UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2014
BROOKS AUTOMATION, INC.

(Exact Name of Registrant as Specified in Charter)
Delaware
 
0-25434
 
04-3040660
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)


15 Elizabeth Drive, Chelmsford, MA
 
01824
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant's telephone number, including area code: (978) 262-2400
            
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition
On July 31, 2014, Brooks Automation, Inc. (“Brooks” or the “Company”) announced via press release its financial results for the fiscal quarter ended June 30, 2014. A copy of the press release is attached hereto as Exhibit 99.1.
Limitation on Incorporation by Reference. The information in this Item 2.02 and in Item 9.01 of this Current Report, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in this press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.



Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1
Press release issued on July 31, 2014 by Brooks Automation, Inc.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
BROOKS AUTOMATION, INC.
 
 
 
 
 
/s/ Jason W. Joseph
Date: July 31, 2014
 
Jason W. Joseph
Vice President, General Counsel and Secretary







EXHIBIT INDEX

EXHIBIT
NUMBER
 
DESCRIPTION OF EXHIBITS
99.1
 
Press release issued on July 31, 2014 by Brooks Automation, Inc.

 
 
 






Exhibit 99.1 Q3'14 Earnings
Exhibit 99.1



Brooks Automation Reports Fiscal Third Quarter of 2014 Ended June 30, 2014 Results;  Increases Dividend by 25% to $0.10 per share


CHELMSFORD, Mass., July 31, 2014 (GLOBE NEWSWIRE) -- Brooks Automation, Inc. (Nasdaq:BRKS), a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, today reported financial results for the fiscal third quarter ended June 30, 2014.

Fiscal Third Quarter of 2014 Financial and Operational Highlights:

•
GAAP Revenue was $117.4 million;
•
Life Science Revenue increased 46% sequentially to $18.4 million;
•
Total Company order bookings were $105.3 million;
•
GAAP Earnings Per Share was $0.36; non-GAAP Earnings Per Share was $0.05;
•
Cash, Cash Equivalents and Marketable Securities as of June 30th were $243.8 million;
•
Declared dividend payment of $0.10 per share, a 25% increase.


Summary of GAAP and Non-GAAP Earnings
 
Quarter Ended
 
June 30,
 
March 31,
 
June 30,
Dollars in thousands, except per share data
2014
 
2014
 
2013
GAAP net income attributable to Brooks Automation, Inc.
$
24,476

 
$
3,189

 
$
1,544

GAAP diluted earnings per share
$
0.36

 
$
0.05

 
$
0.02

 
 
 
 
 
 
Non-GAAP net income attributable to Brooks Automation, Inc.
$
3,602

 
$
4,337

 
$
6,571

Non-GAAP diluted earnings per share
$
0.05

 
$
0.06

 
$
0.10

A reconciliation of non-GAAP measures to the most nearly comparable GAAP measure follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Management Comments
"This quarter is a good demonstration of the direction of our business model. The growth in Life Sciences continues to confirm the value of Brooks’ solutions and strategy for bio-sample storage,” stated Dr. Steve Schwartz, Chief Executive Officer of Brooks. “And we continue to strengthen our offerings and gross margins in the semiconductor side of our business. The portfolio is progressing to produce a more stable top line with improved bottom line results.”

Third Quarter of Fiscal 2014 Results
GAAP EPS for the third quarter was $0.36 per diluted share including the gain from the sale of the Granville-Phillips business. On a non-GAAP basis, EPS was $0.05 and above the Company’s prior guidance range.

Revenue for the third quarter of fiscal 2014 was $117.4 million, a decline of 7% compared to the second quarter. The sequential decline was driven by a 16% decrease in Product Solutions revenue partially offset by a 46% increase in Life Sciences revenue. The Life Sciences business provided $18.4 million of revenue, representing 16% of the total revenue this quarter, and is providing the intended effect of stabilizing the top-line while driving margin expansion.

