BEVERLY, Mass., Aug. 4, 2015 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the second quarter ended June 30,
2015. Recent highlights include:
- Revenues of $78.4 million, a 7%
increase over the first quarter.
- Operating profit of $7.2 million,
a 108.5% increase over the first quarter.
- Improved gross margin to 34.6% from 31.9% in the first
quarter.
- Increased cash and cash equivalents to $78.1 million from $74.5
million in the first quarter.
The Company reported second quarter revenue of $78.4 million, compared to $73.3 million for the first quarter of 2015.
Operating profit for the quarter was $7.2
million, compared to $3.4
million for the first quarter. Net income for the quarter
was $5.9 million, or $0.05 per share. This compares to net income for
the first quarter of 2015 of $1.9
million, or $0.02 per share.
Cash and cash equivalents was $78.1
million at June 30, 2015,
compared to $74.5 million on
March 31, 2015.
President and CEO Mary Puma said,
"Axcelis' top line continued to grow in the second quarter, driven
by steady Purion system sales and a robust service business. In
particular, the Purion H continues to gain market share, and is the
fastest growing new product in Axcelis history. Since the start of
the year we have doubled the number of Purion H customers, as well
as added three new, non-memory Purion XE customers. The success we
are seeing with Purion is positioning us well for future revenue
and market share growth, as well as stronger earnings and cash
flow."
Business Outlook
For the third quarter ending September 30,
2015, Axcelis expects revenues to be $75-80 million. Gross margin in the third quarter
is expected to be approximately 34-35%. Third quarter operating
profit is forecasted to be $5-7
million with earnings of $0.03-0.05 per share. Cash and cash equivalents
in the third quarter is expected to be approximately $80 million.
Second Quarter 2015 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second
quarter 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: 77665194. 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
Statements of Operations
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
$
|
72,748
|
|
$
|
34,795
|
|
$
|
140,278
|
|
$
|
89,810
|
|
Services
|
|
5,689
|
|
|
6,355
|
|
|
11,442
|
|
|
12,180
|
|
|
Total
revenue
|
|
78,437
|
|
|
41,150
|
|
|
151,720
|
|
|
101,990
|
Cost of
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
46,560
|
|
|
21,021
|
|
|
91,745
|
|
|
54,823
|
|
Services
|
|
4,703
|
|
|
5,645
|
|
|
9,421
|
|
|
10,943
|
|
|
Total cost of
revenue
|
|
51,263
|
|
|
26,666
|
|
|
101,166
|
|
|
65,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
27,174
|
|
|
14,484
|
|
|
50,554
|
|
|
36,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
7,899
|
|
|
8,845
|
|
|
16,098
|
|
|
18,102
|
|
Sales and
marketing
|
|
5,858
|
|
|
5,037
|
|
|
11,486
|
|
|
10,513
|
|
General and
administrative
|
|
6,231
|
|
|
6,494
|
|
|
12,332
|
|
|
12,975
|
|
Restructuring
charges
|
|
8
|
|
|
160
|
|
|
18
|
|
|
360
|
|
|
Total operating
expenses
|
|
19,996
|
|
|
20,536
|
|
|
39,934
|
|
|
41,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
7,178
|
|
|
(6,052)
|
|
|
10,620
|
|
|
(5,726)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
6
|
|
|
2
|
|
|
9
|
|
|
4
|
|
Interest
expense
|
|
(1,310)
|
|
|
(257)
|
|
|
(2,353)
|
|
|
(508)
|
|
Other, net
|
|
49
|
|
|
(362)
|
|
|
(384)
|
|
|
(70)
|
|
|
Total other
expense
|
|
(1,255)
|
|
|
(617)
|
|
|
(2,728)
|
|
|
(574)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
5,923
|
|
|
(6,669)
|
|
|
7,892
|
|
|
(6,300)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
40
|
|
|
231
|
|
|
141
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
5,883
|
|
$
|
(6,900)
|
|
$
|
7,751
|
|
$
|
(6,726)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.05
|
|
$
|
(0.06)
|
|
$
|
0.07
|
|
$
|
(0.06)
|
|
|
Diluted
|
$
|
0.05
|
|
$
|
(0.06)
|
|
$
|
0.06
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares
|
|
113,784
|
|
|
111,212
|
|
|
113,470
|
|
|
110,932
|
|
|
Diluted weighted
average common shares
|
|
120,612
|
|
|
111,212
|
|
|
119,900
|
|
|
110,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axcelis
Technologies, Inc.
Consolidated
Balance Sheets
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
78,085
|
|
$
|
30,753
|
|
Accounts receivable,
net
|
|
|
42,002
|
|
|
42,794
|
|
Inventories,
net
|
|
|
122,001
|
|
|
104,063
|
|
Prepaid expenses and
other assets
|
|
|
23,209
|
|
|
18,755
|
|
Property, plant and
equipment, net
|
|
|
29,951
|
|
|
30,464
|
|
Restricted
cash
|
|
|
65
|
|
|
825
|
|
|
Total assets
|
|
$
|
295,313
|
|
$
|
227,654
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
38,849
|
|
$
|
21,605
|
|
Accrued
compensation
|
|
|
5,262
|
|
|
4,232
|
|
Warranty
|
|
|
2,886
|
|
|
1,352
|
|
Income taxes
|
|
|
297
|
|
|
196
|
|
Deferred
revenue
|
|
|
8,884
|
|
|
7,231
|
|
Debt
|
|
|
47,586
|
|
|
14,530
|
|
Other
liabilities
|
|
|
11,159
|
|
|
10,156
|
|
|
Total
liabilities
|
|
|
114,923
|
|
|
59,302
|
|
|
|
|
|
|
|
|
|
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; 114,322 shares issued and
114,202 shares outstanding at June 30, 2015; 112,849 shares issued
and 112,729 shares outstanding at December 31, 2014
|
114
|
|
|
113
|
|
Additional paid-in
capital
|
|
|
523,997
|
|
|
519,068
|
|
Treasury stock, at
cost, 120 shares at June 30, 2015 and December 31, 2014
|
|
|
(1,218)
|
|
|
(1,218)
|
|
Accumulated
deficit
|
|
|
(343,136)
|
|
|
(350,887)
|
|
Accumulated other
comprehensive income
|
|
|
633
|
|
|
1,276
|
|
|
Total stockholders'
equity
|
|
|
180,390
|
|
|
168,352
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
295,313
|
|
$
|
227,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.