##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended March 31, 2005                                                    
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-22430


Asyst Technologies, Inc.


(Exact name of registrant as specified in its charter)


|                                                                   |  |                                         
|------------------------------------------------------------------ |  | ----------------------------------------
|California                                                         |  | 94-2942251                              
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification No.)

48761 Kato Road, Fremont, California 94538


(Address of principal executive offices)


(510) 661-5000


(Registrants telephone number, including area code)


Securities registered pursuant to Section 12(b) of the
Act:


None


Securities registered pursuant to Section 12(g) of the
Act:


Common Stock, no par value.


þ o


o


þ o






DOCUMENTS INCORPORATED BY REFERENCE












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ASYST TECHNOLOGIES, INC.


TABLE OF CONTENTS







|              |  |                                                                                                                          |     |          |    | 
|------------- |  | ------------------------------------------------------------------------------------------------------------------------ | --- | -------- | -- | 
|              |  |                                                                                                                          |     | Page No. |   
|              |  |                                                                                                                          |     |          |   
|PART I       
|Item 1.       |  | Business                                                                                                                 |     |          | 1  | 
|Item 2.       |  | Properties                                                                                                               |     |          | 10 | 
|Item 3.       |  | Legal Proceedings                                                                                                        |     |          | 10 | 
|Item 4.       |  | Submission of Matters to a Vote of Security
    Holders                                                                  |     |          | 11 | 
|             
|PART II      
|Item 5.       |  | Market for the Registrants Common
    Equity, Related Stockholder Matters and Issuer Purchases of
    Equity Securities |     |          | 11 | 
|Item 6.       |  | Selected Consolidated Financial Data                                                                                     |     |          | 12 | 
|Item 7.       |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                |     |          | 13 | 
|Item 7A.      |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                           |     |          | 43 | 
|Item 8.       |  | Financial Statements and Supplementary
    Data                                                                          |     |          | 45 | 
|Item 9.       |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                                 |     |          | 89 | 
|Item 9A.      |  | Controls and Procedures                                                                                                  |     |          | 89 | 
|Item 9B.      |  | Other Information                                                                                                        |     |          | 94 | 
|             
|PART III     
|Item 10.      |  | Directors and Executive Officers of the
    Registrant                                                                   |     |          | 94 | 
|Item 11.      |  | Executive Compensation                                                                                                   |     |          | 94 | 
|Item 12.      |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                       |     |          | 95 | 
|Item 13.      |  | Certain Relationships and Related
    Transactions                                                                       |     |          | 95 | 
|Item 14.      |  | Principal Accountant Fees and Services                                                                                   |     |          | 95 | 
|             
|PART IV      
|Item 15.      |  | Exhibits and Financial Statement
    Schedules                                                                           |     |          | 95 | 
|Signatures    |  |                                                                                                                          | 102 |         
|EXHIBIT 10.37
|EXHIBIT 10.52
|EXHIBIT 10.53
|EXHIBIT 10.54
|EXHIBIT 10.55
|EXHIBIT 10.56
|EXHIBIT 10.57
|EXHIBIT 10.58
|EXHIBIT 21.1 
|EXHIBIT 23.1 
|EXHIBIT 31.1 
|EXHIBIT 31.2 
|EXHIBIT 32.1 





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##### Table of Contents






PART I


FORWARD LOOKING STATEMENTS













|         |         
|-------- | --------
|Item 1  | Business

Overview






| |   |                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The transition to larger diameter silicon wafers, which require
    automated handling because of ergonomic issues and increased
    yield risk.                                        
|
| |  | The transition to larger size glass panels for the manufacturing
    of flat panel displays, which requires automated handling
    because of the extreme bulk and weight of the panels.
|
| |  | Continuing decreases in semiconductor device line widths, which
    require higher levels of cleanliness in the manufacturing
    process.                                              
|
| |  | Advances in new semiconductor manufacturing materials, such as
    copper, which may introduce additional contamination into the
    semiconductor manufacturing process.               
|
| |  | Continuing customer requirements for enhanced manufacturing
    control, productivity and return on capital.                                                                            

1



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Fiscal 2005 and 2004 Year-end Dates




Industry Background












2



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The Asyst Solution




Increased Manufacturing Productivity.


Higher Yields.




Strategy and Business Developments




Further Penetrate the Markets for 300mm and FPD AMHS.


Increase Penetration of New Products.


3



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Focus on Supply Chain Excellence.


Products




| |                           
| | --------------------------
| | Tool Automation Components





| |          
| | ---------
| | Loadports





| |                            
| | ---------------------------
| | Substrate-Handling Robotics





| |        
| | -------
| | Systems



4



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| |        
| | -------
| | Portals







| |        
| | -------
| | Sorters





| |     
| | ----
| | AMHS





| |                       
| | ----------------------
| | Connectivity Solutions



| |                
| | ---------------
| | Auto-ID Systems





| |                      
| | ---------------------
| | Connectivity Software



5



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Customers






Sales and Marketing








Research and Development






6



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Manufacturing






Competition












Intellectual Property




7



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Backlog




Employees




Financial Information by Business Segment and Geographic
Data




Environmental Compliance




8



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Additional Information and Governance Matters














9



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|         |           
|-------- | ----------
|Item 2  | Properties



|         |                        |  |           |                                        |               |  |         |                  |  |  |                        |  |  |  |                     | 
|-------- | ---------------------- |  | --------- | -------------------------------------- | ------------- |  | ------- | ---------------- |  |  | ---------------------- |  |  |  | ------------------- | 
|         |                        |  |           | Square                                 |               |  |         |                  | 
|         |                        |  |           | Footage                                |               |  |         |                  | 
|Location |                        |  | Functions |                                        | (Approximate) |  |         | Lease Expiration |  |  | Facilities by Segments | 
|         |                        |  |           |                                        |               |  |         |                  |  |  |                        | 
|         | Fremont, California    |  |           | Corporate headquarters, R&D            |               |  | 91,000  |                  |  |  | October 2005           |  |  |  | Fab Automation      | 
|         | Fremont, California    |  |           | Administration, sales and support, R&D |               |  | 35,000  |                  |  |  | January 2006           |  |  |  | Fab Automation      | 
|         | Fremont, California    |  |           | Administration, sales and support, R&D |               |  | 35,000  |                  |  |  | February 2008          |  |  |  | Fab Automation/AMHS | 
|         | Andover, Massachusetts |  |           | Sales and support                      |               |  | 5,000   |                  |  |  | September 2006         |  |  |  | Fab Automation      | 
|         | Austin, Texas          |  |           | Sales and support, R&D                 |               |  | 22,000  |                  |  |  | April 2006             |  |  |  | Fab Automation      | 
|         | Austin, Texas          |  |           | Sales and support, R&D                 |               |  | 3,000   |                  |  |  | June 2008              |  |  |  | Fab Automation      | 
|         | Nagoya, Japan          |  |           | Administration, manufacturing, R&D     |               |  | 65,000  |                  |  |  | Owned                  |  |  |  | Available for sale  | 
|         | Nagoya, Japan          |  |           | Administration, manufacturing          |               |  | 7,000   |                  |  |  | December 2008          |  |  |  | Fab Automation      | 
|         | Nagoya, Japan          |  |           | Warehouse                              |               |  | 7,000   |                  |  |  | March 2008             |  |  |  | Fab Automation      | 
|         | Yokohama, Japan        |  |           | Administration, sales and support      |               |  | 7,000   |                  |  |  | March 2006             |  |  |  | Fab Automation      | 
|         | Hsin-Chu City, Taiwan  |  |           | Administration, sales and support      |               |  | 7,000   |                  |  |  | May 2007               |  |  |  | Fab Automation/AMHS | 
|         | Tainan Hsien, Taiwan   |  |           | Administration, sales and support      |               |  | 1,000   |                  |  |  | January 2006           |  |  |  | Fab Automation      | 
|         | Shanghai, China        |  |           | Sales and support                      |               |  | 4,000   |                  |  |  | September 2005         |  |  |  | Fab Automation/AMHS | 
|         | Dresden, Germany       |  |           | Sales and support                      |               |  | 2,000   |                  |  |  | March 2006             |  |  |  | Fab Automation      | 
|         | Genting, Singapore     |  |           | Sales and support                      |               |  | 4,000   |                  |  |  | September 2006         |  |  |  | Fab Automation      | 
|         | Kulim, Malaysia        |  |           | Sales and support                      |               |  | 1,000   |                  |  |  | July 2005              |  |  |  | Fab Automation      | 
|         | Ise, Japan             |  |           | Administration, manufacturing, R&D     |               |  | 176,000 |                  |  |  | September 2007         |  |  |  | AMHS                | 
|         | Tokyo, Japan           |  |           | Sales and support                      |               |  | 4,000   |                  |  |  | May 2008               |  |  |  | AMHS                | 








|         |                  
|-------- | -----------------
|Item 3  | Legal Proceedings



10



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|         |                                                    
|-------- | ---------------------------------------------------
|Item 4  | Submission of Matters to a Vote of Security Holders






PART II







|         |                                                                                                                     
|-------- | --------------------------------------------------------------------------------------------------------------------
|Item 5  | Market for Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities

Price Range of Common Stock




|                              |  |      |       |  |     |   |       | 
|----------------------------- |  | ---- | ----- |  | --- | - | ----- | 
|                              |  | High |       |  | Low |  
|                              |  |      |       |  |     |  
|April 1 - June 30, 2003       |  | $    | 8.85  |  |     | $ | 3.62  | 
|July 1 - September 30, 2003   |  | $    | 15.94 |  |     | $ | 6.40  | 
|October 1 - December 31,2003  |  | $    | 20.24 |  |     | $ | 14.18 | 
|January 1 - March 27, 2004    |  | $    | 19.30 |  |     | $ | 7.79  | 
|March 28 - June 30, 2004      |  | $    | 10.51 |  |     | $ | 6.30  | 
|July 1 - September 30, 2004   |  | $    | 10.45 |  |     | $ | 4.15  | 
|October 1 - December 31, 2004 |  | $    | 5.68  |  |     | $ | 3.68  | 
|January 1 - March 31, 2005    |  | $    | 5.34  |  |     | $ | 3.93  | 

Approximate Number of Equity Security Holders




Dividends




11



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|         |                                     
|-------- | ------------------------------------
|Item 6  | Selected Consolidated Financial Data

Fiscal 2005 and 2004 Year-end Dates




Selected Consolidated Financial Data




|                                                                                                                                          |  |                             |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |         |  
|----------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | -------- | - |  | ---- | -------- | - |  | - | ------- | -
|                                                                                                                                          |  | Fiscal Year Ended March, 31 |        
|                                                                                                                                          |  |                             |        
|                                                                                                                                          |  | 2005                        |         |   | 2004 |   |         | 2003 |  |   | 2002     |   |  | 2001 |         
|                                                                                                                                          |  |                             |         |   |      |   |         |      |  |   |          |   |  |      |         
|Consolidated Statements of Operations Data:                                                                                               |  |                             |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |         |  
|Net sales                                                                                                                                 |  | $                           | 612,987 |   |      | $ | 301,642 |      |  | $ | 259,495  |   |  | $    | 183,234  |   |  | $ | 491,542 |  
|Gross profit                                                                                                                              |  |                             | 122,257 |   |      |   | 53,189  |      |  |   | 75,052   |   |  |      | 40,928   |   |  |   | 185,746 |  
|In-process research and development of acquired businesses                                                                                |  |                             |        |   |      |   |        |      |  |   | 7,832    |   |  |      | 2,000    |   |  |   |        |  
|Income (loss) from operations                                                                                                             |  |                             | (17,628 | ) |      |   | (87,322 | )    |  |   | (83,603  | ) |  |      | (132,084 | ) |  |   | 43,106  |  
|Gain on sale of wafer and reticle carrier product line                                                                                    |  |                             |        |   |      |   |        |      |  |   | 28,420   |   |  |      |         |   |  |   |        |  
|Income (loss) from continuing operations before discontinued
    operations and cumulative effect of a change in accounting
    principle |  |                             | (17,542 | ) |      |   | (83,449 | )    |  |   | (114,773 | ) |  |      | (97,514  | ) |  |   | 29,532  |  
|Discontinued operations, net of income tax                                                                                                |  |                             |        |   |      |   |        |      |  |   | (21,096  | ) |  |      | (51,403  | ) |  |   |        |  
|Cumulative effect of change in accounting Principle, net of
    income tax                                                                |  |                             |        |   |      |   |        |      |  |   |         |   |  |      |         |   |  |   | (2,506  | )
|Net income (loss)                                                                                                                         |  |                             | (17,542 | ) |      |   | (83,449 | )    |  |   | (135,869 | ) |  |      | (148,917 | ) |  |   | 27,026  |  
|Basic net income (loss) per share:                                                                                                        |  |                             |         |   |      |   |         |      |  |   |          |   |  |      |          |   |  |   |         |  
|Income (loss) from continuing operations before discontinued
    operations and cumulative effect accounting of a change in
    principle |  | $                           | (0.37   | ) |      | $ | (2.00   | )    |  | $ | (3.06    | ) |  | $    | (2.76    | ) |  | $ | 0.90    |  
|Discontinued operations, net of income taxes                                                                                              |  | $                           |        |   |      | $ |        |      |  | $ | (0.56    | ) |  | $    | (1.45    | ) |  | $ |        |  
|Cumulative effect of a change in accounting principle, net of
    income tax                                                              |  | $                           |        |   |      | $ |        |      |  | $ |         |   |  | $    |         |   |  | $ | (0.08   | )
|Shares used in basic earnings per share calculation                                                                                       |  |                             | 47,441  |   |      |   | 41,805  |      |  |   | 37,489   |   |  |      | 35,373   |   |  |   | 32,697  |  

12



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|                                                                                                                                          |  |                             |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|----------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | - |  | ---- | ------ | - |  | - | ------ | -
|                                                                                                                                          |  | Fiscal Year Ended March, 31 |       
|                                                                                                                                          |  |                             |       
|                                                                                                                                          |  | 2005                        |        |   | 2004 |   |        | 2003 |  |   | 2002   |   |  | 2001 |       
|                                                                                                                                          |  |                             |        |   |      |   |        |      |  |   |        |   |  |      |       
|Diluted net income (loss) per share:                                                                                                      |  |                             |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Income (loss) from continuing operations before discontinued
    operations and cumulative effect of a change in accounting
    principle |  | $                           | (0.37  | ) |      | $ | (2.00  | )    |  | $ | (3.06  | ) |  | $    | (2.76  | ) |  | $ | 0.85   |  
|Discontinued operations, net of income taxes                                                                                              |  | $                           |       |   |      | $ |       |      |  | $ | (0.56  | ) |  | $    | (1.45  | ) |  | $ |       |  
|Cumulative effect of a change in accounting principle, net of
    income tax                                                              |  | $                           |       |   |      | $ |       |      |  | $ |       |   |  | $    |       |   |  | $ | (0.07  | )
|Shares used in diluted net income (loss) per share calculation                                                                            |  |                             | 47,441 |   |      |   | 41,805 |      |  |   | 37,489 |   |  |      | 35,373 |   |  |   | 34,928 |  

|                                 |                                                           |           |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |         | 
|-------------------------------- | --------------------------------------------------------- | --------- | - | ------- | ---- |  | - | ------- |  |  | ---- | ------- |  | ---- | - | ------- |  |  | - | ------- | 
|                                 |                                                           | March 31, |  
|                                 |                                                           |           |  
|                                 |                                                           | 2005      |   |         | 2004 |  |   | 2003    |  |  | 2002 |         |  | 2001 |  
|                                 |                                                           |           |   |         |      |  |   |         |  |  |      |         |  |      |  
|Consolidated Balance Sheet Data: |                                                           |           |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |        
|                                 | Cash and cash equivalents and short-term investments      |           | $ | 101,180 |      |  | $ | 117,860 |  |  | $    | 96,214  |  |      | $ | 79,577  |  |  | $ | 37,749  | 
|                                 | Working capital                                           |           |   | 135,682 |      |  |   | 127,573 |  |  |      | 89,723  |  |      |   | 122,594 |  |  |   | 179,154 | 
|                                 | Total assets                                              |           |   | 483,774 |      |  |   | 472,864 |  |  |      | 395,225 |  |      |   | 344,415 |  |  |   | 408,432 | 
|                                 | Long-term debt and capital leases, net of current portion |           |   | 88,750  |      |  |   | 91,074  |  |  |      | 114,812 |  |      |   | 90,331  |  |  |   | 3,683   | 
|                                 | Shareholders equity                                      |           |   | 89,923  |      |  |   | 103,109 |  |  |      | 68,034  |  |      |   | 164,937 |  |  |   | 302,463 | 


















|         |                                                                                          
|-------- | -----------------------------------------------------------------------------------------
|Item 7  | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

The following discussion of our financial condition and
results of operations should be read in conjunction with our
consolidated financial statements and the related notes included
elsewhere in this Annual Report on Form 10-K. This
discussion contains forward-looking statements, which involve
risk and uncertainties. Our actual results could differ
materially from those anticipated in the forward looking
statements as a result of certain factors, including but not
limited to those discussed in Risk Factors and
elsewhere in this Annual Report.


Overview




13



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| |                                    
| | -----------------------------------
| | Fiscal 2005 and 2004 Year-end Dates



14



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| |                         
| | ------------------------
| | Internal Control Matters



If we continue to fail to
achieve and maintain effective disclosure controls and
procedures and internal control over financial reporting on a
consolidated basis, our stock price and investor confidence in
our company could be materially and adversely affected We experienced additional risks and costs as a
result of the delayed filing of the Form 10-Q for our
fiscal second quarter and delayed filing of this
Form 10-K.




| |                                               
| | ----------------------------------------------
| | Delay in filing Form 10-Q due November 4, 2004







| |                                     
| | ------------------------------------
| | Restatement of first quarter results







| |               
| | --------------
| | Nasdaq hearing



15



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| |                                        
| | ---------------------------------------
| | Prior reports summarizing these matters







| |                               
| | ------------------------------
| | Delay in filing this Form 10-K







| |                                                                                             
| | --------------------------------------------------------------------------------------------
| | Revision of Previously Announced Fiscal 2005 Fourth Quarter
    and Annual Financial Results







Critical Accounting Policies and Estimates




| |        
| | -------
| | General



16



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| |                    
| | -------------------
| | Revenue Recognition



Accounting for Performance of Construction-Type and
Certain Production-Type Contracts.




Software Revenue
Recognition.


17



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| |                      
| | ---------------------
| | Contract Loss Reserve





| |                                
| | -------------------------------
| | Allowance for Doubtful Accounts





| |                   
| | ------------------
| | Inventory Reserves





| |                                     
| | ------------------------------------
| | Goodwill and Other Intangible Assets





| |                 
| | ----------------
| | Warranty Reserve





| |                            
| | ---------------------------
| | Accounting for Income Taxes



18



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| |                                
| | -------------------------------
| | Impairment of Long-Lived Assets





| |                                
| | -------------------------------
| | Litigation and Settlement Costs



19



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Results of Operations




| |                                                                             
| | ----------------------------------------------------------------------------
| | Comparison of Sales, Gross Margin, Expenses,
    Interest & Other, and Taxes



|                                                                                                         |                                                          |                                          |       |      |      |    |       |      |      |    |       |      |      |  
|-------------------------------------------------------------------------------------------------------- | -------------------------------------------------------- | ---------------------------------------- | ----- | ---- | ---- | -- | ----- | ---- | ---- | -- | ----- | ---- | ---- | -
|                                                                                                         |                                                          | Fiscal Year Ended                        |      
|                                                                                                         |                                                          | March 31,                                |      
|                                                                                                         |                                                          |                                          |      
|                                                                                                         |                                                          | 2005                                     |       |      | 2004 |    |       | 2003 |     
|                                                                                                         |                                                          |                                          |       |      |      |    |       |      |     
|NET SALES                                                                                                |                                                          |                                          | 100.0 | %    |      |    | 100.0 | %    |      |    | 100.0 | %   
|COST OF SALES                                                                                            |                                                          |                                          | 80.1  | %    |      |    | 82.4  | %    |      |    | 71.1  | %   
|GROSS PROFIT                                                                                             |                                                          |                                          | 19.9  | %    |      |    | 17.6  | %    |      |    | 28.9  | %   
|OPERATING EXPENSES:                                                                                      |                                                          |                                          |       |      |      |    |       |      |      |    |       |     
|                                                                                                         | Research and development                                 |                                          |       | 5.7  | %    |    |       | 12.0 | %    |    |       | 15.4 | %   
|                                                                                                         | Selling, general and administrative                      |                                          |       | 12.7 | %    |    |       | 23.4 | %    |    |       | 28.6 | %   
|                                                                                                         | Amortization of acquired intangible assets               |                                          |       | 3.3  | %    |    |       | 6.7  | %    |    |       | 5.4  | %   
|                                                                                                         | Restructuring and other charges                          |                                          |       | 0.3  | %    |    |       | 2.2  | %    |    |       | 2.7  | %   
|                                                                                                         | Asset impairment charges                                 |                                          |       | 0.8  | %    |    |       | 2.3  | %    |    |       | 6.0  | %   
|                                                                                                         | In-process research & development of acquired businesses |                                          |       |     |      |    |       |     |      |    |       | 3.0  | %   
|                                                                                                         |                                                          | Total operating expenses                 |       |      | 22.8 | %  |       |      | 46.6 | %  |       |      | 61.1 | %
|LOSS FROM OPERATIONS                                                                                     |                                                          |                                          | (2.9  | )%   |      |    | (29.0 | )%   |      |    | (32.2 | )%  
|INTEREST AND OTHER INCOME (EXPENSE), NET:                                                                |                                                          |                                          |       |      |      |    |       |      |      |    |       |     
|                                                                                                         | Gain on sale of wafer & reticle carrier products         |                                          |       |     |      |    |       |     |      |    |       | 11.0 | %   
|                                                                                                         | Interest income                                          |                                          |       | 0.3  | %    |    |       | 0.3  | %    |    |       | 0.4  | %   
|                                                                                                         | Interest expense                                         |                                          |       | (1.1 | )%   |    |       | (2.4 | )%   |    |       | (2.4 | )%  
|                                                                                                         | Other expense                                            |                                          |       | 0.7  | %    |    |       | (0.1 | )%   |    |       | (0.7 | )%  
|                                                                                                         |                                                          | Interest and other income (expense), net |       |      | (0.1 | )% |       |      | (2.2 | )% |       |      | 8.3  | %
|LOSS BEFORE (PROVISION FOR) BENEFIT FROM INCOME TAXES, MINORITY
    INTEREST AND DISCONTINUED OPERATIONS |                                                          |                                          | (3.0  | )%   |      |    | (31.2 | )%   |      |    | (23.9 | )%  
|(PROVISION FOR) BENEFIT FROM INCOME TAXES                                                                |                                                          |                                          | 0.3   | %    |      |    | 2.0   | %    |      |    | (22.2 | )%  
|MINORITY INTEREST                                                                                        |                                                          |                                          | (0.2  | )%   |      |    | 1.5   | %    |      |    | 1.8   | %   
|NET LOSS FROM CONTINUING OPERATIONS BEFORE DISCONTINUED
    OPERATIONS                                   |                                                          |                                          | (2.9  | )%   |      |    | (27.7 | )%   |      |    | (44.3 | )%  
|LOSS FROM DISCONTINUED OPERATIONS, net of income taxes                                                   |                                                          |                                          |      |      |      |    |      |      |      |    | (8.1  | )%  
|NET LOSS                                                                                                 |                                                          |                                          | (2.9  | )%   |      |    | (27.7 | )%   |      |    | (52.4 | )%  

