.8 million in the fourth quarter of fiscal 2015, while gross margin improved 90 basis points to 36.2% and operating expense was $42.7 million, an increase of $1.6 million. Other (expense) income, net was an expense of $2.2 million in the quarter as the company reduced the value of a building held for sale by $1.9 million. The GAAP net income result was $6.6 million and diluted EPS was $0.10.

Amortization of intangibles, special charges, and one-time items are appropriately 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 Q4 Fiscal 2015 (Non-GAAP Discussion)
Non-GAAP net income was $11.4 million in the fourth fiscal quarter, resulting in non-GAAP earnings per share of $0.17. This compares to non-GAAP net income of $10.3 million and non-GAAP EPS of $0.15 in the third quarter.

As noted above, revenue for the fourth fiscal quarter of 2015 was $145.8 million, an increase of 1% compared to the third fiscal quarter of 2015. Global Services revenue increased 6% to $24.9 million on increased repair activity.  Life Science Systems revenue increased 2% to $17.1 million driven by a store systems project delivered in Japan.  Product Solutions revenue declined 1% to $103.8 million. The segment saw an increase in sales of contamination control solutions offset by lower sales of automation and Polycold vacuum offerings.

Adjusted gross margin, which excludes amortization, was 37.1% in the quarter, up from 36.2% in the prior quarter. The Product Solutions adjusted gross margin was 38.5% in the fourth quarter compared to 37.3% in the prior period. The gross margin improvement was primarily driven by product mix and improved cost performance in the cryogenic pump offerings. The Life Science Systems adjusted gross margin was 27.9% compared to 30.2% in the prior quarter. The Global Services adjusted gross margin was 37.5% in the fourth quarter compared to 35.6% in the prior quarter. In summary, the total adjusted gross profit increase of $1.6 million includes an increase of $1.9 million in the Product Solutions and Global Services segments on higher revenue with improved margins, and a decrease of $0.3 million from Life Science Systems segment on lower margins.

Total order bookings in the fourth quarter were $113.5 million compared to $151.7 million in the third quarter. The Life Science Systems business had $12.4 million of new orders in the fourth quarter, bringing total backlog to $40 million and 12-month backlog to $30 million. Bookings for the semiconductor business in the Product Solutions and Global Services segments totaled $101.1 million, compared to $137.9 million in the third quarter.

Non-GAAP operating expense of $39.5 million increased 2% sequentially driven primarily by increased research and development expense.

Other (expense) income, net was an expense of $0.3 million in the fourth quarter, compared to income of $0.5 million in the third quarter.  Interest income, net was $0.1 million in the fourth quarter, unchanged from the prior quarter.

Adjusted EBITDA in the quarter was $20.3 million, a 2% increase compared to the third quarter. Cash flow from operations for the fourth quarter was $22.3 million, compared to $16.5 million in the third quarter.  The Company's cash, cash equivalents, and marketable securities decreased $0.6 million in the fourth quarter to $214.0 million.

Fiscal Year 2015 Results (Non-GAAP Discussion)
Revenue for the full fiscal year ended September 30, 2015 was $553 million, an increase of 14% compared to revenue of $483 million in 2014. The year-over-year growth was driven by growth in Product Solutions of 20% and Life Science Systems of 8%. Global Services revenue was flat year-over-year. Non-GAAP net income increased 78% to $30.5 million, or $0.45 per diluted share in fiscal 2015 from $17.2 million or $0.25 per diluted share in 2014.

During fiscal year 2015, we invested approximately $23 million of cash for the acquisitions of FluidX and Contact including debt paydown, and returned $27 million to shareholders in the form of dividends. Operating cash flow for the fiscal year of $44 million combined with our total financing and investing activity, resulted in the year-end balance for cash and equivalents of $214 million at September 30, 2015.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on December 22, 2015 to stockholders of record on December 4, 2015. 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 First Fiscal Quarter of Fiscal 2016
The Company announced revenue and earnings guidance for the first quarter of fiscal 2016. Revenue is expected to be in the range of $110 million to $117 million. Non-GAAP diluted earnings per share is expected to be in the range of ($0.03) to $0.01.

