Amtech Systems (NASDAQ:ASYS) reported Friday that its CEO Fokko Pentinga would step down, to be replaced by JS Whang, Amtech’s executive chairman, on December 6, according to a regulatory filing.
At the same time, the maker of equipment for solar panel and semiconductor manufacturers reported a fiscal fourth-quarter loss of $9 million, hit by decreased shipments of its solar and semiconductor equipment.
Amtech reported a per-share loss of $0.61, or $0.23 per share, on an adjusted basis. The loss included a $7 million charge related to its solar business.
Revenue, meanwhile, came in at $28.8 million, beating Wall Street’s estimate of $27.2 million, but lower than the $54.7 million in sales reported in the fourth quarter of 2017.
The slump in business stemmed from lower shipments of solar equipment. Its semiconductor shipments also dipped due to the timing of orders and delivery schedules established by one of its customers.
“We continue to develop our core technologies to ensure we are best positioned to be the supplier of choice in the marketplace,” said JS Whang, Amtech’s executive chairman in a statement. “We look forward to continuing to prudently invest in the long-term profitable growth of the company.
Cash pile, backlog grow
The company added to its cash pile in the quarter, reporting cash and cash equivalents as of the close of September of $58.3 million, up from $51.1 million in the year-ago quarter.
At the end of September, the company’s order backlog came to $51.1 million, a jump from its backlog of $41.2 million at the end of June.
For the year, the company recorded earnings of $5.3 million, or $0.35 per share on revenue of $176.4 million.
Looking ahead to the current quarter which ends on December 31, Amtech expects revenue to fall in the range of $27 million to $29 million.
Amtech Systems manufactures and sells capital equipment for use in fabricating solar cells, LED, and semiconductor devices.
Investors pushed Amtech Systems shares down 3.4% to $5.38 in Friday’s trading session.
Contact Ellen Kelleher at [email protected]