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Note 3 - Discontinued Operations

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

Disposition of the Semiconductor Automation Business

On September 20, 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to Thomas H. Lee Partners, L.P. (“THL”) and the Company determined that the semiconductor automation business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the consolidated financial statements as a discontinued operation, and assets and liabilities were classified as assets and liabilities held for sale. On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash. Following the completion of the sale, the Company no longer serves the semiconductor market.

In connection with the closing of the sale, the Company and THL entered into a transition services agreement under which both the Company and THL provide each other certain transition services related to finance and accounting, information technology, human resources, compliance, facilities, legal and research and development support, for time periods which ranged from three to 24 months. In addition, the Company agreed to lease back a portion of the facilities in Chelmsford, Massachusetts, that were sold to THL as part of the sale agreement. As of September 30, 2024, neither party was providing the other services under the transition services agreement and the two original leases were terminated. The transition services approximated fair value and did not have a material impact on the Company’s financial results or operations.

During the twelve months ended September 30, 2023, the Company recorded a $1.4 million loss on divestiture. The following table presents the financial results of automation business discontinued operations with respect to the automation business (in thousands) for the twelve months ended September 30, 2022:

		*Year Ended September 30,*
		*2022*
Revenue
Products		$	244,962
Services			19,468
Total revenue			264,430
Cost of revenue
Products			141,165
Services			11,159
Total cost of revenue			152,324
Gross profit			112,106
Operating expenses
Research and development			18,486
Selling, general and administrative			30,622
Restructuring charges			-
Total operating expenses			49,108
Operating income			62,998
Gain on divestiture			2,561,820
Income before income taxes			2,624,818
Income tax expense			480,673
Net income from discontinued operations		$	2,144,145

The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to the semiconductor automation business that are included in the Consolidated Statements of Cash Flows (in thousands):

		*Year Ended September 30,*
		*2022*
Capital expenditures			2,862

There were no significant non-cash items and or capital expenditures related to discontinued operations during the fiscal years ended September 30, 2024 and 2023.