Conference Call
Brooks management will webcast its fourth quarter earnings conference call today at 4:30 p.m. Eastern Time to discuss the fiscal fourth quarter and year-end results and business highlights. 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 800-704-8312 (US & Canada only) or 1-303-223-4373 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, through product development initiatives and strategic business acquisitions, has expanded offerings to meet the needs of customers in the life sciences industry, analytical & research markets and clean energy solutions. 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
646-277-1254
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)
 
  September 30,
 2015
  September 30,
 2014
  (In thousands, except share and per share data)
Assets      
Current assets      
Cash and cash equivalents $ 80,722     $ 94,114  
Marketable securities 70,021     68,130  
Accounts receivable, net 86,448     80,106  
Inventories 100,619     93,567  
Deferred tax assets 17,609     19,009  
Assets held for sale 2,900      
Prepaid expenses and other current assets 15,158     19,387  
Total current assets 373,477     374,313  
Property, plant and equipment, net 41,855     50,183  
Long-term marketable securities 63,287     83,212  
Long-term deferred tax assets 70,476     67,563  
Goodwill 121,408     109,501  
Intangible assets, net 55,446     59,550  
Equity method investments 24,308     28,944  
Other assets 9,397     4,772  
Total assets $ 759,654     $ 778,038  
Liabilities and equity      
Current liabilities      
Accounts payable $ 44,890     $ 33,740  
Capital lease obligation     881  
Deferred revenue 17,886     26,279  
Accrued warranty and retrofit costs 6,089     6,499  
Accrued compensation and benefits 20,401     21,663  
Accrued restructuring costs 2,073     3,475  
Accrued income taxes payable 6,111     1,808  
Deferred tax liabilities 1,251     808  
Accrued expenses and other current liabilities 15,550     18,688  
Total current liabilities 114,251     113,841  
Long-term capital lease obligation     7,417  
Long-term tax reserves 3,644     5,708  
Long-term deferred tax liabilities 3,196     2,567  
Long-term pension liability 3,118     1,774  
Other long-term liabilities 3,400     3,842  
Total liabilities 127,609     135,149  
Commitments and contingencies      
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, 81,093,052 shares issued and 67,631,183 shares outstanding at September 30, 2015, 80,375,777 shares issued and 66,913,908 shares outstanding at September 30, 2014 811     804  
Additional paid-in capital 1,846,357     1,834,619  
Accumulated other comprehensive income 5,898     15,687  
Treasury stock, at cost- 13,461,869 shares (200,956 )   (200,956 )
Accumulated deficit (1,020,065 )   (1,007,265 )
Total Brooks Automation, Inc. stockholders’ equity      
Noncontrolling interest in subsidiaries      
Total equity 632,045     642,889  
Total liabilities and equity $ 759,654     $ 778,038  