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|                              |  |                             |         |   |      |   |         |      |  |   |         |  
|----------------------------- |  | --------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                              |  | Fiscal Year Ended March 31, |        
|                              |  |                             |        
|                              |  | 2005                        |         |   | 2004 |   |         | 2003 | 
|                              |  |                             |         |   |      |   |         |      | 
|Fab Automation Products:      |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 232,391 |   |      | $ | 133,132 |      |  | $ | 213,097 |  
|                              |  |                             |         |   |      |   |         |      | 
|Loss from operations          |  | $                           | (18,472 | ) |      | $ | (68,077 | )    |  | $ | (66,879 | )
|                              |  |                             |         |   |      |   |         |      | 
|AMHS:                         |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 380,596 |   |      | $ | 168,510 |      |  | $ | 46,398  |  
|                              |  |                             |         |   |      |   |         |      | 
|Income (loss) from operations |  | $                           | 844     |   |      | $ | (19,245 | )    |  | $ | (16,724 | )
|                              |  |                             |         |   |      |   |         |      | 
|Total:                        |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 612,987 |   |      | $ | 301,642 |      |  | $ | 259,495 |  
|                              |  |                             |         |   |      |   |         |      | 
|Loss from operations          |  | $                           | (17,628 | ) |      | $ | (87,322 | )    |  | $ | (83,603 | )
|                              |  |                             |         |   |      |   |         |      | 



| |          
| | ---------
| | Net Sales







| |             
| | ------------
| | Gross Margin





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| |                         
| | ------------------------
| | Research and Development





| |                                    
| | -----------------------------------
| | Selling, General and Administrative





| |                                           
| | ------------------------------------------
| | Amortization of Acquired Intangible Assets



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| |                                
| | -------------------------------
| | Restructuring and Other Charges



|                        |                                         |              |     |        |          |   |       |             |   |   |       |        |   |   |       |        |  
|----------------------- | --------------------------------------- | ------------ | --- | ------ | -------- | - | ----- | ----------- | - | - | ----- | ------ | - | - | ----- | ------ | -
|                        |                                         | Severance    |     |        | Excess   |   |       | Fixed Asset |   |   |      
|                        |                                         | and Benefits |     |        | Facility |   |       | Impairment  |   |   | Total |       
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2002 |                                         | $            | 741 |        |          | $ | 2,432 |             |   | $ | 200   |        |   | $ | 3,373 |       
|                        | Additional accruals                     |              |     | 2,125  |          |   |       | 2,733       |   |   |       | 2,161  |   |   |       | 7,019  |  
|                        | Non-cash related adjustments            |              |     | (331   | )        |   |       | (214        | ) |   |       | (2,077 | ) |   |       | (2,622 | )
|                        | Amounts paid in cash                    |              |     | (2,244 | )        |   |       | (1,334      | ) |   |       | (92    | ) |   |       | (3,670 | )
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2003 |                                         |              | 291 |        |          |   | 3,617 |             |   |   | 192   |        |   |   | 4,100 |       
|                        | Additional accruals                     |              |     | 5,460  |          |   |       | 1,075       |   |   |       | 46     |   |   |       | 6,581  |  
|                        | Non-cash related adjustments            |              |     | 70     |          |   |       | (444        | ) |   |       | (205   | ) |   |       | (579   | )
|                        | Amounts paid in cash                    |              |     | (5,757 | )        |   |       | (2,058      | ) |   |       | (33    | ) |   |       | (7,848 | )
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2004 |                                         |              | 64  |        |          |   | 2,190 |             |   |   |      |        |   |   | 2,254 |       
|                        | Additional accruals                     |              |     | 1,803  |          |   |       | 7           |   |   |       |       |   |   |       | 1,810  |  
|                        | Amounts paid in cash                    |              |     | (1,803 | )        |   |       | (1,390      | ) |   |       |       |   |   |       | (3,193 | )
|                        | Foreign currency translation adjustment |              |     | 3      |          |   |       | 9           |   |   |       |       |   |   |       | 12     |  
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2005 |                                         | $            | 67  |        |          | $ | 816   |             |   | $ |      |        |   | $ | 883   |       
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       









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| |                         
| | ------------------------
| | Asset Impairment Charges



|                                   |        |                              |       |       |      |   |       |       |  |   |       |        | 
|---------------------------------- | ------ | ---------------------------- | ----- | ----- | ---- | - | ----- | ----- |  | - | ----- | ------ | 
|                                   |        | Fiscal Years Ended March 31, |      
|                                   |        |                              |      
|                                   |        | 2005                         |       |       | 2004 |   |       | 2003  | 
|                                   |        |                              |       |       |      |   |       |       | 
|Goodwill and intangible impairment |        | $                            |      |       |      | $ |      |       |  | $ | 8,398 |       
|Land and building impairment       |        |                              | 4,645 |       |      |   | 6,853 |       |  |   | 7,121 |       
|                                   |        |                              |       |       |      |   |       |       | 
|                                   | Totals |                              | $     | 4,645 |      |   | $     | 6,853 |  |   | $     | 15,519 | 
|                                   |        |                              |       |       |      |   |       |       | 









| |                                                                                       
| | --------------------------------------------------------------------------------------
| | In-Process Research and Development Costs of Acquired
    Businesses and Product Lines



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| |                                                           
| | ----------------------------------------------------------
| | Gain on Sale of Wafer and Reticle Carrier Product
    Line





| |                                                                                                               
| | --------------------------------------------------------------------------------------------------------------
| | Interest and Other Income (Expense), Net Excluding Gain on
    Sale of Wafer and Recticle Carrier Product Line





| |                                          
| | -----------------------------------------
| | Provision for (Benefit from) Income Taxes







| |                  
| | -----------------
| | Minority Interest





| |                                           
| | ------------------------------------------
| | Discontinued Operations, Net of Income Tax





| |                           
| | --------------------------
| | Related Party Transactions



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|                                    |  |           |        |  |      |   |        | 
|----------------------------------- |  | --------- | ------ |  | ---- | - | ------ | 
|                                    |  | March 31, |       
|                                    |  |           |       
|                                    |  | 2005      |        |  | 2004 |  
|                                    |  |           |        |  |      |  
|Accounts payable due to Shinko      |  | $         | 39,221 |  |      | $ | 37,965 | 
|Accrued liabilities due to Shinko   |  |           | 450    |  |      |   | 536    | 
|Accounts receivable from MECS Korea |  |           | 100    |  |      |   | 32     | 
|Accounts payable due to MECS Korea  |  |           | 21     |  |      |   |       | 



|                                   |  |                             |        |  |      |   |        |      |  |   |        | 
|---------------------------------- |  | --------------------------- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                   |  | Fiscal Year Ended March 31, |       
|                                   |  |                             |       
|                                   |  | 2005                        |        |  | 2004 |   |        | 2003 | 
|                                   |  |                             |        |  |      |   |        |      | 
|Material purchases from Shinko     |  | $                           | 23,897 |  |      | $ | 19,833 |      |  | $ | 1,041  | 
|Services purchased from Shinko     |  |                             | 72,200 |  |      |   | 22,678 |      |  |   | 13,441 | 
|Sales to MECS Korea                |  |                             | 378    |  |      |   | 138    |      |  |   | 260    | 
|Services purchased from MECS Korea |  |                             | 414    |  |      |   | 2      |      |  |   | 27     | 

Guarantees and Commitments




Recent Accounting Pronouncements




Inventory
Costs  an Amendment of ARB No. 43,
Chapter 4.


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Exchange of Nonmonetary Assets  an amendment
of APB Opinion No. 29.


Share Based Payment.


Liquidity and Capital Resources


 We
experienced additional risks and costs as a result of the
delayed filing of the Form 10-Q for our fiscal second
quarter and delayed filing of this
Form 10-K






| |                                      
| | -------------------------------------
| | Cash flows from operating activities.







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| |                                      
| | -------------------------------------
| | Cash flows from investing activities.







| |                                      
| | -------------------------------------
| | Cash flows from financing activities.







3 4






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Overview  Internal Control
Matters




| |                               
| | ------------------------------
| | Off-Balance Sheet Arrangements





| |                        
| | -----------------------
| | Contractual Obligations



|                                              |       |                        |        |           |        |   |        |           |           |   |           |       |  |         |        |        |  |   |       |       | 
|--------------------------------------------- | ----- | ---------------------- | ------ | --------- | ------ | - | ------ | --------- | --------- | - | --------- | ----- |  | ------- | ------ | ------ |  | - | ----- | ----- | 
|                                              |       | Payments Due by Period |       
|                                              |       |                        |       
|                                              |       |                        |        | Less Than |        |   |        |           | More Than |  
|                                              |       | Total                  |        |           | 1 Year |   |        | 1-3 Years |           |   | 3-5 Years |       |  | 5 Years |       
|                                              |       |                        |        |           |        |   |        |           |           |   |           |       |  |         |       
|Short-term loans and notes payable            |       | $                      | 20,563 |           |        | $ | 20,563 |           |           | $ |          |       |  | $       |       |        |  | $ |      |      
|Long-term debt, including interest            |       |                        | 90,720 |           |        |   | 2,541  |           |           |   | 2,038     |       |  |         | 86,141 |        |  |   |      |      
|Capital lease obligations, including interest |       |                        | 897    |           |        |   | 294    |           |           |   | 442       |       |  |         | 161    |        |  |   |      |      
|Operating lease obligations                   |       |                        | 9,217  |           |        |   | 5,653  |           |           |   | 3,554     |       |  |         | 10     |        |  |   |      |      
|Purchase obligations                          |       |                        | 4,000  |           |        |   | 4,000  |           |           |   |          |       |  |         |       |        |  |   |      |      
|Defined benefit pension plan obligations      |       |                        | 16,313 |           |        |   | 908    |           |           |   | 3,610     |       |  |         | 5,807  |        |  |   | 5,988 |      
|                                              |       |                        |        |           |        |   |        |           |           |   |           |       |  |         |       
|                                              | Total |                        | $      | 141,710   |        |   | $      | 33,959    |           |   | $         | 9,644 |  |         | $      | 92,119 |  |   | $     | 5,988 | 
|                                              |       |                        |        |           |        |   |        |           |           |   |           |       |  |         |       



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RISK FACTORS


This Annual Report on Form 10-K contains forward-looking
statements that involve risks and uncertainties, including
statements about our future plans, objectives, intentions and
expectations. Many factors, including those described below,
could cause actual results to differ materially from those
discussed in any forward-looking statements.


Risks Related to Our Business




| |                                         
| | ----------------------------------------
| | We have a history of significant losses.





| |                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we continue to fail to achieve and maintain effective
    disclosure controls and procedures and internal control over
    financial reporting on a consolidated basis, our stock price and
    investor confidence in our company could be materially and
    adversely affected.















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| |                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We experienced additional risks and costs as a result of
    the delayed filing of the Form 10-Q for our fiscal second
    quarter and delayed filing of this Form 10-K.









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| |                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we fail to manage effectively our ASI joint venture,
    our sales of Automated Material Handling Systems could be
    adversely affected and the sales mix between AMHS and our other
    products could affect our overall financial performance.







| |                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to increase our sales of AMHS to FPD
    manufacturers, or if the FPD industry enters a cyclical
    downturn, our growth prospects could be negatively
    affected.



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| |                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our gross margins on 300mm products may be lower than on
    200mm products, which could adversely affect our ability to
    become and remain profitable.







| |                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Most of our manufacturing is outsourced and we rely on a
    single contract manufacturer for much of our Fab Automation
    Product manufacturing, which could disrupt the availability of
    our Fab Automation Products and adversely affect our gross
    margins.







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| |                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Shortages of components necessary for product assembly by
    Solectron or us can delay shipments to our customers and can
    lead to increased costs, which may negatively impact our
    financial results.





| |                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We have significant existing debts; the restrictive
    covenants under some of our debt agreements may limit our
    ability to expand or pursue our business strategy; if we are
    forced to prepay some or all of this indebtedness our financial
    position would be severely and adversely affected.

3 4






| |   |                                                                          
| | - | -------------------------------------------------------------------------
| |  | incur additional indebtedness;                                           
|
| |  | pay dividends and make distributions in respect of our capital
    stock;
|
| |  | redeem capital stock;                                                    
|
| |  | make investments or other restricted payments;                           
|
| |  | engage in transactions with shareholders and affiliates;                 
|
| |  | create liens;                                                            
|
| |  | sell or otherwise dispose of assets;                                     

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| |   |                                                                      
| | - | ---------------------------------------------------------------------
| |  | make payments on our debt, other than in the ordinary
    course; and
|
| |  | engage in mergers and acquisitions.                                  









| |                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may need additional financing in the future to meet our
    capital needs; if we do need to secure financing, it may not be
    available on favorable terms.





| |                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------
| | If our fully integrated tool front-end solutions are not
    widely accepted, our growth prospects could be negatively
    affected.



36



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##### Table of Contents







| |                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------
| | Because we do not have long-term contracts with our
    customers, our customers may cease purchasing our products at
    any time.





| |   |                                                                                  
| | - | ---------------------------------------------------------------------------------
| |  | our customers can cease purchasing our products at any time,
    without penalty;
|
| |  | our customers are free to purchase products from our competitors;                
|
| |  | we are exposed to competitive price pressure on each
    order; and              
|
| |  | our customers are not required to make minimum purchases.                        





| |                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We depend on large purchases from a few significant
    customers, and any loss, cancellation, reduction or delay in
    purchases by, or failure to collect receivables from, these
    customers could harm our business.







37



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##### Table of Contents





| |                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------
| | If we are unable to develop and introduce new products and
    technologies in a timely manner, our business could be
    negatively affected.





| |                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may be unable to protect our intellectual property
    rights and we may become involved in litigation concerning the
    intellectual property rights of others.









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| |                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may not be able to integrate efficiently the operations
    of our acquisitions, and may incur substantial losses in the
    divestiture of assets or operations.





| |                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As our quarterly and yearly operating results are subject
    to variability, comparisons between periods may not be
    meaningful; this variability in our results could cause our
    stock price to decline.





| |   |                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------
| |  | general trends in the overall economy, electronics industry and
    semiconductor and FPD manufacturing industries;
|
| |  | fluctuations in the semiconductor and FPD equipment markets;                                                       
|
| |  | changes in customer buying patterns;                                                                               
|
| |  | the degree of competition we face;                                                                                 
|
| |  | the size, timing and product mix of customer orders;                                                               
|
| |  | lost sales due to any failure in the outsourcing of our
    manufacturing;                                         
|
| |  | the availability of key components;                                                                                
|
| |  | the timing of product shipment and acceptance, which are factors
    in determining when we recognize revenue; and 
|
| |  | the timely introduction and acceptance of new products.                                                            



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| |                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our operations are vulnerable to interruption or loss due
    to natural disasters, power loss, strikes and other events
    beyond our control, which would adversely affect our
    business.





| |                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------
| | We face significant economic and regulatory risks because
    a majority of our net sales are derived from outside the United
    States.





| |   |                                                                                                                                                
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------
| |  | exposure to currency fluctuations;                                                                                                             
|
| |  | the imposition of governmental controls;                                                                                                       
|
| |  | the laws of certain foreign countries may not protect our
    intellectual property to the same extent as do the laws of the
    United States;
|
| |  | the need to comply with a wide variety of foreign and
    U.S. export laws;                                                                    
|
| |  | political and economic instability;                                                                                                            
|
| |  | terrorism and anti-American sentiment;                                                                                                         
|
| |  | trade restrictions;                                                                                                                            
|
| |  | slowing economic growth and availability of investment capital
    and credit;                                                                 
|
| |  | changes in tariffs and taxes;                                                                                                                  
|
| |  | longer product acceptance and payment cycles;                                                                                                  
|
| |  | the greater difficulty in administering business
    overseas; and                                                                             
|
| |  | inability to enforce payment obligations or recourse to legal
    protections accorded creditors to the same extent within the U.S.            



40



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| |                                                                                                     
| | ----------------------------------------------------------------------------------------------------
| | Our current and planned operations may strain our
    resources and increase our operating expenses.







| |                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------
| | If we lose any of our key personnel or are unable to
    attract, train or retain qualified personnel, our business would
    be harmed.







41



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| |                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------
| | When we account for employee stock options using the fair
    value method, it will significantly impact our results from
    operations.

Share-Based Payment


Risks Related to our Industry




| |                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The semiconductor manufacturing equipment industry is
    highly cyclical and is affected by recurring downturns in the
    semiconductor industry, and these cycles can harm our operating
    results.









| |                                                                                                           
| | ----------------------------------------------------------------------------------------------------------
| | We may not effectively compete in a highly competitive
    semiconductor manufacturing equipment industry.





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Item 7A  Quantitative and Qualitative
Disclosures About Market Risk


Interest Rate Risk.




|                                 |                              |            |                  |                |                  |          |         |               |  |  |           |   | 
|-------------------------------- | ---------------------------- | ---------- | ---------------- | -------------- | ---------------- | -------- | ------- | ------------- |  |  | --------- | - | 
|                                 |                              |            |                  |                |                  | Weighted |        
|                                 |                              | Remaining  |                  |                |                  |          | Average |              
|                                 |                              | Maturities |                  |                | Principal Amount |          |         | Interest Rate | 
|                                 |                              |            |                  |                |                  |          |         |               | 
|                                 |                              |            |                  | (In thousands) |                  |          |        
|CASH EQUIVALENTS:                |                              |            |                  |                |                  |          |         |               |  |  |           |  
|Institutional money market funds |                              |            | within 1 year    |                |                  | $        | 5,280   |               |  |  | 2.2%2.6% |  
|Commercial paper                 |                              |            | within 1 year    |                |                  |          | 4,995   |               |  |  | 2.5%2.8% |  
|                                 |                              |            |                  |                |                  |          |         |               | 
|                                 | Total cash equivalents       |            |                  |                |                  |          | $       | 10,275        |  |  |           |   | 
|                                 |                              |            |                  |                |                  |          |         |               | 
|SHORT-TERM INVESTMENTS:          |                              |            |                  |                |                  |          |         |               |  |  |           |  
|Auction rate securities          |                              |            | within 38  years |                |                  | $        | 19,803  |               |  |  | 2.8%3.3% |  
|Corporate debt securities        |                              |            | within 2 years   |                |                  |          | 9,868   |               |  |  | 1.3%3.4% |  
|Municipal debt securities        |                              |            | within 2 years   |                |                  |          | 500     |               |  |  | 2.6       | %
|International debt securities    |                              |            | within 1 year    |                |                  |          | 1,007   |               |  |  | 2.3       | %
|Federal agency notes             |                              |            | within 2 years   |                |                  |          | 14,908  |               |  |  | 1.3%3.0% |  
|                                 |                              |            |                  |                |                  |          |         |               | 
|                                 | Total short-term investments |            |                  |                |                  |          | $       | 46,086        |  |  |           |   | 
|                                 |                              |            |                  |                |                  |          |         |               | 

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Foreign Currency Exchange Risk.


|                                                  |  |                  |        |  |               |   |              |                 |  |   |        |  |  |     |        |  |  |   |        | 
|------------------------------------------------- |  | ---------------- | ------ |  | ------------- | - | ------------ | --------------- |  | - | ------ |  |  | --- | ------ |  |  | - | ------ | 
|                                                  |  | Strengthening in |        |  |               |   | Weakening in |                
|                                                  |  | Japanese Yen of  |        |  | No Change in  |   |              | Japanese Yen of | 
|                                                  |  | X Percent        |        |  | Japanese Yen  |   |              | X Percent       | 
|                                                  |  |                  |        |  | Exchange Rate |   |              |                 | 
|                                                  |  | 10%              |        |  | 5%            |   |              | Interest Rate   |  |   | 5%     |  |  | 10% |       
|                                                  |  |                  |        |  |               |   |              |                 |  |   |        |  |  |     |       
|Net loss for the fiscal year ended March 31, 2005 |  | $                | 16,481 |  |               | $ | 17,039       |                 |  | $ | 17,542 |  |  | $   | 17,997 |  |  | $ | 18,411 | 

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|         |                                            
|-------- | -------------------------------------------
|Item 8  | Financial Statements and Supplementary Data

Supplementary Financial
Data




Consolidated Financial
Statements


|                                                            |  |      |    | 
|----------------------------------------------------------- |  | ---- | -- | 
|                                                            |  | Page |   
|                                                            |  |      |   
|Consolidated Balance Sheets                                 |  |      | 47 | 
|Consolidated Statements of Operations                       |  |      | 48 | 
|Consolidated Statements of
    Shareholders Equity         |  |      | 49 | 
|Consolidated Statements of Cash Flows                       |  |      | 50 | 
|Notes to Consolidated Financial
    Statements              |  |      | 51 | 
|Report of Independent Registered Public
    Accounting Firm |  |      | 84 | 

Financial Statement
Schedule






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QUARTERLY FINANCIAL DATA


(In thousands, except per share data):


|                                                                 |  |                           |         |   |         |   |         |         |  |   |         |   |  |   |         |  
|---------------------------------------------------------------- |  | ------------------------- | ------- | - | ------- | - | ------- | ------- |  | - | ------- | - |  | - | ------- | -
|                                                                 |  | Year Ended March 31, 2005 |        
|                                                                 |  |                           |        
|                                                                 |  | First                     |         |   | Second  |   |         | Third   |  |   | Fourth  |  
|                                                                 |  | Quarter                   |         |   | Quarter |   |         | Quarter |  |   | Quarter |  
|                                                                 |  |                           |         |   |         |   |         |         |  |   |         |  
|Net sales                                                        |  | $                         | 139,425 |   |         | $ | 168,606 |         |  | $ | 161,383 |   |  | $ | 143,573 |  
|Gross profit                                                     |  | $                         | 27,095  |   |         | $ | 30,848  |         |  | $ | 27,569  |   |  | $ | 36,745  |  
|Net loss                                                         |  | $                         | (2,286  | ) |         | $ | (1,831  | )       |  | $ | (11,644 | ) |  | $ | (1,781  | )
|Basic and diluted net loss per share                             |  | $                         | (0.05   | ) |         | $ | (0.04   | )       |  | $ | (0.24   | ) |  | $ | (0.04   | )
|Shares used in basic and diluted net loss per share calculations |  |                           | 47,179  |   |         |   | 47,428  |         |  |   | 47,553  |   |  |   | 47,678  |  

|                                                                 |  |                           |         |   |         |   |         |         |  |   |         |   |  |   |         |  
|---------------------------------------------------------------- |  | ------------------------- | ------- | - | ------- | - | ------- | ------- |  | - | ------- | - |  | - | ------- | -
|                                                                 |  | Year Ended March 31, 2004 |        
|                                                                 |  |                           |        
|                                                                 |  | First                     |         |   | Second  |   |         | Third   |  |   | Fourth  |  
|                                                                 |  | Quarter                   |         |   | Quarter |   |         | Quarter |  |   | Quarter |  
|                                                                 |  |                           |         |   |         |   |         |         |  |   |         |  
|Net sales                                                        |  | $                         | 45,268  |   |         | $ | 51,349  |         |  | $ | 74,888  |   |  | $ | 130,137 |  
|Gross profit                                                     |  | $                         | 4,444   |   |         | $ | 11,999  |         |  | $ | 10,587  |   |  | $ | 26,159  |  
|Net loss                                                         |  | $                         | (37,376 | ) |         | $ | (16,315 | )       |  | $ | (22,057 | ) |  | $ | (7,701  | )
|Basic and diluted net loss per share                             |  | $                         | (0.97   | ) |         | $ | (0.41   | )       |  | $ | (0.52   | ) |  | $ | (0.16   | )
|Shares used in basic and diluted net loss per share calculations |  |                           | 38,475  |   |         |   | 39,517  |         |  |   | 42,206  |   |  |   | 47,020  |  















