Brooks Automation Reports Fourth Quarter Results of Fiscal Year Ended September 30, 2018
CHELMSFORD, Mass., Nov. 19, 2018 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the fourth quarter and the fiscal year ended September 30, 2018.
GAAP Summary
Quarter Ended
Year Ended
Dollars in millions, except per share data September 30, September 30, September 30, September 30,
2018 2017
Change 2018 2017
Change
Revenue - Continuing Operations $
160 $
135 19 $
632 $
527 20
% %
Total Diluted EPS attributable to Brooks $
0.15 $
0.25 (41) $
1.64 $
0.89 85
% %
Non-GAAP Summary
Aggregate View which includes the Semiconductor Cryogenics Business in each line
Quarter Ended
Year Ended
Dollars in millions, except per share data September 30, September 30, September 30, September 30,
2018 2017 Change 2018 2017 Change
Revenue - Continuing Operations $
160 $
135 19 $
632 $
527 20
% %
Revenue - Semiconductor Cryogenics $
48 $
47 1 $
196 $
165 19
% %
Aggregate view of Revenue $
208 $
182 14 $
828 $
693 19
% %
Non-GAAP Total Diluted EPS $
0.40 $
0.35 15 $
1.57 $
1.23 27
% %
attributable to Brooks
The Company announced on August 27, 2018 it had entered into a definitive agreement to sell the Semiconductor Cryogenics business. In accordance with GAAP, sales and expenses directly related to that business must be removed from their applicable income statement caption for continuing operations, and reported for all periods presented as net income from discontinued operations in the GAAP financial statements. For this transition quarter, we present the non-GAAP summary above to provide a view of the entire business including the Semiconductor Cryogenics business aggregated line-by-line for a direct comparison to prior guidance and historical results.
The Company provides additional non-GAAP information to provide investors a better perspective on the results of operations, which the Company believes is more comparable to the similar analysis provided by its peers. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets, statements of operations and statements of cash flows.
Management Comments
"Our 2018 fiscal year was strong from start to finish and has charted a new path with transformative M&A agreements that are reshaping the company," commented Steve Schwartz, CEO of Brooks Automation. "The acquisition of GENEWIZ, which we completed last week, is expanding our reach in sample services to thousands of additional customers, supported by a highly talented global team. Further, we signed an agreement in August to sell our Semiconductor Cryogenics business and expect to complete the sale during our second fiscal quarter of 2019. We believe these transactions strengthen our growth portfolio and extend our position as the leading provider of life science sample services. Meanwhile we continued our strong operating performance in the semiconductor business and delivered yet another consecutive growth quarter in life sciences, yielding a 20% top-line growth for the year."
Commentary on GAAP Earnings for Fiscal Year 2018
Revenue excludes the Semiconductor Cryogenics revenue as a result of the pending sale of this business. Profits related to this business are included in discontinued operations.
-- Total Earnings Per Share increased 85% for the fiscal year, driven by
20% revenue growth, gross margin expansion of 126 basis points, and a
$43 million benefit of reversing a valuation allowance reserve on
deferred tax assets. Fourth quarter net income declined 40% year over
year, which reflects 19% growth in revenue and 16% growth at the gross
profit line, offset largely by an increase in M&A costs, interest
expense, and amortization of intangible assets driven by acquisitions.
-- Cash flow from operations for the fiscal year 2018 was $74 million, with
$31 million in the fourth quarter. The cash balance expanded to $251
million at the end of the fourth quarter.
-- Subsequent to the fiscal year end, the Company closed on the acquisition
of GENEWIZ, a global provider of gene sequencing and synthesis services.
The transaction closed on November 15, 2018 for a cash price of
approximately $450 million. The acquisition was funded from cash on the
balance sheet and new debt in the form of an incremental $350 million
term loan.
Commentary on Non-GAAP Earnings in an Aggregate View with Semiconductor Cryogenics Included
The aggregate view is shown on a non-GAAP basis for investors wishing to compare results to the performance reports provided in previous periods and to the Company's most recent guidance.
Fourth Quarter, Fiscal 2018
-- Non-GAAP EPS was $0.40 in the quarter, representing 15% growth year over
year. The EPS growth were driven by 14% revenue growth and operating
margin expansion through leverage of operating expense. The positive
operating margin improvement was largely offset by interest expense on
new debt in the year.
-- Life Sciences revenue was $51 million, 16% higher compared to Q4 2017,
inclusive of 6% organic growth.
