Axcelis Announces Financial Results For Third Quarter 2012

November 1, 2012 at 4:06 PM EDT

BEVERLY, Mass., Nov. 1, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended September 30, 2012. The Company reported third quarter revenue of $44.6 million, compared to $59.1 million for the second quarter of 2012. Net loss for the quarter was $8.7 million, or $0.08 per diluted share, which includes a $0.6 million or $.01 per share restructuring charge. This compares to a net loss for the second quarter of 2012 of $0.5 million, or $0.00 per share, which included a $0.2 million restructuring charge. Cash and cash equivalents were $35.2 million at September 30, 2012 compared with $33.8 million at June 30, 2012.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Although industry conditions remained difficult during the third quarter, we continued to seed the market with product penetrations, including shipping our first Purion M medium current implant evaluation system. In addition, we contained spending and realized a modest increase in cash. These actions will position the company well as industry trends improve."

Third Quarter 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the third quarter of 2012.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4199 (1.617.213.4861 outside North America).  Participants calling into the conference call will be requested to provide the passcode:  87434251. A replay of the webcast will be available for 30 days following the conference call.

Safe Harbor Statement

The conference call will 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 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
September 30,

Nine months ended
September 30,


2012

2011

2012

2011

Revenue








Product

$

37,093

$

64,350

$

136,096

$

235,287

Service

7,547

8,105

22,664

23,718

          Total revenue

44,640

72,455

158,760

259,005

Cost of revenue








Product

24,809

40,055

84,692

149,833

Service

5,464

5,505

16,377

17,058

          Total cost of revenue

30,273

45,560

101,069

166,891










Gross profit

14,367

26,895

57,691

92,114










Operating expenses








Research and development

9,851

11,389

31,999

35,036

Sales and marketing

5,470

7,237

18,284

22,731

General and administrative

6,325

8,458

20,611

25,929

Restructuring charges

578

-

3,612

-

           Total operating expenses


22,224

27,084

74,506

83,696










Income (loss) from operations

(7,857)

(189)

(16,815)

8,418










Other income (expense)








Interest income

9

7

27

24

Other, net

(627)

1,563

(999)

(45)

           Total other income (expense)

(618)

1,570

(972)

(21)










Income (loss) before income taxes

(8,475)

1,381

(17,787)

8,397










Income taxes

243

230

1,429

1,207










Net income (loss)

$

(8,718)

$

1,151

$

(19,216)

$

7,190










Net income (loss) per share








Basic and diluted net income (loss) per share

$

(0.08)

$

0.01

$       (0.18)

$

0.07
























Shares used in computing basic and diluted net income

    (loss) per share








Basic weighted average common shares

107,855

106,417

107,521

106,152

Diluted weighted average common shares

107,855

108,192

107,521

109,452

 

Axcelis Technologies, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

Three months ended
September 30,

Nine months ended
September 30,


2012

2011

2012

2011










Net income (loss)

$

(8,718)

$

1,151

$

(19,216)

$

7,190

Other comprehensive income:








Foreign currency translation adjustments

1,105

(3,999)

(308)

(1,034)

Comprehensive income (loss)

$

(7,613)

$

(2,848)

$

(19,524)

$

6,156

 

Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

September 30,
2012

December 31,
2011

ASSETS




Current assets




Cash and cash equivalents

$

35,220

$

46,877

Accounts receivable, net

24,978

35,071

Inventories, net

123,280

120,023

Prepaid expenses and other current assets

4,973

10,062

Total current assets

188,451

212,033






Property, plant and equipment, net

35,107

37,204

Long-term restricted cash

103

104

Other assets

12,928

19,904

        Total assets

$

236,589

$

269,245






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities




Accounts payable

$

11,683

$

19,551

Accrued compensation

7,175

8,285

Warranty

2,107

3,556

Income taxes

356

495

Deferred revenue

6,641

10,786

Other current liabilities

3,711

4,799

Total current liabilities

31,673

47,472






Long-term deferred revenue

544

1,488

Other long-term liabilities

4,944

5,730

         Total liabilities

37,161

54,690






Commitments and contingencies






Stockholders' equity




Preferred stock

—

—

Common stock

108

107

Additional paid-in capital

503,728

499,332

Treasury stock

(1,218)

(1,218)

Accumulated deficit

(307,659)

(288,443)

Accumulated other comprehensive income

4,469

4,777

          Total stockholders' equity

199,428

214,555

          Total liabilities and stockholders' equity

$

236,589

$

269,245

 

Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

Nine months ended
September 30,


2012

2011

Cash flows from operating activities:




Net income (loss)

$

(19,216)

$

7,190

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

    operating activities:




Depreciation and amortization

5,419

6,180

Deferred taxes

998

75

Stock-based compensation expense

3,411

3,644

Provision for excess inventory

678

661

Changes in operating assets & liabilities




Accounts receivable

10,143

17,994

Inventories

(3,496)

(13,384)

Prepaid expenses and other current assets

4,490

5,910

Accounts payable & other current liabilities

(11,601)

(15,237)

Deferred revenue

(5,089)

(4,339)

Income taxes

(135)

798

Other assets and liabilities

3,025

(8,640)

Net cash (used for) provided by operating activities

(11,373)

852

Cash flows from investing activities:




Expenditures for property, plant, and equipment

(536)

(1,950)

Decrease in restricted cash

1

—

Net cash used for investing activities

(535)

(1,950)

Cash flows from financing activities:




Financing fees and other expenses

-

(199)

Proceeds from exercise of stock options

863

272

Proceeds from Employee Stock Purchase Plan

179

275

Net cash provided by financing activities

1,042

348

Effect of exchange rate changes on cash

(791)

(580)

Net decrease in cash and cash equivalents

(11,657)

(1,330)

Cash and cash equivalents at beginning of period

46,877

45,743

Cash and cash equivalents at end of period

$

35,220

$

44,413

 

SOURCE Axcelis Technologies, Inc.