Brooks Automation Inc. posted a 65 percent drop in sales, as the company continued to try and remake itself into a leaner operation after cutting nearly 700 jobs since early 2008.
The Chelmsford-based maker of semiconductor imaging components reported a $25 million net loss on $43.9 million in sales, compared to a $10 million net loss on $124 million in sales for the same period last year.
For the nine-months ended June 30, Brooks posted a net loss of $213 million on $154 million in sales, compared to a $20 million loss on over $419 million in sales last year.
Included in the nine-month loss was a $71 million impairment-of-goodwill charge. It’s the second major re-evaluation of the company’s assets since Sept. 2008, when officials re-adjusted their outlook in the face of the global economic slowdown and the beginning of a large-scale restructuring.
The company spent about $2.3 million on restructuring during the third quarter, resulting in layoffs for 440 employees, or 20 percent of its workforce. The company spent more than $12 million total in severance during the nine-month period ended June 30. Officials said they’re still reviewing operations and didn’t rule out more cuts during 2009, according to regulatory filings.
The softer sales, combined with hefty costs, also led to some significant cash burn during the quarter. Cash and cash equivalents were $52.9 million, compared to $110 million for the same period last year. The company had about $114 million in cash, cash equivalents and marketable securities as of June 30.