Total bookings in the third quarter were $105.3 million compared to $142.1 million in the second quarter. The Life Sciences business had $9.4 million of new orders and now carries $37.5 million of 12-month backlog.



GAAP gross profit margin in the third quarter was 34.7%, a decrease of 47 basis points compared to the second fiscal quarter. Adjusted gross margin was 36.1% compared to adjusted gross margin of 36.0% for the second fiscal quarter. The Product Solutions adjusted gross profit margin was 35.5%, a decline of 55 basis points from the second quarter. This decline was driven by our Contamination Control Solutions (CCS) products, established from our DMS acquisition. Excluding the CCS products, Product Solutions adjusted gross margins improved 58 basis points compared to the second quarter. The Life Sciences adjusted gross margin declined to 38.4% in the third quarter from 40.6% in the second quarter. The adjusted gross profit margin for Global Services expanded 270 basis points to 36.2% from 33.5% in the second fiscal quarter.

Adjusted EBITDA for the third quarter of fiscal 2014 was $9.2 million compared to $13.1 million in the second quarter of fiscal 2014.

The Company completed the sale of Granville-Phillips on May 30, 2014. It recorded a pre-tax gain of $56.8 million and an after-tax gain of $26.9 million. The tax charge of $29.9 million on the gain is substantially non-cash as it is offset by net operating losses carried forward from past years in the U.S. Gross cash proceeds from the sale came to $87 million. The Company also completed the acquisition of DMS on April 30, paying the agreed purchase price of $31 million and a preliminary net working capital adjustment of $2.9 million.

Operating cash flow for the third quarter was $4.7 million. The Company's cash increased $51.5 million in the third quarter after the issuance of the quarterly dividend, capital expenditures, and completing the sale of Granville-Phillips and the acquisition of DMS. Cash, cash equivalents and marketable securities totaled $243.8 million at June 30, 2014.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has declared a dividend of $0.10 per share payable on September 26, 2014 to stockholders of record on September 5, 2014. This payment is 25% higher than the prior quarterly dividends. 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 Fourth Quarter of Fiscal 2014
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2014. Revenue is expected to range between $114 and $120 million. Non-GAAP earnings per diluted share, excluding special charges and intangibles amortization expense are expected to range between $0.04 and $0.07.
Conference Call
Brooks management will webcast its third quarter earnings conference today at 4:30 p.m. Eastern Time to discuss the fiscal third quarter results and business highlights. 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 1-800-698-6149 (US & Canada only) or 1-303-223-4391 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 and, through product development initiatives and strategic business acquisitions, has expanded offerings to meet the needs of customers in the life sciences industry, analytical & research markets and clean energy solutions. Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia.
For more information, visit www.brooks.com.

2

 
 
 
CONTACT:
  
Lynne Yassemedis
Brooks Automation, Inc.
978-262-4443
lynne.yassemedis@brooks.com
 
 
 
  
John Mills
Senior Managing Director
ICR, LLC
310-954-1105
john.mills@icrinc.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 statements regarding our revenue and operating margin expectations, our ability to develop further our business in new and adjacent markets, and our ability to achieve financial success in the future. Factors that could cause results to differ from our expectations include the following: 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; continuing uncertainties in global political and economic conditions, and other factors and other risks 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.


