Axcelis Announces Financial Results for First Quarter 2011
BEVERLY, Mass., Apr 27, 2011 (GlobeNewswire via COMTEX) --
Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the first quarter ended March 31, 2011. Revenue for the first quarter was $93.2 million, compared with $93.4 million in Q4, and $48.5 million for the same period a year ago. Net income for the quarter was $1.8 million, or $0.02 per diluted share. Prior quarter net income was $4.3 million or $0.04 per diluted share, of which $2.1 million or $0.02 per diluted share was attributable to a one-time tax benefit. In the prior year period, the company reported a net loss of $11.1 million, or $0.11 cents per share. Cash and cash equivalents, including restricted cash, were $44.9 million at March 31, 2011.
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Axcelis is off to a solid start in 2011. The momentum we built in 2010 with our Optima and Integra product lines is accelerating as customers continue to recognize the productivity and technological advantages our systems provide." She continued, "As expected, we gained market share in implant in 2010, particularly in high current and in high energy. Over the next year, we plan to continue to introduce highly differentiated technology, further expanding our customer base and gaining additional market share."
First Quarter 2011 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter of 2011. 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 1-888-713-4205 (1-617-213-4862 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 49696794. Webcast replays will be available from 8 pm ET on April 27, 2011 until 11:59 pm on June 26, 2011.
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 cycle 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
March 31,
----------------------
2011 2010
--------- -----------
Revenue
Product $ 86,603 $ 40,278
Service 6,567 8,222
--------- -----------
93,170 48,500
Cost of revenue
Product 56,873 30,320
Service 5,216 5,173
--------- -----------
62,089 35,493
Gross profit 31,081 13,007
Operating expenses
Research and
development 11,818 9,133
Sales and marketing 7,819 6,604
General and
administrative 9,055 7,700
--------- -----------
28,692 23,437
--------- -----------
Income (loss) from
operations 2,389 (10,430)
Other income (expense)
Interest income 6 29
Other, net (450) (407)
--------- -----------
(444) (378)
--------- -----------
Income (loss) before
income taxes 1,945 (10,808)
Income taxes 133 293
--------- -----------
Net Income (loss) $ 1,812 $ (11,101)
========= ===========
Net income (loss) per
share $ 0.02 $ (0.11)
Basic $ 0.02 $ (0.11)
Diluted
Shares used in
computing net income
(loss) per share 105,936 104,116
Basic 110,791 104,116
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
December
March 31, 31,
2011 2010
---------- ----------
ASSETS
Current assets
Cash and cash
equivalents $ 44,782 $ 45,743
Accounts receivable, net 49,948 57,888
Inventories, net 123,356 109,653
Prepaid expenses and
other current assets 11,026 15,346
---------- ----------
Total current assets 229,112 228,630
Property, plant and
equipment, net 38,315 38,594
Long-term restricted cash 113 107
Other assets 18,770 13,541
---------- ----------
$ 286,310 $ 280,872
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 38,064 $ 36,709
Accrued compensation 12,877 10,597
Warranty 3,060 2,556
Deferred revenue 10,880 13,859
Other current
liabilities 3,855 4,408
---------- ----------
Total current
liabilities 68,736 68,129
Long-term deferred revenue 2,417 2,417
Other long-term
liabilities 5,090 4,759
---------- ----------
Stockholders' equity
Preferred stock -- --
Common stock 106 106
Additional paid-in
capital 495,330 493,967
Treasury stock (1,218) (1,218)
Accumulated deficit (291,708) (293,520)
Accumulated other
comprehensive income 7,557 6,232
---------- ----------
210,067 205,567
---------- ----------
$ 286,310 $ 280,872
========== ==========
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
Three months ended
March 31,
----------------------
2011 2010
--------- -----------
Cash flows from operating activities
Net loss $ 1,812 $ (11,101)
Adjustments to reconcile net loss to net
cash used for operating activities
Depreciation and amortization 1,882 1,937
Deferred taxes 33 167
Stock-based compensation expense 1,222 817
Provision for excess inventory 246 758
Changes in operating assets &
liabilities:
Accounts receivable 8,245 (15,425)
Inventories (13,350) 8,252
Prepaid expenses and other current
assets 4,404 (362)
Accounts payable & other current
liabilities 3,168 4,922
Deferred revenue (2,996) 526
Income taxes 3 (408)
Other assets and liabilities (5,875) 54
--------- -----------
Net cash used for operating
activities (1,206) (9,863)
Cash flows from investing activities
Expenditures for property, plant, and
equipment (610) (263)
Decrease (increase) in restricted cash (6) 319
--------- -----------
Net cash provided by (used for)
investing activities (616) 56
Cash flows from financing activities
Financing fees and other expenses -- (431)
Proceeds from exercise of stock options 197 32
Proceeds from Employee Stock Purchase
Plan 239 169
--------- -----------
Net cash provided by (used for)
financing activities 436 (230)
Effect of exchange rate changes on cash 425 (182)
--------- -----------
Net decrease in cash and cash equivalents (961) (10,219)
Cash and cash equivalents at beginning of
period 45,743 45,020
--------- -----------
Cash and cash equivalents at end of
period $ 44,782 $ 34,801
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This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Axcelis Technologies, Inc.
CONTACT: Maureen Hart (editorial/media) 978.787.4266 maureen.hart@axcelis.com Jay Zager (financial community) 978.787.9408 jay.zager@axcelis.com