-- Semiconductor Solutions revenue was $157 million, a 14% improvement year
over year and a decline of 10% compared to the third quarter of 2018.
Full Year, Fiscal Year 2018
-- 19% year over year revenue growth was driven by both business segments.
Semiconductor Solutions, inclusive of the Cryogenics business, grew 19%
for the year and was led by 25% year over year growth in automation
product revenue. Life Sciences grew 32% for the year and was led by
storage services growth of 31% year over year and the acquisition of
4titude. Life Science organic growth was 14% for the year.
-- Non-GAAP Diluted EPS for the fiscal year was $1.57, an improvement of
27% year over year. The EPS growth was driven by 19% revenue growth and
gross margin expansion, compared to 2017. Increased interest expense was
largely offset by lower tax rates year over year.
Non-GAAP Summary
Continuing Operations which excludes Semiconductor Cryogenics Business
Quarter Ended
Year Ended
Dollars in millions, except per share data September 30, September 30, September 30, September 30,
2018 2017
Change 2018 2017
Change
Revenue - Continuing Operations $
160 $
135 19 $
632 $
527 20
% %
Semiconductor Solutions Group 109 91 20 435 379 15
% %
Life Sciences 51 44 16 197 149 32
% %
Non-GAAP Diluted EPS $
0.17 $
0.12 36 $
0.64 $
0.44 44
% %
Commentary on Non-GAAP Earnings for Continuing Operations with Semiconductor Cryogenics Excluded
The Continuing Operations view shown on a non-GAAP basis provides investors additional performance information by excluding the impact of M&A costs, amortization, restructuring, purchase price accounting, and special charges or gains. This profile will be used in reporting future results.
Fourth Quarter, Fiscal 2018
-- Non-GAAP EPS for the quarter was $0.17, an improvement of 36% year over
year. Improved earnings was driven by the 20% year over year revenue
growth and leverage of operating expense.
-- Revenue was $160 million in the fourth quarter. Sequentially, this was a
decline of 7% compared to the third fiscal quarter of 2018.
Semiconductor Solutions revenue declined 11% from the third quarter to
$109 million. Life Sciences fourth quarter revenue grew 2% compared to
the third fiscal quarter, the 13(th) quarter of sequential expansion.
-- Revenue in this view, which excludes the Semiconductor Cryogenics
business, grew 19% year over year for the fourth quarter. Both business
segments drove high year over year growth and Life Sciences has
increased to be approximately 32% of fourth quarter revenue. With the
addition of GENEWIZ, revenue from Life Sciences is expected to exceed
40% of total revenue.
Full Year, Fiscal Year 2018
-- Non-GAAP EPS for the year increased 44% year over year to $0.64 per
share. The growth in earnings was driven by 20% revenue growth and gross
margin expansion.
-- Net interest expense for the year was $8 million, an increase of $8
million year over year. The company took on $200 million of debt in the
first fiscal quarter of 2018 in anticipation of M&A activity through the
year. This had an unfavorable impact on non-GAAP EPS of approximately
$0.11 cents per share compared to 2017.
-- Taxes are applied to the specific jurisdictional mix of continuing
versus discontinued operations. In doing so, the 2018 effective non-GAAP
tax rate was approximately 16% for continuing operations and 2017 was
approximately 25%.
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.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on December 20, 2018 to stockholders of record on December 7, 2018. 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 Fiscal First Quarter 2019
The Company announced revenue and earnings guidance for the first quarter of fiscal 2019. Revenue from continuing operations is expected to be in the range of $170 million to $180 million and non-GAAP diluted earnings per share from continuing operations is expected to be in the range of $0.10 to $0.14. Total GAAP diluted earnings per share, inclusive of the discontinued operations for the first quarter is expected to be in the range of $0.05 to $0.14.
Conference Call
Brooks management will webcast its fourth quarter earnings conference call today at 5:00 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 800-772-4206 (US & Canada only) or +1-212-271-4651 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 as a provider of precision automation and cryogenic vacuum solutions. Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry. Brooks' life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of ?20°C to -196°C, as well as comprehensive 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 operations in North America, Europe and Asia. For more information, visit www.brooks.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, but are not limited to statements about the expected timing for completion of our sale of the Semiconductor Cryogenics business, our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, the expected financial results from our recently acquired GENEWIZ business and our ability to deliver financial success in the future. Factors that could cause results to differ from our expectations include the following: the 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; uncertainties in global political and economic conditions, and other factors and other risks, including those 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.