3


BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
 
June 30,
2014
 
September 30,
2013
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
115,547

 
$
82,971

Restricted cash
—

 
177

Marketable securities
57,071

 
45,900

Accounts receivable, net
82,792

 
77,483

Inventories
103,069

 
94,411

Deferred tax assets
17,389

 
16,839

Assets held for sale
—

 
27,778

Prepaid expenses and other current assets
16,912

 
9,030

Total current assets
392,780

 
354,589

Property, plant and equipment, net
52,272

 
47,506

Long-term marketable securities
71,136

 
44,491

Long-term deferred tax assets
67,687

 
99,146

Goodwill
113,238

 
97,924

Intangible assets, net
62,980

 
60,088

Equity method investments
30,760

 
25,687

Other assets
5,152

 
7,332

Total assets
$
796,005

 
$
736,763

Liabilities and equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
30,113

 
$
35,392

Capital lease obligation
881

 
—

Deferred revenue
34,521

 
19,610

Accrued warranty and retrofit costs
6,821

 
7,260

Accrued compensation and benefits
20,581

 
14,225

Accrued restructuring costs
3,951

 
1,412

Accrued income taxes payable
1,942

 
1,077

Liabilities held for sale
—

 
132

Accrued expenses and other current liabilities
17,442

 
13,453

Total current liabilities
116,252

 
92,561

Long-term capital lease obligation
7,537

 
—

Long-term tax liabilities
9,316

 
7,036

Long-term pension liability
846

 
815

Other long-term liabilities
3,869

 
3,695

Total liabilities
137,820

 
104,107

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, 80,278,029 shares issued and 66,816,160 shares outstanding at June 30, 2014, 80,039,104 shares issued and 66,577,235 shares outstanding at September 30, 2013
803

 
800

Additional paid-in capital
1,834,027

 
1,825,499

Accumulated other comprehensive income
24,284

 
22,604

Treasury stock at cost, 13,461,869 shares
(200,956
)
 
(200,956
)
Accumulated deficit
(1,000,820
)
 
(1,015,991
)
Total Brooks Automation, Inc. stockholders’ equity
657,338

 
631,956

Noncontrolling interest in subsidiaries
847

 
700

Total equity
658,185

 
632,656

Total liabilities and equity
$
796,005

 
$
736,763



4

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
 
Three months ended
June 30,
 
Nine months ended
June 30,
 
2014
 
2013
 
2014
 
2013
Revenue
 
 
 
 
 
 
 
Product
$
93,223

 
$
88,560

 
$
288,887

 
$
248,240

Services
24,136

 
22,211

 
71,444

 
63,519

Total revenue
117,359

 
110,771

 
360,331

 
311,759

Cost of revenue
 
 
 
 
 
 
 
Product
59,985

 
60,852

 
185,507

 
172,497

Services
16,628

 
13,844

 
48,889

 
43,823

Total cost of revenue
76,613

 
74,696

 
234,396

 
216,320

Gross profit
40,746

 
36,075

 
125,935

 
95,439

Operating expenses
 
 
 
 
 
 
 
Research and development
13,494

 
11,394

 
38,538

 
33,631

Selling, general and administrative
30,040

 
21,988

 
84,812

 
71,312

Restructuring and other charges
3,122

 
560

 
4,641

 
6,001

Total operating expenses
46,656

 
33,942

 
127,991

 
110,944

Operating income (loss)
(5,910
)
 
2,133

 
(2,056
)
 
(15,505
)
Interest income
181

 
255

 
685

 
795

Interest expense
(101
)
 
—

 
(101
)
 
(1
)
Other income, net
157

 
387

 
472

 
371

Income (loss) before income taxes and equity in earnings of equity method investments
(5,673
)
 
2,775

 
(1,000
)
 
(14,340
)
Income tax benefit
(2,838
)
 
(1,538
)
 
(928
)
 
(5,097
)
Income (loss) before equity in earnings of equity method investments
(2,835
)
 
4,313

 
(72
)
 
(9,243
)
Equity in earnings of equity method investments
71

 
236

 
1,330

 
220

Income (loss) from continuing operations
(2,764
)
 
4,549

 
1,258

 
(9,023
)
Income (loss) from discontinued operations, net of tax
27,263

 
(2,981
)
 
30,002

 
861

Net income (loss)
$
24,499

 
$
1,568

 
$
31,260

 
$
(8,162
)
Net income attributable to noncontrolling interests
(23
)
 
(24
)
 
