Axcelis Announces Financial Results For First Quarter 2016
Driven by Purion Platform
Highlights for the quarter include:
- Total revenues of
$67.5 million were above guidance:- System revenues of
$37 million . - Operating profit of
$2.5 million . - Net income of
$1.9 million or$0.02 per share.
- System revenues of
- Increased
Axcelis market share:- Increased total market share to 18.3% in 2015 up from 12.4% in 2014.
- Doubled high current market share from 6% in 2014 to 12.4% in 2015, driven by
the Purion H, the fastest growing new product inAxcelis history.
The Company reported first quarter revenue of
"We're pleased with our execution against strategic initiatives in the first quarter that will continue to drive Purion platform market share gains in 2016," said President and CEO
Business Outlook
For the second quarter ending
First Quarter 2016 Conference Call
The Company will host a conference call today,
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 Statement of Operations |
||||||||||
(In thousands, except per share amounts) |
||||||||||
(Unaudited) |
||||||||||
Three months ended March 31, |
||||||||||
2016 |
2015 |
|||||||||
Revenue: |
||||||||||
Product |
$ |
62,175 |
$ |
67,530 |
||||||
Services |
5,346 |
5,753 |
||||||||
Total revenue |
67,521 |
73,283 |
||||||||
Cost of Revenue: |
||||||||||
Product |
40,263 |
45,185 |
||||||||
Services |
3,842 |
4,718 |
||||||||
Total cost of revenue |
44,105 |
49,903 |
||||||||
Gross profit |
23,416 |
23,380 |
||||||||
Operating expenses: |
||||||||||
Research and development |
8,636 |
8,199 |
||||||||
Sales and marketing |
5,960 |
5,628 |
||||||||
General and administrative |
6,042 |
6,101 |
||||||||
Restructuring charges |
282 |
10 |
||||||||
Total operating expenses |
20,920 |
19,938 |
||||||||
Income from operations |
2,496 |
3,442 |
||||||||
Other (expense) income: |
||||||||||
Interest income |
54 |
3 |
||||||||
Interest expense |
(1,047) |
(1,043) |
||||||||
Other, net |
(59) |
(433) |
||||||||
Total other (expense) income |
(1,052) |
(1,473) |
||||||||
Income before income taxes |
1,444 |
1,969 |
||||||||
Income tax (benefit) provision |
(504) |
101 |
||||||||
Net income |
$ |
1,948 |
$ |
1,868 |
||||||
Net income per share: |
||||||||||
Basic |
$ |
0.02 |
$ |
0.02 |
||||||
Diluted |
$ |
0.02 |
$ |
0.02 |
||||||
Shares used in computing net income per share: |
||||||||||
Basic weighted average common shares |
116,152 |
113,152 |
||||||||
Diluted weighted average common shares |
122,078 |
118,720 |
||||||||
Axcelis Technologies, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
(In thousands, except per share amounts) |
||||||||
(Unaudited) |
||||||||
March 31, |
December 31, |
|||||||
2016 |
2015 |
|||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
67,571 |
$ |
78,889 |
||||
Accounts receivable, net |
47,471 |
36,868 |
||||||
Inventories, net |
115,165 |
115,904 |
||||||
Prepaid expenses and other assets |
25,267 |
19,652 |
||||||
Property, plant and equipment, net |
30,997 |
30,031 |
||||||
Restricted cash |
6,863 |
6,936 |
||||||
Total assets |
$ |
293,334 |
$ |
288,280 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Accounts payable |
$ |
21,700 |
$ |
19,849 |
||||
Accrued compensation |
8,477 |
9,059 |
||||||
Warranty |
3,535 |
3,555 |
||||||
Income taxes |
177 |
143 |
||||||
Deferred revenue |
8,786 |
8,542 |
||||||
Sale leaseback obligation |
47,586 |
47,586 |
||||||
Other liabilities |
8,758 |
9,286 |
||||||
Total liabilities |
99,019 |
98,020 |
||||||
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; 116,356 shares issued and 116,237 shares outstanding at March 31, 2016; 116,101 shares issued and 115,981 shares outstanding at December 31, 2015 |
116 |
116 |
||||||
Additional paid-in capital |
530,034 |
529,002 |
||||||
Treasury stock, at cost, 120 shares at March 31,2016 and December 31, 2015 |
(1,218) |
(1,218) |
||||||
Accumulated deficit |
(334,261) |
(336,209) |
||||||
Accumulated other comprehensive loss |
(356) |
(1,431) |
||||||
Total stockholders' equity |
194,315 |
190,260 |
||||||
Total liabilities and stockholders' equity |
$ |
293,334 |
$ |
288,280 |
||||
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