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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES





CONSOLIDATED BALANCE SHEETS


|                                                            |                                                                                                                                |                                                                   |         |          |         |   |         |          |         | 
|----------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------- | ------- | -------- | ------- | - | ------- | -------- | ------- | 
|                                                            |                                                                                                                                | March 31,                                                         |        
|                                                            |                                                                                                                                |                                                                   |        
|                                                            |                                                                                                                                | 2005                                                              |         |          | 2004    |  
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | (In thousands, except                                             |        
|                                                            |                                                                                                                                | share data)                                                       |        
|ASSETS                                                     
|CURRENT ASSETS:                                             |                                                                                                                                |                                                                   |         |          |         |   |         |         
|                                                            | Cash and cash equivalents                                                                                                      |                                                                   | $       | 55,094   |         |   | $       | 101,907  |        
|                                                            | Restricted cash and cash equivalents                                                                                           |                                                                   |         |         |         |   |         | 1,904    |        
|                                                            | Short-term investments                                                                                                         |                                                                   |         | 46,086   |         |   |         | 15,953   |        
|                                                            | Accounts receivable, net of allowances for doubtful accounts of
    $6,980 and $4,608 at March 31, 2005 and 2004, respectively |                                                                   |         | 189,943  |         |   |         | 147,939  |        
|                                                            | Inventories                                                                                                                    |                                                                   |         | 33,515   |         |   |         | 26,949   |        
|                                                            | Prepaid expenses and other                                                                                                     |                                                                   |         | 33,971   |         |   |         | 14,276   |        
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | Total current assets                                              |         |          | 358,609 |   |         |          | 308,928 | 
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|Property and equipment, net                                 |                                                                                                                                |                                                                   | 15,458  |          |         |   | 22,868  |         
|Goodwill                                                    |                                                                                                                                |                                                                   | 64,014  |          |         |   | 71,973  |         
|Intangible assets, net                                      |                                                                                                                                |                                                                   | 40,898  |          |         |   | 65,778  |         
|Other assets                                                |                                                                                                                                |                                                                   | 4,795   |          |         |   | 3,317   |         
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | $                                                                 | 483,774 |          |         | $ | 472,864 |         
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                           
|LIABILITIES, MINORITY INTEREST AND SHAREHOLDERS
    EQUITY
|CURRENT LIABILITIES:                                        |                                                                                                                                |                                                                   |         |          |         |   |         |         
|                                                            | Short-term loans and notes payable                                                                                             |                                                                   | $       | 20,563   |         |   | $       | 18,161   |        
|                                                            | Current portion of long-term debt and capital leases                                                                           |                                                                   |         | 2,757    |         |   |         | 2,775    |        
|                                                            | Accounts payable                                                                                                               |                                                                   |         | 83,913   |         |   |         | 71,945   |        
|                                                            | Accounts payable-related parties                                                                                               |                                                                   |         | 39,242   |         |   |         | 37,965   |        
|                                                            | Accrued and other liabilities                                                                                                  |                                                                   |         | 70,439   |         |   |         | 48,571   |        
|                                                            | Deferred margin                                                                                                                |                                                                   |         | 6,013    |         |   |         | 1,938    |        
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | Total current liabilities                                         |         |          | 222,927 |   |         |          | 181,355 | 
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|LONG-TERM LIABILITIES                                       |                                                                                                                                |                                                                   |         |          |         |   |         |         
|                                                            | Long-term debt and capital leases, net of current portion                                                                      |                                                                   |         | 88,750   |         |   |         | 91,074   |        
|                                                            | Deferred tax liability                                                                                                         |                                                                   |         | 8,548    |         |   |         | 20,704   |        
|                                                            | Other long-term liabilities                                                                                                    |                                                                   |         | 9,771    |         |   |         | 12,826   |        
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | Total long-term liabilities                                       |         |          | 107,069 |   |         |          | 124,604 | 
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|COMMITMENTS AND CONTINGENCIES (see Note 16)                 |                                                                                                                                |                                                                   |         |          |         |   |         |         
|MINORITY INTEREST                                           |                                                                                                                                |                                                                   | 63,855  |          |         |   | 63,796  |         
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|SHAREHOLDERS EQUITY                                        |                                                                                                                                |                                                                   |         |          |         |   |         |         
|                                                            | Common stock, no par value                                                                                                     |                                                                   |         |          |         |   |         |          |        
|                                                            | Authorized shares  300,000,000                                                                                                |                                                                   |         |          |         |   |         |          |        
|                                                            | Outstanding shares  47,779,539 and
    47,053,748 shares at March 31, 2005 and 2004,
    respectively                         |                                                                   |         | 450,005  |         |   |         | 445,981  |        
|                                                            | Deferred stock-based compensation                                                                                              |                                                                   |         | (1,312   | )       |   |         | (2,619   | )      
|                                                            | Accumulated deficit                                                                                                            |                                                                   |         | (366,239 | )       |   |         | (348,697 | )      
|                                                            | Accumulated other comprehensive income                                                                                         |                                                                   |         | 7,469    |         |   |         | 8,444    |        
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | Total shareholders equity                                        |         |          | 89,923  |   |         |          | 103,109 | 
|                                                            |                                                                                                                                |                                                                   |         |          |         |  
|                                                            |                                                                                                                                | Total liabilities, minority interest and shareholders
    equity |         | $        | 483,774 |   |         | $        | 472,864 | 
|                                                            |                                                                                                                                |                                                                   |         |          |         |  



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |         |   |          |        |         |  
|-------------------------------------------------------------------------------------------------------- | -------------------------------------------------------- | ---------------------------------------- | ------- | ------ | ------- | - | ------- | ------ | ------- | - | -------- | ------ | ------- | -
|                                                                                                         |                                                          | Fiscal Year Ended March 31,              |        
|                                                                                                         |                                                          |                                          |        
|                                                                                                         |                                                          | 2005                                     |         |        | 2004    |   |         | 2003   |        
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|                                                                                                         |                                                          | (In thousands, except per share data)    |        
|NET SALES                                                                                                |                                                          | $                                        | 612,987 |        |         | $ | 301,642 |        |         | $ | 259,495  |       
|COST OF SALES                                                                                            |                                                          |                                          | 490,730 |        |         |   | 248,453 |        |         |   | 184,443  |       
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|GROSS PROFIT                                                                                             |                                                          |                                          | 122,257 |        |         |   | 53,189  |        |         |   | 75,052   |       
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|OPERATING EXPENSES:                                                                                      |                                                          |                                          |         |        |         |   |         |        |         |   |          |       
|                                                                                                         | Research and development                                 |                                          |         | 34,747 |         |   |         | 36,376 |         |   |          | 40,059 |        
|                                                                                                         | Selling, general and administrative                      |                                          |         | 78,247 |         |   |         | 70,541 |         |   |          | 74,175 |        
|                                                                                                         | Amortization of acquired intangible assets               |                                          |         | 20,436 |         |   |         | 20,160 |         |   |          | 14,051 |        
|                                                                                                         | Restructuring and other charges                          |                                          |         | 1,810  |         |   |         | 6,581  |         |   |          | 7,019  |        
|                                                                                                         | Asset impairment charges                                 |                                          |         | 4,645  |         |   |         | 6,853  |         |   |          | 15,519 |        
|                                                                                                         | In-process research & development of acquired businesses |                                          |         |       |         |   |         |       |         |   |          | 7,832  |        
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|                                                                                                         |                                                          | Total operating expenses                 |         |        | 139,885 |   |         |        | 140,511 |   |          |        | 158,655 |  
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|LOSS FROM OPERATIONS                                                                                     |                                                          |                                          | (17,628 | )      |         |   | (87,322 | )      |         |   | (83,603  | )     
|INTEREST AND OTHER INCOME (EXPENSE), NET:                                                                |                                                          |                                          |         |        |         |   |         |        |         |   |          |       
|                                                                                                         | Gain on sale of wafer & reticle carrier products         |                                          |         |       |         |   |         |       |         |   |          | 28,420 |        
|                                                                                                         | Interest income                                          |                                          |         | 1,722  |         |   |         | 815    |         |   |          | 1,058  |        
|                                                                                                         | Interest expense                                         |                                          |         | (6,747 | )       |   |         | (7,213 | )       |   |          | (6,100 | )      
|                                                                                                         | Other income (expense), net                              |                                          |         | 4,296  |         |   |         | (237   | )       |   |          | (1,876 | )      
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|                                                                                                         |                                                          | Interest and other income (expense), net |         |        | (729    | ) |         |        | (6,635  | ) |          |        | 21,502  |  
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|LOSS BEFORE (PROVISION FOR) BENEFIT FROM INCOME TAXES, MINORITY
    INTEREST AND DISCONTINUED OPERATIONS |                                                          |                                          | (18,357 | )      |         |   | (93,957 | )      |         |   | (62,101  | )     
|(PROVISION FOR) BENEFIT FROM INCOME TAXES                                                                |                                                          |                                          | 1,916   |        |         |   | 6,150   |        |         |   | (57,335  | )     
|MINORITY INTEREST                                                                                        |                                                          |                                          | (1,101  | )      |         |   | 4,358   |        |         |   | 4,663    |       
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|NET LOSS FROM CONTINUING OPERATIONS BEFORE DISCONTINUED
    OPERATIONS                                   |                                                          |                                          | (17,542 | )      |         |   | (83,449 | )      |         |   | (114,773 | )     
|LOSS FROM DISCONTINUED OPERATIONS, net of income taxes                                                   |                                                          |                                          |        |        |         |   |        |        |         |   | (21,096  | )     
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|NET LOSS                                                                                                 |                                                          | $                                        | (17,542 | )      |         | $ | (83,449 | )      |         | $ | (135,869 | )     
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|BASIC AND DILUTED NET LOSS PER SHARE:                                                                    |                                                          |                                          |         |        |         |   |         |        |         |   |          |       
|                                                                                                         | Continuing operations                                    |                                          | $       | (0.37  | )       |   | $       | (2.00  | )       |   | $        | (3.06  | )      
|                                                                                                         | Discontinued operations, net of income taxes             |                                          |         |       |         |   |         |       |         |   |          | (0.56  | )      
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|                                                                                                         |                                                          | Basic and diluted net loss per share     |         | $      | (0.37   | ) |         | $      | (2.00   | ) |          | $      | (3.62   | )
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        
|SHARES USED IN THE PER SHARE CALCULATION:                                                                |                                                          |                                          |         |        |         |   |         |        |         |   |          |       
|                                                                                                         | Basic and diluted                                        |                                          |         | 47,441 |         |   |         | 41,805 |         |   |          | 37,489 |        
|                                                                                                         |                                                          |                                          |         |        |         |   |         |        |        



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY


|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |          |          |  
|------------------------------------------------------------------------------------------------- | ------------------------------ | --------------------------------- | ---------- | - | ----------- | - | ------- | ------------ |  | ----- | ------------- | - |  | ------------- | -------- | -------- | ----- | - | ----- | ----- | - | - | ------- | -------- | -------- | -
|                                                                                                  |                                |                                   |            |   |             |   |         | Accumulated  |  |       |              
|                                                                                                  |                                | Common Stock                      |            |   | Deferred    |   |         |              |  | Other |               |   | 
|                                                                                                  |                                |                                   |            |   | Stock-Based |   |         | Accumulated  |  |       | Comprehensive |   |  |              
|                                                                                                  |                                | Shares                            |            |   | Amount      |   |         | Compensation |  |       | Deficit       |   |  | Income (Loss) |          |          | Total |  
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|                                                                                                  |                                | (In thousands, except share data) |           
|BALANCES, MARCH 31, 2002                                                                          |                                |                                   | 35,864,658 |   |             | $ | 297,197 |              |  | $     | (2,846        | ) |  | $             | (129,379 | )        |       | $ | (35   | )     |   | $ | 164,937 |         
|Components of comprehensive loss:                                                                 |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |         
|                                                                                                  | Net loss                       |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          | (135,869 | )     |   |       |      |   |   |         | (135,869 | )       
|                                                                                                  | Foreign currency translation   |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          |         |       |   |       | 4,740 |   |   |         | 4,740    |         
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|                                                                                                  |                                | Total comprehensive loss          |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |          | (131,129 | )
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|Issuance of common stock under employee stock option and
    employee stock purchase plans        |                                |                                   | 767,955    |   |             |   | 6,068   |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 6,068   |         
|Common stock issued in acquisition of GW                                                          |                                |                                   | 841,308    |   |             |   | 16,000  |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 16,000  |         
|Common stock issued in acquisition of domainLogix (DLC)                                           |                                |                                   | 434,398    |   |             |   | 7,955   |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 7,955   |         
|Common stock issued in SemiFab settlement                                                         |                                |                                   | 249,880    |   |             |   | 1,618   |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 1,618   |         
|Deferred stock-based compensation                                                                 |                                |                                   | 304,327    |   |             |   | 5,919   |              |  |       | (5,919        | ) |  |               |         |          |       |   |      |       |   |   |        |         
|Amortization of deferred stock-based compensation                                                 |                                |                                   |           |   |             |   |        |              |  |       | 1,905         |   |  |               |         |          |       |   |      |       |   |   | 1,905   |         
|Non-employee stock-based compensation                                                             |                                |                                   |           |   |             |   | 680     |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 680     |         
|Reversal of deferred stock-based compensation due to
    cancellations                            |                                |                                   | (50,495    | ) |             |   | (2,868  | )            |  |       | 2,868         |   |  |               |         |          |       |   |      |       |   |   |        |         
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|BALANCES, MARCH 31, 2003                                                                          |                                |                                   | 38,412,031 |   |             |   | 332,569 |              |  |       | (3,992        | ) |  |               | (265,248 | )        |       |   | 4,705 |       |   |   | 68,034  |         
|Components of comprehensive loss:                                                                 |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |         
|                                                                                                  | Net loss                       |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          | (83,449  | )     |   |       |      |   |   |         | (83,449  | )       
|                                                                                                  | Foreign currency translation   |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          |         |       |   |       | 3,748 |   |   |         | 3,748    |         
|                                                                                                  | Unrealized loss on investments |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          |         |       |   |       | (9    | ) |   |         | (9       | )       
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|                                                                                                  |                                | Total comprehensive loss          |            |   |             |   |         |              |  |       |               |   |  |               |          |          |      |   |       |       |   |   |         |          | (79,710  | )
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|Issuance of common stock from secondary stock offering, net of
    issuance costs of $5.7 million |                                |                                   | 6,900,000  |   |             |   | 98,945  |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 98,945  |         
|Issuance of common stock under employee stock option and
    employee stock purchase plans        |                                |                                   | 1,859,717  |   |             |   | 13,194  |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 13,194  |         
|Deferred stock-based compensation related to employee stock grant                                 |                                |                                   |           |   |             |   | 1,864   |              |  |       | (1,864        | ) |  |               |         |          |       |   |      |       |   |   |        |         
|Amortization of deferred stock-based compensation                                                 |                                |                                   |           |   |             |   |        |              |  |       | 1,580         |   |  |               |         |          |       |   |      |       |   |   | 1,580   |         
|Non-employee stock-based compensation                                                             |                                |                                   |           |   |             |   | 1,066   |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 1,066   |         
|Reversal of deferred stock-based compensation due to
    cancellations                            |                                |                                   | (118,000   | ) |             |   | (1,657  | )            |  |       | 1,657         |   |  |               |         |          |       |   |      |       |   |   |        |         
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|BALANCES, MARCH 31, 2004                                                                          |                                |                                   | 47,053,748 |   |             |   | 445,981 |              |  |       | (2,619        | ) |  |               | (348,697 | )        |       |   | 8,444 |       |   |   | 103,109 |         
|Components of comprehensive loss:                                                                 |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |         
|                                                                                                  | Net loss                       |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          | (17,542  | )     |   |       |       |   |   |         | (17,542  | )       
|                                                                                                  | Foreign currency translation   |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          |         |       |   |       | (842  | ) |   |         | (842     | )       
|                                                                                                  | Unrealized loss on investments |                                   |            |  |             |   |         |             |  |       |               |  |  |               |          |         |       |   |       | (133  | ) |   |         | (133     | )       
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|                                                                                                  |                                | Total comprehensive loss          |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |   |       |       |   |   |         |          | (18,517  | )
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|Issuance of common stock under employee stock option and
    employee stock purchase plans        |                                |                                   | 749,391    |   |             |   | 3,710   |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 3,710   |         
|Deferred stock-based compensation related to employee stock grant                                 |                                |                                   |           |   |             |   | 1,240   |              |  |       | (1,240        | ) |  |               |         |          |       |   |      |       |   |   |        |         
|Amortization of deferred stock-based compensation                                                 |                                |                                   |           |   |             |   |        |              |  |       | 1,524         |   |  |               |         |          |       |   |      |       |   |   | 1,524   |         
|Non-employee stock-based compensation                                                             |                                |                                   |           |   |             |   | 97      |              |  |       |              |   |  |               |         |          |       |   |      |       |   |   | 97      |         
|Reversal of deferred stock-based compensation due to
    cancellations                            |                                |                                   | (23,600    | ) |             |   | (1,023  | )            |  |       | 1,023         |   |  |               |         |          |       |   |      |       |   |   |        |         
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  
|BALANCES, MARCH 31, 2005                                                                          |                                |                                   | 47,779,539 |   |             | $ | 450,005 |              |  | $     | (1,312        | ) |  | $             | (366,239 | )        |       | $ | 7,469 |       |   | $ | 89,923  |         
|                                                                                                  |                                |                                   |            |   |             |   |         |              |  |       |               |   |  |               |          |          |       |  



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |         |        |  
|--------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- | ------- | -------- | ------- | - | ------- | ------- | ------- | - | -------- | ------- | ------ | -
|                                                                                              |                                                                                | Fiscal Year Ended March 31,                         |        
|                                                                                              |                                                                                |                                                     |        
|                                                                                              |                                                                                | 2005                                                |         |          | 2004    |   |         | 2003    |        
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|                                                                                              |                                                                                | (In thousands)                                      |        
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                         |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|Net loss                                                                                      |                                                                                | $                                                   | (17,542 | )        |         | $ | (83,449 | )       |         | $ | (135,869 | )      
|                                                                                              | Less: Loss from discontinued operations                                        |                                                     |         |         |         |   |         |        |         |   |          | 21,096  |       
|Net loss from continuing operations                                                           |                                                                                |                                                     | (17,542 | )        |         |   | (83,449 | )       |         |   | (114,773 | )      
|Adjustments to reconcile net loss to net cash provided by (used
    in) operating activities: |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|                                                                                              | Depreciation and amortization                                                  |                                                     |         | 28,442   |         |   |         | 28,843  |         |   |          | 30,833  |       
|                                                                                              | Non-cash restructuring charges                                                 |                                                     |         |         |         |   |         | 190     |         |   |          | 2,161   |       
|                                                                                              | Asset impairment charges                                                       |                                                     |         | 4,645    |         |   |         | 6,853   |         |   |          | 15,519  |       
|                                                                                              | Gain on sale of wafer and reticle carrier products                             |                                                     |         |         |         |   |         |        |         |   |          | (28,420 | )     
|                                                                                              | Minority interest in net loss in consolidated subsidiary                       |                                                     |         | 1,101    |         |   |         | (4,358  | )       |   |          | (4,663  | )     
|                                                                                              | Loss on disposal of fixed assets                                               |                                                     |         | 571      |         |   |         | 431     |         |   |          |        |       
|                                                                                              | Stock-based compensation expenses                                              |                                                     |         | 1,621    |         |   |         | 2,646   |         |   |          | 2,585   |       
|                                                                                              | Provision for doubtful accounts                                                |                                                     |         | 4,862    |         |   |         | 222     |         |   |          | 488     |       
|                                                                                              | In-process research and development costs                                      |                                                     |         |         |         |   |         |        |         |   |          | 7,832   |       
|                                                                                              | Deferred taxes, net                                                            |                                                     |         | (15,439  | )       |   |         | (6,394  | )       |   |          | 59,247  |       
|Changes in assets and liabilities, net of acquisitions:                                       |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|                                                                                              | Accounts receivable                                                            |                                                     |         | (48,446  | )       |   |         | (59,370 | )       |   |          | (3,534  | )     
|                                                                                              | Inventories                                                                    |                                                     |         | (5,206   | )       |   |         | (2,392  | )       |   |          | 28,054  |       
|                                                                                              | Prepaid expenses and other assets                                              |                                                     |         | (5,645   | )       |   |         | 1,222   |         |   |          | 5,387   |       
|                                                                                              | Accounts payable, accrued liabilities and deferred margin                      |                                                     |         | 33,295   |         |   |         | 47,743  |         |   |          | 15,803  |       
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|                                                                                              |                                                                                | Net cash provided by (used in) operating activities |         |          | (17,741 | ) |         |         | (67,813 | ) |          |         | 16,519 |  
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                         |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|                                                                                              | Purchase of short-term investments                                             |                                                     |         | (71,594  | )       |   |         | (12,962 | )       |   |          | (18,500 | )     
|                                                                                              | Sale or maturity of short-term investments                                     |                                                     |         | 41,059   |         |   |         | 8,500   |         |   |          | 42,000  |       
|                                                                                              | Purchase of restricted cash equivalents and short-term
    investments         |                                                     |         |         |         |   |         |        |         |   |          | (35,500 | )     
|                                                                                              | Sale or maturity of restricted cash equivalents and short-term
    investments |                                                     |         | 1,904    |         |   |         | 1,403   |         |   |          | 37,464  |       
|                                                                                              | Purchase of property and equipment                                             |                                                     |         | (4,152   | )       |   |         | (6,119  | )       |   |          | (9,064  | )     
|                                                                                              | Proceeds from sale of wafer and reticle carrier product line                   |                                                     |         |         |         |   |         |        |         |   |          | 34,186  |       
|                                                                                              | Net proceeds from sale of land                                                 |                                                     |         |         |         |   |         | 12,106  |         |   |          |        |       
|                                                                                              | Net cash used in acquisitions                                                  |                                                     |         | (31      | )       |   |         | (1,179  | )       |   |          | (51,131 | )     
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|                                                                                              |                                                                                | Net cash provided by (used in) investing activities |         |          | (32,814 | ) |         |         | 1,749   |   |          |         | (545   | )
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                         |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|                                                                                              | Proceeds from line of credit                                                   |                                                     |         | 279,885  |         |   |         |        |         |   |          | 25,000  |       
|                                                                                              | Payment from line of credit                                                    |                                                     |         | (271,519 | )       |   |         | (25,000 | )       |   |          |        |       
|                                                                                              | Payments on short-term loans                                                   |                                                     |         |         |         |   |         | (1,923  | )       |   |          | (629    | )     
|                                                                                              | Proceeds (principal payments) on long-term debt and capital
    leases         |                                                     |         | (7,920   | )       |   |         | 1,939   |         |   |          | (620    | )     
|                                                                                              | Issuance of common stock                                                       |                                                     |         | 3,710    |         |   |         | 112,139 |         |   |          | 6,068   |       
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|                                                                                              |                                                                                | Net cash provided by financing activities           |         |          | 4,156   |   |         |         | 87,155  |   |          |         | 29,819 |  
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|Effect of exchange rate changes on cash and cash equivalents                                  |                                                                                |                                                     | (414    | )        |         |   | (3,898  | )       |         |   | 2,744    |        
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|Net cash provided by (used in) continuing operations                                          |                                                                                |                                                     | (46,813 | )        |         |   | 17,193  |         |         |   | 48,537   |        
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|Net cash used in discontinued operations                                                      |                                                                                |                                                     |        |          |         |   |        |         |         |   | (8,400   | )      
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |                                                                                |                                                     | (46,813 | )        |         |   | 17,193  |         |         |   | 40,137   |        
|CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                                  |                                                                                |                                                     | 101,907 |          |         |   | 84,714  |         |         |   | 44,577   |        
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|CASH AND CASH EQUIVALENTS, END OF YEAR                                                        |                                                                                | $                                                   | 55,094  |          |         | $ | 101,907 |         |         | $ | 84,714   |        
|                                                                                              |                                                                                |                                                     |         |          |         |   |         |         |        
|Supplemental disclosures:                                                                     |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|Cash paid during the year for interest                                                        |                                                                                | $                                                   | 5,690   |          |         | $ | 6,751   |         |         | $ | 5,961    |        
|Cash paid (received) during the year for income taxes, net
    of refunds                     |                                                                                | $                                                   | 3,153   |          |         | $ | (573    | )       |         | $ | (7,535   | )      
|Supplemental disclosures of non-cash financing activities:                                    |                                                                                |                                                     |         |          |         |   |         |         |         |   |          |        
|Stock issued to acquire DLC                                                                   |                                                                                | $                                                   |        |          |         | $ |        |         |         | $ | 13,511   |        
|Stock issued to acquire GW                                                                    |                                                                                | $                                                   |        |          |         | $ |        |         |         | $ | 16,000   |        
|Stock issued for SemiFab settlement                                                           |                                                                                | $                                                   |        |          |         | $ |        |         |         | $ | 1,618    |        



