Brooks Automation Inc. (BRKS) filed Quarterly Report for the period ended 2010-12-31.
Brooks Automatn has a market cap of $808.8 million; its shares were traded at around $12.39 with a P/E ratio of 15.9 and P/S ratio of 1.3.
This is the annual revenues and earnings per share of BRKS over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BRKS.
Highlight of Business Operations:
We reported revenues of $178.4 million for the three months ended December 31, 2010 as compared to $106.2 million in the same prior year period, a 68% increase. The total increase in revenues of $72.2 million arose in all of our operating segments. Our Critical Solutions Group segment revenues increased by $31.2 million, our System Solutions Group segment revenues increased by $39.1 million and our Global Customer Operations segment revenues increased by $1.8 million. These increases were primarily the result of increased volume shipments in response to increasing demand for semiconductor capital equipment.
Gross margin dollars increased to $57.3 million for three months ended December 31, 2010 as compared to $26.2 million in the same prior year period. This increase was attributable to higher revenues of $72.2 million. This increase was partially offset by reduced benefits from the sale of previously reserved excess and obsolete inventory. The benefit in the prior period exceeded the benefit in the current period by $1.6 million. Gross margin dollars for the current and prior year period was reduced by $0.5 million of amortization for completed technology intangible assets.
Selling, general and administrative, or SG&A, expenses were $24.5 million for the three months ended December 31, 2010, an increase of $5.5 million compared to $19.0 million in the same prior year period. The increase is attributable to higher labor related costs of $3.3 million as a result of increased accruals for incentive based compensation due to our improved financial performance, combined with an 8% increase in SG&A headcount. Other increases in SG&A costs include strategic consulting costs of $1.3 million incurred during the three months ended December 31, 2010. These consulting costs are not expected to recur in the near term. Travel related costs also increased $0.4 million as business activity has increased.
Cash and cash equivalents were $62.3 million at December 31, 2010, an increase of $2.5 million from September 30, 2010. This increase was primarily due to $17.7 million of cash provided by operating activities. This increase was partially offset by $13.5 million of net purchases of marketable securities and capital expenditures of $1.6 million.
Cash provided by operating activities was $17.7 million for the three months ended December 31, 2010, and was comprised of net income of $23.5 million, which includes $5.6 million of net non-cash related charges such as $4.3 million of depreciation and amortization and $1.2 million of stock-based compensation. Further, cash provided by operations was reduced by net increases in working capital of $11.4 million, consisting primarily of $11.3 million of increases in inventory.
Cash used in investing activities was $15.1 million for the three months ended December 31, 2010, and is comprised of net purchases of marketable securities of $13.5 million and $1.6 million of capital expenditures. Capital expenditures include $0.4 million of costs related to our international implementation of the Oracle ERP system and $0.4 million of costs for major building repairs.