Brooks Automation Reports Third Quarter Financial Results and Initiates Payment of...

Brooks Automation Reports Third Quarter Financial Results and Initiates Payment
of a Quarterly Cash Dividend

CHELMSFORD, Mass., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Brooks Automation, Inc.
(Nasdaq:BRKS) announced financial results for the Company's third quarter of
fiscal year 2011 ended on June 30, 2011.

Revenues for the third quarter of fiscal 2011 were $186.1 million, compared to
revenues of $156.8 million in the third quarter of fiscal 2010, an increase of
18.7%. Sequentially, revenues decreased 3.4% from second quarter fiscal 2011
revenues of $192.7 million. Order bookings for the third quarter of fiscal 2011
were $190.8 million, a 1.5% sequential decrease as compared to order bookings in
the fiscal second quarter of $193.7 million.

Net income attributable to Brooks Automation, Inc. for the third quarter of
fiscal 2011 amounted to $66.2 million, or $1.02 per diluted share. The result
included the gain on sale of the contract manufacturing business which resulted
in a pre-tax gain of $45.0 million with associated taxes on the gain of $2.4
million. This and other special charges and non-recurring income and their
impact on comparative results are identified in the unaudited table included
with this release.

Excluding special charges or non-recurring income, the adjusted net income of
$23.3 million or $0.36 per diluted share compares on a sequential basis with
$26.8 million or $0.41 per diluted share and improves on income of $16.9 million
or $0.26 per diluted share in the third quarter of fiscal 2010. Including
special charges and non-recurring income, the Net income attributable to Brooks
in the second quarter of fiscal 2011 and the third quarter of fiscal 2010 was
$26.6 million, or $0.41 per diluted share, and $16.6 million, or $0.26 per
diluted share, respectively.

Revenues for the nine months ended June 30, 2011 were $557.2 million, a 35.5%
increase over revenues of $411.3 million for the nine months ended June 30,
2010. Net income attributable to Brooks for the nine months ended June 30, 2011
was $116.3 million or $1.79 per diluted share, as compared to $34.8 million or
$0.54 per diluted share for the nine months ended June 30, 2010. Excluding the
impact of special charges and non-recurring income, net income increased to
$73.9 million or $1.14 per diluted share for the nine months ended June 30, 2011
as compared to $25.9 million or $0.40 per diluted share, for the nine months
ended June 30, 2010.

Adjusted Earnings before Interest, Tax, Depreciation and Amortization for the
third quarter of fiscal 2011 was $29.5 million, which compared to $34.1 million
in the second quarter of fiscal 2011 and $22.5 million in the third quarter of
fiscal 2010. A reconciliation of non-GAAP measures to the most nearly comparable
GAAP measure follows the consolidated statements of operations, balance sheets
and statements of cash flows included in this release. Adjusted Earnings before
Interest, Tax, Deprecation and Amortization for the nine months ended June 30,
2011 was $93.5 million as compared to $45.4 million for the nine months ended
June 30, 2010.

Net cash provided by operating activities for the third quarter of fiscal 2011
was $28.3 million, which together with net proceeds from the company's M&A
activities of $76.7 million and net of capital expenditures of $1.0 million
resulted in an increase of total cash and marketable securities to $282.4
million at June 30, 2011. For the first nine months of the fiscal year cash from
operating activities was $67.2 million and the increase in total cash and
marketable securities was $139.9 million.

Steve Schwartz, Chief Executive Officer and President of Brooks stated, "We have
seen a high level of uncertainty associated with our near-term revenues into
semiconductor markets with significant demand adjustments from our OEM customers
consistent with the public outlook they have provided. This trend had been
generally negative, however our positioning into adjacent markets is cushioning
Brooks from the worst of this current demand correction."

Dr. Schwartz continued, "In the coming months we will have significant focus on
the successful integration of our Nexus Biosystems and RTS Life Sciences
acquisitions. The formation of Brooks Life Science Systems is intended to be a
vehicle for substantial long term growth in the Life Sciences market of which
our initial growth in Biobanking and Automated Sample Management Systems will be
a key foundation."

The Company additionally announced that the Board of Directors had declared a
dividend of $0.08 per share payable on September 30, 2011 to stock holders of
record on September 9, 2011. 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.

