BEVERLY, Mass., Aug. 2, 2016 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the second quarter ended June 30,
2016.
The Company reported second quarter revenue of $64.5 million, compared to $67.5 million for the first quarter of 2016.
Operating profit for the quarter was $4.6
million, compared to $2.5
million for the first quarter. Net income for the quarter
was $2.9 million, or $0.10 per diluted share. This compares to net
income for the first quarter of 2016 of $1.9
million, or $0.06 per diluted
share. Cash, cash equivalents and restricted cash were $67.8 million on June 30,
2016, compared to $74.4
million on March 31, 2016.
"During the second quarter, we made significant progress towards
expanding our customer base through new penetrations and capacity
buys, as well as offering new product line extensions to address
emerging market needs," said President and CEO Mary Puma. "These actions position us well for a
strong build cycle in 2017, which will drive continued market share
gains."
Business Outlook
For the third quarter ending September 30,
2016, Axcelis expects revenues of $65-$70 million. Gross margin in the third
quarter is expected to be in the mid 30% range. Third quarter
operating profit is forecasted to be approximately $2.5-3.5 million with $0.03-0.06 earnings per diluted share.
Second Quarter 2016 Conference Call
The Company will host a conference call today, Tuesday, August 2, 2016 at 5:00 pm ET, to discuss results for the second
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
conference ID code: 47289190. 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.
Our forecasted diluted earnings per share does not take into
account option exercises during the quarter and assumes no change
in the weighted average stock price from the prior quarter. 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
June
30,
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Six months
ended
June
30,
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2016
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2015
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2016
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2015
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Revenue:
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Product
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$
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58,859
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$
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72,748
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$
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121,034
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$
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140,278
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Services
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5,592
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5,689
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10,938
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11,442
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Total
revenue
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64,451
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78,437
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131,972
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151,720
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Cost of
Revenue:
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Product
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34,638
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46,560
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74,902
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91,745
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Services
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4,682
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4,703
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8,523
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9,421
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Total cost of
revenue
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39,320
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51,263
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83,425
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101,166
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Gross
profit
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25,131
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27,174
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48,547
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50,554
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Operating
expenses:
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Research and
development
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8,478
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7,899
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17,114
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16,098
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Sales and
marketing
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5,790
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5,858
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11,750
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11,486
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General and
administrative
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6,232
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6,231
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12,274
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12,332
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Restructuring
charges
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—
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8
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282
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18
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Total operating
expenses
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20,500
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19,996
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41,420
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39,934
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Income from
operations
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4,631
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7,178
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7,127
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10,620
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Other (expense)
income:
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Interest
income
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54
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6
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108
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9
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Interest
expense
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(1,338)
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(1,310)
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(2,385)
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(2,353)
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Other, net
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(238)
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49
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(297)
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(384)
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Total other (expense)
income
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(1,522)
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(1,255)
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(2,574)
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(2,728)
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Income before income
taxes
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3,109
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5,923
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4,553
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7,892
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Income tax provision
(benefit)
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172
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40
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(332)
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141
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Net income
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$
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2,937
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$
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5,883
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$
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4,885
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$
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7,751
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Net income per
share:
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Basic
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$
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0.10
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$
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0.21
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$
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0.17
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$
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0.27
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Diluted
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$
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0.10
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$
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0.20
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$
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0.16
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$
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0.26
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Shares used in
computing net income per share:
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Basic weighted
average common shares
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29,097
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28,446
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29,066
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28,367
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Diluted weighted
average common shares
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30,701
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30,153
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30,607
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29,975
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Axcelis
Technologies, Inc. Consolidated Balance
Sheets (In thousands,
except per share amounts) (Unaudited)
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June
30,
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December
31,
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2016
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2015
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ASSETS
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Cash and cash
equivalents
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$
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60,981
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$
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78,889
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Accounts receivable,
net
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63,482
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36,868
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Inventories,
net
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110,582
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109,408
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Prepaid expenses and
other assets
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26,324
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19,652
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Property, plant and
equipment, net
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31,057
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30,031
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Restricted
cash
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6,862
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6,936
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Total assets
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$
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299,288
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$
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281,784
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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Accounts
payable
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$
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26,836
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$
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19,849
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Accrued
compensation
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5,935
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9,059
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Warranty
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3,227
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3,555
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Income taxes
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196
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143
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Deferred
revenue
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14,431
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8,542
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Sale leaseback
obligation
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47,586
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47,586
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Other
liabilities
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9,265
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9,286
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Total
liabilities
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107,476
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98,020
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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, $0.001
par value, 75,000 shares authorized; 29,134 shares issued and
outstanding at June 30, 2016; 29,025 shares issued and 28,995
shares outstanding at December 31, 2015
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29
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29
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Additional paid-in
capital
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530,389
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529,089
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Treasury stock, at
cost, no shares at June 30, 2016 and 30 shares at December 31,
2015
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—
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(1,218)
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Accumulated
deficit
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(337,820)
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(342,705)
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Accumulated other
comprehensive loss
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(786)
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(1,431)
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Total stockholders'
equity
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191,812
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183,764
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Total liabilities and
stockholders' equity
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$
|
299,288
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$
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281,784
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Note: The consolidated balance sheets as of June 30, 2016 and December
31, 2015 have been adjusted to reflect the correction of a
cumulative error associated with the elimination of profits on
sales of inventory to the Company's subsidiaries. This error
had no impact upon the Company's consolidated statement of
operations or consolidated statement of cash flows subsequent to
the year ended December 31, 2010.
This adjustment resulted in a decrease in inventory and an increase
in accumulated deficit of $6.5
million. More detailed information will be provided in
a note to the consolidated financial statements in the Company's
Form 10-Q for the quarterly period ended June 30, 2016, to be filed on or before
August 9, 2016.
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SOURCE Axcelis Technologies, Inc.