 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
 
  Three months ended
September 30,
  Year Ended
September 30,
  2015   2014   2015   2014
Revenue              
Product $ 120,470     $ 98,145     $ 457,411     $ 387,032  
Services 25,295     24,372     95,297     95,816  
Total revenue 145,765     122,517     552,708     482,848  
Cost of revenue              
Product 78,876     67,181     307,865     252,688  
Services 14,084     13,934     55,738     62,823  
Total cost of revenue 92,960     81,115     363,603     315,511  
Gross profit 52,805     41,402     189,105     167,337  
Operating expenses              
Research and development 13,231     14,111     52,232     52,649  
Selling, general and administrative 28,425     26,286     115,270     111,098  
Restructuring and other charges 1,002     1,648     4,713     6,289  
Total operating expenses 42,658     42,045     172,215     170,036  
Operating income (loss) 10,147     (643 )   16,890     (2,699 )
Interest income 221     265     899     950  
Interest expense (95 )   (101 )   (395 )   (202 )
Other (expense) income, net (2,219 )   (216 )   421     256  
Income (loss) before income taxes and earnings (losses) of equity method investments 8,054     (695 )   17,815     (1,695 )
Income tax provision (benefit) 1,640     (1,052 )   3,430     (1,980 )
Income before earnings (losses) of equity method investments 6,414     357     14,385     285  
Equity in earnings (losses) of equity method investments 149     (95 )   (164 )   1,235  
Income from continuing operations 6,563     262     14,221     1,520  
Income from discontinued operations, net of tax             30,002  
Net income 6,563     262     14,221     31,522  
Net loss attributable to noncontrolling interests     (14 )       (161 )
Net income attributable to Brooks Automation, Inc. $ 6,563     $ 248     $ 14,221     $ 31,361  
Basic net income per share attributable to Brooks Automation, Inc. common stockholders:              
Income from continuing operations $ 0.10     $     $ 0.21     $ 0.02  
Income from discontinued operations, net of tax             0.45  
Basic net income per share attributable to Brooks Automation, Inc. $ 0.10     $     $ 0.21     $ 0.47  
Diluted net income per share attributable to Brooks Automation, Inc. common stockholders:              
Income from continuing operations $ 0.10     $     $ 0.21     $ 0.02  
Income from discontinued operations, net of tax             0.44  
Diluted net income per share attributable to Brooks Automation, Inc. common stockholders $ 0.10     $     $ 0.21     $ 0.46  
Dividend declared per share $ 0.10     $ 0.10     $ 0.40     $ 0.34  
Weighted-average shares used in computing earnings (loss) per share:              
Basic 67,583     66,840     67,411     66,648  
Diluted 68,677     67,925     68,549     67,644  


 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
 
  Year Ended September 30,
  2015   2014
Cash flows from operating activities      
Net income $ 14,221     $ 31,522  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 25,160     23,459  
Impairment of intangible assets     398  
Impairment of other assets     2,621  
Stock-based compensation 12,159     10,912  
Amortization of premium on marketable securities 1,193     1,255  
Undistributed losses (earnings) of equity method investments 164     (1,235 )
Deferred income tax benefit (2,173 )   (1,779 )
Loss on write-downs of assets held for sale 1,944      
Pension settlement 232      
Gain on disposal of businesses (85 )   (27,444 )
Loss on disposal of long-lived assets     13  
Changes in operating assets and liabilities, net of acquisitions and disposals:      
Accounts receivable (5,134 )   12,098  
Inventories (5,919 )   9,598  
Prepaid expenses and other current assets (2,875 )   (12,325 )
Accounts payable 8,358     (11,924 )
Deferred revenue (6,779 )   5,900  
Accrued warranty and retrofit costs (407 )   (1,102 )
Accrued compensation and benefits (1,148 )   6,783  
Accrued restructuring costs (1,247 )   2,161  
Accrued pension costs 812     997  
Accrued expenses and other current liabilities 5,251     1,873  
Net cash provided by operating activities 43,727     53,781  
Cash flows from investing activities      
Purchases of property, plant and equipment (16,146 )   (5,518 )
Purchases of marketable securities (87,333 )   (174,287 )
Sales and maturities of marketable securities 104,008     112,085  
Proceeds from divestitures     85,369  
Acquisitions, net of cash acquired (14,450 )   (35,625 )
Decrease in restricted cash     177  
Proceeds from liquidation of joint venture 1,778      
Other investments (5,500 )    
Proceeds from sales of property, plant and equipment 6      
Net cash used in investing activities (17,637 )   (17,799 )
Cash flows from financing activities      
Proceeds from issuance of common stock, net of issuance costs 1,807     1,838  
Principal repayments of capital lease obligations     (239 )
Acquisitions of noncontrolling interest     (3,189 )
Repayment of debt assumed in business acquisition (8,829 )    
Common stock dividends paid (26,992 )   (22,875 )
Net cash used in financing activities (34,014 )   (24,465 )
Effects of exchange rate changes on cash and cash equivalents (5,468 )   (374 )
Net decrease (increase) in cash and cash equivalents (13,392 )   11,143  
Cash and cash equivalents, beginning of year 94,114     82,971  
Cash and cash equivalents, end of year $ 80,722     $ 94,114  
       