Martin Headley, Executive Vice-President and Chief Financial Officer, observed
that, "The initiation of a dividend payment represents a third leg to enhancing
shareholder value following the focus on higher performing components in our
core business and the start of investment in a new growth platform through
recent acquisitions."

Brooks management will webcast its third quarter earnings conference at 4:30
p.m. Eastern Time to discuss the attached quarterly 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. Their responses could contain information that
has not been previously disclosed.

Analysts, investors and members of the media can access the live broadcast
available on Brooks' website at www.brooks.com. The call will be archived on
this website for convenient on-demand replay.

About Brooks Automation, Inc.

Brooks is a leading worldwide provider of automation, vacuum and instrumentation
solutions to markets where our technologies provide superior value in controlled
environments; our engineering competencies provide our customers with speed to
market; and our global service capabilities ensure rapid uptime response. Global
semiconductor manufacturing is our heritage and the largest market we currently
serve. However, through our product initiatives and business acquisitions, we
are increasingly meeting the needs of customers across a broad spectrum of
applications in life sciences, analytical & research markets, and clean energy
solutions. For more information go to www.brooks.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 - particularly those manufacturing
in Japan - 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.

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)

September
June 30, 30,

2011 2010
----------- -----------
Assets
Current assets
Cash and cash equivalents $133,115 $59,823
Restricted cash 760 --
Marketable securities 64,804 49,011
Accounts receivable, net 82,547 92,273
Inventories, net 93,525 115,787
Prepaid expenses and other
current assets 10,179 10,437
----------- -----------
Total current assets 384,930 327,331
Property, plant and
equipment, net 58,270 63,669
Long-term marketable
securities 83,686 33,593
Goodwill 51,694 48,138
Intangible assets, net 10,395 11,123
Equity investment in joint
ventures 34,747 31,746

Other assets 2,637 2,624
----------- -----------

Total assets $626,359 $518,224
=========== ===========
Liabilities and equity
Current liabilities
Accounts payable $45,177 $65,734
Deferred revenue 7,640 4,365
Accrued warranty and
retrofit costs 7,617 8,195
Accrued compensation and
benefits 15,449 13,677
Accrued restructuring costs 566 3,509
Accrued income taxes payable 3,930 1,040
Accrued expenses and other
current liabilities 9,777 11,635
----------- -----------
Total current liabilities 90,156 108,155
Income taxes payable 13,223 12,446
Long-term pension liability 5,728 5,466

Other long-term liabilities 3,280 2,805
----------- -----------

Total liabilities 112,387 128,872
----------- -----------
Contingencies
Equity
Preferred stock, $0.01 par
value, 1,000,000 shares
authorized, no shares
issued and outstanding -- --
Common stock, $0.01 par
value, 125,000,000 shares
authorized, 79,521,639
shares issued and
66,059,770 shares
outstanding
at June 30, 2011, 78,869,331
shares issued and
65,407,462 shares
outstanding at September
30, 2010 795 789
Additional paid-in capital 1,807,102 1,803,121
Accumulated other
comprehensive income 23,865 19,510
Treasury stock at cost,
13,461,869 shares at June
30, 2011 and September 30,
2010 (200,956) (200,956)

Accumulated deficit (1,117,395) (1,233,649)
----------- -----------
Total Brooks Automation,
Inc. stockholders' equity 513,411 388,815
Noncontrolling interest in
subsidiaries 561 537
----------- -----------

Total equity 513,972 389,352
----------- -----------
Total liabilities and
equity $626,359 $518,224
=========== ===========

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)

Three months ended Nine months ended

June 30, June 30,
------------------ ------------------

2011 2010 2011 2010
-------- -------- -------- --------
Revenues
Product $166,658 $141,681 $502,783 $366,467

Services 19,478 15,109 54,371 44,873
-------- -------- -------- --------

Total revenues 186,136 156,790 557,154 411,340
-------- -------- -------- --------
Cost of revenues
Product 115,299 99,086 342,933 263,556

Services 13,867 11,799 38,258 36,683
-------- -------- -------- --------

Total cost of revenues 129,166 110,885 381,191 300,239
-------- -------- -------- --------