(147
)
 
(68
)
Net income (loss) attributable to Brooks Automation, Inc.
$
24,476

 
$
1,544

 
$
31,113

 
$
(8,230
)
Basic net income (loss) per share attributable to Brooks Automation, Inc. common stockholders:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
(0.04
)
 
$
0.07

 
$
0.02

 
$
(0.14
)
Net income (loss) from discontinued operations, net of tax
0.41

 
(0.05
)
 
0.45

 
0.01

Basic net income (loss) per share attributable to Brooks Automation, Inc.
$
0.37

 
$
0.02

 
$
0.47

 
$
(0.13
)
Diluted net income (loss) per share attributable to Brooks Automation, Inc. common stockholders:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
(0.04
)
 
$
0.07

 
$
0.02

 
$
(0.14
)
Net income (loss) from discontinued operations, net of tax
0.40

 
(0.04
)
 
0.44

 
0.01

Diluted net income (loss) per share attributable to Brooks Automation, Inc.
$
0.36

 
$
0.02

 
$
0.46

 
$
(0.13
)
Dividend declared per share
$
0.08

 
$
0.08

 
$
0.24

 
$
0.24

Shares used in computing earnings (loss) per share:
 
 
 
 
 
 
 
Basic
66,751

 
66,041

 
66,583

 
65,831

Diluted
67,653

 
66,687

 
67,528

 
65,831





5

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)

 
Nine months ended
 June 30,
 
2014
 
2013
Cash flows from operating activities
 
 
 
Net income (loss)
$
31,260

 
$
(8,162
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation and amortization
17,252

 
18,258

Impairment of intangible assets
398

 
—

Impairment of other assets
2,621

 
—

Stock-based compensation
8,774

 
5,625

Amortization of premium on marketable securities
896

 
972

Undistributed earnings of equity method investments
(1,330
)
 
(220
)
Deferred income tax provision (benefit)
1,115

 
(364
)
Pension settlement
—

 
87

Gain on disposal of businesses
(27,444
)
 
—

Loss on disposal of long-lived assets
52

 
375

Changes in operating assets and liabilities, net of acquisitions and disposals:
 
 
 
Accounts receivable
10,416

 
(3,508
)
Inventories
1,150

 
17,334

Prepaid expenses and other current assets
(3,612
)
 
(1,585
)
Accounts payable
(15,712
)
 
(758
)
Deferred revenue
13,243

 
6,351

Accrued warranty and retrofit costs
(820
)
 
(1,194
)
Accrued compensation and benefits
5,484

 
(211
)
Accrued restructuring costs
2,542

 
(579
)
Accrued expenses and other current liabilities
(5,947
)
 
(2,784
)
Net cash provided by operating activities
40,338

 
29,637

Cash flows from investing activities
 
 
 
Purchases of property, plant and equipment
(3,384
)
 
(2,710
)
Purchases of marketable securities
(128,135
)
 
(72,581
)
Sale/maturity of marketable securities
89,579

 
127,582

Proceeds from divestitures
85,369

 
—

Acquisition, net of cash acquired
(37,832
)
 
(59,005
)
Proceeds from the sale of property, plant and equipment
—

 
3,169

Payment of deferred leasing cost
—

 
(3,134
)
Decrease in restricted cash
177

 
763

Net cash provided by (used in) investing activities
5,774

 
(5,916
)
Cash flows from financing activities
 
 
 
Proceeds from issuance of common stock, net of issuance costs
967

 
969

Common stock dividend paid
(16,144
)
 
(15,987
)
Net cash used in financing activities
(15,177
)
 
(15,018
)
Effects of exchange rate changes on cash and cash equivalents
1,641

 
(1,454
)
Net increase in cash and cash equivalents
32,576

 
7,249

Cash and cash equivalents, beginning of period
82,971

 
54,639

Cash and cash equivalents, end of period
$
115,547

 
$
61,888

 
 
 
 
Supplemental disclosure of non-cash investing and financing activities:
 
 
 
Acquisition of buildings and land through capital lease
$
8,537

 
$
—



6

Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. 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 believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of special charges such as restructuring charges and acquisition related charges. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. Tables reconciling GAAP to the non-GAAP measures are presented below.

