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): November 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 November 4, 2015, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended September 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 November 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: November 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

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2015

 

Strong Quarterly Results Highlight Market Share Gain and Financial Improvement

 

BEVERLY, Mass. — November 4, 2015—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2015. Recent highlights include:

 

·                  Revenues of $79.3 million, above the second quarter.

 

·                  System revenues of $47.0 million, a 13% increase over the second quarter.

 

·                  Operating profit of $7.7 million, a 7.2% increase over the second quarter.

 

·                  Improved gross margin to 36.8% from 34.6% in the second quarter.

 

·                  Increased cash and cash equivalents to $79.9 million from $78.1 million in the second quarter.

 

The Company reported third quarter revenue of $79.3 million, compared to $78.4 million for the second quarter of 2015. Operating profit for the quarter was $7.7 million, compared to $7.2 million for the second quarter. Net income for the quarter was $6.1 million, or $0.05 per share. This compares to net income for the second quarter of 2015 of $5.9 million, or $0.05 per share. Cash and cash equivalents were $79.9 million at September 30, 2015, compared to $78.1 million on June 30, 2015.

 

“Strong third quarter results demonstrate our progress in gaining market share and improving profitability,” said President and CEO Mary Puma. “The rapid adoption of the Purion platform across multiple customers has strengthened Axcelis, allowing us to address the upcoming industry slowdown from a much stronger position.  As a result, Axcelis will enter the next upturn with higher market share, a larger and growing customer base, new product capabilities and higher earnings potential.”

 

Business Outlook

 

For the fourth quarter ending December 31, 2015, Axcelis expects revenues to be $60-65 million. Gross margin in the fourth quarter is expected to be approximately 33-34%. Fourth quarter operating profit is forecasted to be approximately $1 million with breakeven earnings per share. Cash and cash equivalents at the end of the fourth quarter are expected to be approximately $80 million.

 

Third Quarter 2015 Conference Call

 

The Company will host a conference call today at 5:00 pm ET to discuss results for the third 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: 50434142. 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
September 30,

 

Nine months ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

Product

 

$

73,795

 

$

32,360

 

$

214,073

 

$

122,170

 

Services

 

5,522

 

6,171

 

16,964

 

18,351

 

Total revenue

 

79,317

 

38,531

 

231,037

 

140,521

 

Cost of Revenue:

 

 

 

 

 

 

 

 

 

Product

 

45,698

 

18,823

 

137,443

 

73,646

 

Services

 

4,440

 

4,564

 

13,861

 

15,507

 

Total cost of revenue

 

50,138

 

23,387

 

151,304

 

89,153

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

29,179

 

15,144

 

79,733

 

51,368

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

8,581

 

7,950

 

24,679

 

26,052

 

Sales and marketing

 

6,322

 

4,891

 

17,808

 

15,404

 

General and administrative

 

6,584

 

5,380

 

18,916

 

18,356

 

Restructuring charges

 

 

2,288

 

18

 

2,648

 

Total operating expenses

 

21,487

 

20,509

 

61,421

 

62,460

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

7,692

 

(5,365

)

18,312

 

(11,092

)

 

 

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

Interest income

 

7

 

2

 

16

 

6

 

Interest expense

 

(1,274

)

(304

)

(3,627

)

(812

)

Other, net

 

(167

)

1,352

 

(551

)

1,282

 

Total other (expense) income

 

(1,434

)

1,050

 

(4,162

)

476

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

6,258

 

(4,315

)

14,150

 

(10,616

)

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

157

 

389

 

298

 

814

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

6,101

 

$

(4,704

)

$

13,852

 

$

(11,430

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

$

(0.04

)

$

0.12

 

$

(0.10

)

Diluted

 

$

0.05

 

$

(0.04

)

$

0.11

 

$

(0.10

)

 

 

 

 

 

 

 

 

 

 

Shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic weighted average common shares

 

114,799

 

111,701

 

113,918

 

111,191

 

Diluted weighted average common shares

 

121,862

 

111,701

 

120,620

 

111,191

 

 



 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

 

 

September 30,

 

December 31,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Cash and cash equivalents

 

$

79,871

 

$

30,753

 

Accounts receivable, net

 

38,674

 

42,794

 

Inventories, net

 

120,067

 

104,063

 

Prepaid expenses and other assets

 

24,141

 

18,755

 

Property, plant and equipment, net

 

29,985

 

30,464

 

Restricted cash

 

61

 

825

 

Total assets

 

$

292,799

 

$

227,654

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Accounts payable

 

$

24,350

 

$

21,605

 

Accrued compensation

 

8,262

 

4,232

 

Warranty

 

3,803

 

1,526

 

Income taxes

 

262

 

196

 

Deferred revenue

 

10,136

 

7,231

 

Debt

 

 

14,530

 

Sale leaseback obligation

 

47,586

 

 

Other liabilities

 

10,284

 

9,982

 

Total liabilities

 

104,683

 

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; 115,721 shares issued and 115,601 shares outstanding at September 30, 2015; 112,849 shares issued and 112,729 shares outstanding at December 31, 2014

 

116

 

113

 

Additional paid-in capital

 

527,274

 

519,068

 

Treasury stock, at cost, 120 shares at September 30, 2015 and December 31, 2014

 

(1,218

)

(1,218

)

Accumulated deficit

 

(337,035

)

(350,887

)

Accumulated other comprehensive (loss) income

 

(1,021

)

1,276

 

Total stockholders’ equity

 

188,116

 

168,352

 

Total liabilities and stockholders’ equity

 

$

292,799

 

$

227,654