Axcelis Announces Financial Results for Fourth Quarter and Full Year 2011

February 2, 2012 at 4:01 PM EST

BEVERLY, Mass., Feb. 2, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2011. The Company reported fourthquarter revenue of $60.4 million, compared to $72.5 million for the third quarter of 2011. Net loss for the quarter was $2.1 million, or $0.02 per diluted share, which includes a $900 thousand or $0.01 per share charge related to a tax audit in Europe. This compares to net income for the third quarter of 2011 of $1.2 million, or $0.01 per share. Cash and cash equivalents, were $47.0 million at December 31, 2011.

For the full year 2011, the Company reported revenue of $319.4 million compared with $275.2 million in 2010, a 16% increase. Net income for the year was $5.1 million, or $0.05 per share. In addition, the Company generated $1.1 million of cash for the year. In 2010, the Company reported a net loss of $17.6 million, or $0.17 per share, and utilized $6.3 million of cash.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Operating results for the fourth quarter were in line with expectations. To best position the Company moving forward, we have taken proactive steps to focus our strategy, significantly reduce our cost structure and optimize our financial performance. These improvements will benefit us as the market recovers."

Fourth Quarter and Full Year 2011 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the fourth quarter and full year 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 1.888.680.0860 (1.617.213.4852 outside North America).  Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 34113857. Webcast replays will be available from 8 pm ET on February 2, 2012 until 11:59 pm on March 3, 2012.

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.

Company Contacts:
Maureen Hart (editorial/media) 978.787.4266
maureen.hart@axcelis.com

Jay Zager (financial community) 978.787.9408
jay.zager@axcelis.com

Axcelis Technologies, Inc.

Consolidated Statements of Operations

In thousands, except per share amounts

(Unaudited)














Three Months ended

Twelve Months ended



December 31,

December 31,



2011

2010

2011

2010










Revenue








Product

$                  52,037

$                  85,638

$                 287,324

$                242,771

Services

8,374

7,765

32,092

32,441



60,411

93,403

319,416

275,212

Cost of revenue








Product

31,408

56,189

181,241

168,047

Services

6,380

5,721

23,438

21,327



37,788

61,910

204,679

189,374










Gross profit

22,623

31,493

114,737

85,838










Operating expenses








 Research and development

12,140

11,042

47,176

39,524

 Sales and marketing

6,524

7,188

29,255

27,549

 General and administrative

5,245

9,083

31,174

32,132



23,909

27,313

107,605

99,205










Income (loss) from operations

(1,286)

4,180

7,132

(13,367)










Other income (expense)








 Interest income

18

27

42

96

 Other-net

342

(1,929)

297

(3,990)



360

(1,902)

339

(3,894)










Income (loss) before income taxes

(926)

2,278

7,471

(17,261)










Income taxes (benefits)

1,187

(2,052)

2,394

312










Net income (loss)


$                  (2,113)

$                    4,330

$                     5,077

$                (17,573)










Net income (loss) per share








Basic


$                    (0.02)

$                      0.04

$                       0.05

$                    (0.17)

Diluted

$                    (0.02)

$                      0.04

$                       0.05

$                    (0.17)










Shares used in computing net income (loss) per share








Basic


106,476

105,163

106,234

104,522

Diluted

106,476

109,454

109,098

104,522


Axcelis Technologies, Inc.

Consolidated Balance Sheet

In thousands

(Unaudited)





December 31,





2011

2010

ASSETS



Current assets




Cash and cash equivalents

$                 46,877

$              45,743

Accounts receivable, net


35,071

57,888

Inventories, net

120,023

109,653

Prepaid expenses and other current assets

10,062

15,346


Total current assets

212,033

228,630








Property, plant and equipment, net

37,204

38,594

Long-term restricted cash

104

107

Other assets

19,904

13,541





$               269,245

$            280,872









LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities




Accounts payable

$                 19,551

$              36,709

Accrued compensation


8,285

10,597

Warranty


3,556

2,556

Income taxes


495

-

Deferred revenue

10,786

13,859

Other current liabilities

4,799

4,408


Total current liabilities

47,472

68,129








Long-term deferred revenue

1,488

2,417

Other long-term liabilities

5,730

4,759
















Stockholders' equity




Preferred stock

-

-

Common stock

107

106

Additional paid-in capital

499,332

493,967

Treasury stock

(1,218)

(1,218)

Accumulated deficit

(288,443)

(293,520)

Accumulated other comprehensive income

4,777

6,232





214,555

205,567





$               269,245

$            280,872


Axcelis Technologies, Inc.

Consolidated Statements of Cash Flow

In thousands

(Unaudited)


Twelve months ended


December 31,


2011

2010

Cash flows from operating activities




Net income (loss)

$         5,077

$      (17,573)

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:





Depreciation and amortization

8,497

7,045


Deferred income taxes

613

(1,409)


Stock-based compensation expense

4,687

4,088


Provision for excess inventory

1,015

2,015


Changes in operating assets & liabilities






Accounts receivable

22,692

(38,652)



Inventories

(11,870)

3,549



Prepaid expenses and other current assets

3,049

(3,469)



Accounts payable & other current liabilities

(17,940)

32,276



Deferred revenue

(4,006)

10,601



Income taxes

507

(1,522)



Other assets and liabilities

(8,788)

(2,841)




Net cash provided by (used for) operating activities

3,533

(5,892)

Cash flows from investing activities





Expenditures for property, plant, and equipment

(2,124)

(1,403)


Decrease in restricted cash

3

7,056




Net cash provided by (used for) investing activities

(2,121)

5,653

Cash flows from financing activities





Financing fees and other expenses

(199)

(523)


Proceeds from exercise of stock options

288

553


Proceeds from Employee Stock Purchase Plan

502

569




Net cash provided by financing activities

591

599

Effect of exchange rate changes on cash

(869)

363

Net increase in cash and cash equivalents

1,134

723

Cash and cash equivalents at beginning of period

45,743

45,020

Cash and cash equivalents at end of period

$       46,877

$       45,743


SOURCE Axcelis Technologies, Inc.