 
 
 
 
 
Quarter Ended
 
 
 
 
 
June 30, 2014
 
March 31, 2014
 
June 30, 2013
Dollars in thousands, except per share data
$
 
per diluted share
 
$
 
per diluted share
 
$
 
per diluted share
Net income attributable to Brooks Automation, Inc.
$
24,476

 
$
0.36

 
$
3,189

 
$
0.05

 
$
1,544

 
$
0.02

Income (loss) from discontinued operations, net of tax
27,263

 
0.40

 
1,162

 
0.02

 
(2,981
)
 
(0.04
)
Net income (loss) attributable to continuing operations
(2,787
)
 
(0.04
)
 
2,027

 
0.03

 
4,525

 
0.07

Adjustments, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Purchase accounting impact on inventory and contracts acquired
99

 
0.00

 
79

 
0.00

 
—

 
—

Amortization of intangible assets
1,850

 
0.03

 
1,584

 
0.02

 
1,625

 
0.02

Impairment of note receivable
1,704

 
0.03

 
—

 
—

 
—

 
—

Restructuring charges
2,126

 
0.03

 
526

 
0.01

 
379

 
0.01

Inventory write-downs related to restructuring programs
210

 
0.00

 
—

 
—

 
—

 
—

Merger costs
400

 
0.01

 
121

 
0.00

 
42

 
0.00

Adjusted net income attributable to Brooks Automation, Inc.
3,602

 
0.05

 
4,337

 
0.06

 
6,571

 
0.10

Stock-based compensation
2,258

 
0.03

 
3,795

 
0.06

 
589

 
0.01

Adjusted net income attributable to Brooks Automation, Inc. - excluding stock-based compensation
$
5,860

 
$
0.09

 
$
8,132

 
$
0.12

 
$
7,160

 
$
0.11


 
Nine Months Ended
 
June 30, 2014
 
June 30, 2013
Dollars in thousands, except per share data
$
 
per diluted share
 
$
 
per diluted share
Net income (loss) attributable to Brooks Automation, Inc.
$
31,113

 
$
0.46

 
$
(8,230
)
 
$
(0.13
)
Income from discontinued operations, net of tax
30,002

 
0.44

 
861

 
0.01

Net income (loss) attributable to continuing operations
1,111

 
0.02

 
(9,091
)
 
(0.14
)
Adjustments, net of tax:
 
 
 
 
 
 
 
Purchase accounting impact on inventory and contracts acquired
328

 
0.00

 
2,092

 
0.03

Amortization of intangible assets
5,147

 
0.08

 
5,116

 
0.08

Impairment of intangible assets
259

 
0.00

 
—

 
—

Impairment of note receivable
1,704

 
0.03

 
—

 
—

Restructuring charges
3,160

 
0.05

 
4,357

 
0.07

Inventory write-downs related to restructuring programs
210

 
0.00

 
—

 
—

Merger costs
521

 
0.01

 
504

 
0.01

Adjusted net income attributable to Brooks Automation, Inc.
12,440

 
0.18

 
2,978

 
0.05

Stock-based compensation
8,776

 
0.13

 
5,505

 
0.08

Adjusted net income attributable to Brooks Automation, Inc. - excluding stock-based compensation
$
21,216

 
$
0.31

 
$
8,483

 
$
0.13




7

 
Quarter Ended
 
June 30, 2014
 
March 31, 2014
 
June 30, 2013
Dollars in thousands
$
 
%
 
$
 
%
 
$
 
%
Gross profit/gross margin percentage
$
40,746

 
34.7
%
 
$
44,298

 
35.2
%
 
$
36,075

 
32.6
%
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Amortization of intangible assets
1,142