Supplemental disclosures:      
Cash paid for interes $ 395     $ 202  
Cash paid for income taxes, net $ 3,883     $ 1,084  
       
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of buildings and land through capital lease $     $ 8,537  
Derecognition of a capital lease obligation and the related assets 7,804      



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        
  September 30, 2015   June 30, 2015   September 30, 2014
Dollars in thousands, except per share data $   per diluted 
share
  $   per diluted 
share
  $   per diluted 
share
Net income attributable to Brooks Automation, Inc. $ 6,563     $ 0.10     $ 7,681     0.11     $ 248     $ 0.00  
Adjustments, net of tax:                      
Purchase accounting impact on inventory and contracts acquired     0.00         0.00     1,300     0.02  
Amortization of intangible assets 2,213     0.03     2,222     0.03     1,964     0.03  
Restructuring charges 703     0.01     261     0.00     1,151     0.02  
Loss on sale of building 1,485     0.02         0.00         0.00  
Liquidation of a joint venture 150     0.00     69     0.00         0.00  
Merger costs 280     0.00     44     0.00     63     0.00  
Adjusted net income attributable to Brooks Automation, Inc. 11,394     0.17     10,277     0.15     4,726     0.07  
Stock-based compensation 2,650     0.04     2,402     0.04     2,138     0.03  
Adjusted net income attributable to Brooks Automation, Inc. - excluding stock-based compensation $ 14,044     $ 0.20     $ 12,679     0.18     $ 6,864     $ 0.10  

 

  Twelve Months Ended
  September 30, 2015   September 30, 2014
Dollars in thousands, except per share data $   per diluted 
share
  $   per diluted 
share
Net income attributable to Brooks Automation, Inc. $ 14,221     $ 0.21     $ 31,361     $ 0.46  
Income from discontinued operations, net of tax     0.00     30,002     0.44  
Net income attributable to continuing operations 14,221     0.23     1,359     0.02  
Adjustments, net of tax:              
Purchase accounting impact on inventory and contracts acquired 1,164     0.02     1,628     0.02  
Amortization of intangible assets 8,875     0.13     7,111     0.11  
Impairment of equity method investments 681     0.01         0.00  
Impairment of intangible assets     0.00     259     0.00  
Impairment of note receivable     0.00     1,704     0.03  
Restructuring charges 3,207     0.05     4,311     0.06  
Loss on sale of building 1,485     0.02         0.00  
Liquidation of a joint venture 219     0.00         0.00  
Inventory write-downs related to restructuring programs     0.00     210     0.00  
Merger costs 691     0.01     584     0.01  
Adjusted net income attributable to Brooks Automation, Inc. 30,543     0.45     17,166     0.25  
Stock-based compensation 12,160     0.18     10,914     0.16  
Adjusted net income attributable to Brooks Automation, Inc. - excluding stock-based compensation $ 42,703     $ 0.62     $ 28,080     $ 0.42  

 

  Quarter Ended
  September 30, 2015   June 30, 2015   September 30, 2014
Dollars in thousands $   %   $   %   $   %
Gross profit/gross margin percentage $ 52,805     36.2 %   $ 51,187     35.3 %   $ 41,402     33.8 %
Adjustments:                      
Amortization of intangible assets 1,300     0.9 %   1,299     0.9 %   1,249     1.0 %
Purchase accounting impact on inventory and contracts acquired     %       %   1,805     1.5 %
Adjusted gross profit/gross margin percentage $ 54,105     37.1 %   $ 52,486     36.2 %   $ 44,456     36.3 %