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|   |                             
|-- | ----------------------------
|1. | Organization of the Company:

















|   |                                       
|-- | --------------------------------------
|2. | Significant Fourth Quarter Adjustments





|   |           
|-- | ----------
|3. | Liquidity:





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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|   |                                 
|-- | --------------------------------
|4. | Significant Accounting Policies:



| |                     
| | --------------------
| | Basis of Preparation





| |                          
| | -------------------------
| | Change in Fiscal Year End





| |                  
| | -----------------
| | Reclassifications





| |                 
| | ----------------
| | Use of Estimates



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                             
| | ----------------------------
| | Foreign Currency Translation







| |                          
| | -------------------------
| | Cash and Cash Equivalents





| |                                     
| | ------------------------------------
| | Restricted Cash and Cash Equivalents





| |                       
| | ----------------------
| | Short-term Investments



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                    
| | -----------------------------------
| | Fair Value of Financial Instruments





| |                             
| | ----------------------------
| | Concentration of Credit Risk





| |                                
| | -------------------------------
| | Allowance for Doubtful Accounts





| |            
| | -----------
| | Inventories





| |                                     
| | ------------------------------------
| | Goodwill and Other Intangible Assets



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |                       
| | ----------------------
| | Property and Equipment



|                                         |  |                                   
|---------------------------------------- |  | ----------------------------------
|Land                                     |  | none                              
|Buildings                                |  | 38 to 50 years                    
|Leasehold improvements                   |  | 5 years or leased term, if shorter
|Machinery and equipment                  |  | 2 to 5 years                      
|Office equipment, furniture and fixtures |  | 5 years                           



| |                                
| | -------------------------------
| | Impairment of Long-lived Assets



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                 
| | ----------------
| | Warranty Reserve



|                                                |  |                             |         |   |      |   |        |      |  |   |        |  
|----------------------------------------------- |  | --------------------------- | ------- | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                |  | Fiscal Year Ended March 31, |        
|                                                |  |                             |        
|                                                |  | 2005                        |         |   | 2004 |   |        | 2003 | 
|                                                |  |                             |         |   |      |   |        |      | 
|Beginning Balance                               |  | $                           | 8,185   |   |      | $ | 7,561  |      |  | $ | 4,689  |  
|Reserve assumed in acquisition of ASI           |  |                             |        |   |      |   |       |      |  |   | 2,552  |  
|Reserve for warranties issued during the period |  |                             | 19,780  |   |      |   | 4,881  |      |  |   | 4,147  |  
|Settlements made (in cash or in kind)           |  |                             | (14,443 | ) |      |   | (4,257 | )    |  |   | (3,827 | )
|Foreign currency translation                    |  |                             | (13     | ) |      |   |       |      |  |   |       |  
|                                                |  |                             |         |   |      |   |        |      | 
|Ending Balance                                  |  | $                           | 13,509  |   |      | $ | 8,185  |      |  | $ | 7,561  |  
|                                                |  |                             |         |   |      |   |        |      | 



| |                    
| | -------------------
| | Revenue Recognition







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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                      
| | ---------------------
| | Contract Loss Reserve





| |                            
| | ---------------------------
| | Comprehensive Income (Loss)





| |             
| | ------------
| | Income Taxes









| |                            
| | ---------------------------
| | Net Income (Loss) Per Share



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                         
| | ------------------------
| | Stock-Based Compensation







|                                                   |                                                                                                   |                             |         |         |      |   |         |         |   |   |          |         |  
|-------------------------------------------------- | ------------------------------------------------------------------------------------------------- | --------------------------- | ------- | ------- | ---- | - | ------- | ------- | - | - | -------- | ------- | -
|                                                   |                                                                                                   | Fiscal Year Ended March 31, |        
|                                                   |                                                                                                   |                             |        
|                                                   |                                                                                                   | 2005                        |         |         | 2004 |   |         | 2003    |  
|                                                   |                                                                                                   |                             |         |         |      |   |         |         |  
|Net loss  as reported                             |                                                                                                   | $                           | (17,542 | )       |      | $ | (83,449 | )       |   | $ | (135,869 | )      
|                                                   | Add: employee stock-based compensation expense included in
    reported net loss, net of tax      |                             |         | 1,524   |      |   |         | 1,580   |   |   |          | 1,905   |  
|                                                   | Less: total employee stock-based compensation expense determined
    under fair value, net of tax |                             |         | (12,345 | )    |   |         | (15,215 | ) |   |          | (20,566 | )
|                                                   |                                                                                                   |                             |         |         |      |   |         |         |  
|Net loss  pro forma                               |                                                                                                   | $                           | (28,363 | )       |      | $ | (97,084 | )       |   | $ | (154,530 | )      
|                                                   |                                                                                                   |                             |         |         |      |   |         |         |  
|Basic and diluted net loss per share  as reported |                                                                                                   | $                           | (0.37   | )       |      | $ | (2.00   | )       |   | $ | (3.62    | )      
|Basic and diluted net loss per share  pro forma   |                                                                                                   | $                           | (0.60   | )       |      | $ | (2.32   | )       |   | $ | (4.12    | )      



| |                                 
| | --------------------------------
| | Recent Accounting Pronouncements



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Inventory Costs  an Amendment of ARB
No. 43, Chapter 4.


Exchange of Nonmonetary Assets  an amendment
of APB Opinion No. 29.


Share Based Payment.


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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                          
|-- | -------------------------
|5. | Balance Sheet Components:



| |                       
| | ----------------------
| | Short-term Investments



|               |                             |      |        |            |      |   |      |            |   |   |        |        | 
|-------------- | --------------------------- | ---- | ------ | ---------- | ---- | - | ---- | ---------- | - | - | ------ | ------ | 
|               |                             |      |        | Unrealized |      |   |     
|               |                             | Cost |        |            | Loss |   |      | Fair Value |  
|               |                             |      |        |            |      |   |      |            |  
|March 31, 2005 |                             |      |        |            |      |   |      |            |   |   |        |       
|               | Auction rate securities     |      | $      | 19,803     |      |   | $    |           |   |   | $      | 19,803 | 
|               | Corporate debt securities   |      |        | 9,915      |      |   |      | (47        | ) |   |        | 9,868  | 
|               | Municipal debt securities   |      |        | 501        |      |   |      | (1         | ) |   |        | 500    | 
|               | Internation debt securities |      |        | 1,009      |      |   |      | (2         | ) |   |        | 1,007  | 
|               | Federal agency notes        |      |        | 15,000     |      |   |      | (92        | ) |   |        | 14,908 | 
|               |                             |      |        |            |      |   |      |            |  
|               |                             | $    | 46,228 |            |      | $ | (142 | )          |   | $ | 46,086 |       
|               |                             |      |        |            |      |   |      |            |  
|March 31, 2004 |                             |      |        |            |      |   |      |            |   |   |        |       
|               | Auction rate securities     |      | $      | 11,002     |      |   | $    |           |   |   | $      | 11,002 | 
|               | Corporate debt securities   |      |        | 3,960      |      |   |      | (9         | ) |   |        | 3,951  | 
|               | Federal agency notes        |      |        | 1,000      |      |   |      |           |   |   |        | 1,000  | 
|               |                             |      |        |            |      |   |      |            |  
|               |                             | $    | 15,962 |            |      | $ | (9   | )          |   | $ | 15,953 |       
|               |                             |      |        |            |      |   |      |            |  



|                    |  |   |        | 
|------------------- |  | - | ------ | 
|Due within one year |  | $ | 1,009  | 
|Due in 1-5 years    |  |   | 25,416 | 
|Due in 6-10 years   |  |   | 1,000  | 
|Due after 10 years  |  |   | 18,803 | 
|                    |  |   |       
|Total               |  | $ | 46,228 | 
|                    |  |   |       





|                          |  |                |         |  |              |   |         | 
|------------------------- |  | -------------- | ------- |  | ------------ | - | ------- | 
|                          |  | March 31, 2004 |        
|                          |  |                |        
|                          |  | As             |         |  | As           |  
|                          |  | Reported       |         |  | Reclassified |  
|                          |  |                |         |  |              |  
|Cash and cash equivalents |  | $              | 112,907 |  |              | $ | 101,907 | 
|Short-term investments    |  | $              | 4,953   |  |              | $ | 15,953  | 

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                    |  |                             |         |   |              |   |         |          |  |   |              |   |  |   |         |  
|--------------------------------------------------- |  | --------------------------- | ------- | - | ------------ | - | ------- | -------- |  | - | ------------ | - |  | - | ------- | -
|                                                    |  | Fiscal Year Ended March 31, |        
|                                                    |  |                             |        
|                                                    |  | 2004                        |         |   | 2003         |  
|                                                    |  |                             |         |   |              |  
|                                                    |  | As                          |         |   | As           |   |         | As       |  |   | As           |  
|                                                    |  | Reported                    |         |   | Reclassified |   |         | Reported |  |   | Reclassified |  
|                                                    |  |                             |         |   |              |   |         |          |  |   |              |  
|Purchase of short-term investments                  |  | $                           | (4,962  | ) |              | $ | (12,962 | )        |  | $ |             |   |  | $ | (18,500 | )
|Sales or maturity of short-term investments         |  | $                           |        |   |              | $ | 8,500   |          |  | $ | 5,000        |   |  | $ | 42,000  |  
|Net cash provided by (used in) investing activities |  | $                           | 1,249   |   |              | $ | 1,749   |          |  | $ | (19,045      | ) |  | $ | (545    | )
|Net increase in cash and cash equivalents           |  | $                           | 16,693  |   |              | $ | 17,193  |          |  | $ | 21,637       |   |  | $ | 40,137  |  
|Cash and cash equivalents at end of fiscal year     |  | $                           | 112,907 |   |              | $ | 101,907 |          |  | $ | 96,214       |   |  | $ | 84,714  |  



| |                                                                
| | ---------------------------------------------------------------
| | Accounts Receivable, net of allowance for doubtful
    accounts



|                                      |       |           |         |         |      |   |        |         | 
|------------------------------------- | ----- | --------- | ------- | ------- | ---- | - | ------ | ------- | 
|                                      |       | March 31, |        
|                                      |       |           |        
|                                      |       | 2005      |         |         | 2004 |  
|                                      |       |           |         |         |      |  
|Trade receivables                     |       | $         | 77,196  |         |      | $ | 70,469 |        
|Trade receivables-related party       |       |           | 100     |         |      |   | 32     |        
|Unbilled receivables                  |       |           | 110,778 |         |      |   | 73,800 |        
|Other receivables                     |       |           | 8,849   |         |      |   | 8,246  |        
|Less: Allowance for doubtful accounts |       |           | (6,980  | )       |      |   | (4,608 | )      
|                                      |       |           |         |         |      |  
|                                      | Total |           | $       | 189,943 |      |   | $      | 147,939 | 
|                                      |       |           |         |         |      |  









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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |            
| | -----------
| | Inventories



|                |  |           |        |  |      |   |        | 
|--------------- |  | --------- | ------ |  | ---- | - | ------ | 
|                |  | March 31, |       
|                |  |           |       
|                |  | 2005      |        |  | 2004 |  
|                |  |           |        |  |      |  
|Raw materials   |  | $         | 14,040 |  |      | $ | 13,754 | 
|Work-in-process |  |           | 17,905 |  |      |   | 11,331 | 
|Finished goods  |  |           | 1,570  |  |      |   | 1,864  | 
|                |  |           |        |  |      |  
|Total           |  | $         | 33,515 |  |      | $ | 26,949 | 
|                |  |           |        |  |      |  







| |                           
| | --------------------------
| | Prepaid expenses and other



|                    |  |           |        |  |      |   |        | 
|------------------- |  | --------- | ------ |  | ---- | - | ------ | 
|                    |  | March 31, |       
|                    |  |           |       
|                    |  | 2005      |        |  | 2004 |  
|                    |  |           |        |  |      |  
|Prepaid expenses    |  | $         | 3,146  |  |      | $ | 3,574  | 
|Deferred tax assets |  |           | 16,379 |  |      |   | 2,568  | 
|Other               |  |           | 14,446 |  |      |   | 8,134  | 
|                    |  |           |        |  |      |  
|Total               |  | $         | 33,971 |  |      | $ | 14,276 | 
|                    |  |           |        |  |      |  



| |                  
| | -----------------
| | Intangible assets



|                               |                                           |                |   |        |                |  |       |        |        |          |        |        |             |              |   |        |         |  |   |        |        |  |   |        |        | 
|------------------------------ | ----------------------------------------- | -------------- | - | ------ | -------------- |  | ----- | ------ | ------ | -------- | ------ | ------ | ----------- | ------------ | - | ------ | ------- |  | - | ------ | ------ |  | - | ------ | ------ | 
|                               |                                           | March 31, 2005 |   |        | March 31, 2004 | 
|                               |                                           |                |   |        |                | 
|                               |                                           | Gross          |   |        |                |  | Gross |        |        |         
|                               |                                           | Carrying       |   |        | Accumulated    |  |       |        |        | Carrying |        |        | Accumulated |              |   |       
|                               |                                           | Amount         |   |        | Amortization   |  |       | Net    |        |          | Amount |        |             | Amortization |   |        | Net     | 
|                               |                                           |                |   |        |                |  |       |        |        |          |        |        |             |              |   |        |         | 
|Amortizable intangible assets: |                                           |                |   |        |                |  |       |        |        |          |        |        |             |              |   |        |         |  |   |        |        |  |   |       
|                               | Developed technology                      |                | $ | 62,626 |                |  | $     | 34,069 |        |          | $      | 28,557 |             |              | $ | 64,317 |         |  | $ | 21,778 |        |  | $ | 42,539 |       
|                               | Customer base and other intangible assets |                |   | 33,767 |                |  |       | 25,167 |        |          |        | 8,600  |             |              |   | 35,676 |         |  |   | 17,394 |        |  |   | 18,282 |       
|                               | Licenses and patents                      |                |   | 6,989  |                |  |       | 3,248  |        |          |        | 3,741  |             |              |   | 7,440  |         |  |   | 2,483  |        |  |   | 4,957  |       
|                               |                                           |                |   |        |                |  |       |        |        |          |        |        |             |              |   |        |         | 
|                               |                                           | Total          |   | $      | 103,382        |  |       | $      | 62,484 |          |        | $      | 40,898      |              |   | $      | 107,433 |  |   | $      | 41,655 |  |   | $      | 65,778 | 
|                               |                                           |                |   |        |                |  |       |        |        |          |        |        |             |              |   |        |         | 

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                             |  |   |        | 
|---------------------------- |  | - | ------ | 
|Fiscal Year ending March 31, |  |   |        | 
|2006                         |  | $ | 18,541 | 
|2007                         |  |   | 13,238 | 
|2008                         |  |   | 7,696  | 
|2009                         |  |   | 676    | 
|2010 and thereafter          |  |   | 747    | 
|                             |  |   |       
|                             |  | $ | 40,898 | 
|                             |  |   |       



| |         
| | --------
| | Goodwill



|                        |  |           |        |  |           |   |        | 
|----------------------- |  | --------- | ------ |  | --------- | - | ------ | 
|                        |  | March 31, |        |  | March 31, |  
|                        |  | 2005      |        |  | 2004      |  
|                        |  |           |        |  |           |  
|Fab Automation Products |  | $         | 3,397  |  |           | $ | 4,750  | 
|AMHS                    |  |           | 60,617 |  |           |   | 67,223 | 
|                        |  |           |        |  |           |  
|                        |  | $         | 64,014 |  |           | $ | 71,973 | 
|                        |  |           |        |  |           |  



|                                |  |       |        |  
|------------------------------- |  | ----- | ------ | -
|                                |  | Total |       
|                                |  |       |       
|Balances at March 31, 2003      |  | $     | 65,505 |  
|Acquisitions                    |  |       | 376    |  
|Purchase accounting adjustments |  |       | (2,017 | )
|Foreign currency translation    |  |       | 8,109  |  
|                                |  |       |       
|Balances at March 31, 2004      |  |       | 71,973 |  
|Purchase accounting adjustments |  |       | (6,953 | )
|Foreign currency translation    |  |       | (1,006 | )
|                                |  |       |       
|Balances at March 31, 2005      |  | $     | 64,014 |  
|                                |  |       |       



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                       
| | ----------------------
| | Property and Equipment



|                                         |           |           |         |        |      |   |         |        | 
|---------------------------------------- | --------- | --------- | ------- | ------ | ---- | - | ------- | ------ | 
|                                         |           | March 31, |        
|                                         |           |           |        
|                                         |           | 2005      |         |        | 2004 |  
|                                         |           |           |         |        |      |  
|Land                                     |           | $         | 2,312   |        |      | $ | 2,347   |       
|Buildings                                |           |           | 8,231   |        |      |   | 8,363   |       
|Leasehold improvements                   |           |           | 12,608  |        |      |   | 12,660  |       
|Machinery and equipment                  |           |           | 28,050  |        |      |   | 29,855  |       
|Office equipment, furniture and fixtures |           |           | 34,947  |        |      |   | 33,118  |       
|                                         |           |           |         |        |      |  
|                                         | Sub-total |           |         | 86,148 |      |   |         | 86,343 | 
|Less accumulated depreciation            |           |           | (70,690 | )      |      |   | (63,475 | )     
|                                         |           |           |         |        |      |  
|Total                                    |           | $         | 15,458  |        |      | $ | 22,868  |       
|                                         |           |           |         |        |      |  



| |                              
| | -----------------------------
| | Accrued and other liabilities



|                       |  |           |        |  |      |   |        | 
|---------------------- |  | --------- | ------ |  | ---- | - | ------ | 
|                       |  | March 31, |       
|                       |  |           |       
|                       |  | 2005      |        |  | 2004 |  
|                       |  |           |        |  |      |  
|Income taxes payable   |  | $         | 18,378 |  |      | $ | 6,787  | 
|Other taxes payable    |  |           | 5,877  |  |      |   | 668    | 
|Warranty reserve       |  |           | 13,509 |  |      |   | 8,185  | 
|Contract loss reserve  |  |           | 248    |  |      |   | 5,409  | 
|Restructuring reserve  |  |           | 883    |  |      |   | 2,254  | 
|Employee compensation  |  |           | 8,822  |  |      |   | 8,085  | 
|Customer deposits      |  |           | 2,918  |  |      |   | 2,630  | 
|Other accrued expenses |  |           | 19,804 |  |      |   | 14,553 | 
|                       |  |           |        |  |      |  
|Total                  |  | $         | 70,439 |  |      | $ | 48,571 | 
|                       |  |           |        |  |      |  



| |                            
| | ---------------------------
| | Other long-term liabilities



|                                  |  |           |       |  |      |   |        | 
|--------------------------------- |  | --------- | ----- |  | ---- | - | ------ | 
|                                  |  | March 31, |      
|                                  |  |           |      
|                                  |  | 2005      |       |  | 2004 |  
|                                  |  |           |       |  |      |  
|Accrued pension benefit liability |  | $         | 9,463 |  |      | $ | 11,122 | 
|Other                             |  |           | 308   |  |      |   | 1,704  | 
|                                  |  |           |       |  |      |  
|Total                             |  | $         | 9,771 |  |      | $ | 12,826 | 
|                                  |  |           |       |  |      |  

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                            
| | ---------------------------
| | Comprehensive Income (loss)



|                                         |  |           |       |   |      |   |       |  
|---------------------------------------- |  | --------- | ----- | - | ---- | - | ----- | -
|                                         |  | March 31, |      
|                                         |  |           |      
|                                         |  | 2005      |       |   | 2004 |  
|                                         |  |           |       |   |      |  
|Unrealized loss on investments           |  | $         | (142  | ) |      | $ | (9    | )
|Foreign currency translation adjustments |  |           | 7,611 |   |      |   | 8,453 |  
|                                         |  |           |       |   |      |  
|Accumulated other comprehensive income   |  | $         | 7,469 |   |      | $ | 8,444 |  
|                                         |  |           |       |   |      |  



|   |              
|-- | -------------
|6. | Acquisitions:



| |                             
| | ----------------------------
| | Asyst Shinko America (ASAM):



|                            |  |   |       |  
|--------------------------- |  | - | ----- | -
|Accounts receivable, net    |  | $ | 820   |  
|Inventories                 |  |   | 315   |  
|Property and equipment, net |  |   | 286   |  
|Other assets                |  |   | 30    |  
|Current liabilities         |  |   | (662  | )
|                            |  |   |      
|Net assets acquired         |  |   | 789   |  
|Goodwill                    |  |   | 390   |  
|                            |  |   |      
|Net cash paid               |  | $ | 1,179 |  
|                            |  |   |      







| |                          
| | -------------------------
| | Asyst Shinko, Inc. (ASI):



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                              |  |   |         | 
|----------------------------------------------------------------------------- |  | - | ------- | 
|Total Enterprise Value                                                        |  | $ | 128,824 | 
|Transaction costs                                                             |  |   | 1,796   | 
|                                                                              |  |   |        
|                                                                              |  | $ | 130,620 | 
|                                                                              |  |   |        
|Fair value of identifiable intangibles contributed by Shinko:                 |  |   |         | 
|Net assets                                                                    |  |   | 1,036   | 
|Developed technology                                                          |  |   | 44,500  | 
|Customer lists                                                                |  |   | 18,800  | 
|In-process research and development                                           |  |   | 5,750   | 
|Excess of consideration over fair value of net assets
    acquired  Goodwill |  |   | 60,534  | 
|                                                                              |  |   |        
|                                                                              |  | $ | 130,620 | 
|                                                                              |  |   |        







|                                        |  |   |         |  
|--------------------------------------- |  | - | ------- | -
|Cash and short-term investments         |  | $ | 15,200  |  
|Other current assets                    |  |   | 52,955  |  
|Property plant and equipment            |  |   | 3,332   |  
|Other assets                            |  |   | 775     |  
|Current liabilities                     |  |   | (31,234 | )
|Deferred tax liabilities                |  |   | (26,586 | )
|Pension and other long-term liabilities |  |   | (13,406 | )
|                                        |  |   |        
|Net assets acquired                     |  | $ | 1,036   |  
|                                        |  |   |        

