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News >> Technology >>
Asyst announces additional financing
By siliconindia
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Friday, 04 October 2002, 19:30 IST
FREMONT: Asyst Technologies (Nasdaq:ASYT), a provider of integrated automation solutions that maximize semiconductor manufacturing productivity, Friday announced that it has reached an agreement with a U.S. commercial bank for a $25 million credit facility.
Combined with current balances of cash and short-term investments and the previously announced approximately $20 million the company anticipates receiving for certain inventory as a result of its outsourcing agreement, the company will have approximately $120 million of cash and short-term investments.
The company announced that it expects to report sales of approximately $70 million for its second fiscal quarter ended Sept. 30, 2002.
The company consumed $2 million of cash in its first fiscal quarter ended June 2002 and, consistent with its previous guidance, the company consumed approximately $5 million of cash in its just-completed second fiscal quarter, primarily to support the ramp of accounts receivable related to its significant sequential increase in sales.
The company anticipates managing its consumption of cash to a maximum of $5-$10 million per quarter going forward. While the company may in the future consider additional financing options to further strengthen its balance sheet, any future decision will depend upon market conditions at the time.