AMTECH SYSTEMS INC — Annual Report 2002

Feb 15, 2002

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A AMENDMENT NO. 1 (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: September 30, 2001 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission File Number: 0-11412 AMTECH SYSTEMS, INC. (Exact name of registrant as specified in its charter) Arizona 86-0411215 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 131 South Clark Drive, Tempe, Arizona 85281 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 480-967-5146 The undersigned Registrant hereby amends its Form 10-K for the fiscal year ended September 30, 2001, as follows: Part II, Item 6 and Item 8 are hereby amended to change pro form net income for fiscal 2001 to the amount reported as income before cumulative effect of change in accounting principle, in order to reflect the retroactive application of Securities and Exchange Commission Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" to prior periods. PART II ITEM 6. SELECTED FINANCIAL DATA The selected financial data set forth with respect to the Company's operations for each of the years in the three year period ended September 30, 2001 and with respect to the balance sheets at September 30, 2001 and 2000 are derived from audited financial statements that have been audited by Arthur Andersen LLP, independent public accountants, which are included elsewhere in this Report and are qualified by reference to such financial statements. Data from the statements of operations for the fiscal years ended September 30, 1997 and 1996 and the balance sheet data at September 30, 1998, 1997 and 1996 are derived from financial statements not included in this Report. The selected financial data should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the Company's financial statements (including the related notes thereto) contained elsewhere in this Report. Effective October 1, 2001, the Company changed its revenue recognition policy. See Note 2 in the Notes to Consolidated Financial Statements and the pro forma information contain herein. As revenue is not reported on a consistent basis between years, certain data contained in this report may not be comparable between years.

(1) The results for the fiscal years 1998 and 1997 include approximately $170,000 and $85,000, respectively, of expenses related to the photo-assisted CVD research and development project suspended at the end of fiscal 1998. In addition, in fiscal 1998 the Company took a charge of $184,000 for the write-off of certain long-lived assets. (2) The results shown have been restated to reflect the one-for-two reverse split of Common Stock that was effective March 15, 1999. (3) Income from continuing operations for fiscal 1997 includes a $115,487 gain from the disposition of the Company's interest in the Seil Semicon joint venture. (4) The Company recorded a non-cash charge of $690,211, after reduction for income tax benefits of $410,000, or ($0.26) per basic share, to reflect the cumulative effect of the accounting change as of October 1, 2000, related to the adoption of Securities and Exchange Commission ("SEC") Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements." ** Data is not available to provide pro forma information for this year. AMTECH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

The accompanying notes are an integral part of these consolidated financial statements. F-1 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AMTECH SYSTEMS, INC. January 29, 2002 By: /s/ Jong S. Whang -------------------------------------- Jong S. Whang, President Pursuant to the requirements of the Securities Exchange Act of 1934, this Amendment No. 1 to Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated: SIGNATURE TITLE DATE --------- ----- ---- /s/ Jong S. Whang Chairman of the Board, President February 15, 2002 - ------------------------- (Principal Executive Officer) Jong S. Whang /s/ Robert T. Hass Vice President-Finance February 15, 2002 - ------------------------- (Chief Financial & Accounting Robert T. Hass Officer) /s/ * Director February 15, 2002 - ------------------------- Donald F. Johnston /s/ * Director February 15, 2002 - ------------------------- Alvin Katz /s/ * Director February 15, 2002 - ------------------------- Bruce R. Thaw - ---------- * By: /s/ Robert T. Hass ------------------- Robert T. Hass