UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  August 4, 2015

 

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-30941

 

34-1818596

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

108 Cherry Hill Drive, Beverly, Massachusetts

 

01915

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (978) 787-4000

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 Results of Operations and Financial Condition

 

On August 4, 2015, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2015.  The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01   Financial Statements and Exhibits.

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release dated August 4, 2015. Filed herewith.

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 4, 2015

Axcelis Technologies, Inc.

 

 

 

 

By:

/s/ KEVIN J. BREWER

 

 

Kevin J. Brewer

 

 

Executive Vice President

 

 

and Chief Financial Officer

 

3


Exhibit 99.1

 

News Release

GRAPHIC

 

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2015

Purion Market Share Gains as Customer Base Expands

 

BEVERLY, Mass. — August 4, 2015—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