Axcelis Announces Financial Results For Fourth Quarter And Full Year 2012

February 4, 2013 at 4:11 PM EST

BEVERLY, Mass., Feb. 4, 2013 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2012. The Company reported fourth quarter revenue of $44.6 million, compared to $44.6 million for the third quarter of 2012.  Net loss for the quarter was $14.8 million, or ($0.14) per share, which included:  a $7.9 million gain from the sale of the Company's dry strip intellectual property and related assets to Lam Research Corporation in December 2012; a $13.4 million charge associated with an inventory write off; and $0.6 million of restructuring charges.  This compares to a net loss for the third quarter of 2012 of $8.7 million. Cash and cash equivalents were $45.0 million at December 31, 2012, which included $8.7 million from the sale of assets to Lam Research.

For the full year 2012, the Company reported revenue of $203.4 million, compared with $319.4 million for full year 2011. Net loss for the year was $34.0 million or ($0.32) per share.  This compares to net income for the full year 2011 of $5.1 million, or $0.05 per diluted share.  The full year 2012 results reflect the $7.9 million gain on the sale of assets to Lam Research, the $13.4 million charge associated with an inventory write off, and $4.2 million of restructuring charges.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Conditions during the fourth quarter remained challenging, pressuring both systems and GSS revenues.  Despite this, Axcelis generated cash from operations in the quarter, excluding the Lam transaction proceeds, and delivered financial operating results as expected.  We are committed to managing through the cycle with solid fiscal and operational management.  Our strong product portfolio and the opportunities from our collaborative relationship with Lam give Axcelis momentum entering 2013."

Fourth Quarter and Full Year 2012 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 2012.  An audio webcast will be available on the Investor page of Axcelis' website 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 pass code 55840939. A webcast replay will be available on the Axcelis' website for 30 days following the call.

Safe Harbor Statement
This press release and the announced 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 systems, one of the most critical and enabling steps in the IC manufacturing process. For more information, please visit: 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

December 31,

Twelve months ended

December 31,






2012

2011

2012

2011

Revenue








Product

$ 38,212

$ 52,037

$  174,309

$  287,324

Services

6,412

8,374

29,076

32,092

   Total revenue

44,624

60,411

203,385

319,416

Cost of revenue








Product

38,902

31,408

123,593

181,241

Services

5,242

6,380

21,621

23,438

   Total cost of revenue

44,144

37,788

145,214

204,679










Gross profit

480

22,623

58,171

114,737










Operating expenses








Research and development

8,402

12,140

40,401

47,176

Sales and marketing

7,604

6,524

25,889

29,255

General and administrative

5,943

5,245

26,554

31,174

Gain on sale of dry strip assets and intellectual property

(7,904)

-

(7,904)

-

Restructuring charges

558

-

4,169

-

   Total operating expenses

14,603

23,909

89,109

107,605










Income (loss) from operations

(14,123)

(1,286)

(30,938)

7,132










Other income (expense)








Interest income

18

18

45

42

Other, net

(496)

342

(1,495)

297

   Total other income (expense)

(478)

360

(1,450)

339










Income (loss) before income taxes

(14,601)

(926)

(32,388)

7,471










Income taxes


217

1,187

1,646

2,394










Net income (loss)


$ (14,818)

$  (2,113)

$ (34,034)

$ 5,077










Net income (loss) per share








   Basic


$  (0.14)

$   (0.02)

$   (0.32)

$   0.05

   Diluted

$  (0.14)

$   (0.02)

$   (0.32)

$   0.05










Shares used in computing net income (loss) per share








Basic


107,910

106,476

107,619

106,234

Diluted

107,910

106,476

107,619

109,098
















 

 

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)



Three months ended
December 31,

Twelve months ended
December 31,


2012

2011

2012

2011









Net income (loss)

$

(14,818)

$

(2,113)

$

(34,034)

$

5,077

Other comprehensive income:







Foreign currency translation adjustments

950

(431)

642

(1,465)

    Actuarial net (loss) gain from pension plan

(399)

10

(399)

10

Comprehensive income (loss)

$

(14,267)

$

(2,534)

$

(33,791)

$

3,622

 

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)



December 31,
2012

December 31,
2011

ASSETS



Current assets



Cash and cash equivalents

$

44,986

$

46,877

Accounts receivable, net

24,843

35,071

Inventories, net

100,234

120,023

Restricted cash

106

-

    Prepaid expenses and other current assets

5,056

10,062

Total current assets

175,225

212,033

Property, plant and equipment, net

34,413

37,204

Long-term restricted cash

-

104

Other assets

12,520

19,904

        Total assets

$

222,158

$

269,245





LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities



Accounts payable

$

10,166

$

19,551

Accrued compensation

7,283

8,437

Warranty

1,700

3,556

Income taxes

278

495

Deferred revenue

6,423

10,786

Other current liabilities

3,932

4,647

Total current liabilities

29,782

47,472





Long-term deferred revenue

456

1,488

Other long-term liabilities

5,844

5,730

         Total liabilities

36,082

54,690





Stockholders' equity



Preferred stock

—

—

Common stock

108

107

Additional paid-in capital

504,643

499,332

Treasury stock

(1,218)

(1,218)

Accumulated deficit

(322,477)

(288,443)

Accumulated other comprehensive income

5,020

4,777

          Total stockholders' equity

186,076

214,555

          Total liabilities and stockholders' equity

$

222,158

$

269,245

 

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)





















Twelve months ended





December 31,





2012

2011

Cash flows from operating activities



Net income (loss)

$      (34,034)

$        5,077

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




Depreciation and amortization

6,877

8,497


Gain on sale of dry strip assets and intellectual property

(7,904)

-


Deferred taxes

834

585


Other

178

28


Stock-based compensation expense

3,976

4,687


Provision for excess inventory

14,492

1,015


Changes in operating assets and liabilities





Accounts receivable

10,478

22,692



Inventories

5,903

(11,870)



Prepaid expenses and other current assets

4,386

3,049



Accounts payable and other current liabilities

(13,490)

(17,940)



Deferred revenue

(5,396)

(4,006)



Income taxes

(225)

507



Other assets and liabilities

3,328

(8,788)




Net cash (used for) provided by operating activities

(10,597)

3,533








Cash flows from investing activities




Proceeds from sale of dry strip assets and intellectual property

8,716

-


Expenditures for property, plant, and equipment

(591)

(2,124)


(Increase) decrease in restricted cash

(2)

3




Net cash provided by (used for) investing activities

8,123

(2,121)








Cash flows from financing activities




Financing fees and other expenses

-

(200)


Proceeds from exercise of stock options

968

288


Proceeds from Employee Stock Purchase Plan

331

503




Net cash provided by financing activities

1,299

591

Effect of exchange rate changes on cash

(716)

(869)

Net (decrease) increase in cash and cash equivalents

(1,891)

1,134

Cash and cash equivalents at beginning of period

46,877

45,743

Cash and cash equivalents at end of period

$       44,986

$      46,877
















 

SOURCE Axcelis Technologies, Inc.