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                |  |                   |          |  
|--------------------------------------------------------------- |  | ----------------- | -------- | -
|                                                                |  | Fiscal Year Ended |         
|                                                                |  | March 31, 2003    |         
|                                                                |  |                   |         
|Net sales                                                       |  | $                 | 309,002  |  
|Net loss from continuing operations                             |  | $                 | (133,547 | )
|Basic and diluted net loss from continuing operations per share |  | $                 | (3.56    | )





| |                     
| | --------------------
| | domainLogix (DLC):



|                                    |  |   |        | 
|----------------------------------- |  | - | ------ | 
|Amortizable intangible assets       |  | $ | 7,615  | 
|Goodwill                            |  |   | 2,100  | 
|In-process research and development |  |   | 2,082  | 
|                                    |  |   |       
|                                    |  | $ | 11,797 | 
|                                    |  |   |       



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|   |                                 
|-- | --------------------------------
|7. | Restructuring and Other Charges:



|                        |                                         |              |     |        |          |   |       |             |   |   |       |        |   |   |       |        |  
|----------------------- | --------------------------------------- | ------------ | --- | ------ | -------- | - | ----- | ----------- | - | - | ----- | ------ | - | - | ----- | ------ | -
|                        |                                         | Severance    |     |        | Excess   |   |       | Fixed Asset |   |   |      
|                        |                                         | and Benefits |     |        | Facility |   |       | Impairment  |   |   | Total |       
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2002 |                                         | $            | 741 |        |          | $ | 2,432 |             |   | $ | 200   |        |   | $ | 3,373 |       
|                        | Additional accruals                     |              |     | 2,125  |          |   |       | 2,733       |   |   |       | 2,161  |   |   |       | 7,019  |  
|                        | Non-cash related adjustments            |              |     | (331   | )        |   |       | (214        | ) |   |       | (2,077 | ) |   |       | (2,622 | )
|                        | Amounts paid in cash                    |              |     | (2,244 | )        |   |       | (1,334      | ) |   |       | (92    | ) |   |       | (3,670 | )
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2003 |                                         |              | 291 |        |          |   | 3,617 |             |   |   | 192   |        |   |   | 4,100 |       
|                        | Additional accruals                     |              |     | 5,460  |          |   |       | 1,075       |   |   |       | 46     |   |   |       | 6,581  |  
|                        | Non-cash related adjustments            |              |     | 70     |          |   |       | (444        | ) |   |       | (205   | ) |   |       | (579   | )
|                        | Amounts paid in cash                    |              |     | (5,757 | )        |   |       | (2,058      | ) |   |       | (33    | ) |   |       | (7,848 | )
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2004 |                                         |              | 64  |        |          |   | 2,190 |             |   |   |      |        |   |   | 2,254 |       
|                        | Additional accruals                     |              |     | 1,803  |          |   |       | 7           |   |   |       |       |   |   |       | 1,810  |  
|                        | Amounts paid in cash                    |              |     | (1,803 | )        |   |       | (1,390      | ) |   |       |       |   |   |       | (3,193 | )
|                        | Foreign currency translation adjustment |              |     | 3      |          |   |       | 9           |   |   |       |       |   |   |       | 12     |  
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       
|Balance, March 31, 2005 |                                         | $            | 67  |        |          | $ | 816   |             |   | $ |      |        |   | $ | 883   |       
|                        |                                         |              |     |        |          |   |       |             |   |   |       |       









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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                          
|-- | -------------------------
|8. | Asset Impairment Charges:









|   |              
|-- | -------------
|9. | Income Taxes:



|         |  |                             |         |   |      |   |         |      |  |   |         |  
|-------- |  | --------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|         |  | Fiscal Year Ended March 31, |        
|         |  |                             |        
|         |  | 2005                        |         |   | 2004 |   |         | 2003 | 
|         |  |                             |         |   |      |   |         |      | 
|Domestic |  | $                           | (24,803 | ) |      | $ | (73,828 | )    |  | $ | (57,557 | )
|Foreign  |  |                             | 6,446   |   |      |   | (20,129 | )    |  |   | (4,544  | )
|         |  |                             |         |   |      |   |         |      | 
|         |  | $                           | (18,357 | ) |      | $ | (93,957 | )    |  | $ | (62,101 | )
|         |  |                             |         |   |      |   |         |      | 

69



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                |         |                             |         |         |      |   |        |        |   |   |        |        |  
|----------------------------------------------- | ------- | --------------------------- | ------- | ------- | ---- | - | ------ | ------ | - | - | ------ | ------ | -
|                                                |         | Fiscal Year Ended March 31, |        
|                                                |         |                             |        
|                                                |         | 2005                        |         |         | 2004 |   |        | 2003   |  
|                                                |         |                             |         |         |      |   |        |        |  
|Current:                                        |         |                             |         |         |      |   |        |        |   |   |        |       
|                                                | Federal |                             | $       | (334    | )    |   | $      |       |   |   | $      |       |  
|                                                | State   |                             |         |        |      |   |        | 31     |   |   |        | 80     |  
|                                                | Foreign |                             |         | 15,388  |      |   |        | 2,272  |   |   |        | 2,394  |  
|                                                |         |                             |         |         |      |   |        |        |  
|Total Current                                   |         |                             | 15,054  |         |      |   | 2,303  |        |   |   | 2,474  |       
|                                                |         |                             |         |         |      |   |        |        |  
|Deferred:                                       |         |                             |         |         |      |   |        |        |   |   |        |       
|                                                | Federal |                             |         |        |      |   |        |       |   |   |        | 51,557 |  
|                                                | State   |                             |         |        |      |   |        |       |   |   |        | 6,378  |  
|                                                | Foreign |                             |         | (16,970 | )    |   |        | (8,453 | ) |   |        | (3,074 | )
|                                                |         |                             |         |         |      |   |        |        |  
|Total Deferred                                  |         |                             | (16,970 | )       |      |   | (8,453 | )      |   |   | 54,861 |       
|                                                |         |                             |         |         |      |   |        |        |  
|Total provision for (benefit from) income taxes |         | $                           | (1,916  | )       |      | $ | (6,150 | )      |   | $ | 57,335 |       
|                                                |         |                             |         |         |      |   |        |        |  



|                                                                 |  |                             |       |    |      |  |       |      |  |  |       |   
|---------------------------------------------------------------- |  | --------------------------- | ----- | -- | ---- |  | ----- | ---- |  |  | ----- | --
|                                                                 |  | Fiscal Year Ended March 31, |      
|                                                                 |  |                             |      
|                                                                 |  | 2005                        |       |    | 2004 |  |       | 2003 | 
|                                                                 |  |                             |       |    |      |  |       |      | 
|Benefit at federal statutory rate                                |  |                             | (35.0 | )% |      |  | (35.0 | )%   |  |  | (35.0 | )%
|State taxes, net of Federal benefit                              |  |                             | (3.5  | )% |      |  | (5.5  | )%   |  |  | (5.0  | )%
|Foreign income and withholding taxes in excess of statutory rate |  |                             | (20.9 | )% |      |  | 0.9   | %    |  |  | 1.1   | % 
|In-process research and development                              |  |                             | 0.0   | %  |      |  | 0.0   | %    |  |  | 3.9   | % 
|Non-deductible expenses and other                                |  |                             | (1.4  | )% |      |  | (0.8  | )%   |  |  | 0.8   | % 
|Change in valuation allowance                                    |  |                             | 50.4  | %  |      |  | 33.9  | %    |  |  | 126.5 | % 
|                                                                 |  |                             |       |    |      |  |       |      | 
|Effective income tax rate                                        |  |                             | (10.4 | )% |      |  | (6.5  | )%   |  |  | 92.3  | % 
|                                                                 |  |                             |       |    |      |  |       |      | 



|                                            |                   |           |          |         |      |   |          |         |  
|------------------------------------------- | ----------------- | --------- | -------- | ------- | ---- | - | -------- | ------- | -
|                                            |                   | March 31, |         
|                                            |                   |           |         
|                                            |                   | 2005      |          |         | 2004 |  
|                                            |                   |           |          |         |      |  
|Net operating loss and credit carryforwards |                   | $         | 106,020  |         |      | $ | 97,740   |        
|Reserves and accruals                       |                   |           | 18,611   |         |      |   | 19,050   |        
|Foreign deferred tax assets                 |                   |           | 22,349   |         |      |   | 9,035    |        
|Depreciation and Amortization               |                   |           | 344      |         |      |   | (626     | )      
|Capitalized R&D                             |                   |           | 3,506    |         |      |   | 4,217    |        
|                                            |                   |           |          |         |      |  
|Gross deferred tax assets                   |                   |           | 150,830  |         |      |   | 129,416  |        
|Valuation allowance                         |                   |           | (128,481 | )       |      |   | (126,848 | )      
|                                            |                   |           |          |         |      |  
|Net deferred tax assets                     |                   | $         | 22,349   |         |      | $ | 2,568    |        
|                                            |                   |           |          |         |      |  
|Deferred tax liabilities:                   |                   |           |          |         |      |   |          |        
|                                            | Intangible assets |           | $        | (12,748 | )    |   | $        | (20,704 | )
|                                            |                   |           |          |         |      |  

70



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)
















|    |                                                
|--- | -----------------------------------------------
|10. | Sale of Wafer and Reticle Carrier Product Line:





|    |                         
|--- | ------------------------
|11. | Discontinued Operations:



71



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                         |  |                |         |  
|------------------------ |  | -------------- | ------- | -
|                         |  | Fiscal Year    |        
|                         |  | Ended          |        
|                         |  | March 31, 2003 |        
|                         |  |                |        
|Net sales                |  | $              | 12,227  |  
|Loss before income taxes |  |                | (21,096 | )
|Income tax benefit       |  |                |        |  
|                         |  |                |        
|Net loss                 |  | $              | (21,096 | )
|                         |  |                |        





|    |      
|--- | -----
|12. | Debt:





|                                                           |  |                   |        |   |      |   |        |  
|---------------------------------------------------------- |  | ----------------- | ------ | - | ---- | - | ------ | -
|                                                           |  | Fiscal Year Ended |       
|                                                           |  | March 31,         |       
|                                                           |  |                   |       
|                                                           |  | 2005              |        |   | 2004 |  
|                                                           |  |                   |        |   |      |  
|Convertible subordinated notes                             |  | $                 | 86,250 |   |      | $ | 86,250 |  
|Secured straight bonds                                     |  |                   | 4,397  |   |      |   | 7,110  |  
|Capital leases                                             |  |                   | 860    |   |      |   | 489    |  
|                                                           |  |                   |        |   |      |  
|Total long-term debt                                       |  |                   | 91,507 |   |      |   | 93,849 |  
|Less: Current portion of long-term debt and capital leases |  |                   | (2,757 | ) |      |   | (2,775 | )
|                                                           |  |                   |        |   |      |  
|Long-term debt and capital leases of current portion       |  | $                 | 88,750 |   |      | $ | 91,074 |  
|                                                           |  |                   |        |   |      |  



|                             |  |   |        | 
|---------------------------- |  | - | ------ | 
|Fiscal Year Ending March 31, |  |  
|                             |  |  
|2006                         |  | $ | 2,757  | 
|2007                         |  |   | 1,818  | 
|2008                         |  |   | 630    | 
|2009                         |  |   | 86,302 | 
|                             |  |   |       
|                             |  | $ | 91,507 | 
|                             |  |   |       



| |                               
| | ------------------------------
| | Convertible Subordinated Notes

3 4


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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                       
| | ----------------------
| | Secured Straight Bonds





| |               
| | --------------
| | Line of Credit







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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|    |              
|--- | -------------
|13. | Common Stock:



|                             |  |  |           | 
|---------------------------- |  |  | --------- | 
|Employee Stock Option Plans  |  |  | 1,178,592 | 
|Employee Stock Purchase Plan |  |  | 354,500   | 
|                             |  |  |          
|                             |  |  | 1,533,092 | 
|                             |  |  |          



| |                          
| | -------------------------
| | Sale of Equity Securities





| |                   
| | ------------------
| | Stock Option Plans















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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                    |       |                             |       |       |      |   |       |       |  |   |       |       | 
|----------------------------------- | ----- | --------------------------- | ----- | ----- | ---- | - | ----- | ----- |  | - | ----- | ----- | 
|                                    |       | Fiscal Year Ended March 31, |      
|                                    |       |                             |      
|                                    |       | 2005                        |       |       | 2004 |   |       | 2003  | 
|                                    |       |                             |       |       |      |   |       |       | 
|Cost of sales                       |       | $                           | 102   |       |      | $ | 33    |       |  | $ | 51    |      
|Research and development            |       |                             | 144   |       |      |   | 490   |       |  |   | 700   |      
|Selling, general and administrative |       |                             | 1,375 |       |      |   | 2,123 |       |  |   | 1,834 |      
|                                    |       |                             |       |       |      |   |       |       | 
|                                    | Total |                             | $     | 1,621 |      |   | $     | 2,646 |  |   | $     | 2,585 | 
|                                    |       |                             |       |       |      |   |       |       | 





|                                       |  |                             |            |   |       |   |       |        |  |  |            |   |  |        |       |  |       |  |            |   |  |   |       | 
|-------------------------------------- |  | --------------------------- | ---------- | - | ----- | - | ----- | ------ |  |  | ---------- | - |  | ------ | ----- |  | ----- |  | ---------- | - |  | - | ----- | 
|                                       |  | Fiscal Year Ended March 31, |           
|                                       |  |                             |           
|                                       |  | 2005                        |            |   | 2004  |   |       | 2003   | 
|                                       |  |                             |            |   |       |   |       |        | 
|                                       |  | Shares                      |            |   | Price |   |       | Shares |  |  | Price      |   |  | Shares |       |  | Price | 
|                                       |  |                             |            |   |       |   |       |        |  |  |            |   |  |        |       |  |       | 
|Options outstanding, beginning of year |  |                             | 8,211,505  |   |       | $ | 11.05 |        |  |  | 9,210,061  |   |  | $      | 12.20 |  |       |  | 9,971,917  |   |  | $ | 12.76 | 
|Granted                                |  |                             | 1,703,058  |   |       |   | 7.15  |        |  |  | 3,014,508  |   |  |        | 6.67  |  |       |  | 2,144,023  |   |  |   | 10.62 | 
|Exercised                              |  |                             | (460,706   | ) |       |   | 5.64  |        |  |  | (1,695,160 | ) |  |        | 6.75  |  |       |  | (525,269   | ) |  |   | 7.92  | 
|Cancelled                              |  |                             | (2,626,604 | ) |       |   | 12.19 |        |  |  | (2,317,904 | ) |  |        | 12.80 |  |       |  | (2,380,610 | ) |  |   | 14.00 | 
|                                       |  |                             |            |   |       |   |       |        |  |  |            |   |  |        |       |  |       | 
|Options outstanding, end of year       |  |                             | 6,827,253  |   |       | $ | 10.00 |        |  |  | 8,211,505  |   |  | $      | 11.05 |  |       |  | 9,210,061  |   |  | $ | 12.20 | 
|                                       |  |                             |            |   |       |   |       |        |  |  |            |   |  |        |       |  |       | 
|Exercisable, end of year               |  |                             | 4,680,206  |   |       | $ | 11.39 |        |  |  | 4,417,856  |   |  | $      | 12.40 |  |       |  | 5,276,209  |   |  | $ | 11.59 | 
|                                       |  |                             |            |   |       |   |       |        |  |  |            |   |  |        |       |  |       | 



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                |  |                     |           |           |                     |  |          |          |  |   |             |          |  |          |           |  |  |   |       | 
|------------------------------- |  | ------------------- | --------- | --------- | ------------------- |  | -------- | -------- |  | - | ----------- | -------- |  | -------- | --------- |  |  | - | ----- | 
|                                |  | Options Outstanding |           |           | Exercisable Options | 
|                                |  |                     |           |           |                     | 
|                                |  |                     |           | Weighted  |                     |  |          |          | 
|                                |  |                     |           | Average   |                     |  | Weighted |          |  |   |             | Weighted | 
|                                |  |                     |           | Remaining |                     |  | Average  |          |  |   |             | Average  | 
|                                |  | Number              |           |           | Contractual         |  |          | Exercise |  |   | Number      |          |  | Exercise |          
|Actual Range of Exercise Prices |  | Outstanding         |           |           | Life                |  |          | Price    |  |   | Exercisable |          |  | Price    |          
|                                |  |                     |           |           |                     |  |          |          |  |   |             |          |  |          |          
|$ 0.00 - $ 4.57                 |  |                     | 1,084,545 |           |                     |  | 6.73     |          |  | $ | 3.85        |          |  |          | 499,481   |  |  | $ | 3.60  | 
|4.63 -   5.05                   |  |                     | 1,254,930 |           |                     |  | 7.54     |          |  |   | 4.98        |          |  |          | 591,351   |  |  |   | 4.95  | 
|5.09 -   9.81                   |  |                     | 1,452,958 |           |                     |  | 6.98     |          |  |   | 7.91        |          |  |          | 997,218   |  |  |   | 8.26  | 
|9.93 -  12.93                   |  |                     | 1,335,962 |           |                     |  | 6.96     |          |  |   | 11.77       |          |  |          | 1,146,051 |  |  |   | 11.80 | 
|13.06 -  19.06                  |  |                     | 1,347,795 |           |                     |  | 6.43     |          |  |   | 16.30       |          |  |          | 1,101,042 |  |  |   | 16.50 | 
|19.25 -  51.38                  |  |                     | 351,063   |           |                     |  | 5.18     |          |  |   | 24.77       |          |  |          | 345,063   |  |  |   | 24.86 | 
|                                |  |                     |           |           |                     |  |          |          |  |   |             |          |  |          |          
|$ 0.00 - $51.38                 |  |                     | 6,827,253 |           |                     |  | 6.99     |          |  | $ | 10.00       |          |  |          | 4,680,206 |  |  | $ | 11.39 | 
|                                |  |                     |           |           |                     |  |          |          |  |   |             |          |  |          |          



|                                   |  |                   |      |   |      |  |      |      |  |  |      |  
|---------------------------------- |  | ----------------- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                                   |  | Fiscal Year Ended |     
|                                   |  | March 31,         |     
|                                   |  |                   |     
|                                   |  | 2005              |      |   | 2004 |  |      | 2003 | 
|                                   |  |                   |      |   |      |  |      |      | 
|Risk-free interest rate            |  |                   | 3.35 | % |      |  | 3.00 | %    |  |  | 2.62 | %
|Expected term of option (in years) |  |                   | 4.63 |   |      |  | 4.65 |      |  |  | 4.30 |  
|Expected volatility                |  |                   | 91   | % |      |  | 81   | %    |  |  | 107  | %
|Expected dividend yield            |  |                   |     |   |      |  |     |      |  |  |     |  



| |                             
| | ----------------------------
| | Employee Stock Purchase Plan





|                         |  |                   |      |   |      |  |      |      |  |  |      |  
|------------------------ |  | ----------------- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                         |  | Fiscal Year Ended |     
|                         |  | March 31,         |     
|                         |  |                   |     
|                         |  | 2005              |      |   | 2004 |  |      | 2003 | 
|                         |  |                   |      |   |      |  |      |      | 
|Risk-free interest rate  |  |                   | 2.67 | % |      |  | 1.15 | %    |  |  | 1.83 | %
|Expected life (in years) |  |                   | 0.50 |   |      |  | 0.50 |      |  |  | 0.50 |  
|Expected volatility      |  |                   | 73   | % |      |  | 81   | %    |  |  | 107  | %
|Expected dividend yield  |  |                   |     |   |      |  |     |      |  |  |     |  

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                        
|--- | -----------------------
|14. | Employee Benefit Plans:



| |                              
| | -----------------------------
| | Defined Benefit Pension Plans





|                                         |  |           |         |   |      |   |         |  
|---------------------------------------- |  | --------- | ------- | - | ---- | - | ------- | -
|                                         |  | March 31, |        
|                                         |  |           |        
|                                         |  | 2005      |         |   | 2004 |  
|                                         |  |           |         |   |      |  
|Change in projected benefit obligation:  |  |           |         |   |      |   |         |  
|Beginning projected benefit obligation   |  | $         | 18,703  |   |      | $ | 16,526  |  
|Acquisitions/ Employee Transfers         |  |           | 132     |   |      |   |        |  
|Service cost                             |  |           | 738     |   |      |   | 688     |  
|Interest cost                            |  |           | 364     |   |      |   | 352     |  
|Actuarial loss                           |  |           | 1,268   |   |      |   | 334     |  
|Currency exchange rate changes           |  |           | (280    | ) |      |   | 2,014   |  
|Benefits paid to plan participants       |  |           | (2,083  | ) |      |   | (1,211  | )
|                                         |  |           |         |   |      |  
|Ending projected benefit obligation      |  | $         | 18,842  |   |      | $ | 18,703  |  
|                                         |  |           |         |   |      |  
|Change in Plan Assets:                   |  |           |         |   |      |   |         |  
|Beginning fair value of plan assets      |  | $         | 6,153   |   |      | $ | 4,071   |  
|Actual return on plan assets             |  |           | 154     |   |      |   | 61      |  
|Employer contributions                   |  |           | 2,515   |   |      |   | 2,275   |  
|Currency exchange rate changes           |  |           | (93     | ) |      |   | 543     |  
|Benefits paid to participants            |  |           | (1,429  | ) |      |   | (797    | )
|                                         |  |           |         |   |      |  
|Ending fair value of plan assets         |  | $         | 7,300   |   |      | $ | 6,153   |  
|                                         |  |           |         |   |      |  
|Funded Status:                           |  |           |         |   |      |   |         |  
|Ending funded status                     |  | $         | (11,542 | ) |      | $ | (12,550 | )
|Unrecognized net actuarial loss          |  |           | 1,912   |   |      |   | 774     |  
|                                         |  |           |         |   |      |  
|Net amount recognized                    |  | $         | (9,630  | ) |      | $ | (11,776 | )
|                                         |  |           |         |   |      |  
|Amounts Recognized in the Balance Sheet: |  |           |         |   |      |   |         |  
|Accrued pension benefit liability        |  | $         | (9,630  | ) |      | $ | (11,776 | )
|                                         |  |           |         |   |      |  

