Axcelis Announces Financial Results for Second Quarter 2010
BEVERLY, Mass., Jul 28, 2010 (GlobeNewswire via COMTEX) --
Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the quarter ended June 30, 2010.
The Company reported second quarter revenue of $58.2 million, compared to $48.5 million for the first quarter of 2010, a 20% increase. Net loss for the second quarter was $4.5 million, or $0.04 per share. This compares to a net loss for the first quarter of 2010 of $11.1 million, or $0.11 per share. Cash and cash equivalents, including restricted cash, were $51.9 million at June 30, 2010. The Company generated positive cash flow from operations of $12.1 million for the quarter and ended the quarter with working capital of $153.8 million.
"We had a much improved second quarter, posting better than expected results," said Mary Puma, chairman and CEO. "We saw substantial increases in revenues, cash flow and orders for both capacity expansions and leading-edge process design wins from all regions of the world. This has had a very positive effect on our financial performance; we generated positive cash flow from operations for the first half of the year and remain well on track to return to profitability." She continued, "We are seeing growing demand from both new and existing customers for our high current product line due to significant productivity and device performance advantages the Optima HDx system provides. We expect this to translate into market share gains in 2010 and beyond."
Second Quarter 2010 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter 2010. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com, or by dialing 1-888-679-8033 (1-617-213-4846 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 30719656. Webcast and telephone replays will be available from 8 pm ET on July 28, 2010 until 11:59 pm on October 26, 2010. Dial 1- 888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code# 41501993.
Safe Harbor Statement
This document contains 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, our ability to implement successfully our profit plans, 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 Technologies, Inc. (Nasdaq:ACLS) headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life support of ion implantation and cleaning systems. The company's Internet address is: www.axcelis.com.
Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, ------------------- -------------------- 2010 2009 2010 2009 -------- --------- --------- --------- Revenue Product $50,693 $25,764 $90,971 $43,498 Service 7,510 7,611 15,732 15,395 Royalties from SEN -- 175 -- 385 -------- --------- --------- --------- 58,203 33,550 106,703 59,278 Cost of revenue Product 33,690 22,658 64,010 40,890 Service 4,645 5,006 9,818 9,495 -------- --------- --------- --------- 38,335 27,664 73,828 50,385 Gross profit 19,868 5,886 32,875 8,893 Operating expenses Research and development 9,477 7,752 18,610 17,287 Sales and marketing 6,606 6,285 13,210 13,164 General and administrative 7,464 8,531 15,164 19,201 Restructuring charges -- 4,114 -- 5,098 -------- --------- --------- --------- 23,547 26,682 46,984 54,750 -------- --------- --------- --------- Loss from operations (3,679) (20,796) (14,109) (45,857) Other income (expense) Gain on sale of SEN -- -- -- 1,080 Equity loss of SEN -- -- -- (3,238) Interest income 25 30 54 93 Interest expense -- -- -- (1,676) Other, net 342 (1,311) (65) (1,516) -------- --------- --------- --------- 367 (1,281) (11) (5,257) -------- --------- --------- --------- Loss before income taxes (3,312) (22,077) (14,120) (51,114) Income taxes 1,217 302 1,510 420 -------- --------- --------- --------- Net loss $(4,529) $(22,379) $(15,630) $(51,534) ======== ========= ========= ========= Net loss per share Basic and diluted net loss per share $(0.04) $(0.22) $(0.15) $(0.50) ======== ========= ========= ========= Shares used in computing basic and diluted net loss per share Weighted average common shares 104,170 103,286 104,143 103,285 ======== ========= ========= =========
Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) December June 30, 31, 2010 2009 --------- --------- ASSETS Current assets Cash and cash equivalents $47,886 $45,020 Restricted cash 4,047 4,918 Accounts receivable, net 34,264 19,094 Inventories, net 97,824 114,558 Prepaid expenses and other current assets 14,877 10,016 --------- --------- Total current assets 198,898 193,606 Property, plant and equipment, net 39,521 40,868 Long-term restricted cash -- 2,245 Other assets 10,255 13,884 --------- --------- $248,674 $250,603 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $17,854 $9,680 Accrued compensation 10,402 9,267 Warranty 974 638 Income taxes 1,367 1,499 Deferred revenue 10,097 5,127 Other current liabilities 4,424 3,546 --------- --------- Total current liabilities 45,118 29,757 Long-term deferred revenue 895 563 Other long-term liabilities 3,630 3,884 --------- --------- Stockholders' equity Preferred stock -- -- Common stock 104 104 Additional paid-in capital 490,686 488,321 Treasury stock (1,218) (1,218) Accumulated deficit (291,577) (275,947) Accumulated other comprehensive income 1,036 5,139 --------- --------- 199,031 216,399 --------- --------- $248,674 $250,603 ========= =========
Axcelis Technologies, Inc. Consolidated Statements of Cash Flow (In thousands) (Unaudited) Six months ended June 30, -------------------- 2010 2009 --------- --------- Cash flows from operating activities Net loss $(15,630) $(51,534) Adjustments to reconcile net loss to net cash used for operating activities Undistributed loss of SEN -- 3,238 Depreciation and amortization 3,711 3,727 Gain on sale of SEN -- (1,080) Accretion of premium on convertible debt -- 133 Stock-based compensation expense 1,568 1,316 Provision for excess inventory 1,331 7,492 Changes in operating assets & liabilities Accounts receivable (16,011) 4,117 Inventories 13,844 9,229 Prepaid expenses and other current assets (5,051) 5,956 Accounts payable & other current liabilities 11,502 (5,932) Deferred revenue 5,366 (5,072) Income taxes (110) 139 Other assets and liabilities 1,673 (401) --------- --------- Net cash provided by (used for) operating activities 2,193 (28,672) Cash flows from investing activities Expenditures for property, plant, and equipment (480) (354) Decrease in restricted cash 3,116 1,741 Proceeds from sale of SEN -- 132,847 Payments related to sale of SEN -- (10,590) --------- --------- Net cash provided by investing activities 2,636 123,644 Cash flows from financing activities Repayment of convertible debt -- (83,344) Financing fees and other expenses (514) -- Proceeds from exercise of stock options 55 -- Proceeds from Employee Stock Purchase Plan 206 65 --------- --------- Net cash used for financing activities (253) (83,279) Effect of exchange rate changes on cash (1,710) 384 --------- --------- Net increase in cash and cash equivalents 2,866 12,077 Cash and cash equivalents at beginning of period 45,020 37,694 --------- --------- Cash and cash equivalents at end of period $47,886 $49,771 ========= =========
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SOURCE: Axcelis Technologies, Inc.
CONTACT: Axcelis Technologies, Inc. Editorial/Media Maureen Hart 978.787.4266 Maureen.hart@axcelis.com Financial Community Stephen Bassett 978.787.4110 Stephen.bassett@axcelis.com