 
1.0
%
 
914

 
0.7
%
 
1,042

 
0.9
%
Purchase accounting impact on inventory and contracts acquired
138

 
0.1
%
 
122

 
0.1
%
 
—

 
—
%
Inventory write-downs related to restructuring programs
310

 
0.3
%
 
—

 
—
%
 
—

 
—
%

Adjusted gross profit/gross margin percentage
$
42,336

 
36.1
%
 
$
45,334

 
36.0
%
 
$
37,117

 
33.5
%


 
Nine Months Ended
 
June 30, 2014
 
June 30, 2013
Dollars in thousands
$
 
%
 
$
 
%
Gross profit/gross margin percentage
$
125,935

 
34.9
%
 
$
95,439

 
30.6
%
Adjustments:
 
 
 
 
 
 
 
Amortization of intangible assets
3,173

 
0.9
%
 
3,002

 
1.0
%
Impairment of intangible assets
398

 
0.1
%
 
—

 
—
%
Purchase accounting impact on inventory and contracts acquired
490

 
0.1
%
 
2,907

 
0.9
%
Inventory write-downs related to restructuring programs
310

 
0.1
%
 
—

 
—
%

Adjusted gross profit/gross margin percentage
$
130,306

 
36.2
%
 
$
101,348

 
32.5
%

 
Quarter Ended
 
Nine Months Ended
 
June 30,
 
March 31,
 
June 30,
 
June 30,
 
June 30,
Dollars in thousands
2014
 
2014
 
2013
 
2014
 
2013
Net income (loss) attributable to Brooks Automation, Inc.
$
24,476

 
$
3,189

 
$
1,544

 
$
31,113

 
$
(8,230
)
Adjustments:
 
 
 
 
 
 
 
 
 
Less: Interest income
(181
)
 
(258
)
 
(255
)
 
(685
)
 
(795
)
Add: Interest expense
101

 
—

 
—

 
101

 
1

Add: Income tax provision (benefit)
(2,838
)
 
1,117

 
(1,538
)
 
(928
)
 
(5,097
)
Add: Depreciation
3,294

 
3,006

 
3,293

 
9,389

 
10,383

Add: Amortization of completed technology
1,142

 
914

 
1,042

 
3,173

 
3,002

Add: Amortization of customer relationships and acquired intangible assets
1,606

 
1,460

 
1,399

 
4,522

 
4,255

EBITDA
$
27,600

 
$
9,428

 
$
5,485

 
$
46,685

 
$
3,519




8

 
Quarter Ended
 
Nine Months Ended
 
June 30,
 
March 31,
 
June 30,
 
June 30,
 
June 30,
Dollars in thousands
2014
 
2014
 
2013
 
2014
 
2013
EBITDA
$
27,600

 
$
9,428

 
$
5,485

 
$
46,685

 
$
3,519

Adjustments:
 
 
 
 
 
 
 
 
 
Less: Income from discontinued operations
(27,263
)
 
(1,162
)
 
2,981

 
(30,002
)
 
(861
)
Add: Impairment of completed technology
—

 
—

 
—

 
398

 
—

Add: Impairment of note receivable
2,621

 
—

 
—

 
2,621

 
—

Add: Stock-based compensation
2,258

 
3,795

 
589

 
8,776

 
5,505

Add: Restructuring charges
3,122

 
772

 
560

 
4,641

 
6,001

Add: Inventory write-downs related to restructuring programs
310

 
—

 
—

 
310

 
—

Add: Purchase accounting impact on inventory and contracts acquired
138

 
122

 
—

 
490

 
2,907

Add: Merger costs
426

 
181

 
62

 
607

 
704

Adjusted EBITDA
$
9,212

 
$
13,136

 
$
9,677

 
$
34,526

 
$
17,775










9