 

  Twelve Months Ended
  September 30, 2015   September 30, 2014
Dollars in thousands $   %   $   %
Gross profit/gross margin percentage $ 189,105     34.2 %   $ 167,337     34.7 %
Adjustments:              
Amortization of intangible assets 5,203     0.9 %   4,422     0.9 %
Impairment of intangible assets     %   398     0.1 %
Purchase accounting impact on inventory and contracts acquired 1,511     0.3 %   2,295     0.5 %
Inventory write-downs related to restructuring programs     %   310     0.1 %
Adjusted gross profit/gross margin percentage $ 195,819     35.4 %   $ 174,762     36.2 %

 

  Quarter Ended   Twelve Months Ended
  September 30,   June 30,   September 30,   September 30,   September 30,
Dollars in thousands 2015   2015   2014   2015   2014
Net income attributable to Brooks Automation, Inc. $ 6,563     $ 7,681     $ 248     $ 14,221     $ 31,361  
Adjustments:                  
Less: Interest income (221 )   (199 )   (265 )   (899 )   (950 )
Add: Interest expense 95     100     101     395     202  
Add: Income tax provision (benefit) 1,640     3,340     (1,052 )   3,430     (1,980 )
Add: Depreciation 2,990     2,979     3,310     12,272     12,699  
Add: Amortization of completed technology 1,300     1,299     1,249     5,202     4,422  
Add: Amortization of customer relationships and acquired intangible assets 1,913     1,917     1,648     7,657     6,170  
EBITDA $ 14,280     $ 17,117     $ 5,239     $ 42,278     $ 51,924  

 

  Quarter Ended   Twelve Months Ended
  September 30,   June 30,   September 30,   September 30,   September 30,
Dollars in thousands 2015   2015   2014   2015   2014
EBITDA $ 14,280     $ 17,117     $ 5,239     $ 42,278     $ 51,924  
Adjustments:                  
Less: Income from discontinued operations                 (30,002 )
Add: Impairment of completed technology                 398  
Add: Impairment of note receivable                 2,621  
Add: Impairment of equity method investment             681      
Add: Stock-based compensation 2,650     2,402     2,138     12,160     10,914  
Add: Restructuring charges 1,002     358     1,648     4,713     6,289  
Add: Inventory write-downs related to restructuring programs                 310  
Add: Purchase accounting impact on inventory and contracts acquired         1,805     1,511     2,295  
Add: Liquidation of a joint venture 150     69         219      
Add: Merger costs 280     44     79     713     686  
Add: Loss on sale of building 1,941             1,941      
Adjusted EBITDA $ 20,303     $ 19,990     $ 10,909     $ 64,216     $ 45,435  

 

  Quarter Ended   Twelve Months Ended
  September 30,   June 30,   September 30,   September 30,   September 30,
Dollars in thousands 2015   2015   2014   2015   2014
Selling, general and administrative expenses $ 28,425     $ 27,825     $ 26,286     $ 115,270     $ 111,098  
Adjustments:                  
Less: Amortization of customer relationships and acquired intangible assets (1,913 )   (1,917 )   (1,648 )   (7,656 )   (6,170 )
Less: Impairment of other assets                 (2,621 )
Less: Merger costs (280 )   (44 )   (79 )   (712 )   (686 )
Adjusted selling, general and administrative expenses $ 26,232     $ 25,864     $ 24,559     $ 106,902     $ 101,621  

 

  Quarter Ended   Twelve Months Ended
  September 30,   June 30,   September 30,   September 30,   September 30,
Dollars in thousands 2015   2015   2014   2015   2014
Other (expense) income, net $ (2,219 )   $ 460     $ (216 )   $ 421     $ 256  
Adjustments:                  
Add: Loss on sale of asset 1,941             1,941      
Adjusted other (expense) income, net $ (278 )   $ 460     $ (216 )   $ 2,362     $ 256  

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