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                               |       |           |      |       |      |  |      |       |  
|------------------------------ | ----- | --------- | ---- | ----- | ---- |  | ---- | ----- | -
|                               |       | March 31, |     
|                               |       |           |     
|                               |       | 2005      |      |       | 2004 | 
|                               |       |           |      |       |      | 
|Allocation of Plan Assets:     |       |           |      |       |      |  |      |      
|Japanese equity securities     |       |           | 37.0 | %     |      |  | 38.0 | %    
|Japanese debt securities       |       |           | 27.0 | %     |      |  | 27.0 | %    
|Non-Japanese equity securities |       |           | 21.0 | %     |      |  | 19.0 | %    
|Non-Japanese debt securities   |       |           | 9.0  | %     |      |  | 10.0 | %    
|Others                         |       |           | 6.0  | %     |      |  | 6.0  | %    
|                               |       |           |      |       |      | 
|                               | Total |           |      | 100.0 | %    |  |      | 100.0 | %
|                               |       |           |      |       |      | 



|                                  |       |  |           |      | 
|--------------------------------- | ----- |  | --------- | ---- | 
|Target Allocation of Plan Assets: |       |  |           |     
|Japanese equity securities        |       |  | 30% to 40 | %   
|Japanese debt securities          |       |  | 20% to 30 | %   
|Non-Japanese equity securities    |       |  | 20% to 30 | %   
|Non-Japanese debt securities      |       |  | 10% to 20 | %   
|Others                            |       |  | 0% to 10  | %   
|                                  |       |  |          
|                                  | Total |  |           | 100% | 
|                                  |       |  |          



|                               |  |           |      |   |      |  |      |  
|------------------------------ |  | --------- | ---- | - | ---- |  | ---- | -
|                               |  | March 31, |     
|                               |  |           |     
|                               |  | 2005      |      |   | 2004 | 
|                               |  |           |      |   |      | 
|Discount rate                  |  |           | 2.00 | % |      |  | 2.00 | %
|Expected return on plan assets |  |           | 3.50 | % |      |  | 3.50 | %
|Rate of compensation increase  |  |           | 2.50 | % |      |  | 2.50 | %





|                               |  |                   |      |   |      |   |      |      |  |   |     |  
|------------------------------ |  | ----------------- | ---- | - | ---- | - | ---- | ---- |  | - | --- | -
|                               |  | Fiscal Year Ended |     
|                               |  | March 31,         |     
|                               |  |                   |     
|                               |  | 2005              |      |   | 2004 |   |      | 2003 | 
|                               |  |                   |      |   |      |   |      |      | 
|Company service cost           |  | $                 | 738  |   |      | $ | 688  |      |  | $ | 308 |  
|Interest cost                  |  |                   | 364  |   |      |   | 352  |      |  |   | 154 |  
|Expected return on plan assets |  |                   | (246 | ) |      |   | (243 | )    |  |   | (57 | )
|                               |  |                   |      |   |      |   |      |      | 
|Net periodic pension cost      |  | $                 | 856  |   |      | $ | 797  |      |  | $ | 405 |  
|                               |  |                   |      |   |      |   |      |      | 

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                  |       |   |       |        | 
|----------------- | ----- | - | ----- | ------ | 
|2006              |       | $ | 885   |       
|2007              |       |   | 1,860 |       
|2008              |       |   | 1,719 |       
|2009              |       |   | 2,788 |       
|2010              |       |   | 2,924 |       
|2011 through 2015 |       |   | 5,806 |       
|                  |       |   |      
|                  | Total |   | $     | 15,982 | 
|                  |       |   |      









| |                                     
| | ------------------------------------
| | Employee Savings and Retirement Plan





|    |                     
|--- | --------------------
|15. | Reportable Segments:





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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                              |  |                             |         |   |      |   |         |      |  |   |         |  
|----------------------------- |  | --------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                              |  | Fiscal Year Ended March 31, |        
|                              |  |                             |        
|                              |  | 2005                        |         |   | 2004 |   |         | 2003 | 
|                              |  |                             |         |   |      |   |         |      | 
|Fab Automation Products:      |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 232,391 |   |      | $ | 133,132 |      |  | $ | 213,097 |  
|                              |  |                             |         |   |      |   |         |      | 
|Loss from operations          |  | $                           | (18,472 | ) |      | $ | (68,077 | )    |  | $ | (66,879 | )
|                              |  |                             |         |   |      |   |         |      | 
|AMHS:                         |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 380,596 |   |      | $ | 168,510 |      |  | $ | 46,398  |  
|                              |  |                             |         |   |      |   |         |      | 
|Income (loss) from operations |  | $                           | 844     |   |      | $ | (19,245 | )    |  | $ | (16,724 | )
|                              |  |                             |         |   |      |   |         |      | 
|Total:                        |  |                             |         |   |      |   |         |      |  |   |         |  
|Net sales                     |  | $                           | 612,987 |   |      | $ | 301,642 |      |  | $ | 259,495 |  
|                              |  |                             |         |   |      |   |         |      | 
|Loss from operations          |  | $                           | (17,628 | ) |      | $ | (87,322 | )    |  | $ | (83,603 | )
|                              |  |                             |         |   |      |   |         |      | 





|                   |       |                             |         |         |      |   |        |         |  |   |        |         | 
|------------------ | ----- | --------------------------- | ------- | ------- | ---- | - | ------ | ------- |  | - | ------ | ------- | 
|                   |       | Fiscal Year Ended March 31, |        
|                   |       |                             |        
|                   |       | 2005                        |         |         | 2004 |   |        | 2003    | 
|                   |       |                             |         |         |      |   |        |         | 
|United States      |       | $                           | 112,923 |         |      | $ | 63,863 |         |  | $ | 90,579 |        
|Japan              |       |                             | 146,752 |         |      |   | 83,778 |         |  |   | 47,950 |        
|Taiwan             |       |                             | 230,334 |         |      |   | 46,211 |         |  |   | 46,909 |        
|Korea              |       |                             | 30,240  |         |      |   | 45,785 |         |  |   |       |        
|Other Asia/Pacific |       |                             | 70,879  |         |      |   | 41,381 |         |  |   | 51,109 |        
|Europe             |       |                             | 21,859  |         |      |   | 20,624 |         |  |   | 22,948 |        
|                   |       |                             |         |         |      |   |        |         | 
|                   | Total |                             | $       | 612,987 |      |   | $      | 301,642 |  |   | $      | 259,495 | 
|                   |       |                             |         |         |      |   |        |         | 



|              |  |           |        |  |      |   |        | 
|------------- |  | --------- | ------ |  | ---- | - | ------ | 
|              |  | March 31, |       
|              |  |           |       
|              |  | 2005      |        |  | 2004 |  
|              |  |           |        |  |      |  
|United States |  | $         | 6,243  |  |      | $ | 9,681  | 
|Japan         |  |           | 11,915 |  |      |   | 15,935 | 
|Other         |  |           | 324    |  |      |   | 569    | 
|              |  |           |        |  |      |  
|Total         |  | $         | 18,482 |  |      | $ | 26,185 | 
|              |  |           |        |  |      |  

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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|    |                               
|--- | ------------------------------
|16. | Commitments and Contingencies:



| |                  
| | -----------------
| | Lease Commitments



|                                        |      |         |      |     |           |   |       |          |  |   |      |      |  
|--------------------------------------- | ---- | ------- | ---- | --- | --------- | - | ----- | -------- |  | - | ---- | ---- | -
|                                        |      | Capital |      |     | Operating |   |       | Sublease | 
|Fiscal Year Ending March 31,            |      | Lease   |      |     | Lease     |   |       | Income   | 
|                                        |      |         |      |     |           |   |       |          | 
|                                        | 2006 |         | $    | 294 |           |   | $     | 5,653    |  |   | $    | (523 | )
|                                        | 2007 |         |      | 264 |           |   |       | 1,980    |  |   |      | (43  | )
|                                        | 2008 |         |      | 178 |           |   |       | 1,574    |  |   |      |     |  
|                                        | 2009 |         |      | 161 |           |   |       | 10       |  |   |      |     |  
|                                        |      |         |      |     |           |   |       |          | 
|Total                                   |      | $       | 897  |     |           | $ | 9,217 |          |  | $ | (566 | )   
|                                        |      |         |      |     |           |   |       |          | 
|Less: interest                          |      |         | (37  | )   |           |   |       |          |  |   |      |     
|                                        |      |         |      |     |           |   |       |          | 
|Present value of minimum lease payments |      |         | 860  |     |           |   |       |          |  |   |      |     
|Less: current portion of capital leases |      |         | (287 | )   |           |   |       |          |  |   |      |     
|                                        |      |         |      |     |           |   |       |          | 
|Capital leases, net of current portion  |      | $       | 573  |     |           |   |       |          |  |   |      |     
|                                        |      |         |      |     |           |   |       |          | 





| |                     
| | --------------------
| | Purchase Commitments





| |                  
| | -----------------
| | Legal Commitments



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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                 
| | ----------------
| | Indemnifications







|    |                             
|--- | ----------------------------
|17. | Net Income (Loss) Per Share:



|                       |  |           |        |  |      |  |        |      |  |  |        | 
|---------------------- |  | --------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ | 
|                       |  | March 31, |       
|                       |  |           |       
|                       |  | 2005      |        |  | 2004 |  |        | 2003 | 
|                       |  |           |        |  |      |  |        |      | 
|Restricted stock       |  |           | 99     |  |      |  | 59     |      |  |  | 53     | 
|Restricted stock units |  |           | 37     |  |      |  |       |      |  |  |       | 
|Stock options          |  |           | 6,827  |  |      |  | 8,212  |      |  |  | 9,210  | 
|Convertible notes      |  |           | 5,682  |  |      |  | 5,682  |      |  |  | 5,682  | 
|                       |  |           |        |  |      |  |        |      | 
|Total                  |  |           | 12,645 |  |      |  | 13,953 |      |  |  | 14,945 | 
|                       |  |           |        |  |      |  |        |      | 



|    |                            
|--- | ---------------------------
|18. | Related Party Transactions:





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ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                    |  |           |        |  |      |   |        | 
|----------------------------------- |  | --------- | ------ |  | ---- | - | ------ | 
|                                    |  | March 31, |       
|                                    |  |           |       
|                                    |  | 2005      |        |  | 2004 |  
|                                    |  |           |        |  |      |  
|Accounts payable due to Shinko      |  | $         | 39,221 |  |      | $ | 37,965 | 
|Accrued liabilities due to Shinko   |  |           | 450    |  |      |   | 536    | 
|Accounts receivable from MECS Korea |  |           | 100    |  |      |   | 32     | 
|Accounts payable due to MECS Korea  |  |           | 21     |  |      |   |       | 



|                                   |  |                             |        |  |      |   |        |      |  |   |        | 
|---------------------------------- |  | --------------------------- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                   |  | Fiscal Year Ended March 31, |       
|                                   |  |                             |       
|                                   |  | 2005                        |        |  | 2004 |   |        | 2003 | 
|                                   |  |                             |        |  |      |   |        |      | 
|Material purchases from Shinko     |  | $                           | 23,897 |  |      | $ | 19,833 |      |  | $ | 1,041  | 
|Services purchased from Shinko     |  |                             | 72,200 |  |      |   | 22,678 |      |  |   | 13,441 | 
|Sales to MECS Korea                |  |                             | 378    |  |      |   | 138    |      |  |   | 260    | 
|Services purchased from MECS Korea |  |                             | 414    |  |      |   | 2      |      |  |   | 27     | 



|    |                   
|--- | ------------------
|19. | Subsequent Events:



83



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##### Table of Contents






Report of Independent Registered Public Accounting Firm








Consolidated financial statements and financial statement
schedule




Internal control over financial reporting


Internal
Control  Integrated Framework




84



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##### Table of Contents













Internal Control  Integrated Framework






| |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) ASI did not maintain effective controls over the timely
    and accurate reconciliation and review of its intercompany
    accounts. Specifically, the accounting personnel at ASI did not
    possess a sufficient understanding of how to reconcile
    intercompany transactions between ASI and its subsidiaries. This
    control deficiency resulted in ASIs failure to reconcile
    its intercompany accounts on a timely basis. This

85



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | control deficiency also resulted in adjustments to revenue, cost
    of sales, accounts receivable and inventory in the
    Companys fiscal 2005 consolidated annual financial
    statements. Additionally, this control deficiency could result
    in a misstatement of account balances that would result in a
    material misstatement to the Companys interim or annual
    consolidated financial statements that would not be prevented or
    detected. Accordingly, management has determined that this
    control deficiency constitutes a material weakness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | b) ASI did not maintain effective controls over the
    identification and reporting of related party transactions.
    Specifically, ASIs controls over its related party
    transactions were ineffective in identifying all significant
    related party transactions between ASI and its minority joint
    venture partner on a timely basis in order for such transactions
    to be appropriately reflected in the Companys interim and
    annual consolidated financial statements. This control
    deficiency resulted in audit adjustments to the disclosures in
    the Companys fiscal 2005 annual consolidated financial
    statements. Additionally, this control deficiency could result
    in a misstatement of related party transactions and account
    balances that would result in a material misstatement to the
    Companys interim or annual consolidated financial
    statements that would not be prevented or detected. Accordingly,
    management has determined that this control deficiency
    constitutes a material weakness.
|
| | c) ASI did not maintain effective controls over the timely
    preparation, review and approval of account reconciliations for
    significant financial statement accounts. Specifically, ASI did
    not maintain effective controls over significant account
    reconciliations for inventory, accruals, other assets and
    suspense accounts. This control deficiency resulted in audit
    adjustments to the Companys fiscal 2005 interim
    consolidated financial statements. Additionally, this control
    deficiency could result in a misstatement of inventory,
    accruals, other assets and suspense accounts that would result
    in a material misstatement to the Companys interim or
    annual consolidated financial statements that would not be
    prevented or detected. Accordingly, management has determined
    that this control deficiency constitutes a material weakness.                                                                                                                                                          
|
| | d) The Company did not maintain effective controls over the
    timely review and approval of ASI financial information included
    in the Companys consolidated financial statements.
    Specifically, the Companys review of ASIs financial
    results, including the review of manual post-close journal
    entries, both at ASI and Corporate, were not sufficient to
    detect errors in ASIs interim and annual financial
    information. This control deficiency resulted in adjustments to
    the Companys fiscal 2005 annual consolidated financial
    statements. Additionally, this control deficiency could result
    in a material misstatement to the Companys interim or
    annual consolidated financial statements that would not be
    prevented or detected. Accordingly, management has determined
    that this control deficiency constitutes a material weakness.                                                                                                                                                                   





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) The Company did not maintain effective controls over the
    accounting for revenue. Specifically, the Companys
    controls over revenue were not adequate to ensure that all
    revenue transactions were completely and accurately recorded in
    the Companys interim and annual consolidated financial
    statements. In particular, the following revenue control
    deficiencies are, in combination, considered a material
    weakness: (i) failure to properly apply percentage of
    completion accounting at ASI; (ii) failure to properly
    account for non-standard contractual terms and conditions; (iii)
    failure to properly consider and account for the impact of
    shipping terms on the transfer of title; (iv) failure to
    properly amortize deferred revenue for post-delivery maintenance
    and service obligations; and (v) failure to maintain
    adequate shipping cut-off. These control deficiencies resulted
    in the restatement of the Companys interim consolidated
    financial statements for the first quarter of fiscal 2005 and
    audit adjustments to

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | revenue and deferred revenue in the Companys fiscal 2005
    interim and annual consolidated financial statements.
    Additionally, these control deficiencies could result in a
    misstatement of revenue and deferred revenue that would result
    in a material misstatement to the Companys interim or
    annual consolidated financial statements that would not be
    prevented or detected. Accordingly, management has determined
    that these control deficiencies in aggregate constitute a
    material weakness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | b) The Company did not maintain effective controls over
    inventory and the related cost of sales accounts at ASI and the
    Companys operations in the United States. Specifically,
    the Companys controls over the accuracy of the allocation
    of inventory variances and the valuation of inventory reserves
    were not effective. This control deficiency resulted in audit
    adjustments to inventory and the related cost of sales accounts
    in the Companys fiscal 2005 interim consolidated financial
    statements. Additionally, this control deficiency could result
    in a misstatement of inventory and the related cost of sales
    accounts that would result in a material misstatement to the
    Companys interim or annual consolidated financial
    statements that would not be prevented or detected. Accordingly,
    management has determined that this control deficiency
    constitutes a material weakness.                                                                                                                                                                                                                                                               
|
| | c) The Company did not maintain effective controls over the
    accounting for accrued expenses. Specifically, the
    Companys controls over cut-off for operating expenses were
    insufficient to ensure bonuses, consulting fees and other
    operating expenses were completely and accurately recorded in
    the proper period. This control deficiency resulted in audit
    adjustments to accrued expenses and the related operating
    expenses in the Companys fiscal 2005 interim and annual
    consolidated financial statements. Additionally, this control
    deficiency could result in a misstatement of accrued expenses
    and the related operating expenses that would result in a
    material misstatement to the Companys interim or annual
    consolidated financial statements that would not be prevented or
    detected. Accordingly, management has determined that this
    control deficiency constitutes a material weakness.                                                                                                                                                                                                                                                       
|
| | d) The Company did not maintain effective controls over the
    accounting for awards made under its various stock compensation
    plans. Specifically, modifications to stock compensation
    arrangements and non-routine stock compensation arrangements
    were not timely communicated to the appropriate accounting
    personnel responsible for recording the financial consequences
    of such modifications in the Companys consolidated
    financial statements. This control deficiency resulted in the
    restatement of the Companys interim consolidated financial
    statements for the first quarter of fiscal 2005 and audit
    adjustments to the Companys fiscal 2005 consolidated
    interim and annual financial statements. Additionally, these
    control deficiencies could result in a misstatement of deferred
    stock-based compensation expense and the related stock-based
    compensation expense that would result in a material
    misstatement to the Companys interim or annual
    consolidated financial statements that would not be prevented or
    detected. Accordingly, management has determined that this
    control deficiency constitutes a material weakness.
|
| | e) The Company did not maintain effective controls over its
    income tax provision and the related balance sheet accounts.
    Specifically, the Company failed to properly allocate the
    release of its deferred tax asset valuation allowance between
    the statement of operations and intangible assets. This control
    deficiency resulted in audit adjustments to the Companys
    fiscal 2005 annual consolidated financial statements.
    Additionally, this control deficiency could result in a
    misstatement of the provision for income taxes and the related
    balance sheet accounts that would result in a material
    misstatement to the Companys interim or annual financial
    statements that would not be prevented or detected. Accordingly,
    management has determined that this control deficiency
    constitutes a material weakness.                                                                                                                                                                                                                                                                                                                                           
|
| | f) The Company did not maintain effective controls over the
    preparation of its interim and annual consolidated financial
    statements. Specifically, the Company did not maintain effective
    controls over the process for identifying and accumulating
    certain required supporting information to ensure the
    completeness and accuracy of its interim and annual consolidated
    financial statements and the related disclosures. This control
    deficiency resulted in audit adjustments to the disclosures in
    the Companys fiscal 2005 interim and annual consolidated
    financial statements. Additionally, this control deficiency
    could result in a material misstatement to the Companys
    interim or annual consolidated financial statements that would                                                                                                                                                                                                                                                                                                                                                                                                                             

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| |                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------
| | not be prevented or detected. Accordingly, management has
    determined that this control deficiency constitutes a material
    weakness.



Internal Control  Integrated Framework Internal Control 
Integrated Framework








88



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|         |                                                                                         
|-------- | ----------------------------------------------------------------------------------------
|Item 9  | Changes in and Disagreements With Accountants on
    Accounting and Financial Disclosure








|          |                        
|--------- | -----------------------
|Item 9A  | Controls and Procedures

Evaluation of Disclosure Controls and Procedures








Managements Report on Internal Control Over Financial
Reporting




Internal
Control  Integrated Framework






| |                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. As of March 31, 2005, we did not maintain an
    effective control environment based on criteria established in
    Internal Control  Integrated Frameworkissued
    by the Committee of Sponsoring

89



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##### Table of Contents



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Organizations of the Treadway Commission. Specifically, the
    financial reporting organizational structure was not adequate to
    support the size, complexity or activities of the Company. In
    addition, certain key finance positions were staffed with
    individuals who did not possess the appropriate skills, training
    or experience to meet the objectives of their job descriptions.
    This control deficiency indicated that we did not maintain an
    effective control environment and it contributed to the material
    weaknesses described in Items 2 and 3 below. This control
    deficiency also contributed to the restatement of our interim
    consolidated financial statements for the first quarter of
    fiscal 2005 and the audit adjustments to our fiscal 2005 interim
    and annual consolidated financial statements, as described in
    Items 2 and 3 below. Additionally, this control deficiency
    could result in a material misstatement to our interim or annual
    consolidated financial statements that would not be prevented or
    detected. Accordingly, management has determined that this
    control deficiency constitutes a material weakness.
|
| | 2. As of March 31, 2005, we did not maintain effective
    controls over the financial accounting and reporting processes
    at our majority-owned joint venture in Japan, Asyst Shinko, Inc.
    (ASI). Specifically:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) ASI did not maintain effective controls over the timely
    and accurate reconciliation and review of its intercompany
    accounts. Specifically, the accounting personnel at ASI did not
    possess a sufficient understanding of how to reconcile
    intercompany transactions between ASI and its subsidiaries. This
    control deficiency resulted in ASIs failure to reconcile
    its intercompany accounts on a timely basis. This control
    deficiency also resulted in adjustments to revenue, cost of
    sales, accounts receivable and inventory in our fiscal 2005
    consolidated annual financial statements. Additionally, this
    control deficiency could result in a misstatement of account
    balances that would result in a material misstatement to our
    interim or annual consolidated financial statements that would
    not be prevented or detected. Accordingly, management has
    determined that this control deficiency constitutes a material
    weakness.                            
|
| | b) ASI did not maintain effective controls over the
    identification and reporting of related party transactions.
    Specifically, ASIs controls over its related party
    transactions were ineffective in identifying all significant
    related party transactions between ASI and its minority joint
    venture partner on a timely basis in order for such transactions
    to be appropriately reflected in our interim and annual
    consolidated financial statements. This control deficiency
    resulted in audit adjustments to the disclosures in our fiscal
    2005 annual consolidated financial statements. Additionally,
    this control deficiency could result in a misstatement of
    related party transactions and account balances that would
    result in a material misstatement to our interim or annual
    consolidated financial statements that would not be prevented or
    detected. Accordingly, management has determined that this
    control deficiency constitutes a material weakness.
|
| | c) ASI did not maintain effective controls over the timely
    preparation, review and approval of account reconciliations for
    significant financial statement accounts. Specifically, ASI did
    not maintain effective controls over significant account
    reconciliations for inventory, accruals, other assets and
    suspense accounts. This control deficiency resulted in audit
    adjustments to our fiscal 2005 interim consolidated financial
    statements. Additionally, this control deficiency could result
    in a misstatement of inventory, accruals, other assets and
    suspense accounts that would result in a material misstatement
    to our interim or annual consolidated financial statements that
    would not be prevented or detected. Accordingly, management has
    determined that this control deficiency constitutes a material
    weakness.                                                                                                                                            
|
| | d) We did not maintain effective controls over the timely
    review and approval of ASI financial information included in our
    consolidated financial statements. Specifically, our review of
    ASIs financial results, including the review of manual
    post-close journal entries, both at ASI and Corporate, were not
    sufficient to detect errors in ASIs interim and annual
    financial information. This control deficiency resulted in
    adjustments to our fiscal 2005 annual consolidated financial
    statements. Additionally, this control deficiency could result
    in a material misstatement to our interim or annual consolidated
    financial statements that would not be prevented or detected.                                                                                                                                                                                                                                                                                                   