CONTACTS:
Sherry Dinsmore
Brooks Automation
978.262.2400
sherry.dinsmore@brooks.com
John Mills
Partner
ICR, LLC
646.277.1254
john.mills@icrinc.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended Year Ended
September 30, September 30,
2018 2017 2018 2017
Revenue
Products $
120,646 $
100,181 $
482,729 $
406,986
Services 39,000 34,391 148,831 120,513
Total revenue 159,646 134,572 631,560 527,499
Cost of revenue
Products 71,820 58,864 288,323 249,396
Services 25,206 21,741 97,156 79,216
Total cost of revenue 97,026 80,605 385,479 328,612
Gross profit 62,620 53,967 246,081 198,887
Operating expenses
Research and development 12,138 10,996 46,936 39,875
Selling, general and administrative 46,281 40,485 167,022 141,549
Restructuring charges 585 563 714 3,144
Total operating expenses 59,004 52,044 214,672 184,568
Operating income 3,616 1,923 31,409 14,319
Interest income 688 32 1,881 464
Interest expense (2,679) (122) (9,520) (408)
Gain on settlement of equity method investment 1,847
Other expense, net (257) (30) (3,304) (1,702)
Income before income taxes and earnings of equity method investments 1,368 1,803 20,466 14,520
Income tax (benefit) provision 2,580 4,540 (47,251) 3,380
Income (loss) before equity in earnings of equity method investments $
(1,212) $
(2,737) $
67,717 $
11,140
Equity in earnings of equity method investments (453)
Income (loss) from continuing operations (1,212) (2,737) 67,717 10,687
Income from discontinued operations, net of tax 11,563 20,123 48,747 51,925
Net income $
10,351 $
17,386 $
116,464 $
62,612
Net loss attributable to noncontrolling interest 111
Net income attributable to Brooks Automation, Inc. $
10,351 $
17,386 $
116,575 $
62,612
Basic net income (loss) per share:
---
Basic net income (loss) per share from continuing operations $
(0.02) $
(0.04) $
0.96 $
0.15
Basic net income per share from discontinued operations 0.16 0.29 0.69 0.75
Basic net income per share attributable to Brooks Automation, Inc. $
0.15 $
0.25 $
1.65 $
0.90
Diluted net income (loss) per share:
---
Diluted net income (loss) per share from continuing operations $
(0.02) $
(0.04) $
0.95 $
0.15
Diluted net income per share from discontinued operations 0.16 0.28 0.69 0.74
Diluted net income per share attributable to Brooks Automation, Inc. $
0.15 $
0.25 $
1.64 $
0.89
Dividend declared per share $
0.10 $
0.10 $
0.40 $
0.40
Weighted average shares outstanding used in computing net income per
share:
Basic 70,681 69,808 70,489 69,575
Diluted 71,085 70,681 70,937 70,485
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
September 30, September 30,
2018 2017
---
Assets
Current assets
Cash and cash equivalents $
197,708 $
101,622
Marketable securities 46,281 28
Accounts receivable, net 125,942 93,465
Inventories 96,986 73,397
Prepaid expenses and other current assets 31,741 22,594
Current assets held for sale 66,148 60,671
Total current assets 564,806 351,777
Property, plant and equipment, net 59,988 56,981
Long-term marketable securities 7,237 2,642
Long-term deferred tax assets 43,798 1,692
Goodwill 255,876 207,154
Intangible assets, net 99,956 83,504
Other assets 5,294 6,325
Non-current assets held for sale 59,052 56,553
Total assets $
1,096,007 $
766,628
===
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long term debt $
2,000
$
Accounts payable 55,873 49,100
Deferred revenue 26,634 22,564
Accrued warranty and retrofit costs 6,340 5,479
Accrued compensation and benefits 29,322 23,876
Accrued restructuring costs 659 1,708
Accrued income taxes payable 6,746 11,417
Accrued expenses and other current liabilities 30,405 24,808
Current liabilities held for sale 7,388 7,825
Total current liabilities 165,367 146,777
Long-term debt 194,071
Long-term tax reserves 1,102 1,687
Long-term deferred tax liabilities 7,135 3,748
Long-term pension liabilities 4,255 1,783
Other long-term liabilities 5,547 4,336
Non-current liabilities held for sale 698 652
Total liabilities 378,175 158,983
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, 84,164,130 shares issued and 841 833
