On December 31st 2002 Amtech Systems Inc., reported  fiscal year 2002 revenues of $20.5 million compared to $22.9 million for fiscal 2001.  Net income was $100,000 or 4 cents and compares with net income of $500,000 or $.16 per share for fiscal 2001. 

    Tangible book value is $5.00 per share which is significantly higher than the current price of $3.15.  ASYS has a little over $8 million in cash which equals $2.99 a share.  They have less than half a million in debt.  ASYS manufactures and services semiconductor equipment and trades at less than .5x sales.

     We like the fact that Amtech Systems has remained profitable, is undervalued based on a price to sales ratio, and the fact that it trades under net asset value.

UPDATE 10/15/03 - Recommend closing position. 
Sold at $7.16 for a gain of 127%