Axcelis Announces Financial Results For Third Quarter 2014
- Made strong progress on Purion platform:
- Shipped a Purion H™ high current implanter for evaluation at a leading
Asia Pacific chipmaker inSeptember 2014 , making the customer the second to install the complete Purion Platform. - Secured a multiple system revenue order for our Purion H high current implanter from another leading
Asia Pacific chipmaker, less than four months after taking delivery of a Purion H for a one year evaluation, demonstrating this customer's recognition of the Purion H's significant advantages. - Shipped a follow-on Purion XE™ high energy implanter to a chipmaker using the system for manufacturing DRAM devices. This order signals the start of a wave of increased memory spending.
- Shipped a Purion XE to a new customer who will use the system to manufacture advanced power, specialty logic and low power devices.
- Shipped a Purion H™ high current implanter for evaluation at a leading
- Signed a
$50M agreement inOctober 2014 for a sale leaseback expected to close in the fourth quarter. - Lowered our operating and cash breakeven level through a combination of restructuring and reduced discretionary spending.
The Company reported third quarter revenue of
Chairman and CEO
Third Quarter 2014 Conference Call
The Company will host a conference call today at
Safe Harbor Statement
This press release contains, and the conference call will contain, forward-looking statements under the
About
Company Contacts
Investor Relations:
978.787.9552
Editorial/Media:
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, |
|||||||
2014 |
2013 |
2014 |
2013 |
|||||
Revenue: |
||||||||
Product |
$32,360 |
$42,934 |
$122,170 |
$118,151 |
||||
Services |
6,171 |
5,897 |
18,351 |
18,907 |
||||
Total revenue |
38,531 |
48,831 |
140,521 |
137,058 |
||||
Cost of revenue: |
||||||||
Product |
18,823 |
27,339 |
73,646 |
74,976 |
||||
Services |
4,564 |
4,516 |
15,507 |
15,427 |
||||
Total cost of revenue |
23,387 |
31,855 |
89,153 |
90,403 |
||||
Gross profit |
15,144 |
16,976 |
51,368 |
46,655 |
||||
Operating expenses: |
||||||||
Research and development |
7,950 |
8,148 |
26,052 |
25,857 |
||||
Sales and marketing |
4,891 |
5,330 |
15,404 |
16,128 |
||||
General and administrative |
5,380 |
6,164 |
18,356 |
19,165 |
||||
Gain on sale of dry strip assets and intellectual property |
__ |
__ |
__ |
(1,167) |
||||
Restructuring charges |
2,288 |
112 |
2,648 |
2,334 |
||||
Total operating expenses |
20,509 |
19,754 |
62,460 |
62,317 |
||||
Loss from operations |
(5,365) |
(2,778) |
(11,092) |
(15,662) |
||||
Other income (expense): |
||||||||
Interest income |
2 |
3 |
6 |
8 |
||||
Interest expense |
(304) |
(193) |
(812) |
(308) |
||||
Other, net |
1,352 |
(1,252) |
1,282 |
(671) |
||||
Total other income (expense) |
1,050 |
(1,442) |
476 |
(971) |
||||
Loss before income taxes |
(4,315) |
(4,220) |
(10,616) |
(16,633) |
||||
Income taxes |
389 |
530 |
814 |
1,125 |
||||
Net loss |
$(4,704) |
$(4,750) |
$(11,430) |
$(17,758) |
||||
Net loss per share |
||||||||
Basic and Diluted |
$(0.04) |
$(0.04) |
$(0.10) |
$(0.16) |
||||
Shares used in computing net loss per share: |
||||||||
Basic and diluted weighted average common shares |
111,701 |
109,074 |
111,191 |
108,573 |
Axcelis Technologies, Inc. |
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Consolidated Balance Sheets |
||||||
(In thousands, except per share amounts) |
||||||
(Unaudited) |
||||||
September 30, |
December 31, |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
32,536 |
$ |
46,290 |
||
Accounts receivable, net |
29,904 |
36,587 |
||||
Inventories, net |
107,816 |
95,789 |
||||
Prepaid expenses and other current assets |