Gross profit 56,970 45,905 175,963 111,101
-------- -------- -------- --------
Operating expenses
Research and development 10,025 7,901 28,365 23,119
Selling, general and
administrative 24,676 21,200 74,399 61,021

Restructuring charges 97 288 557 2,294
-------- -------- -------- --------

Total operating expenses 34,798 29,389 103,321 86,434
-------- -------- -------- --------
Operating income 22,172 16,516 72,642 24,667
Interest income 350 221 886 814
Interest expense 10 7 39 34
Sale of intellectual
property rights -- -- -- 7,840
Sale of contract
manufacturing business 45,009 -- 45,009 --
Loss on investment -- -- -- 191

Other (income) expense, net (1,068) 7 (1,485) 295
-------- -------- -------- --------
Income before income taxes
and equity in earnings
(losses) of joint ventures 68,589 16,723 119,983 32,801
Income tax provision
(benefit) 3,300 (35) 5,323 (2,219)
-------- -------- -------- --------
Income before equity in
earnings (losses) of joint
ventures 65,289 16,758 114,660 35,020
Equity in earnings (losses)
of joint ventures 900 (112) 1,618 (303)
-------- -------- -------- --------
Net income $66,189 $16,646 $116,278 $34,717
Add: Net loss (income)
attributable to
noncontrolling interests (6) (74) (24) 89
-------- -------- -------- --------
Net income attributable to
Brooks Automation, Inc. $66,183 $16,572 $116,254 $34,806
======== ======== ======== ========
Basic net income per share
attributable to Brooks
Automation, Inc. common
stockholders $1.02 $0.26 $1.80 $0.55
======== ======== ======== ========
Diluted net income per share
attributable to Brooks
Automation, Inc. common
stockholders $1.02 $0.26 $1.79 $0.54
======== ======== ======== ========
Shares used in computing
earnings per share
Basic 64,668 63,969 64,481 63,679
Diluted 65,141 64,264 64,941 64,123

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

Nine months ended

June 30,
-------------------

2011 2010
--------- --------
Cash flows from operating activities
Net income $116,278 $34,717
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 12,336 14,029
Sale of intellectual property rights -- (7,840)
Stock-based compensation 5,211 4,889
Amortization of premium on marketable
securities 1,534 626
Undistributed (earnings) losses of
joint ventures (1,618) 303
(Gain) loss on disposal of long-lived
assets 24 (4)
Sale of contract manufacturing business (45,009) --
Loss on investment -- 191
Changes in operating assets and
liabilities, net of acquisitions and
disposals:
Accounts receivable (461) (33,946)
Inventories (11,248) (33,683)
Prepaid expenses and other current
assets 3,245 (3,065)
Accounts payable (11,812) 44,256
Deferred revenue (1,410) 1,598
Accrued warranty and retrofit costs (638) 1,769
Accrued compensation and benefits (72) (2,433)
Accrued restructuring costs (2,943) (3,043)

Accrued expenses and other 3,802 (482)
--------- --------
Net cash provided by operating
activities 67,219 17,882
--------- --------
Cash flows from investing activities
Purchases of property, plant and
equipment (4,163) (1,908)
Purchases of marketable securities (145,821) (95,722)
Sale/maturity of marketable securities 78,644 67,492
Increase in restricted cash (760) --
Proceeds from the sale of the contract
manufacturing business 75,664 --
Proceeds from assets sold 4,372 --
Acquisition of RTS Life Sciences, net
of cash acquired (3,381) --
Proceeds from the sale of intellectual
property rights -- 7,840
Purchase of intangible assets -- (892)

Other -- 243
--------- --------
Net cash provided by (used in)
investing activities 4,555 (22,947)
--------- --------
Cash flows from financing activities
Proceeds from issuance of common stock,
net of issuance costs 681 609
--------- --------
Net cash provided by financing
activities 681 609
--------- --------
Effects of exchange rate changes on
cash and cash equivalents 837 (542)
--------- --------
Net increase (decrease) in cash and
cash equivalents 73,292 (4,998)
Cash and cash equivalents, beginning of
period 59,823 59,985
--------- --------
Cash and cash equivalents, end of
period $133,115 $54,987
========= ========