70,702,261 shares outstanding at September 30, 2018, 83,294,848 shares issued and 69,832,979
shares outstanding at September 30, 2017
Additional paid-in capital 1,898,434 1,874,918
Accumulated other comprehensive income 13,587 15,213
Treasury stock at cost - 13,461,869 shares (200,956) (200,956)
Accumulated deficit (994,074) (1,082,363)
Total stockholders' equity 717,832 607,645
Total liabilities and stockholders' equity $
1,096,007 $
766,628
===
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Year Ended
September 30,
2018 2017
---
Cash flows from operating activities
Net income $
116,464 $
62,612
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 37,429 28,149
Gain on settlement of equity method investment (1,847)
Impairment of other assets
Stock-based compensation 19,822 17,278
Amortization of premium on marketable securities and deferred financing costs 710 252
Earnings of equity method investments (6,788) (9,381)
Loss recovery on insurance claim (1,103)
Deferred income tax benefit (45,217) 517
Pension settlement (259)
Other gains on disposals of assets (758) (406)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (29,213) (11,178)
Inventories (24,365) (12,792)
Prepaid expenses and other current assets (3,676) (5,829)
Accounts payable 5,457 7,846
Deferred revenue 3,541 8,049
Accrued warranty and retrofit costs (157) 1,602
Accrued compensation and tax withholdings 5,978 5,565
Accrued restructuring costs (1,080) (4,241)
Accrued pension costs (32)
Accrued expenses and other current liabilities (3,080) 10,319
Net cash provided by operating activities 73,964 96,224
Cash flows from investing activities
Purchases of property, plant and equipment (12,787) (12,677)
Purchases of technology intangibles (240)
Purchases of marketable securities (69,692)
Sales of marketable securities 1,584 3,590
Maturities of marketable securities 17,482
Acquisitions, net of cash acquired (85,755) (44,791)
Proceeds from (purchases of) other investments 500 (170)
Proceeds from sales of property, plant and equipment 200 100
Net cash used in investing activities (148,468) (54,188)
Cash flows from financing activities
Proceeds from issuance of common stock 2,826 2,040
Proceeds from term loan 197,554
Payment of deferred financing costs (318) (28)
Repayment of term loan (1,500)
Common stock dividends paid (28,285) (27,932)
Net cash provided by (used in) financing activities 170,277 (25,920)
Effects of exchange rate changes on cash and cash equivalents 313 420
Net increase in cash and cash equivalents 96,086 16,536
Cash and cash equivalents, beginning of period 101,622 85,086
Cash and cash equivalents, end of period $
197,708 $
101,622
===
Notes on Non-GAAP Financial Measures:
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 adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets. Additionally, due to the pending sale of the Company's Semiconductor Cryogenics business, the results from this business are reported in discontinued operations in the current and prior periods. As a result, the Company has chosen to show the Aggregate View of the business which includes the results of the Semiconductor Cryogenics business, which is considered a non-GAAP financial measure Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.
The following tables provide a reconciliation of Net income attributable to Brooks Automation, Inc. to our Non-GAAP adjusted net income attributable to Brooks Automation, Inc. on an aggregate view as well as a reconciliation from the aggregate view to Non-GAAP adjusted net on a continuing operations basis for the quarters ended September, 30, 2018, June 30, 2018 and September 30, 2017 and then fiscal years ended September 30, 2018 and 2017.
Quarter Ended
September 30, 2018 June 30, 2018 September 30, 2017
per diluted per diluted per diluted
Dollars in thousands, except per share data
$ share
$ share
$ share
Net income attributable to Brooks Automation, $
10,351 $
0.15 $
22,717 $
0.32 $
17,386 $
0.25
Inc.
