TEMPE, AZ – Amtech Systems, parent company of BTU, reported fiscal first quarter net revenue fell 10.8% year-over-year to $20.7 million. Net revenue was up 2.5% sequentially.

Operating income for the quarter ended Dec. 31 was $1.6 million, up 128.6% year-over-year and down 5.9% sequentially.

Customer orders during the period were $17.6 million.

The company’s board of directors approved to renew its share repurchase program of up to $4 million of outstanding common stock, effective for the next 12 months.

"We continue to prepare for the anticipated strengthening of the semiconductor market in the second half of 2020 and for longer-term organic growth opportunities,” said CEO Michael Whang. “We are investing in new product development, market-advancing technologies, our people, capacity expansion and IT systems. We also continue to evaluate strategic M&A opportunities to build upon our strengths in the high growth areas in semi and silicon carbide."

For the quarter ending Mar. 31, revenues are expected to be in the range of $10 million to $14 million. Amtech’s outlook reflects the Jan. 27 announcement by China's government to extend the Lunar New Year holiday and keep enterprises closed until Feb. 9, due to the coronavirus outbreak.

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