Asyst Completes Goodwill Impairment Analysis, Amends Principal Credit Facility

FREMONT, Calif.--(BUSINESS WIRE)--Asyst Technologies, Inc. (Nasdaq:ASYT) today announced that it has completed its interim goodwill impairment analysis and is taking a related non-cash charge of $89.4 million in its fiscal second quarter ended Sept. 30, 2008. The company also announced that it has amended its principal credit facility and is in compliance with covenants under that facility, as amended, as of Sept. 30, 2008. The amendment, which was necessitated by the goodwill impairment, eliminates covenants related to debt-to-capital and adds a new covenant related to maximum pre-tax loss. The company will provide its financial results for the fiscal second quarter in its Form 10-Q, which it expects to submit for filing with the SEC later today.

The company expects the current downturn in the semiconductor equipment industry will last well into calendar year 2009. Asyst is in the process of executing significant cost reductions to lower its break-even level and improve cash flow, which it believes will lead to near break-even results on a cash basis in the current quarter and break-even or better results on a cash basis in its fiscal fourth quarter. However, it is probable that, as a result of the continuing weak industry environment, the company will need a further waiver or amendment of certain covenants under its principal credit facility as of March 31, 2009.

About Asyst

Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor and flat panel display (FPD) manufacturers to increase their manufacturing productivity and protect their investment in materials during the manufacturing process. Encompassing isolation systems, work-in-process materials management, substrate-handling robotics, automated transport and loading systems, and connectivity automation software, Asyst's modular, interoperable solutions allow chip and FPD manufacturers, as well as original equipment manufacturers, to select and employ the value-assured, hands-off manufacturing capabilities that best suit their needs. Asyst's homepage is http://www.asyst.com.

Forward Looking Statements

Except for statements of historical fact, the statements in this release are forward-looking. The forward-looking statements include statements made or implied concerning ongoing compliance with bank covenants. The company assumes no obligation to update these statements. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include but are not limited to the following risks: possibility that key employees may pursue other opportunities due to concerns as to employment security at Asyst; risks relating to the continued acceptance of our products and services; the value, timing, release and market acceptance of new products; the ability to maintain or increase market share and product pricing; our reliance on a few key customers; the ability to reduce ongoing manufacturing and operating costs and improve product margins for our products in a competitive marketplace; the possibility that customers may cancel or delay planned expansion activity and thus cancel, delay or reduce related bookings and resulting revenue; our ability to execute on our ongoing strategic and operating initiatives; our ability to maintain compliance with amended covenants under our principal credit facility, including minimum interest coverage, liquidity and EBITDA covenants; that, in the event of non-compliance, we will need to seek further waiver or amendment of the covenants under our principal credit facility and that we would be subject to additional and material fees, costs and interest charges in the event of non-compliance or as a condition of further waiver or amendment; our ability to maintain or raise necessary working capital to fund our operations and future revenue opportunities; the impact and outcome of any legal actions or proceedings; and other factors more fully detailed in the company's Annual Report on Form 10-K for the year ended March 31, 2008, and other reports filed with the Securities and Exchange Commission.

“Asyst” is a registered trademark of Asyst Technologies, Inc. Copyright 1993-2008, Asyst Technologies, Inc. All Rights Reserved.