Axcelis Announces Financial Results for Fourth Quarter and Full Year 2015
Highlights for the full year include:
- Revenues of
$301.5 million , a 48.5% increase over 2014. - System revenues of
$171.9 million , a 110.6% increase over 2014.- Resulting in market share gains from 12.8% in 2014 to between 17% and 20% in 2015.
- Systems margins improved by 26% for the full year 2015 over the fourth quarter of 2014.
- Operating profit of
$20.7 million , compared to an operating loss of$10.7 million in 2014. - Net income of
$14.7 million or$0.12 per share, compared to a net loss of$11.3 million or$0.10 per share in 2014. - Increased cash, cash equivalents and restricted cash to
$85.8 million from$31.6 million in the fourth quarter of 2014, and eliminated all bank debt.
The Company reported fourth quarter revenue of
"2015 was a very successful year for
Business Outlook
For the first quarter ending
Fourth 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 December 31, |
Twelve months ended December 31, |
||||||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
64,802 |
$ |
57,076 |
$ |
278,875 |
$ |
179,246 |
|||||||||||
Services |
5,656 |
5,454 |
22,620 |
23,805 |
|||||||||||||||
Total revenue |
70,458 |
62,530 |
301,495 |
203,051 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
43,617 |
39,639 |
181,060 |
113,285 |
|||||||||||||||
Services |
4,868 |
4,094 |
18,729 |
19,602 |
|||||||||||||||
Total cost of revenue |
48,485 |
43,733 |
199,789 |
132,887 |
|||||||||||||||
Gross profit |
21,973 |
18,797 |
101,706 |
70,164 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
7,907 |
7,481 |
32,586 |
33,533 |
|||||||||||||||
Sales and marketing |
5,517 |
5,310 |
23,325 |
20,713 |
|||||||||||||||
General and administrative |
6,143 |
5,602 |
25,059 |
23,958 |
|||||||||||||||
Restructuring charges |
— |
(27) |
18 |
2,621 |
|||||||||||||||
Total operating expenses |
19,567 |
18,366 |
80,988 |
80,825 |
|||||||||||||||
Income (loss) from operations |
2,406 |
431 |
20,718 |
(10,661) |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
48 |
27 |
64 |
32 |
|||||||||||||||
Interest expense |
(1,349) |
(257) |
(4,976) |
(1,069) |
|||||||||||||||
Other, net |
(50) |
249 |
(601) |
1,531 |
|||||||||||||||
Total other (expense) income |
(1,351) |
19 |
(5,513) |
494 |
|||||||||||||||
Income (loss) before income taxes |
1,055 |
450 |
15,205 |
(10,167) |
|||||||||||||||
Income tax provision |
229 |
285 |
527 |
1,099 |
|||||||||||||||
Net income (loss) |
$ |
826 |
$ |
165 |
$ |
14,678 |
$ |
(11,266) |
|||||||||||
Net income (loss) per share: |
|||||||||||||||||||
Basic |
$ |
0.01 |
$ |
0.00 |
$ |
0.13 |
$ |
(0.10) |
|||||||||||
Diluted |
$ |
0.01 |
$ |
0.00 |
$ |
0.12 |
$ |
(0.10) |
|||||||||||
Shares used in computing net income (loss) per share: |
|||||||||||||||||||
Basic weighted average common shares |
115,745 |
112,218 |
114,378 |
111,450 |
|||||||||||||||
Diluted weighted average common shares |
121,855 |
117,251 |
120,916 |
111,450 |
|||||||||||||||
Axcelis Technologies, Inc. |
||||||||||||
December 31, |
December 31, |
|||||||||||
2015 |
2014 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
78,889 |
$ |
30,753 |
||||||||
Accounts receivable, net |
36,868 |
42,794 |
||||||||||
Inventories, net |
115,904 |
104,063 |
||||||||||
Prepaid expenses and other assets |
19,652 |
18,755 |
||||||||||
Property, plant and equipment, net |
30,031 |
30,464 |
||||||||||
Restricted cash |
6,936 |
825 |
||||||||||
Total assets |
$ |
288,280 |
$ |
227,654 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
19,849 |
$ |
21,605 |
||||||||
Accrued compensation |
9,059 |
4,232 |
||||||||||
Warranty |
3,555 |
1,527 |
||||||||||
Income taxes |
143 |
196 |
||||||||||
Deferred revenue |
8,542 |
7,231 |
||||||||||
Bank debt |
— |
14,530 |
||||||||||
Sale leaseback obligation |
47,586 |
— |
||||||||||
Other liabilities |
9,286 |
9,981 |
||||||||||
Total liabilities |
98,020 |
59,302 |
||||||||||
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; 116,101 shares issued and |
116 |
113 |
||||||||||
Additional paid-in capital |
529,002 |
519,068 |
||||||||||
Treasury stock, at cost, 120 shares at December 31, 2015 and 2014 |
(1,218) |
(1,218) |
||||||||||
Accumulated deficit |
(336,209) |
(350,887) |
||||||||||
Accumulated other comprehensive (loss) income |
(1,431) |
1,276 |
||||||||||
Total stockholders' equity |
190,260 |
168,352 |
||||||||||
Total liabilities and stockholders' equity |
$ |
288,280 |
$ |
227,654 |
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