Axcelis Announces Financial Results For Third Quarter 2015
- Revenues of
$79.3 million , above the second quarter. - System revenues of
$47.0 million , a 13% increase over the second quarter. - Operating profit of
$7.7 million , a 7.2% increase over the second quarter. - Improved gross margin to 36.8% from 34.6% in the second quarter.
- Increased cash and cash equivalents to
$79.9 million from$78.1 million in the second quarter.
The Company reported third quarter revenue of
"Strong third quarter results demonstrate our progress in gaining market share and improving profitability," said President and CEO
Business Outlook
For the fourth quarter ending
Third Quarter 2015 Conference Call
The Company will host a conference call today at
Safe Harbor Statement
This press release and the conference call 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 |
Nine months ended September 30, |
||||||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
73,795 |
$ |
32,360 |
$ |
214,073 |
$ |
122,170 |
|||||||||||
Services |
5,522 |
6,171 |
16,964 |
18,351 |
|||||||||||||||
Total revenue |
79,317 |
38,531 |
231,037 |
140,521 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
45,698 |
18,823 |
137,443 |
73,646 |
|||||||||||||||
Services |
4,440 |
4,564 |
13,861 |
15,507 |
|||||||||||||||
Total cost of revenue |
50,138 |
23,387 |
151,304 |
89,153 |
|||||||||||||||
Gross profit |
29,179 |
15,144 |
79,733 |
51,368 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
8,581 |
7,950 |
24,679 |
26,052 |
|||||||||||||||
Sales and marketing |
6,322 |
4,891 |
17,808 |
15,404 |
|||||||||||||||
General and administrative |
6,584 |
5,380 |
18,916 |
18,356 |
|||||||||||||||
Restructuring charges |
— |
2,288 |
18 |
2,648 |
|||||||||||||||
Total operating expenses |
21,487 |
20,509 |
61,421 |
62,460 |
|||||||||||||||
Income (loss) from operations |
7,692 |
(5,365) |
18,312 |
(11,092) |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
7 |
2 |
16 |
6 |
|||||||||||||||
Interest expense |
(1,274) |
(304) |
(3,627) |
(812) |
|||||||||||||||
Other, net |
(167) |
1,352 |
(551) |
1,282 |
|||||||||||||||
Total other (expense) income |
(1,434) |
1,050 |
(4,162) |
476 |
|||||||||||||||
Income (loss) before income taxes |
6,258 |
(4,315) |
14,150 |
(10,616) |
|||||||||||||||
Income tax provision |
157 |
389 |
298 |
814 |
|||||||||||||||
Net income (loss) |
$ |
6,101 |
$ |
(4,704) |
$ |
13,852 |
$ |
(11,430) |
|||||||||||
Net income (loss) per share |
|||||||||||||||||||
Basic |
$ |
0.05 |
$ |
(0.04) |
$ |
0.12 |
$ |
(0.10) |
|||||||||||
Diluted |
$ |
0.05 |
$ |
(0.04) |
$ |
0.11 |
$ |
(0.10) |
|||||||||||
Shares used in computing net income (loss) per share: |
|||||||||||||||||||
Basic weighted average common shares |
114,799 |
111,701 |
113,918 |
111,191 |
|||||||||||||||
Diluted weighted average common shares |
121,862 |
111,701 |
120,620 |
111,191 |
|||||||||||||||
Axcelis Technologies, Inc. |
||||||||||||
September 30, |
December 31, |
|||||||||||
2015 |
2014 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
79,871 |
$ |
30,753 |
||||||||
Accounts receivable, net |
38,674 |
42,794 |
||||||||||
Inventories, net |
120,067 |
104,063 |
||||||||||
Prepaid expenses and other assets |
24,141 |
18,755 |
||||||||||
Property, plant and equipment, net |
29,985 |
30,464 |
||||||||||
Restricted cash |
61 |
825 |
||||||||||
Total assets |
$ |
292,799 |
$ |
227,654 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
24,350 |
$ |
21,605 |
||||||||
Accrued compensation |
8,262 |
4,232 |
||||||||||
Warranty |
3,803 |
1,526 |
||||||||||
Income taxes |
262 |
196 |
||||||||||
Deferred revenue |
10,136 |
7,231 |
||||||||||
Debt |
— |
14,530 |
||||||||||
Sale leaseback obligation |
47,586 |
— |
||||||||||
Other liabilities |
10,284 |
9,982 |
||||||||||
Total liabilities |
104,683 |
59,302 |
||||||||||
Commitments and contingencies |
||||||||||||
Stockholders' equity: |
||||||||||||
Preferred stock, $0.001 par value, 30,000 shares authorized; |
— |
— |
||||||||||
Common stock, $0.001 par value, 300,000 shares authorized; |
116 |
113 |
||||||||||
Additional paid-in capital |
527,274 |
519,068 |
||||||||||
Treasury stock, at cost, 120 shares at September 30, 2015 and December 31, 2014 |
(1,218) |
(1,218) |
||||||||||
Accumulated deficit |
(337,035) |
(350,887) |
||||||||||
Accumulated other comprehensive (loss) income |
(1,021) |
1,276 |
||||||||||
Total stockholders' equity |
188,116 |
168,352 |
||||||||||
Total liabilities and stockholders' equity |
$ |
292,799 |
$ |
227,654 |
||||||||
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