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| |                                                                                                         
| | --------------------------------------------------------------------------------------------------------
| | Accordingly, management has determined that this control
    deficiency constitutes a material weakness.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 3. As of March 31, 2005, as described in Item 1
    above, we did not maintain a sufficient complement of financial
    accounting and reporting personnel with a level of accounting
    knowledge, experience and training in the application of GAAP
    commensurate with our financial reporting requirements. This
    material weakness contributed to the following control
    deficiencies at our operations, including ASI, where
    specifically indicated. These control deficiencies either
    individually or in combination with other control deficiencies
    are considered material weaknesses:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) We did not maintain effective controls over the
    accounting for revenue. Specifically, our controls over revenue
    were not adequate to ensure that all revenue transactions were
    completely and accurately recorded in our interim and annual
    consolidated financial statements. In particular, the following
    revenue control deficiencies are, in combination, considered a
    material weakness: (i) failure to properly apply percentage
    of completion accounting at ASI; (ii) failure to properly
    account for non-standard contractual terms and conditions;
    (iii) failure to properly consider and account for the
    impact of shipping terms on the transfer of title; (iv) failure
    to properly amortize deferred revenue for post-delivery
    maintenance and service obligations; and (v) failure to
    maintain adequate shipping cut-off. These control deficiencies
    resulted in the restatement of our interim consolidated
    financial statements for the first quarter of fiscal 2005 and
    audit adjustments to revenue and deferred revenue in our fiscal
    2005 interim and annual consolidated financial statements.
    Additionally, these control deficiencies could result in a
    misstatement of revenue and deferred revenue that would result
    in a material misstatement to our interim or annual consolidated
    financial statements that would not be prevented or detected.
    Accordingly, management has determined that these control
    deficiencies in aggregate constitute a material weakness.
|
| | b) We did not maintain effective controls over inventory
    and the related cost of sales accounts at ASI and our operations
    in the United States. Specifically, our controls over the
    accuracy of the allocation of inventory variances and the
    valuation of inventory reserves were not effective. This control
    deficiency resulted in audit adjustments to inventory and the
    related cost of sales accounts in our fiscal 2005 interim
    consolidated financial statements. Additionally, this control
    deficiency could result in a misstatement of inventory and the
    related cost of sales accounts that would result in a material
    misstatement to our interim or annual consolidated financial
    statements that would not be prevented or detected. Accordingly,
    management has determined that this control deficiency
    constitutes a material weakness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | c) We did not maintain effective controls over the
    accounting for accrued expenses. Specifically, our controls over
    cut-off for operating expenses were insufficient to ensure
    bonuses, consulting fees and other operating expenses were
    completely and accurately recorded in the proper period. This
    control deficiency resulted in audit adjustments to accrued
    expenses and the related operating expenses in our fiscal 2005
    interim and annual consolidated financial statements.
    Additionally, this control deficiency could result in a
    misstatement of accrued expenses and the related operating
    expenses that would result in a material misstatement to our
    interim or annual consolidated financial statements that would
    not be prevented or detected. Accordingly, management has
    determined that this control deficiency constitutes a material
    weakness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | d) We did not maintain effective controls over the
    accounting for awards made under our various stock compensation
    plans. Specifically, modifications to stock compensation
    arrangements and non-routine stock compensation arrangements
    were not timely communicated to the appropriate accounting
    personnel responsible for recording the financial consequences
    of such modifications in our consolidated financial statements.
    This control deficiency resulted in the restatement of our
    interim consolidated financial statements for the first quarter
    of fiscal 2005 and audit adjustments to our fiscal 2005
    consolidated interim and annual financial statements.
    Additionally, these control deficiencies could result in a
    misstatement of deferred stock-based compensation expense and
    the related stock-based compensation expense that would result
    in a material misstatement to our                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | interim or annual consolidated financial statements that would
    not be prevented or detected. Accordingly, management has
    determined that this control deficiency constitutes a material
    weakness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | e) We did not maintain effective controls over our income
    tax provision and the related balance sheet accounts.
    Specifically, we failed to properly allocate the release of our
    deferred tax asset valuation allowance between the statement of
    operations and intangible assets. This control deficiency
    resulted in audit adjustments to our fiscal 2005 annual
    consolidated financial statements. Additionally, this control
    deficiency could result in a misstatement of the provision for
    income taxes and the related balance sheet accounts that would
    result in a material misstatement to our interim or annual
    financial statements that would not be prevented or detected.
    Accordingly, management has determined that this control
    deficiency constitutes a material weakness.                                                             
|
| | f) We did not maintain effective controls over the
    preparation of our interim and annual consolidated financial
    statements. Specifically, we did not maintain effective controls
    over the process for identifying and accumulating certain
    required supporting information to ensure the completeness and
    accuracy of our interim and annual consolidated financial
    statements and the related disclosures. This control deficiency
    resulted in audit adjustments to the disclosures in our fiscal
    2005 interim and annual consolidated financial statements.
    Additionally, this control deficiency could result in a material
    misstatement to our interim or annual consolidated financial
    statements that would not be prevented or detected. Accordingly,
    management has determined that this control deficiency
    constitutes a material weakness.

Internal Control  Integrated
Framework.




Changes in Internal Control Over Financial Reporting






Managements Remediation Initiatives and Interim
Measures






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General plan for hiring and training of
personnel.




| |   |                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We plan to hire additional qualified accounting personnel in the
    U.S. and Japan, in the areas of general accounting, compliance
    reporting, internal audit and tax; and                                                                                                      
|
| |  | We plan to implement an enhanced formal training process for
    financial staff in an effort to ensure that personnel have the
    necessary competency, training and supervision for their
    assigned level of responsibility and the nature and complexity
    of our business.

Accurate Preparation and Review of Financial
Statements, Reconciliations, and Journal Entries.






| |   |                                                                                                                                                                                                                                          
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | training and improved monitoring of financial staff,                                                                                                                                                                                     
|
| |  | implementing new month-end closing procedures with improved
    reconciliation and controls over standardized checklists to help
    ensure such procedures are consistently and effectively applied
    throughout the organization, and
|
| |  | implementing procedures to more effectively accumulate and
    analyze financial information.                                                                                                                                            

General plan for documenting and enhancing internal
controls at ASI.




| |                 
| | ----------------
| | Interim Measures









| |   |                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We retained on an interim basis outside consultants, other than
    our independent registered public accounting firm, with relevant
    accounting and tax experience, skills and knowledge, working
    under the supervision and direction of our management, to assist
    with the fiscal 2005 year-end reporting process.                                   
|
| |  | Our senior corporate finance staff spent several weeks at ASI
    during the close process and prior to the reporting of
    2005 year-end financial results to conduct a detailed
    review of the reporting process at ASI and perform additional
    analyses of inter-company reconciliations in an effort to ensure
    the accuracy of financial reporting.
|
| |  | Training and instruction has been provided to ASI accounting
    staff to enhance their understanding of relevant
    U.S. accounting principles and regulatory reporting
    requirements.                                                                                                                                                                       

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| |   |                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | New corporate accounting policies have been implemented at ASI
    and will be reviewed on a regular basis for compliance.                                          
|
| |  | We conducted a detailed and extensive review of the following
    matters: all stock and stock option transactions, account
    reconciliations and journal entries.






|          |                  
|--------- | -----------------
|Item 9B  | Other Information








PART III







|          |                                                   
|--------- | --------------------------------------------------
|Item 10  | Directors and Executive Officers of the Registrant










|          |                       
|--------- | ----------------------
|Item 11  | Executive Compensation



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|          |                                                                                                   
|--------- | --------------------------------------------------------------------------------------------------
|Item 12  | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters








|          |                                               
|--------- | ----------------------------------------------
|Item 13  | Certain Relationships and Related Transactions








|          |                                       
|--------- | --------------------------------------
|Item 14  | Principal Accountant Fees and Services






PART IV







|          |                                           
|--------- | ------------------------------------------
|Item 15  | Exhibits and Financial Statement Schedules

(a) The following documents are filed as part of this
Annual Report on Form 10-K


Financial Statements




Financial Statement Schedule




Exhibits





(b) Exhibits


|        |   |    |                     |                                                                                                                         |      |  |         |          |  |  |             |  |  |          |            |  |  |  |  | 
|------- | - | -- | ------------------- | ----------------------------------------------------------------------------------------------------------------------- | ---- |  | ------- | -------- |  |  | ----------- |  |  | -------- | ---------- |  |  |  |  | 
|        |   |    |                     | Incorporated by Reference                                                                                               |      |  |        
|Exhibit |   |    |                     |                                                                                                                         |      |  |         | Filed    | 
|Number  |   |    | Exhibit Description |                                                                                                                         | Form |  |         | File No. |  |  | Filing Date |  |  | Herewith |           
|        |   |    |                     |                                                                                                                         |      |  |         |          |  |  |             |  |  |          |           
|        | 2 | .1 |                     | Asset Purchase Agreement among the Company, Entegris Cayman Ltd.
    and Entegris, Inc., dated as of February 11, 2003. |      |  | 10-K/A  |          |  |  | 000-22430   |  |  |          | 10/29/2003 |  |  |  |  | 
|        | 3 | .1 |                     | Amended and Restated Articles of Incorporation of the Company.                                                          |      |  | S-1     |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 3 | .2 |                     | Bylaws of the Company.                                                                                                  |      |  | S-1     |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 3 | .3 |                     | Certificate of Amendment of the Amended and Restated Articles of
    Incorporation, filed September 24, 1999.           |      |  | 10-Q    |          |  |  | 000-22430   |  |  |          | 10/21/1999 |  |  |  |  | 
|       
|        | 3 | .4 |                     | Certificate of Amendment of the Amended and Restated Articles of
    Incorporation, filed October 5, 2000.              |      |  | DEF 14A |          |  |  | 000-22430   |  |  |          | 7/31/2000  |  |  |  |  | 
|       
|        | 4 | .1 |                     | Rights Agreement among the Company and Bank of Boston, N.A., as
    Rights Agent, dated June 25, 1998.                  |      |  | 8-K     |          |  |  | 000-22430   |  |  |          | 6/29/1998  |  |  |  |  | 

95



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|        |    |      |                     |                                                                                                                                                                                                   |      |  |      |          |  |  |             |  |  |          |            |  |  |  |  | 
|------- | -- | ---- | ------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | -------- |  |  | ----------- |  |  | -------- | ---------- |  |  |  |  | 
|        |    |      |                     | Incorporated by Reference                                                                                                                                                                         |      |  |     
|Exhibit |    |      |                     |                                                                                                                                                                                                   |      |  |      | Filed    | 
|Number  |    |      | Exhibit Description |                                                                                                                                                                                                   | Form |  |      | File No. |  |  | Filing Date |  |  | Herewith |           
|        |    |      |                     |                                                                                                                                                                                                   |      |  |      |          |  |  |             |  |  |          |           
|       
|        | 4  | .2   |                     | Common Stock Purchase Agreement between the Company and various
    purchasers, dated as of May 26, 1999.                                                                                         |      |  | 8-K  |          |  |  | 000-22430   |  |  |          | 6/18/1999  |  |  |  |  | 
|       
|        | 4  | .3   |                     | Indenture dated as of July 3, 2001 between the Company,
    State Street Bank and Trust Company of California, N.A., as
    trustee, including therein the forms of the notes.                    |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 4  | .4   |                     | Registration Rights Agreement dated as of July 3, 2001
    between the Company and Merrill Lynch & Co., Merrill
    Lynch, Pierce, Fenner & Smith, Incorporated, and ABN
    Amro Rothschild LLC. |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 4  | .5   |                     | Amendment to Rights Agreement among the Company and Bank of
    Boston, N.A. as Rights Agent, dated November 30, 2001.                                                                            |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/28/2002  |  |  |  |  | 
|       
|        | 10 | .1*  |                     | Form of Indemnity Agreement entered into between the Company and
    certain directors.                                                                                                           |      |  | S-1  |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .2*  |                     | Companys 1993 Stock Option Plan and related form of stock
    option agreement.                                                                                                                  |      |  | S-1  |          |  |  | 333-88246   |  |  |          | 2/13/1995  |  |  |  |  | 
|       
|        | 10 | .3*  |                     | Companys 1993 Employee Stock Purchase Plan and related
    offering document.                                                                                                                    |      |  | S-1  |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .4*  |                     | Companys 1993 Non-Employee Directors Stock Option
    Plan and related offering document.                                                                                                       |      |  | S-1  |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .5   |                     | Hewlett-Packard SMIF License Agreement dated June 6, 1984.                                                                                                                                        |      |  | S-1  |          |  |  | 333-66184   |  |  |          | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .6   |                     | Lease Agreement between the Company and the Kato Road Partners
    dated February 16, 1995.                                                                                                       |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 7/19/1995  |  |  |  |  | 
|       
|        | 10 | .7   |                     | Lease Agreement between SL-6 Partners, Ltd. and Progressive
    System Technologies, Inc. dated November 20, 1995.                                                                                |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .8   |                     | Sublease Agreement between Progressive System Technologies, Inc.
    and Group, Inc., dated December 3, 1996.                                                                                     |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .9   |                     | Amendment to Lease Agreement between the Company and the Kato
    Road Partners, dated July 30, 1999.                                                                                             |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .10  |                     | Cooperation Agreement between the Company and
    MECS Corporation, dated August 5, 1999.                                                                                                         |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .11* |                     | Employment Agreement between the Company and Stephen S.
    Schwartz, Ph.D., dated January 11, 2001.                                                                                              |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/19/2001  |  |  |  |  | 
|       
|        | 10 | .12 |                     | Agreement on Bank Transactions between Asyst Japan, Inc., or
    AJI, and Tokyo Mitsubishi Bank dated March 13, 2001.                                                                             |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 

96



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|        |    |      |                     |                                                                                                                                                                        |      |  |        |          |  |  |             |  |  |          |            |  |  |  |  | 
|------- | -- | ---- | ------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ------ | -------- |  |  | ----------- |  |  | -------- | ---------- |  |  |  |  | 
|        |    |      |                     | Incorporated by Reference                                                                                                                                              |      |  |       
|Exhibit |    |      |                     |                                                                                                                                                                        |      |  |        | Filed    | 
|Number  |    |      | Exhibit Description |                                                                                                                                                                        | Form |  |        | File No. |  |  | Filing Date |  |  | Herewith |           
|        |    |      |                     |                                                                                                                                                                        |      |  |        |          |  |  |             |  |  |          |           
|       
|        | 10 | .13 |                     | Cash Consumer Debtor and Creditor Agreements between AJI and The
    Tokai Bank, Ltd. dated December 6, 1999 and March 23,
    2001.                                   |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .14 |                     | Banking Consents & Agreements between MECS, K.K. and
    Tokai Bank, K.K dated November 30, 1998 and
    December 6, 1999                                              |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .15 |                     | Banking Consent & Agreement between MECS, K.K. and
    Ogaki Kyoritsu Bank dated November 14, 1994.                                                                    |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .16 |                     | Agreement on Bank Transactions between AJI and The Sumitomo Bank
    dated November 13, 2001.                                                                          |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .17* |                     | Palo Alto Technologies, Inc. 1997 Stock Plan.                                                                                                                          |      |  | S-8    |          |  |  | 333-94619   |  |  |          | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .18* |                     | Form of Stock Option Agreement used in connection with Palo Alto
    Technologies, Inc. 1997 Stock Plan.                                                               |      |  | S-8    |          |  |  | 333-94619   |  |  |          | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .19* |                     | Progressive System Technologies, Inc. 1995 Stock Option/ Stock
    Issuance Plan.                                                                                      |      |  | S-8    |          |  |  | 333-94619   |  |  |          | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .20* |                     | Form of Notice of Grant and Stock Option Agreement used in
    connection with Progressive System Technologies, Inc. 1995 Stock
    Option/ Stock Issuance Plan        |      |  | S-8    |          |  |  | 333-94619   |  |  |          | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .21 |                     | Share Purchase Agreement between Shinko Electric Co., Ltd. and
    Asyst Japan Inc., dated as of May 24, 2002.                                                         |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 11/12/2002 |  |  |  |  | 
|       
|        | 10 | .22 |                     | Shareholders Agreement between Shinko Electric Co., Ltd. and
    Asyst Japan Inc., dated as of May 24, 2002.                                                           |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 11/12/2002 |  |  |  |  | 
|       
|        | 10 | .23 |                     | Manufacturing Services and Supply Agreement among the Company
    and Solectron Corporation and its subsidiaries and affiliates,
    dated as of September 5, 2002.    |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 11/12/2002 |  |  |  |  | 
|       
|        | 10 | .24 |                     | Amendment No. 1 to Shareholders Agreement between Shinko
    Electric Co., Ltd. and Asyst Japan Inc., dated as of
    October 16, 2002.                                |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 2/11/2003  |  |  |  |  | 
|       
|        | 10 | .25 |                     | Patent Assignment and Cross-License and Trademark License
    Agreement among the Company, Entegris Cayman Ltd. and Entegris,
    Inc., dated as of February 11, 2003. |      |  | 10-K/A |          |  |  | 000-22430   |  |  |          | 10/29/2003 |  |  |  |  | 
|       
|        | 10 | .26  |                     | Amendment No. 3 to Loan and Security Agreement between the
    Company and Comerica Bank  California, dated as of
    September 26, 2003.                             |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 11/12/2003 |  |  |  |  | 
|       
|        | 10 | .27* |                     | Change-In-Control Agreement between the Company and Stephen S
    Schwartz, dated as of October 20, 2003.                                                              |      |  | 10-Q   |          |  |  | 000-22430   |  |  |          | 11/12/2003 |  |  |  |  | 

97



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|        |    |      |                     |                                                                                                                                                                                                                      |      |  |      |          |  |  |             |  |  |          |            |  |  |  |   | 
|------- | -- | ---- | ------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | -------- |  |  | ----------- |  |  | -------- | ---------- |  |  |  | - | 
|        |    |      |                     | Incorporated by Reference                                                                                                                                                                                            |      |  |     
|Exhibit |    |      |                     |                                                                                                                                                                                                                      |      |  |      | Filed    | 
|Number  |    |      | Exhibit Description |                                                                                                                                                                                                                      | Form |  |      | File No. |  |  | Filing Date |  |  | Herewith |           
|        |    |      |                     |                                                                                                                                                                                                                      |      |  |      |          |  |  |             |  |  |          |           
|       
|        | 10 | .28* |                     | Change-In-Control Agreement between the Company and David L.
    White, dated as of November 7, 2003.                                                                                                                |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .29  |                     | Agreement for Purchase and Sale of 44960 Warm Springs Boulevard,
    Fremont, California, between the Company and Milpitas Square 880
    @ 237, LLC, dated as of June 13, 2003.                                     |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .30 |                     | Amendment and Modification Agreement to Manufacturing Services
    and Supply Agreement among the Company and Solectron Corporation
    and its subsidiaries and affiliates, effective as of
    September 22, 2003. |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 2/10/2004  |  |  |  |   | 
|       
|        | 10 | .31* |                     | Companys 2003 Equity Incentive Plan.                                                                                                                                                                                |      |  | S-8  |          |  |  | 333-109432  |  |  |          | 10/3/2003  |  |  |  |   | 
|       
|        | 10 | .32* |                     | Form of Indemnity Agreement entered into between the Company and
    certain executive officers.                                                                                                                     |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .33* |                     | Separation Agreement between the Company and Geoffrey Ribar
    dated September 11, 2003.                                                                                                                            |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .34  |                     | Amendment No. 4 to Loan and Security Agreement between the
    Company and Comerica Bank dated February 3, 2004.                                                                                                     |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .35  |                     | Letter agreement between the Company and Comerica Bank dated
    December 24, 2003.                                                                                                                                  |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .36* |                     | Form of Agreement to Arbitrate Disputes and Claims entered into
    between the Company and its executive officers.                                                                                                  |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .37* |                     | Companys Compensation Program for Nonemployee Directors
    effective July 1, 2003, as amended June 27, 2005.                                                                                                       |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .38* |                     | Companys Executive Deferred Compensation Plan.                                                                                                                                                                      |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .39* |                     | Employment Agreement between the Company and Stephen Debenham
    dated August 21, 2003.                                                                                                                             |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .40* |                     | Employment Agreement between the Company and David L. White
    dated September 29, 2003.                                                                                                                            |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .41* |                     | Addendum dated September 23, 2003 to Separation Agreement
    between the Company and Geoffrey Ribar dated September 11,
    2003.                                                                                   |      |  | 10-K |          |  |  | 000-22430   |  |  |          | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .42* |                     | Employment Agreement between the Company and Warren
    Kocmond, Jr., dated April 5, 2004.                                                                                                                           |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .43* |                     | Change-in-Control Agreement between the Company and Warren
    Kocmond, Jr., dated April 5, 2004.                                                                                                                    |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/5/2004   |  |  |  |   | 

98



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|        |    |      |                     |                                                                                                                                                                                                  |      |  |      |          |  |  |             |  |  |          |            |  |  |  |   | 
|------- | -- | ---- | ------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---- |  | ---- | -------- |  |  | ----------- |  |  | -------- | ---------- |  |  |  | - | 
|        |    |      |                     | Incorporated by Reference                                                                                                                                                                        |      |  |     
|Exhibit |    |      |                     |                                                                                                                                                                                                  |      |  |      | Filed    | 
|Number  |    |      | Exhibit Description |                                                                                                                                                                                                  | Form |  |      | File No. |  |  | Filing Date |  |  | Herewith |           
|        |    |      |                     |                                                                                                                                                                                                  |      |  |      |          |  |  |             |  |  |          |           
|       
|        | 10 | .44* |                     | Severance Agreement and Release of All Claims between the
    Company and Frederick Tiso, dated May 19, 2004.                                                                                    |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .45  |                     | Amended and Restated Loan and Security Agreement between the
    Company and Comerica Bank, dated May 15, 2004.                                                                                  |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .46* |                     | Employment Agreement between the registrant and Robert Nikl
    executed on September 20, 2004.                                                                                                  |      |  | 8-K  |          |  |  | 000-22430   |  |  |          | 9/24/2004  |  |  |  |   | 
|       
|        | 10 | .47* |                     | 2003 Equity Incentive Plan as amended by amendments approved by
    the Registrants shareholders on September 21, 2004                                                                          |      |  | 8-K  |          |  |  | 000-22430   |  |  |          | 9/27/2004  |  |  |  |   | 
|       
|        | 10 | .48* |                     | Forms of Stock Option Award Notice and Stock Option Award
    Agreement entered into between the Company and certain
    employees, directors, and consultants (2003 Equity Incentive
    Plan). |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .49* |                     | Form of Restricted Stock Award Agreement entered into between
    the Company and certain employees, directors, and consultants
    (2003 Equity Incentive Plan).                                |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .50* |                     | Certificate of Amendment to Option Grants dated August 18,
    2004.                                                                                                                             |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .51  |                     | Companys 2001 Non-Officer Equity Plan.                                                                                                                                                          |      |  | 10-Q |          |  |  | 000-22430   |  |  |          | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .52* |                     | Employment Agreement between the Company and Warren
    Kocmond, Jr., (corrected as of May 16, 2005).                                                                                            |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .53* |                     | Change-in-Control Agreement between the Company and Robert J.
    Nikl, dated November 3, 2004.                                                                                                  |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .54* |                     | Change-in-Control Agreement between the Company and Anthony C
    Bonora, dated November 3, 2004.                                                                                                |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .55 |                     | Amendment No. 2 to Manufacturing Services and Supply
    Agreement among the Company and Solectron Corporation and its
    subsidiaries and affiliates, effective February 17, 2005.             |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .56  |                     | Amendment No. 3 to Manufacturing Services and Supply
    Agreement among the Company and Solectron Corporation and its
    subsidiaries and affiliates, effective June 10, 2005.                 |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .57* |                     | Summary of Executive Bonus Plan                                                                                                                                                                  |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 10 | .58  |                     | Waiver and Amendment Number One to Amended and Restated Loan and
    Security Agreement between the Company and Comerica Bank, dated
    June 27, 2005                                           |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 
|       
|        | 21 | .1   |                     | Subsidiaries of Asyst Technologies, Inc.                                                                                                                                                         |      |  |      |          |  |  |             |  |  |          |            |  |  |  | X | 

