Amtech Systems appoints new CFO Wade Jenke

Published 07/08/2024, 23:24
Amtech Systems appoints new CFO Wade Jenke

TEMPE, Ariz. - Amtech Systems , Inc. (NASDAQ: NASDAQ:ASYS), a global provider of semiconductor fabrication and packaging equipment, announced a change in its executive team today. Lisa Gibbs, the company's Chief Financial Officer and Board member, has resigned effective today to pursue an executive role at another firm. Wade Jenke will take over as Chief Financial Officer starting tomorrow, bringing over fifteen years of financial and operational expertise to the role.

Mr. Jenke's career includes a recent position as business unit CFO of the EMS Group at ASSA ABLOY AB, where he managed the financial operations for five companies with over 450 employees across multiple global locations. His background also includes senior financial positions at BAE Systems (LON:BAES), with responsibilities in public financial reporting, financial planning and analysis, cost and manufacturing accounting. Jenke has been instrumental in leading acquisition integrations, automations, and ERP implementations.

Bob Daigle, Chief Executive Officer of Amtech, expressed gratitude for Lisa Gibbs' contributions over her eight-year tenure, acknowledging her role during significant strategic and environmental shifts for the company. He also welcomed Mr. Jenke, citing his track record and the value he is expected to bring in optimizing operations and enhancing shareholder value.

In other recent news, Amtech Systems has announced its fiscal second-quarter results for 2024, reporting a revenue of $25.4 million, which surpassed expectations, and an adjusted EBITDA of $0.8 million.

Despite a decrease in electric vehicle demand and back-end packaging applications within the semiconductor industry, the company saw an increase in near-shoring activities in North America and China, as well as a stronger demand for consumables and replacement parts.

The company also generated $2.5 million in net cash proceeds by selling its corporate headquarters, which was used to reduce debt. Looking into the third fiscal quarter, Amtech Systems forecasts revenues to be between $22 million and $25 million, with adjusted EBITDA expected to be nominally positive. These are some of the recent developments that have occurred within the company.

InvestingPro Insights

As Amtech Systems, Inc. (NASDAQ: ASYS) welcomes Wade Jenke as the new Chief Financial Officer, investors and stakeholders may be keen to understand the company's financial health and market position. According to InvestingPro data, Amtech currently holds a market capitalization of $75.02 million. Despite the company's recent leadership changes, it is important to note that analysts have predicted a decline in sales for the current year, which is reflected in the company's revenue growth rate of -23.65% for the last quarter. Nevertheless, the company's gross profit margin remains stable at 33.04% for the last twelve months as of Q2 2024.

InvestingPro Tips highlight that Amtech Systems has a high shareholder yield and liquid assets that exceed short-term obligations, indicating a degree of financial flexibility. Moreover, while the stock has experienced a significant price fall over the last year, with a 50.84% decrease in the one-year price total return, there has been a notable price uptick of 31.5% over the last six months, suggesting potential recovery or investor optimism.

For those interested in a deeper analysis, there are additional InvestingPro Tips available, which provide insights into the company's moderate level of debt and the anticipation of profitability this year, despite not being profitable over the last twelve months. To explore these further, investors may consider visiting the dedicated page on InvestingPro for Amtech Systems, which includes a comprehensive list of tips and metrics that could offer a more nuanced understanding of the company's financials and stock performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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