This excerpt taken from the ASYS 10-Q filed Aug 14, 2006.
Net income for the three and nine months ended June 30, 2006 increased by 27.8%, and 16.8%, respectively, compared to the three and nine months ended June 30, 2005. These increases in net income are a result of higher revenue and gross profit as the overall market improved in the semiconductor equipment industry as well as an expanded presence in the solar or photovoltaic market with Amtechs diffusion furnaces.
At June 30, 2006, and September 30, 2005, cash and cash equivalents were $3.6 million, and $3.3 million, respectively. Our working capital increased $1.5 million to $11.5 million as of June 30, 2006, compared to $10.0 million as of September 30, 2005, as a result of $0.8 million of net income for the nine months and $0.5 million of net cash raised from financing activities, primarily the exercise of warrants and stock options. Our ratio of current assets to current liabilities declined to 2.7:1 at June 30, 2006, from 3.7:1 at September 30, 2005, as a result of the increase in current assets and current liabilities required to support the increased revenue base during the current period.
At June 30, 2006, our principal sources of liquidity consisted of $3.6 million of cash and cash equivalents and the $3.3 million in credit facilities to provide additional liquidity to support future growth. The Company believes that there is sufficient liquidity for operations.
Amtechs revolving line of credit with Silicon Valley Bank contains certain financial and other covenants. Amtech was in compliance with these covenants as of June 30, 2006.