BEVERLY, Mass., Feb. 2, 2016 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the fourth quarter and full year ended December 31, 2015.
Highlights for the full year include:
- Revenues of $301.5 million, a
48.5% increase over 2014.
- System revenues of $171.9
million, a 110.6% increase over 2014.
- Resulting in market share gains from 12.8% in 2014 to between
17% and 20% in 2015.
- Systems margins improved by 26% for the full year 2015 over the
fourth quarter of 2014.
- Operating profit of $20.7
million, compared to an operating loss of $10.7 million in 2014.
- Net income of $14.7 million or
$0.12 per share, compared to a net
loss of $11.3 million or $0.10 per share in 2014.
- Increased cash, cash equivalents and restricted cash to
$85.8 million from $31.6 million in the fourth quarter of 2014, and
eliminated all bank debt.
The Company reported fourth quarter revenue of $70.5 million, compared to $79.3 million for the third quarter of 2015.
Operating profit for the quarter was $2.4
million, compared to $7.7
million for the third quarter. Net income for the quarter
was $0.8 million, or $0.01 per share. This compares to net income for
the third quarter of 2015 of $6.1
million, or $0.05 per share.
Cash, cash equivalents and restricted cash were $85.8 million at December
31, 2015, compared to $79.9
million on September 30,
2015.
"2015 was a very successful year for Axcelis, fueled by strong
sales of the Purion platform, which accounted for 74.3% of our
systems revenues," said President and CEO Mary Puma. "Looking forward to 2016, we believe
the continued adoption of our Purion product family will allow us
to capture the next wave of industry growth, driving market share
gains and improved financial results."
Business Outlook
For the first quarter ending March 31,
2016, Axcelis expects revenues to be in the mid $60 million range. Gross margin in the first
quarter is expected to be in the mid 30% range. First quarter
operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.
Fourth Quarter 2015 Conference Call
The Company will
host a conference call today at 5:00 pm
ET to discuss results for the fourth quarter and full year
2015. 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: 14855645. 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
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Axcelis
Technologies, Inc.
Consolidated
Statements of Operations
(In thousands,
except per share amounts)
(Unaudited)
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Three months
ended
December
31,
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Twelve months
ended
December
31,
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2015
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2014
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2015
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2014
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Revenue:
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Product
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$
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64,802
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$
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57,076
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$
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278,875
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$
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179,246
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Services
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5,656
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5,454
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22,620
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23,805
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Total
revenue
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70,458
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62,530
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301,495
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203,051
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Cost of
Revenue:
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Product
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43,617
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39,639
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181,060
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113,285
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Services
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4,868
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4,094
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18,729
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19,602
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Total cost of
revenue
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48,485
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43,733
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199,789
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132,887
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Gross
profit
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21,973
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18,797
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101,706
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70,164
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Operating
expenses:
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Research and
development
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7,907
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7,481
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32,586
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33,533
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Sales and
marketing
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5,517
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5,310
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23,325
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20,713
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General and
administrative
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6,143
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5,602
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25,059
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23,958
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Restructuring
charges
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—
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(27)
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18
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2,621
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Total operating
expenses
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19,567
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18,366
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80,988
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80,825
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Income (loss) from
operations
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2,406
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431
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20,718
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(10,661)
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Other (expense)
income:
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Interest
income
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48
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27
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64
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32
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Interest
expense
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(1,349)
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(257)
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(4,976)
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(1,069)
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Other, net
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(50)
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249
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(601)
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1,531
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Total other (expense)
income
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(1,351)
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19
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(5,513)
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494
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Income (loss) before
income taxes
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1,055
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450
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15,205
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(10,167)
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Income tax
provision
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229
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|
285
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527
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1,099
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Net income
(loss)
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$
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826
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$
|
165
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$
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14,678
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$
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(11,266)
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Net income (loss) per
share:
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Basic
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$
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0.01
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$
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0.00
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$
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0.13
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$
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(0.10)
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Diluted
|
$
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0.01
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$
|
0.00
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$
|
0.12
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$
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(0.10)
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Shares used in
computing net income (loss) per share:
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Basic weighted
average common shares
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115,745
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112,218
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114,378
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111,450
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Diluted weighted
average common shares
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121,855
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117,251
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120,916
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111,450
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Axcelis
Technologies, Inc. Consolidated Balance
Sheets (In thousands,
except per share amounts) (Unaudited)
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December
31,
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December
31,
|
|
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2015
|
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2014
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ASSETS
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Cash and cash
equivalents
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$
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78,889
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$
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30,753
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Accounts receivable,
net
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36,868
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42,794
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Inventories,
net
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115,904
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104,063
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Prepaid expenses and
other assets
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19,652
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18,755
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Property, plant and
equipment, net
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30,031
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30,464
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Restricted
cash
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6,936
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825
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Total assets
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$
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288,280
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$
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227,654
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Accounts
payable
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$
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19,849
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$
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21,605
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Accrued
compensation
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9,059
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4,232
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Warranty
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3,555
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1,527
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Income taxes
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143
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196
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Deferred
revenue
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8,542
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7,231
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Bank debt
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—
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14,530
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Sale leaseback
obligation
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47,586
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—
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Other
liabilities
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9,286
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9,981
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Total
liabilities
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98,020
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59,302
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Commitments and
contingencies
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Stockholders'
equity:
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Preferred stock, $0.001
par value, 30,000 shares authorized; none issued or
outstanding
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—
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—
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Common stock, $0.001
par value, 300,000 shares authorized; 116,101 shares issued and
115,981 shares outstanding at December 31, 2015; 112,849 shares
issued and 112,729
shares outstanding at December 31, 2014
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116
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113
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Additional paid-in
capital
|
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529,002
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519,068
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Treasury stock, at
cost, 120 shares at December 31, 2015 and 2014
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(1,218)
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(1,218)
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Accumulated
deficit
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(336,209)
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(350,887)
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Accumulated other
comprehensive (loss) income
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(1,431)
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1,276
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Total stockholders'
equity
|
|
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190,260
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|
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168,352
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Total liabilities and
stockholders' equity
|
|
$
|
288,280
|
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$
|
227,654
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SOURCE Axcelis Technologies, Inc.