Axcelis Announces Financial Results For Second Quarter 2013

August 1, 2013 at 4:06 PM EDT

BEVERLY, Mass., Aug. 1, 2013 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended June 30, 2013. The Company reported second quarter revenue of $47.5 million, compared to $40.7 million for the first quarter of 2013. Net loss for the quarter was $4.0 million, or ($0.04) per share.  This compares to a net loss for the first quarter of 2013 of $9.0 million, or ($0.08) per share. Cash and cash equivalents were $34.6 million at June 30, 2013 compared with $42.4 million at March 31, 2013.

Chairman and CEO Mary Puma said, "Second quarter results were in line with our forecast, reflecting our expectations for an improving market in 2013.  During this last industry downturn we invested in our competitive Purion platform, improved our financial position and strengthened our team.  We have received positive feedback from our customers regarding these initiatives and as the industry picks up, we expect to capitalize on these investments."

Second Quarter 2013 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter of 2013.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4213 (1.617.213.4865 outside North America).  Participants calling into the conference call will be requested to provide the passcode:  20165545. 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, has been providing  innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation, one of the most critical and enabling steps in the IC manufacturing process.  The Company's Internet address is: www.axcelis.com.

Company Contacts
Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
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,

2013

2012

2013

2012

Revenue







Product

$40,769

$51,465

$75,220

$99,003

Services

6,732

7,649

13,006

15,117

   Total revenue

47,501

59,114

88,226

114,120

Cost of revenue







Product

25,457

30,599

47,638

59,883

Services

5,307

5,727

10,910

10,913

   Total cost of revenue

30,764

36,326

58,548

70,796









Gross profit

16,737

22,788

29,678

43,324









Operating expenses







Research and development

8,503

10,478

17,709

22,147

Sales and marketing

5,594

6,231

10,796

12,814

General and administrative

6,412

6,488

13,001

14,287

Gain on sale of dry strip assets and intellectual property

(799)

-

(1,167)

-

Restructuring charges

421

153

2,222

3,034

   Total operating expenses

20,131

23,350

42,561

52,282









Loss from operations

(3,394)

(562)

(12,883)

(8,958)









Other income (expense)







Interest income

3

9

6

18

Interest expense

(51)

-

(115)

-

Other, net

(314)

551

580

(373)

   Total other income (expense)

(362)

560

471

(355)









Loss before income taxes

(3,756)

(2)

(12,412)

(9,313)









Income taxes

263

469

596

1,186









Net loss

($4,019)

($471)

($13,008)

($10,499)









Net loss per share







   Basic and Diluted

($0.04)

($0.00)

($0.12)

($0.10)









Shares used in computing net loss per share







   Basic and diluted weighted average common shares

108,409

107,639

108,319

107,353









 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 







June 30,

December 31,

2013

2012

ASSETS



Current assets



   Cash and cash equivalents

$

34,639

$

44,986

   Accounts receivable, net

30,220

24,843

   Inventories, net

96,412

100,234

   Restricted cash

104

106

       Prepaid expenses and other current assets

6,025

5,056

         Total current assets

167,400

175,225





   Property, plant and equipment, net

32,964

34,413

   Other assets

13,406

12,520

        Total assets

$

213,770

$

222,158





LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities



   Accounts payable

$

16,188

$

10,166

   Accrued compensation

6,559

7,283

   Warranty

1,419

1,700

   Income taxes

226

278

   Deferred revenue

5,728

6,423

   Other current liabilities

4,432

3,932

         Total current liabilities

34,552

29,782





Long-term deferred revenue

259

456

Other long-term liabilities

5,829

5,844

         Total liabilities

40,640

36,082










Stockholders' equity



    Preferred stock, $0.001 par value, 30,000 shares authorized;

           none issued or outstanding

—

—

    Common stock, $0.001 par value, 300,000 shares authorized;

          108,772 shares issued and 108,652 shares outstanding at

          June 30, 2013;108,293 shares issued and 108,173 shares

          outstanding at December 31, 2012


109

108

     Additional paid-in capital

506,647

504,643

     Treasury stock, at cost, 120 shares at June 30, 2013 and

           December 31, 2012

(1,218)

(1,218)

     Accumulated deficit

(335,485)

(322,477)

     Accumulated other comprehensive income

3,077

5,020

              Total stockholders' equity

173,130

186,076

              Total liabilities and stockholders' equity

$

213,770

$

222,158







 

 

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 













Six months ended






June 30,






2013

2012

Cash flows from operating activities



Net loss

($13,008)

($10,499)

Adjustments to reconcile net loss to net cash used for operating activities:




Depreciation and amortization

2,719

3,625


Gain on sale of dry strip assets and intellectual property

(1,167)

--


Deferred taxes

52

995


Stock-based compensation expense

1,644

2,010


Provision for excess inventory

2,370

406


Changes in operating assets & liabilities





Accounts receivable        

(5,587)

16



Inventories

431

(7,213)



Prepaid expenses and other current assets

(1,049)

(808)



Accounts payable and other current liabilities

5,642

(3,928)



Deferred revenue

(891)

(3,109)



Income taxes

(48)

(286)



Other assets and liabilities

(1,905)

6,226




Net cash used for operating activities

(10,797)

(12,565)









Cash flows from investing activities




Proceeds from sale of dry strip assets and intellectual property

1,200

-


Expenditures for property, plant, and equipment

(336)

(385)


Decrease in restricted cash

2

3




Net cash provided by (used for) investing activities

866

(382)









Cash flows from financing activities




Proceeds from exercise of stock options

206

847


Proceeds from Employee Stock Purchase Plan

197

179




Net cash provided by financing activities

403

1,026

Effect of exchange rate changes on cash

(819)

(1,159)

Net decrease in cash and cash equivalents

(10,347)

(13,080)

Cash and cash equivalents at beginning of period

44,986

46,877

Cash and cash equivalents at end of period

$34,639

$33,797









 

SOURCE Axcelis Technologies, Inc.