BEVERLY, Mass., May 2, 2016 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the first quarter ended March 31,
2016.
Highlights for the quarter include:
- Total revenues of $67.5 million
were above guidance:
- System revenues of $37
million.
- Operating profit of $2.5
million.
- Net income of $1.9 million or
$0.02 per share.
- Increased Axcelis market share:
- Increased total market share to 18.3% in 2015 up from 12.4% in
2014.
- Doubled high current market share from 6% in 2014 to 12.4% in
2015, driven by
the Purion H, the fastest growing new product in Axcelis
history.
The Company reported first quarter revenue of $67.5 million, compared to $70.5 million for the fourth quarter of 2015.
Operating profit for the quarter was $2.5
million, compared to $2.4
million for the fourth quarter. Net income for the quarter
was $1.9 million, or $0.02 per share. This compares to net income for
the fourth quarter of 2015 of $0.8
million, or $0.01 per share.
Cash, cash equivalents and restricted cash were $74.4 million at March 31,
2016, compared to $85.8
million on December 31,
2015.
"We're pleased with our execution against strategic initiatives
in the first quarter that will continue to drive Purion platform
market share gains in 2016," said President and CEO Mary Puma. "We remain focused on broadening our
customer base, driving gross margin improvements and delivering
stronger financial performance in the second half of 2016."
Business Outlook
For the second quarter ending June 30,
2016, Axcelis expects similar financial results as in the
first quarter, with revenues to be in the mid $60 million range. Gross margin in the second
quarter is expected to be in the mid 30% range. Second quarter
operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.
First Quarter 2016 Conference Call
The Company will host a conference call today, Monday, May 2, 2016 at 5:00 pm ET, to discuss results for the first
quarter 2016. The call will be available to interested listeners
via an audio webcast that can be accessed through the Investors
page of Axcelis' website at www.axcelis.com, or by dialing
866.588.8911 (707.294.1561 outside North
America). Participants calling into the conference call will
be requested to provide the company name, Axcelis Technologies, and
pass code: 82784852. Webcast replays will be available for 30 days
following the call.
Safe Harbor Statement
This press release and the
conference call contain forward-looking statements under the SEC
safe harbor provisions. These statements, which include our
guidance for future financial performance, are based on
management's current expectations and should be viewed with
caution. They are subject to various risks and uncertainties, many
of which are outside the control of the Company, including the
timing of orders and shipments, the conversion of orders to revenue
in any particular quarter, or at all, the continuing demand for
semiconductor equipment, relative market growth, continuity of
business relationships with and purchases by major customers,
competitive pressure on sales and pricing, increases in material
and other production costs that cannot be recouped in product
pricing and global economic, political and financial conditions.
These risks and other risk factors relating to Axcelis are
described more fully in the most recent Form 10-K filed by
Axcelis and in other documents filed from time to time with the
Securities and Exchange Commission.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered
in Beverly, Mass., has been
providing innovative, high-productivity solutions for the
semiconductor industry for over 35 years. Axcelis is dedicated to
developing enabling process applications through the design,
manufacture and complete life cycle support of ion implantation
systems, one of the most critical and enabling steps in the IC
manufacturing process. Learn more about Axcelis at
www.axcelis.com.
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
Axcelis
Technologies, Inc.
|
Consolidated
Statement of Operations
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Product
|
|
$
|
62,175
|
|
$
|
67,530
|
|
Services
|
|
|
5,346
|
|
|
5,753
|
|
|
Total
revenue
|
|
|
67,521
|
|
|
73,283
|
Cost of
Revenue:
|
|
|
|
|
|
|
|
Product
|
|
|
40,263
|
|
|
45,185
|
|
Services
|
|
|
3,842
|
|
|
4,718
|
|
|
Total cost of
revenue
|
|
|
44,105
|
|
|
49,903
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
23,416
|
|
|
23,380
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
|
|
8,636
|
|
|
8,199
|
|
Sales and
marketing
|
|
|
5,960
|
|
|
5,628
|
|
General and
administrative
|
|
|
6,042
|
|
|
6,101
|
|
Restructuring
charges
|
|
|
282
|
|
|
10
|
|
|
Total operating
expenses
|
|
|
20,920
|
|
|
19,938
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
2,496
|
|
|
3,442
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
income
|
|
|
54
|
|
|
3
|
|
Interest
expense
|
|
|
(1,047)
|
|
|
(1,043)
|
|
Other, net
|
|
|
(59)
|
|
|
(433)
|
|
|
Total other (expense)
income
|
|
|
(1,052)
|
|
|
(1,473)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
1,444
|
|
|
1,969
|
|
|
|
|
|
|
|
Income tax (benefit)
provision
|
|
|
(504)
|
|
|
101
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,948
|
|
$
|
1,868
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.02
|
|
$
|
0.02
|
|
|
Diluted
|
|
$
|
0.02
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares
|
|
|
116,152
|
|
|
113,152
|
|
|
Diluted weighted
average common shares
|
|
|
122,078
|
|
|
118,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axcelis
Technologies, Inc.
|
Consolidated
Balance Sheets
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
67,571
|
|
$
|
78,889
|
|
Accounts receivable,
net
|
|
|
47,471
|
|
|
36,868
|
|
Inventories,
net
|
|
|
115,165
|
|
|
115,904
|
|
Prepaid expenses and
other assets
|
|
|
25,267
|
|
|
19,652
|
|
Property, plant and
equipment, net
|
|
|
30,997
|
|
|
30,031
|
|
Restricted
cash
|
|
|
6,863
|
|
|
6,936
|
|
|
Total assets
|
|
$
|
293,334
|
|
$
|
288,280
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
21,700
|
|
$
|
19,849
|
|
Accrued
compensation
|
|
|
8,477
|
|
|
9,059
|
|
Warranty
|
|
|
3,535
|
|
|
3,555
|
|
Income taxes
|
|
|
177
|
|
|
143
|
|
Deferred
revenue
|
|
|
8,786
|
|
|
8,542
|
|
Sale leaseback
obligation
|
|
|
47,586
|
|
|
47,586
|
|
Other
liabilities
|
|
|
8,758
|
|
|
9,286
|
|
|
Total
liabilities
|
|
|
99,019
|
|
|
98,020
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred stock, $0.001
par value, 30,000 shares authorized; none issued or
outstanding
|
|
|
—
|
|
|
—
|
|
Common stock, $0.001
par value, 300,000 shares authorized; 116,356 shares issued and
116,237 shares outstanding at March 31, 2016; 116,101 shares issued
and 115,981 shares outstanding at December 31, 2015
|
|
|
116
|
|
|
116
|
|
Additional paid-in
capital
|
|
|
530,034
|
|
|
529,002
|
|
Treasury stock, at
cost, 120 shares at March 31,2016 and December 31, 2015
|
|
|
(1,218)
|
|
|
(1,218)
|
|
Accumulated
deficit
|
|
|
(334,261)
|
|
|
(336,209)
|
|
Accumulated other
comprehensive loss
|
|
|
(356)
|
|
|
(1,431)
|
|
|
Total stockholders'
equity
|
|
|
194,315
|
|
|
190,260
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
293,334
|
|
$
|
288,280
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.