Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
MARKET INFORMATION
Our common stock, par value $0.01 per share (Common Stock), is trading on the NASDAQ Global Select Market, under the symbol “ASYS.”
ISSUER PURCHASES OF EQUITY SECURITIES
Share Repurchase Program
On February 4, 2020, the Board approved a new stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock 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 SEC; however, we have 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 our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. During the year ended September 30, 2020, we repurchased 366,000 shares of our Common Stock on the open market at a total cost of approximately $2.0 million (an average price of $5.46 per share). All shares repurchased during the year ended September 30, 2020 have been retired. Approximately $2 million remain under the repurchase program as of September 30, 2020.
During the three months ended September 30, 2020, we did not repurchase any of our equity securities nor did we sell any equity securities that were not registered under the Securities Act of 1933, as amended.
HOLDERS
As of November 13, 2020, there were 374 shareholders of record of our Common Stock. Based upon a recent survey of brokers, we estimate there were approximately an additional 5,124 beneficial shareholders who held shares in brokerage or other investment accounts as of that date.
DIVIDENDS
We have never paid dividends on our Common Stock. Our present policy is to apply cash to investment in product development, acquisition or expansion; consequently, we do not expect to pay dividends on Common Stock in the foreseeable future.
UNREGISTERED SALES OF EQUITY SECURITIES
There were no unregistered sales of equity securities in fiscal 2020.
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COMPARISON OF STOCK PERFORMANCE
The following line graph and related information shall not be deemed “soliciting material” or “filed” with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, each as amended, except to the extent that we specifically incorporated by reference it into such filing.
The following line graph compares cumulative total shareholder return, assuming reinvestment of dividends, for our Common Stock, the NASDAQ Composite Index and the NASDAQ Industrial Index. Because we did not pay dividends on our Common Stock during the measurement period, the calculation of the cumulative total shareholder return on our Common Stock did not include dividends. The following graph assumes that $100 was invested on October 1, 2015.
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ITEM 6. SELECTED FINANCIAL DATA
The selected financial data presented below should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements (including the related notes thereto) contained elsewhere in this report. The selected financial data in the table below excludes results from our discontinued operations.
Years Ended September 30,
2020
2019
2018
2017
2016
Operating Data - Continuing Operations:
Net revenue
$
65,463
$
85,035
$
100,053
$
83,073
$
68,120
Gross profit
$
24,441
$
33,357
$
36,918
$
31,106
$
23,992
Gross margin
37
%
39
%
37
%
37
%
35
%
Operating (loss) income (1)
$
(485
)
$
4,916
$
6,072
$
3,641
$
(1,692
)
(Loss) income attributable to continuing
operations, net of tax (2)
$
(3,907
)
$
3,135
$
6,631
$
2,194
$
(1,686
)
(Loss) income per share attributable to
continuing operations
Basic (loss) income per share
$
(0.28
)
$
0.22
$
0.45
$
0.16
$
(0.13
)
Diluted (loss) income per share
$
(0.28
)
$
0.22
$
0.44
$
0.16
$
(0.13
)
Backlog:
$
13,905
$
17,326
$
26,291
$
24,742
$
16,552
Balance Sheet Data - Continuing Operations:
Cash, cash equivalents and restricted cash
$
45,070
$
53,083
$
45,915
$
41,005
$
25,062
Total assets (3)
$
102,098
$
103,722
$
104,084
$
99,788
$
81,404
Total current liabilities (4)
$
7,477
$
12,101
$
15,763
$
15,605
$
15,577
Current maturities of long-term debt
$
380
$
371
$
350
$
336
$
414
Long-term debt
$
4,798
$
5,178
$
5,542
$
5,892
$
6,135
(1)
Includes $2.2 million related to long-lived asset impairment charges in 2018.
(2)
Includes a pre-tax loss of $2.8 million on the sale of R2D in 2020, a pre-tax gain of $2.9 million on the sale of our remaining ownership interest in Kingstone Hong Kong in 2018 and a pre-tax gain of $2.6 million on the sale of Kingstone service rights in 2016.
(3)
Excludes $22.8 million, $45.3 million, $91.8 million and $37.0 million in 2019, 2018, 2017 and 2016, respectively, of Held-For-Sale Assets.
(4)
Excludes $18.5 million, $31.8 million, $72.6 million and $25.4 million in 2019, 2018, 2017 and 2016, respectively, of Held-For-Sale Liabilities.
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