Amtech Systems, Inc. (NASDAQ:ASYS) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
On February 6, 2020, Amtech Systems, Inc. (the “Registrant” or the “Company”) announced by press release its results of operations for the first quarter ended December 31, 2019. A copy of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
The information contained in this Current Report, including the accompanying Exhibit 99.1, is furnished to Item 2.02 of Form 8-K and shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this Current Report, including the accompanying Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced, Mr. Robert Hass, 70, Executive Vice President, will retire effective February 17, 2020. In connection with his retirement, on February 4, 2020, the Board of Directors of the Company (the “Board”) approved a one-time cash bonus of $54,000 to recognize Mr. Hass’ 27 years of service. Additionally, the Board approved the acceleration of vesting of Mr. Hass’ unvested stock options and extended the post-retirement option exercise period from 90 days to one year. The Company expects to record approximately $0.1 million of stock-compensation expense related to the acceleration and modification.
Item 8.01 Other Events.
On February 4, 2020, the Board approved a stock repurchase program, to which the Company may repurchase up to $4 million of its outstanding common stock, par value $0.01 per share, over a one-year period, commencing on February 10, 2020. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the Securities and Exchange Commission; however, the Company has no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on the Company’s stock price and other market conditions. The Company may, in the sole discretion of the Board of Directors, terminate the repurchase program at any time while it is in effect.
Item 9.01 Financial Statements and Exhibits.
d) Exhibits.
AMTECH SYSTEMS INC Exhibit
EX-99.1 2 asys-ex991_9.htm EX-99.1 asys-ex991_9.htm EXHIBIT 99.1 Amtech Reports First Quarter Fiscal 2020 Results TEMPE,…
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About Amtech Systems, Inc. (NASDAQ:ASYS)
Amtech Systems, Inc. is engaged in the manufacture of capital equipment, including thermal processing, silicon wafer handling automation and related consumables used in fabricating solar cells, Light Emitting Diode (LED) and semiconductor devices. The Company operates through three business segments: solar, semiconductor and polishing. The solar segment supplies thermal processing systems, including diffusion; plasma-enhanced chemical vapor deposition (PECVD); atomic layer deposition (ALD), and related automation, parts and services to the solar/photovoltaic industry. The semiconductor segment supplies thermal processing equipment, including solder reflow equipment and related controls for use by the semiconductor manufacturers and in electronics assembly for automotive and other industries. The polishing supplies segment produces consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates and optical components.