5,739 |
6,242 |
||||
Total current assets |
175,995 |
184,908 |
||||
Property, plant and equipment, net |
30,880 |
32,006 |
||||
Long-term restricted cash |
825 |
825 |
||||
Other assets |
12,843 |
15,810 |
||||
Total assets |
$ |
220,543 |
$ |
233,549 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable |
$ |
14,699 |
$ |
19,451 |
||
Accrued compensation |
5,830 |
4,845 |
||||
Warranty |
1,160 |
1,316 |
||||
Income taxes |
545 |
417 |
||||
Deferred revenue |
4,867 |
4,387 |
||||
Current portion of long-term debt |
1,164 |
471 |
||||
Other current liabilities |
3,462 |
4,573 |
||||
Total current liabilities |
31,727 |
35,460 |
||||
Long-term debt |
13,651 |
14,529 |
||||
Long-term deferred revenue |
175 |
322 |
||||
Other long-term liabilities |
7,266 |
7,236 |
||||
Total liabilities |
52,819 |
57,547 |
||||
Commitments and contingencies |
||||||
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; 112,037 shares issued and 111,917 shares outstanding at September 30, 2014; 110,225 shares issued and 110,105 shares outstanding at December 31, 2013 |
112 |
110 |
||||
Additional paid-in capital |
516,992 |
510,992 |
||||
Treasury stock, at cost, 120 shares at September 30, 2014 and December 31, 2013 |
(1,218) |
(1,218) |
||||
Accumulated deficit |
(351,051) |
(339,621) |
||||
Accumulated other comprehensive income |
2,889 |
5,739 |
||||
Total stockholders' equity |
167,724 |
176,002 |
||||
Total liabilities and stockholders' equity |
$ |
220,543 |
$ |
233,549 |
Axcelis Technologies, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
Nine months ended |
||||||||
September 30, |
||||||||
2014 |
2013 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
$(11,430) |
$(17,758) |
||||||
Adjustments to reconcile net loss to net cash used for operating activities: |
||||||||
Depreciation and amortization |
3,441 |
3,948 |
||||||
Gain on sale of dry strip assets and intellectual property |
— |
(1,167) |
||||||
Deferred taxes |
434 |
272 |
||||||
Stock-based compensation expense |
3,779 |
3,105 |
||||||
Provision for excess and obsolete inventory |
590 |
2,451 |
||||||
Changes in operating assets & liabilities: |
||||||||
Accounts receivable |
6,164 |
(4,359) |
||||||
Inventories |
(13,732) |
3,455 |
||||||
Prepaid expenses and other current assets |
351 |
(429) |
||||||
Accounts payable and other current liabilities |
(4,849) |
6,276 |
||||||
Deferred revenue |
372 |
(2,816) |
||||||
Income taxes |
151 |
(14) |
||||||
Other assets and liabilities |
976 |
(3,813) |
||||||
Net cash used for operating activities |
(13,753) |
(10,849) |
||||||
Cash flows from investing activities |
||||||||
Proceeds from sale of dry strip assets and intellectual property |
— |
1,200 |
||||||
Expenditures for property, plant, and equipment |
(710) |
(484) |
||||||
Increase in restricted cash |
— |
(1,477) |
||||||
Net cash used for investing activities |
(710) |
(761) |
||||||
Cash flows from financing activities |
||||||||
Increase in restricted cash |
— |
(825) |
||||||
Financing fees and other expenses |
— |
(473) |
||||||
Proceeds from exercise of stock options |
2,058 |
1,113 |
||||||
Proceeds from Employee Stock Purchase Plan |
227 |
197 |
||||||
Proceeds from issuance of Term Loan |
— |
15,000 |
||||||
Principal payments on Term Loan |
(185) |
— |
||||||
Net cash provided by financing activities |
2,100 |
15,012 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,391) |
(71) |
||||||
Net (decrease) increase in cash and cash equivalents |
(13,754) |
3,331 |
||||||
Cash and cash equivalents at beginning of period |
46,290 |
44,986 |
||||||
Cash and cash equivalents at end of period |
$32,536 |
$48,317 |
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