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
non-recurring income and special charges such as restructuring charges and gains
or losses on investments. Management believes these measures are useful to
investors because it eliminates accounting charges that do not reflect Brooks'
day-to-day operations. A table reconciling income and diluted earnings per share
from operations is presented below:

Quarter ended

----------------------------------------------------------------

June 30, 2011
March 31, 2011 June 30, 2010
---------------------
--------------------- ------------------

per
$ per share $
per share $ share
---------- ---------
--------- ---------- --------- -------

Net income attributable to Brooks Automation,

Inc. $ 66,183 $ 1.02 $
26,585 $ 0.41 $ 16,572 $ 0.26

Purchase accounting impact on contracts

acquired 313 0.00
-- -- -- --
Restructuring charges 97 0.00
246 0.00 288 0.00
Gain on sale of contract manufacturing, net of

tax (42,588) (0.65)
-- -- -- --

Litigation settlement (664) (0.01)
-- -- -- --
---------- ---------
--------- ---------- --------- -------
Adjusted net income attributable to Brooks

Automation, Inc. 23,341 0.36
26,831 0.41 16,860 0.26

Stock-based compensation 1,595 0.02
2,407 0.04 1,328 0.02
---------- ---------
--------- ---------- --------- -------
Adjusted net income attributable to Brooks

Automation, Inc. - excluding stock-based

compensation $ 24,936 $ 0.38 $
29,238 $ 0.45 $ 18,188 $ 0.28
========== =========
========= ========== ========= =======

Nine months ended

--------------------------------------------

June 30, 2011
June 30, 2010
---------------------
---------------------

$ per share $
per share
---------- ---------
--------- ----------

Net income attributable to Brooks Automation,

Inc. $ 116,254 $ 1.79 $
34,806 $ 0.54

Purchase accounting impact on contracts

acquired 313 0.00
-- --
Restructuring charges 557 0.01
2,294 0.04
Gain on sale of contract manufacturing, net of

tax (42,588) (0.66)
-- --
Litigation settlement (664) (0.01)
-- --
Sale of intellectual property rights, net of

tax -- --
(7,519) (0.12)
Loss on investment -- --
191 0.00

One-time income tax benefit -- --
(3,899) (0.06)
---------- ---------
--------- ----------
Adjusted net income attributable to Brooks

Automation, Inc. $ 73,872 $ 1.14 $
25,873 $ 0.40

Stock-based compensation 5,211 0.08
4,889 0.08
---------- ---------
--------- ----------
Adjusted net income attributable to Brooks

Automation, Inc. - excluding stock-based

compensation $ 79,083 $ 1.22 $
30,762 $ 0.48
========== =========
========= ==========

Quarter ended
Nine months ended

-------------------------------- ---------------------
June 30, Mar 31, June
30, June 30, June 30,

2011 2011 2010
2011 2010
---------- ---------
--------- ---------- ---------

Net income attributable to Brooks Automation,

Inc. $ 66,183 $ 26,585 $
16,572 $ 116,254 $ 34,806

Less: Interest income (350) (261)
(221) (886) (814)
Add: Interest expense 10 28
7 39 34
Add: Income tax provision (benefit) 3,300 1,035
(35) 5,323 (2,219)
Add: Depreciation 2,990 3,109
3,597 9,444 11,144
Add: Amortization of completed technology 539 480
479 1,498 1,408
Add: Amortization of acquired intangible

assets 495 449
493 1,394 1,477
Add: Stock-based compensation 1,595 2,407
1,328 5,211 4,889
Add: Restructuring charges 97 246
288 557 2,294
Add: Loss on investment -- --
-- -- 191
Add: Purchase accounting impact on contracts

acquired 313
313 --
Less: Gain on sale of contract manufacturing,

pre-tax (45,009)
(45,009) --
Less: Litigation settlement (664)
(664)
Less: Sale of intellectual property rights,

pre-tax -- --
-- -- (7,840)
---------- ---------
--------- ---------- ---------

Adjusted EBITDA $ 29,499 $ 34,078 $
22,508 $ 93,474 $ 45,370
========== =========
========= ========== =========

CONTACT: Barbara Culhane
Corporate Marketing Manager
Brooks Automation, Inc.
978-262-2400
www.brooks.com