Adjustments:
---
Purchase accounting impact on inventory and 736 0.01
contracts acquired
Amortization of intangible assets 6,531 0.09 6,584 0.09 4,403 0.06
Restructuring charges 585 0.01 82 0.00 563 0.01
Merger costs 8,673 0.12 2,460 0.03 3,470 0.05
Adjustment of valuation allowance against deferred tax assets 690 0.01 690 0.01
Tax effect of adjustments 1,580 0.02 (800) (0.01) (1,300) (0.02)
Net loss attributable to noncontrolling interest (111) (0.00)
Non-GAAP adjusted net income attributable 28,410 0.40 32,358 0.46 24,522 0.35
to Brooks Automation, Inc. - Aggregate view
Less: Income from discontinued operations, net of tax (11,563) (0.16) (17,793) (0.25) (20,123) (0.28)
Adjustments to discontinued operations:
---
Amortization of intangible assets (1) (0.00) (1) (0.00) (1) (0.00)
Restructuring charges
Merger costs (4,364) (0.06) (2,082) (0.03)
Tax effect of adjustments related to discontinued operations (712) (0.01) 2,348 0.03 4,239 0.06
Non-GAAP adjusted net income from discontinued operations (16,640) (0.23) (17,528) (0.25) (15,885) (0.22)
Non-GAAP adjusted net income attributable to continuing operations 11,770 0.17 14,830 0.21 8,637 0.12
Stock based compensation, pre-tax 4,587 0.06 4,623 0.07 5,983 0.08
Tax rate 9 10 13
% % %
Stock-based compensation, net of tax 4,188 0.06 4,022 0.06 5,205 0.07
Non-GAAP adjusted net income attributable to Brooks Automation, Inc.- excluding stock-based
compensation $
15,958 $
0.22 $
18,852 $
0.27 $
13,842 $
0.20
Shares used in computing non-GAAP diluted net income attributable to Brooks Automation, Inc.
per share 71,085 70,978 70,681
Year Ended
September 30, 2018 September 30, 2017
per diluted per diluted
Dollars in thousands, except per share data
$ share
$ share
Net income attributable to Brooks Automation, Inc. $
116,575 $
1.64 $
62,612 $
0.89
Adjustments:
---
Purchase accounting impact on inventory and contracts 1,896 0.03 523 0.01
acquired
Amortization of intangible assets 24,219 0.34 17,146 0.24
Restructuring charges 716 0.01 3,226 0.05
Merger costs 14,412 0.20 8,309 0.12
Less: Fair value adjustment of equity investment (1,847) (0.03)
Add: True-up of BioCision stub period adjustment 203
Adjustment of valuation allowance against deferred tax assets (43,062) (0.61)
Tax effect of adjustments (2,438) (0.03) (3,157) (0.04)
Tax Reform - rate change applied to deferred tax liabilities (671) (0.01)
Net loss attributable to noncontrolling interest (111) (0.00)
Non-GAAP adjusted net income attributable to Brooks Automation, Inc. - Aggregate view 111,536 1.57 87,015 1.23
Less: Income from discontinued operations, net of tax (48,747) (0.69) (51,925) (0.73)
Adjustments to discontinued operations:
---
Amortization of intangible assets (3) (0.00) (3) (0.00)
Restructuring charges (2) (0.00) (82) (0.00)
Merger costs (7,467) (0.11)
Tax effect of adjustments related to discontinued operations (10,043) (0.14) (3,855) (0.05)
Non-GAAP adjusted net income from discontinued operations (66,262) (0.93) (55,865) (0.79)
Tax adjustments due to discontinued operations:
---
Non-GAAP adjusted net income attributable to continuing operations 45,274 0.64 31,150 0.44
Stock-based compensation, pre-tax 18,856 0.27 16,638 0.24
Tax rate 11 15
% %
Stock-based compensation, net of tax 16,838 $
0.24 14,142 0.20
Non-GAAP adjusted net income attributable to Brooks Automation, Inc.- excluding stock-based compensation $
62,112 $
0.88 $
45,292 $
0.64
Shares used in computing non-GAAP diluted net income attributable to Brooks Automation, Inc. per share 70,937 70,681
The following tables shows a reconciliation of revenue from the Semiconductor Solutions Group on a continuing operations basis to the revenue from the Semiconductor Solutions Group on an aggregate view which includes the Semiconductor Cryogenics Business for the quarters ended September 30, 2018, June 30, 2018 and September 30, 2017 and then fiscal years ended September 30, 2018 and 2017.
Quarter Ended
Year Ended
September 30, June 30, September 30, September 30, September 30,
Dollars in thousands 2018 2018 2017 2018 2017
Revenue - Semiconductor Solutions Group $
108,789 $
122,660 $
90,626 $
435,019 $
378,790
Continuing operations
Adjustments:
---
Revenue - Cryogenics Business 47,941 51,117 47,307 196,095 165,386
Revenue - Semiconductor Solutions Group $
156,730 $
173,777 $
137,933 $
631,114 $
544,176
Aggregate view
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SOURCE Brooks Automation
