Former Asyst Exec Lands At Brooks

SAN JOSE, Calif. -- Fab automation vendor Brooks Automation Inc. has named Stephen Schwartz as the company's president. Schwartz will become a member of a newly formed office of the chief executive with Robert Lepofsky, chief executive, and Martin Headley, executive vice president and chief financial officer, ''where he will play a central role in developing and implementing the corporate strategic plan, executing to the annual operating plan and increasing the rate of profitable growth at Brooks,'' according to the Chelmsford, Mass.-based company. Schwartz was the president, CEO and chairman of now-defunct Asyst Technologies for eight years. He resigned in 2009 after the firm filed for bankruptcy. Ending the last chapter in a painful saga, Asyst last year sold its entire assets to three companies: Crossing Automation Inc., Murata Machinery Ltd. and the Peer Group. Meanwhile, Brooks faces some major challenges in 2010 and beyond. Even before the recession, the company has reported losses and layoffs. During the downturn, Brooks also struggled. Some also believe Brooks is a potential takeover target. Applied Materials Inc. could be a possible buyer, some believe. Several years ago, Brooks sold its software division, Brooks Software, to Applied Materials. Recently, Brooks said revenues for the fiscal year ended Sept. 30, 2009 were $218.7 million, a 58.4 percent decrease from the prior fiscal year revenues of $526.4 million. The net loss for 2009 was $227.9 million, as compared to the prior year's net loss of $235.9 million. The company recently said revenues for the first quarter of fiscal 2010 were $106.2 million, compared to revenues of $73.4 million in the first quarter of fiscal 2009, an increase of 44.6 percent. Sequentially, revenues grew 65.7 percent from fourth quarter of fiscal 2009 revenues of $64.1 million. Net loss attributable to Brooks for the first quarter of fiscal 2010 was $2.8 million, or $0.04 per diluted share. Special charges recognized during the quarter were $1.5 million of restructuring charges, including a $1.2 million adjustment to correct prior period present value discounting of a multi-year facility related restructuring liability; and, a $0.2 million loss on liquidating a residual minority investment in a closely held Swiss public company. The fiscal 2010 first quarter results compare with a net loss attributable to Brooks Automation of $35.1 million, or $0.56 per diluted share in the first quarter of the prior year. Sequentially, the net loss attributable to Brooks Automation was $14.5 million or $0.23 per diluted share in the fourth quarter of fiscal 2009.