Axcelis Announces Financial Results For Second Quarter 2012

August 2, 2012 at 4:07 PM EDT

BEVERLY, Mass., Aug. 2, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended June 30, 2012. The Company reported second quarter revenue of $59.1 million, compared to $55.0 million for the first quarter of 2012. Net loss for the quarter was $471 thousand, or $0.00 per diluted share, which includes a $153 thousand or $0.00 per share restructuring charge. This compares to a net loss for the first quarter of 2012 of $10.0 million, or $0.09 per share, which includes a $2.9 million, or $0.03 per share restructuring charge. Cash and cash equivalents were $33.8 million at June 30, 2012.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Despite an industry slowdown during the quarter, we were able to deliver breakeven profitability with a slight miss in revenue guidance.  We have taken further steps to reduce our expenses and lower our quarterly breakeven revenue, while continuing to invest in future growth."

Second Quarter 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter of 2012.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4211 (1.617.213.4864 outside North America).  Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 90932672. A replay of the webcast will be available for 30 days following the conference call.

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

Financial Community:
Jay Zager
978.787.9408

Editorial/Media Community:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

In thousands, except per share amounts

(Unaudited)



Three Months ended

Six Months ended

June 30,

June 30,

2012

2011

2012

2011

Revenue







Product

$              51,465

$              84,334

$              99,003

$            170,937

Services

7,649

9,046

15,117

15,613

Total revenue

59,114

93,380

114,120

186,550

Cost of revenue







Product

30,599

52,905

59,883

109,778

Services

5,727

6,337

10,913

11,553

Total cost of revenue

36,326

59,242

70,796

121,331








Gross profit

22,788

34,138

43,324

65,219








Operating expenses







  Research and development

10,478

11,829

22,147

23,647

  Sales and marketing

6,231

7,675

12,814

15,494

  General and administrative

6,488

8,416

14,287

17,471

  Restructuring charges

153

-

3,034

-

    Total operating expense

23,350

27,920

52,282

56,612








Income (loss) from operations

(562)

6,218

(8,958)

8,607








Other income (expense)







  Interest income

9

11

18

17

  Other-net

551

(1,158)

(373)

(1,608)

Total other income (expense)

560

(1,147)

(355)

(1,591)








Income (loss) before income taxes

(2)

5,071

(9,313)

7,016








Income taxes

469

844

1,186

977








Net income (loss)

$                  (471)

$                4,227

$             (10,499)

$                6,039








Net income (loss) per share







  Basic and diluted net income (loss) per share

$                 (0.00)

$                  0.04

$                 (0.10)

$                  0.06










Shares used in computing basic and diluted net income (loss) per share







  Basic weighted average common shares

107,639

106,097

107,353

106,017

  Diluted weighted average common shares

107,639

108,911

107,353

109,723

 

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

In thousands

(Unaudited)


Three months ended

Six months ended

June 30,

June 30,

2012

2011

2012

2011








      Net income (loss)

$     (471)

$   4,227

$   (10,499)

$   6,039

Other comprehensive income:






     Foreign currency translation adjustments

(1,469)

1,639

(1,413)

2,964

              Comprehensive income (loss)

$   (1,940)

$   5,866

$   (11,912)

$   9,003

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

In thousands

(Unaudited)







June 30,

December 31,


2012

2011





ASSETS



Current assets



  Cash and cash equivalents

$                  33,797

$                  46,877

  Accounts receivable, net 

34,978

35,071

  Inventories, net

126,647

120,023

  Prepaid expenses and other current assets

10,203

10,062

Total current assets

205,625

212,033





Property, plant and equipment, net

35,779

37,204

Long-term restricted cash

101

104

Other assets

11,515

19,904

Total assets

$                253,020

$                269,245





LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities



  Accounts payable

$                  17,642

$                  19,551

  Accrued compensation 

7,916

8,285

  Warranty 

2,589

3,556

  Income taxes 

210

495

  Deferred revenue

8,398

10,786

  Other current liabilities

4,070

4,799

Total current liabilities

40,825

47,472





Long-term deferred revenue

761

1,488

Other long-term liabilities

5,771

5,730

Total liabilities

47,357

54,690










Stockholders' equity



  Preferred stock

-

-

  Common stock

108

107

  Additional paid-in capital

502,351

499,332

  Treasury stock 

(1,218)

(1,218)

  Accumulated deficit

(298,942)

(288,443)

  Accumulated other comprehensive income

3,364

4,777

Total stockholders' equity

205,663

214,555

              Total liabilities and stockholders' equity

$                253,020

$                269,245

 

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

In thousands

(Unaudited)




Six months ended




Jun 30,





2012

2011

Cash flows from operating activities:





Net income (loss)

$

(10,499)

$

6,039

Adjustments to reconcile net income (loss) to net cash used 






for operating activities:








Depreciation and amortization

3,625

4,009



Deferred taxes

995

16



Stock-based compensation expense

2,010

2,124



Provision for excess inventory

406

536


Changes in operating assets and liabilities:








Accounts receivable

16

571



Inventories

(7,213)

(13,894)



Prepaid expenses and other current assets

(808)

4,442



Accounts payable and other current liabilities

(3,928)

(3,618)



Deferred revenue

(3,109)

(2,989)



Income taxes 

(286)

629



Other assets and liabilities

6,226

(5,920)



Net cash used for operating activities

(12,565)

(8,055)

Cash flows from investing activities:







Expenditures for property, plant and equipment

(385)

(1,231)


(Increase) decrease in restricted cash

3

(9)



Net cash used for investing activities

(382)

(1,240)

Cash flows from financing activities:







Financing fees and other expenses

-

(194)


Proceeds from the exercise of stock options

847

239


Proceeds from Employee Stock Purchase Plan

179

275



Net cash provided by financing activities

1,026

320

Effect of exchange rate changes on cash

(1,159)

1,089

Net decrease in cash and cash equivalents

(13,080)

(7,886)

Cash and cash equivalents at beginning of period

46,877

45,743

Cash and cash equivalents at end of period                   

$

33,797

$

37,857

 

SOURCE Axcelis Technologies, Inc.