99



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|        |    |    |                     |                                                                                                                                                                                                                 |      |  |  |          |  |  |             |  |  |          |  |  |  |  |   | 
|------- | -- | -- | ------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  |  | -------- |  |  | ----------- |  |  | -------- |  |  |  |  | - | 
|        |    |    |                     | Incorporated by Reference                                                                                                                                                                                       |      |  | 
|Exhibit |    |    |                     |                                                                                                                                                                                                                 |      |  |  | Filed    | 
|Number  |    |    | Exhibit Description |                                                                                                                                                                                                                 | Form |  |  | File No. |  |  | Filing Date |  |  | Herewith | 
|        |    |    |                     |                                                                                                                                                                                                                 |      |  |  |          |  |  |             |  |  |          | 
|       
|        | 23 | .1 |                     | Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm.                                                                                                                       |      |  |  |          |  |  |             |  |  |          |  |  |  |  | X | 
|       
|        | 31 | .1 |                     | Certification of the Chief Executive Officer of the Registrant
    required by SEC Rule 13a-14(a) (pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002).                                              |      |  |  |          |  |  |             |  |  |          |  |  |  |  | X | 
|       
|        | 31 | .2 |                     | Certification of the Chief Financial Officer of the Registrant
    required by SEC Rule 13a-14(a) (pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002).                                              |      |  |  |          |  |  |             |  |  |          |  |  |  |  | X | 
|       
|        | 32 | .1 |                     | Combined Certification of the Chief Executive Officer and the
    Chief Financial Officer of the Registrant required by SEC
    Rule 13a-14(b) (pursuant to Section 906 of the
    Sarbanes-Oxley Act of 2002). |      |  |  |          |  |  |             |  |  |          |  |  |  |  | X | 






|  |                                                                         
|- | ------------------------------------------------------------------------
|* | Indicates a management contract or compensatory plan or
    arrangement.



|  |                                                                                      
|- | -------------------------------------------------------------------------------------
| | Indicates English translation of original document.                                  
| 
| | Indicates confidential treatment has been requested for portions
    of this document

100



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##### Table of Contents



SCHEDULE II


ASYST TECHNOLOGIES, INC. AND SUBSIDIARIES


VALUATION AND QUALIFYING ACCOUNTS


|                                |      |                |   |       |            |  |   |            |  |  |          |        |   |      |   |       |  |  |   |       | 
|------------------------------- | ---- | -------------- | - | ----- | ---------- |  | - | ---------- |  |  | -------- | ------ | - | ---- | - | ----- |  |  | - | ----- | 
|                                |      | Balance        |   |       |            |  |   |            |  |  | Balance  |       
|                                |      | Beginning      |   |       | Charged to |  |   |            |  |  |          | End of |  
|                                |      | of Year        |   |       | Expenses   |  |   | Deductions |  |  | Acquired |        |   | Year |  
|                                |      |                |   |       |            |  |   |            |  |  |          |        |   |      |  
|                                |      | (In thousands) |  
|Allowance for doubtful accounts |      |                |   |       |            |  |   |            |  |  |          |        |   |      |   |       |  |  |   |      
|Year Ended March 31,            |      |                |   |       |            |  |   |            |  |  |          |        |   |      |   |       |  |  |   |      
|                                | 2003 |                | $ | 4,198 |            |  | $ | 488        |  |  | $        | (1,160 | ) |      | $ | 1,354 |  |  | $ | 4,880 | 
|                                | 2004 |                | $ | 4,880 |            |  | $ | 222        |  |  | $        | (494   | ) |      | $ |      |  |  | $ | 4,608 | 
|                                | 2005 |                | $ | 4,608 |            |  | $ | 4,862      |  |  | $        | (2,490 | ) |      | $ |      |  |  | $ | 6,980 | 

101



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##### Table of Contents






SIGNATURES






| |                         
| | ------------------------
| | ASYST TECHNOLOGIES, INC.



| |     |                   
| | --- | ------------------
| | By: | /s/ ROBERT J. NIKL

| |                        
| | -----------------------
| |                        
| | Robert J. Nikl         
| | Senior Vice President  
| | Chief Financial Officer





|                                                       |  |                                                                                                    |  |               |  | 
|------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------- |  | ------------- |  | 
|Signature                                              |  | Title                                                                                              |  | Date         
|                                                       |  |                                                                                                    |  |              
|                                                      
|/s/ STEPHEN S. SCHWARTZStephen
    S. Schwartz, Ph. D. |  | Chairman of the Board, Chief Executive Officer and Director
    (Principal Executive Officer)      |  | June 29, 2005
|                                                      
|/s/ ROBERT J. NIKLRobert
    J. Nikl                   |  | Senior Vice President and Chief Financial Officer (Principal
    Financial and Accounting Officer) |  | June 29, 2005
|                                                      
|/s/ STANLEY GRUBELStanley
    Grubel                   |  | Director                                                                                           |  | June 29, 2005
|                                                      
|/s/ TSUYOSHI KAWANISHITsuyoshi
    Kawanishi           |  | Director                                                                                           |  | June 29, 2005
|                                                      
|/s/ ROBERT A. MCNAMARARobert
    A. McNamara           |  | Director                                                                                           |  | June 29, 2005
|                                                      
|/s/ ANTHONY E. SANTELLIAnthony
    E. Santelli         |  | Director                                                                                           |  | June 29, 2005
|                                                      
|/s/ WILLIAM SIMONWilliam
    Simon                     |  | Director                                                                                           |  | June 29, 2005
|                                                      
|/s/ WALTER W. WILSONWalter
    W. Wilson               |  | Director                                                                                           |  | June 29, 2005

102



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##### Table of Contents



EXHIBIT INDEX


|        |    |                     |  |                                                                                                                                                                                                   |  |          |         |             |  |          |           |  |  |  |            |  |  |  |  | 
|------- | -- | ------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ------- | ----------- |  | -------- | --------- |  |  |  | ---------- |  |  |  |  | 
|        |    |                     |  | Incorporated by Reference                                                                                                                                                                         |  |         
|Exhibit |    |                     |  |                                                                                                                                                                                                   |  | Filed   
|Number  |    | Exhibit Description |  | Form                                                                                                                                                                                              |  | File No. |         | Filing Date |  | Herewith
|        |    |                     |  |                                                                                                                                                                                                   |  |          |         |             |  |         
|        | 2  | .1                  |  | Asset Purchase Agreement among the Company, Entegris Cayman Ltd.
    and Entegris, Inc., dated as of February 11, 2003.                                                                           |  |          | 10-K/A  |             |  |          | 000-22430 |  |  |  | 10/29/2003 |  |  |  |  | 
|       
|        | 3  | .1                  |  | Amended and Restated Articles of Incorporation of the Company.                                                                                                                                    |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 3  | .2                  |  | Bylaws of the Company.                                                                                                                                                                            |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 3  | .3                  |  | Certificate of Amendment of the Amended and Restated Articles of
    Incorporation, filed September 24, 1999.                                                                                     |  |          | 10-Q    |             |  |          | 000-22430 |  |  |  | 10/21/1999 |  |  |  |  | 
|       
|        | 3  | .4                  |  | Certificate of Amendment of the Amended and Restated Articles of
    Incorporation, filed October 5, 2000.                                                                                        |  |          | DEF 14A |             |  |          | 000-22430 |  |  |  | 7/31/2000  |  |  |  |  | 
|       
|        | 4  | .1                  |  | Rights Agreement among the Company and Bank of Boston, N.A., as
    Rights Agent, dated June 25, 1998.                                                                                            |  |          | 8-K     |             |  |          | 000-22430 |  |  |  | 6/29/1998  |  |  |  |  | 
|       
|        | 4  | .2                  |  | Common Stock Purchase Agreement between the Company and various
    purchasers, dated as of May 26, 1999.                                                                                         |  |          | 8-K     |             |  |          | 000-22430 |  |  |  | 6/18/1999  |  |  |  |  | 
|       
|        | 4  | .3                  |  | Indenture dated as of July 3, 2001 between the Company,
    State Street Bank and Trust Company of California, N.A., as
    trustee, including therein the forms of the notes.                    |  |          | 10-Q    |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 4  | .4                  |  | Registration Rights Agreement dated as of July 3, 2001
    between the Company and Merrill Lynch & Co., Merrill
    Lynch, Pierce, Fenner & Smith, Incorporated, and ABN
    Amro Rothschild LLC. |  |          | 10-Q    |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 4  | .5                  |  | Amendment to Rights Agreement among the Company and Bank of
    Boston, N.A. as Rights Agent, dated November 30, 2001.                                                                            |  |          | 10-K    |             |  |          | 000-22430 |  |  |  | 6/28/2002  |  |  |  |  | 
|       
|        | 10 | .1*                 |  | Form of Indemnity Agreement entered into between the Company and
    certain directors.                                                                                                           |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .2*                 |  | Companys 1993 Stock Option Plan and related form of stock
    option agreement.                                                                                                                  |  |          | S-1     |             |  |          | 333-88246 |  |  |  | 2/13/1995  |  |  |  |  | 
|       
|        | 10 | .3*                 |  | Companys 1993 Employee Stock Purchase Plan and related
    offering document.                                                                                                                    |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .4*                 |  | Companys 1993 Non-Employee Directors Stock Option
    Plan and related offering document.                                                                                                       |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .5                  |  | Hewlett-Packard SMIF License Agreement dated June 6, 1984.                                                                                                                                        |  |          | S-1     |             |  |          | 333-66184 |  |  |  | 7/19/1993  |  |  |  |  | 
|       
|        | 10 | .6                  |  | Lease Agreement between the Company and the Kato Road Partners
    dated February 16, 1995.                                                                                                       |  |          | 10-K    |             |  |          | 000-22430 |  |  |  | 7/19/1995  |  |  |  |  | 
|       
|        | 10 | .7                  |  | Lease Agreement between SL-6 Partners, Ltd. and Progressive
    System Technologies, Inc. dated November 20, 1995.                                                                                |  |          | 10-Q    |             |  |          | 000-22430 |  |  |  | 10/21/1999 |  |  |  |  | 



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##### Table of Contents



|        |    |                     |  |                                                                                                                                                                     |  |          |      |             |  |          |           |  |  |  |            |  |  |  |  | 
|------- | -- | ------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ---- | ----------- |  | -------- | --------- |  |  |  | ---------- |  |  |  |  | 
|        |    |                     |  | Incorporated by Reference                                                                                                                                           |  |         
|Exhibit |    |                     |  |                                                                                                                                                                     |  | Filed   
|Number  |    | Exhibit Description |  | Form                                                                                                                                                                |  | File No. |      | Filing Date |  | Herewith
|        |    |                     |  |                                                                                                                                                                     |  |          |      |             |  |         
|       
|        | 10 | .8                  |  | Sublease Agreement between Progressive System Technologies, Inc.
    and Group, Inc., dated December 3, 1996.                                                       |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .9                  |  | Amendment to Lease Agreement between the Company and the Kato
    Road Partners, dated July 30, 1999.                                                               |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .10                 |  | Cooperation Agreement between the Company and
    MECS Corporation, dated August 5, 1999.                                                                           |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 10/21/1999 |  |  |  |  | 
|       
|        | 10 | .11*                |  | Employment Agreement between the Company and Stephen S.
    Schwartz, Ph.D., dated January 11, 2001                                                                 |  |          | 10-K |             |  |          | 000-22430 |  |  |  | 6/19/2001  |  |  |  |  | 
|       
|        | 10 | .12                |  | Agreement on Bank Transactions between Asyst Japan, Inc., or
    AJI, and Tokyo Mitsubishi Bank dated March 13, 2001.                                               |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .13                |  | Cash Consumer Debtor and Creditor Agreements between AJI and The
    Tokai Bank, Ltd. dated December 6, 1999 and March 23,
    2001.                                |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .14                |  | Banking Consents & Agreements between MECS, K.K. and
    Tokai Bank, K.K dated November 30, 1998 and
    December 6, 1999.                                          |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .15                |  | Banking Consent & Agreement between MECS, K.K. and
    Ogaki Kyoritsu Bank dated November 14, 1994.                                                                 |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .16                |  | Agreement on Bank Transactions between AJI and The Sumitomo Bank
    dated November 13, 2001.                                                                       |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/14/2001  |  |  |  |  | 
|       
|        | 10 | .17*                |  | Palo Alto Technologies, Inc. 1997 Stock Plan.                                                                                                                       |  |          | S-8  |             |  |          | 333-94619 |  |  |  | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .18*                |  | Form of Stock Option Agreement used in connection with Palo Alto
    Technologies, Inc. 1997 Stock Plan                                                             |  |          | S-8  |             |  |          | 333-94619 |  |  |  | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .19*                |  | Progressive System Technologies, Inc. 1995 Stock Option/ Stock
    Issuance Plan.                                                                                   |  |          | S-8  |             |  |          | 333-94619 |  |  |  | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .20*                |  | Form of Notice of Grant and Stock Option Agreement used in
    connection with Progressive System Technologies, Inc. 1995 Stock
    Option/ Stock Issuance Plan     |  |          | S-8  |             |  |          | 333-94619 |  |  |  | 1/13/2000  |  |  |  |  | 
|       
|        | 10 | .21                |  | Share Purchase Agreement between Shinko Electric Co., Ltd. and
    Asyst Japan Inc., dated as of May 24, 2002.                                                      |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 11/12/2002 |  |  |  |  | 
|       
|        | 10 | .22                |  | Shareholders Agreement between Shinko Electric Co., Ltd. and
    Asyst Japan Inc., dated as of May 24, 2002.                                                        |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 11/12/2002 |  |  |  |  | 
|       
|        | 10 | .23                |  | Manufacturing Services and Supply Agreement among the Company
    and Solectron Corporation and its subsidiaries and affiliates,
    dated as of September 5, 2002. |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 11/12/2002 |  |  |  |  | 



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##### Table of Contents



|        |    |                     |  |                                                                                                                                                                                                                      |  |          |        |             |  |          |            |  |  |  |            |  |  |  |   | 
|------- | -- | ------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ------ | ----------- |  | -------- | ---------- |  |  |  | ---------- |  |  |  | - | 
|        |    |                     |  | Incorporated by Reference                                                                                                                                                                                            |  |         
|Exhibit |    |                     |  |                                                                                                                                                                                                                      |  | Filed   
|Number  |    | Exhibit Description |  | Form                                                                                                                                                                                                                 |  | File No. |        | Filing Date |  | Herewith
|        |    |                     |  |                                                                                                                                                                                                                      |  |          |        |             |  |         
|       
|        | 10 | .24                |  | Amendment No. 1 to Shareholders Agreement between Shinko
    Electric Co., Ltd. and Asyst Japan Inc., dated as of
    October 16, 2002.                                                                              |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 2/11/2003  |  |  |  |   | 
|       
|        | 10 | .25                |  | Patent Assignment and Cross-License and Trademark License
    Agreement among the Company, Entegris Cayman Ltd. and Entegris,
    Inc., dated as of February 11, 2003.                                               |  |          | 10-K/A |             |  |          | 000-22430  |  |  |  | 10/29/2003 |  |  |  |   | 
|       
|        | 10 | .26                 |  | Amendment No. 3 to Loan and Security Agreement between the
    Company and Comerica Bank  California, dated as of
    September 26, 2003.                                                                           |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .27*                |  | Change-In-Control Agreement between the Company and Stephen S
    Schwartz, dated as of October 20, 2003.                                                                                                            |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .28*                |  | Change-In-Control Agreement between the Company and David L.
    White, dated as of November 7, 2003                                                                                                                 |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .29                 |  | Agreement for Purchase and Sale of 44960 Warm Springs Boulevard,
    Fremont, California, between the Company and Milpitas Square 880
    @ 237, LLC, dated as of June 13, 2003.                                     |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 11/12/2003 |  |  |  |   | 
|       
|        | 10 | .30                |  | Amendment and Modification Agreement to Manufacturing Services
    and Supply Agreement among the Company and Solectron Corporation
    and its subsidiaries and affiliates, effective as of
    September 22, 2003. |  |          | 10-Q   |             |  |          | 000-22430  |  |  |  | 2/10/2004  |  |  |  |   | 
|       
|        | 10 | .31*                |  | Companys 2003 Equity Incentive Plan.                                                                                                                                                                                |  |          | S-8    |             |  |          | 333-109432 |  |  |  | 10/3/2003  |  |  |  |   | 
|       
|        | 10 | .32*                |  | Form of Indemnity Agreement entered into between the Company and
    certain executive officers.                                                                                                                     |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .33*                |  | Separation Agreement between the Company and Geoffrey Ribar
    dated September 11, 2003.                                                                                                                            |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .34                 |  | Amendment No. 4 to Loan and Security Agreement between the
    Company and Comerica Bank dated February 3, 2004.                                                                                                     |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .35                 |  | Letter agreement between the Company and Comerica Bank dated
    December 24, 2003                                                                                                                                   |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .36*                |  | Form of Agreement to Arbitrate Disputes and Claims entered into
    between the Company and its executive officers.                                                                                                  |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .37*                |  | Companys Compensation Program for Nonemployee Directors
    effective July 1, 2003, as amended June 27, 2005.                                                                                                       |  |          |        |             |  |          |            |  |  |  |            |  |  |  | X | 
|       
|        | 10 | .38*                |  | Companys Executive Deferred Compensation Plan.                                                                                                                                                                      |  |          | 10-K   |             |  |          | 000-22430  |  |  |  | 6/10/2004  |  |  |  |   | 



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##### Table of Contents



|        |    |                     |  |                                                                                                                                                                                                  |  |          |      |             |  |          |           |  |  |  |            |  |  |  |   | 
|------- | -- | ------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------- | ---- | ----------- |  | -------- | --------- |  |  |  | ---------- |  |  |  | - | 
|        |    |                     |  | Incorporated by Reference                                                                                                                                                                        |  |         
|Exhibit |    |                     |  |                                                                                                                                                                                                  |  | Filed   
|Number  |    | Exhibit Description |  | Form                                                                                                                                                                                             |  | File No. |      | Filing Date |  | Herewith
|        |    |                     |  |                                                                                                                                                                                                  |  |          |      |             |  |         
|       
|        | 10 | .39*                |  | Employment Agreement between the Company and Stephen Debenham
    dated August 21, 2003.                                                                                                         |  |          | 10-K |             |  |          | 000-22430 |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .40*                |  | Employment Agreement between the Company and David L. White
    dated September 29, 2003.                                                                                                        |  |          | 10-K |             |  |          | 000-22430 |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .41*                |  | Addendum dated September 23, 2003 to Separation Agreement
    between the Company and Geoffrey Ribar dated September 11,
    2003.                                                               |  |          | 10-K |             |  |          | 000-22430 |  |  |  | 6/10/2004  |  |  |  |   | 
|       
|        | 10 | .42*                |  | Employment Agreement between the Company and Warren
    Kocmond, Jr., dated April 5, 2004.                                                                                                       |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .43*                |  | Change-in-Control Agreement between the Company and Warren
    Kocmond, Jr., dated April 5, 2004.                                                                                                |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .44*                |  | Severance Agreement and Release of All Claims between the
    Company and Frederick Tiso, dated May 19, 2004                                                                                     |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .45                 |  | Amended and Restated Loan and Security Agreement between the
    Company and Comerica Bank, dated May 15, 2004.                                                                                  |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 8/5/2004   |  |  |  |   | 
|       
|        | 10 | .46*                |  | Employment Agreement between the registrant and Robert Nikl
    executed on September 20, 2004.                                                                                                  |  |          | 8-K  |             |  |          | 000-22430 |  |  |  | 9/24/2004  |  |  |  |   | 
|       
|        | 10 | .47*                |  | 2003 Equity Incentive Plan as amended by amendments approved by
    the Registrants shareholders on September 21, 2004.                                                                         |  |          | 8-K  |             |  |          | 000-22430 |  |  |  | 9/27/2004  |  |  |  |   | 
|       
|        | 10 | .48*                |  | Forms of Stock Option Award Notice and Stock Option Award
    Agreement entered into between the Company and certain
    employees, directors, and consultants (2003 Equity Incentive
    Plan). |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .49*                |  | Form of Restricted Stock Award Agreement entered into between
    the Company and certain employees, directors, and consultants
    (2003 Equity Incentive Plan).                                |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .50*                |  | Certificate of Amendment to Option Grants dated August 18,
    2004.                                                                                                                             |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .51                 |  | Companys 2001 Non-Officer Equity Plan                                                                                                                                                           |  |          | 10-Q |             |  |          | 000-22430 |  |  |  | 12/30/2004 |  |  |  |   | 
|       
|        | 10 | .52*                |  | Employment Agreement between the Company and Warren
    Kocmond, Jr., (corrected as of May 16, 2005).                                                                                            |  |          |      |             |  |          |           |  |  |  |            |  |  |  | X | 
|       
|        | 10 | .53*                |  | Change-in-Control Agreement between the Company and Robert J.
    Nikl, dated November 3, 2004                                                                                                   |  |          |      |             |  |          |           |  |  |  |            |  |  |  | X | 
|       
|        | 10 | .54*                |  | Change-in-Control Agreement between the Company and Anthony C
    Bonora, dated November 3, 2004                                                                                                 |  |          |      |             |  |          |           |  |  |  |            |  |  |  | X | 



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##### Table of Contents



|        |    |                     |  |                                                                                                                                                                                                                 |  |          |  |             |  |          |  |  |  |  |  |  |  |  |   | 
|------- | -- | ------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- |  | ----------- |  | -------- |  |  |  |  |  |  |  |  | - | 
|        |    |                     |  | Incorporated by Reference                                                                                                                                                                                       |  |         
|Exhibit |    |                     |  |                                                                                                                                                                                                                 |  | Filed   
|Number  |    | Exhibit Description |  | Form                                                                                                                                                                                                            |  | File No. |  | Filing Date |  | Herewith
|        |    |                     |  |                                                                                                                                                                                                                 |  |          |  |             |  |         
|       
|        | 10 | .55                |  | Amendment No. 2 to Manufacturing Services and Supply
    Agreement among the Company and Solectron Corporation and its
    subsidiaries and affiliates, effective February 17, 2005                             |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 10 | .56                 |  | Amendment No. 3 to Manufacturing Services and Supply
    Agreement among the Company and Solectron Corporation and its
    subsidiaries and affiliates, effective June 10, 2005                                 |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 10 | .57*                |  | Summary of Executive Bonus Plan                                                                                                                                                                                 |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 10 | .58                 |  | Waiver and Amendment Number One to Amended and Restated Loan and
    Security Agreement between the Company and Comerica Bank, dated
    June 27, 2005                                                          |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 21 | .1                  |  | Subsidiaries of Asyst Technologies, Inc.                                                                                                                                                                        |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 23 | .1                  |  | Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm.                                                                                                                       |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 31 | .1                  |  | Certification of the Chief Executive Officer of the Registrant
    required by SEC Rule 13a-14(a) (pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002).                                              |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|       
|        | 31 | .2                  |  | Certification of the Chief Financial Officer of the Registrant
    required by SEC Rule 13a-14(a) (pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002)                                               |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 
|        | 32 | .1                  |  | Combined Certification of the Chief Executive Officer and the
    Chief Financial Officer of the Registrant required by SEC
    Rule 13a-14(b) (pursuant to Section 906 of the
    Sarbanes-Oxley Act of 2002). |  |          |  |             |  |          |  |  |  |  |  |  |  |  | X | 






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|* | Indicates a management contract or compensatory plan or
    arrangement.



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| | Indicates English translation of original document.                                  
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| | Indicates confidential treatment has been requested for portions
    of this document