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BRKS

Brooks Automation

$44.74

(0.00%)

09:41
12/02/19
12/02
09:41
12/02/19
09:41

Brooks Automation delays filing of Form 10-K, sees material weakness in controls

In a regulatory filing earlier, Brooks Automation disclosed that the company is unable to file its Annual Report on Form 10-K for its fiscal year ended September 30, 2019 within the prescribed time period without unreasonable effort or expense. The filing stated: "Management is reviewing the timing of revenue recognition with respect to product shipped from one of the company's contract manufacturers within the company's Semiconductor Solutions Group segment that represents approximately $1.0M in revenue. As a result, management, in consultation with the Audit Committee of the company's Board of Directors, is also reviewing the timing of revenue recognition for similar transactions. The company's review has not yet been finalized, has delayed the completion of the company's financial statements and the company's annual audit, and has impacted the company's ability to timely file the Form 10-K. The company expects to file the Form 10-K as soon as practical within the 15-day extension period. Separate from the review of the timing of revenue recognition and related delay in filing the Form 10-K as described above, the company also expects to report in the Form 10-K management's conclusion that a material weakness in internal controls over financial reporting exists with respect to the accuracy of revenue recorded at a business unit within its Brooks Life Sciences segment. Specifically, the company found certain immaterial errors in regards to the price and quantity of certain billings and concluded the company did not maintain effective controls to verify the accuracy of the price and quantity data for customer transactions entered into the business unit's billing system, and to verify that the invoices generated from the billing system were based on the appropriate amounts. These control deficiencies did result in immaterial adjustments to the consolidated financial statements for the year ended September 30, 2019, but management concluded that the material weakness did not result in any misstatements that are material to the company's consolidated financial statements for any reported period. Management has concluded, however, that the internal control issues represent a material weakness that it expects to report in Item 9A of the Form 10-K. These conclusions have been discussed with the company's Audit Committee and the company's independent registered public accounting firm."

  • 02

    Dec

  • 02

    Dec

  • 03

    Dec

BRKS Brooks Automation
$44.74

(0.00%)

01/23/19
SBSH
01/23/19
NO CHANGE
SBSH
Citi moves Lam Research to top pick in Semiconductor Capital Equipment
Citi analyst Atif Malik lowered his 2019 wafer-fab equipment spend estimate to $40B, or down 22% year-over-year, versus his prior $44B to reflect weak Korea memory spending. The analyst also moved Lam Research (LRCX) to his number one pick and Applied Materials (AMAT) to number two. Previous top pick KLA-Tencor (KLAC) moves down to number three to reflect "prior stock performance into and out of memory downturns." Among smaller caps, the analyst moves Brooks Automation (BRKS) up to his top pick "due to the strength of the life sciences portfolio which should bring stability to top line relative to semi peers." Malik thinks Semiconductor Capital Equipment group returns look attractive "with the rationale to buy and hold long-term."
08/22/19
SPHN
08/22/19
INITIATION
SPHN
Equal Weight
Brooks Automation initiated with an Equal Weight at Stephens
Stephens analyst Jacob Johnson resumed coverage of Brooks Automation with an Equal Weight rating and $35 price target. The analyst said the life sciences slowdown is likely to result in reset expectations. Johnson added that if expectations reset and Brooks Automation begins executing, he could make a bull case of $54 per share for the sum-of-parts valuation.
09/23/19
SBSH
09/23/19
DOWNGRADE
Target $42
SBSH
Neutral
Brooks Automation downgraded to Neutral from Buy at Citi
Citi downgraded Brooks Automation to Neutral from Buy and lowered its price target for the shares to $42 from $44.
09/24/19
SBSH
09/24/19
NO CHANGE
SBSH
Citi adds Advanced Energy, removes Brooks Automation from SMID Focus List
Citi analyst Scott Chronert added Advanced Energy Industries (AEIS) and removed Brooks Automation (BRKS) from his firm's "Value Creators" SMID Focus List. The recent acquisition of Artesyn alters the historical Advanced Energy business model, with a vertically integrated push into other industrial segments, says the analyst.

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