Axcelis Announces Financial Results For Third Quarter 2016
"Since the start of the year we have made significant progress on our penetration plans, placing Purion products in thirteen new customer fabs, including seven new customers and six new fabs for existing customers," said President and CEO
"We remain focused on executing against gross margin initiatives that have already delivered solid increases in Purion product margins. Since ramping production of the full Purion product line with the Purion H in Q1 of 2015, system standard margins have improved 680 basis points on a rolling four quarter average," added Chief Financial Officer and Executive Vice President
Business Outlook
For the fourth quarter ending
Third 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
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Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three months ended September 30, |
Nine months ended September 30, |
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2016 |
2015 |
2016 |
2015 |
|||||||||||||||||
Revenue: |
||||||||||||||||||||
Product |
$ |
59,302 |
$ |
73,795 |
$ |
180,336 |
$ |
214,073 |
||||||||||||
Services |
6,348 |
5,522 |
17,286 |
16,964 |
||||||||||||||||
Total revenue |
65,650 |
79,317 |
197,622 |
231,037 |
||||||||||||||||
Cost of Revenue: |
||||||||||||||||||||
Product |
36,360 |
45,698 |
111,262 |
137,443 |
||||||||||||||||
Services |
5,186 |
4,440 |
13,709 |
13,861 |
||||||||||||||||
Total cost of revenue |
41,546 |
50,138 |
124,971 |
151,304 |
||||||||||||||||
Gross profit |
24,104 |
29,179 |
72,651 |
79,733 |
||||||||||||||||
Operating expenses: |
||||||||||||||||||||
Research and development |
8,493 |
8,581 |
25,607 |
24,679 |
||||||||||||||||
Sales and marketing |
5,992 |
6,322 |
17,742 |
17,808 |
||||||||||||||||
General and administrative |
5,988 |
6,584 |
18,262 |
18,916 |
||||||||||||||||
Restructuring charges |
— |
— |
282 |
18 |
||||||||||||||||
Total operating expenses |
20,473 |
21,487 |
61,893 |
61,421 |
||||||||||||||||
Income from operations |
3,631 |
7,692 |
10,758 |
18,312 |
||||||||||||||||
Other (expense) income: |
||||||||||||||||||||
Interest income |
53 |
7 |
161 |
16 |
||||||||||||||||
Interest expense |
(1,342) |
(1,274) |
(3,727) |
(3,627) |
||||||||||||||||
Other, net |
(55) |
(167) |
(352) |
(551) |
||||||||||||||||
Total other (expense) income |
(1,344) |
(1,434) |
(3,918) |
(4,162) |
||||||||||||||||
Income before income taxes |
2,287 |
6,258 |
6,840 |
14,150 |
||||||||||||||||
Income tax provision (benefit) |
136 |
157 |
(196) |
298 |
||||||||||||||||
Net income |
$ |
2,151 |
$ |
6,101 |
$ |
7,036 |
$ |
13,852 |
||||||||||||
Net income per share: |
||||||||||||||||||||
Basic |
$ |
0.07 |
$ |
0.21 |
$ |
0.24 |
$ |
0.49 |
||||||||||||
Diluted |
$ |
0.07 |
$ |
0.20 |
$ |
0.23 |
$ |
0.46 |
||||||||||||
Shares used in computing net income per share: |
||||||||||||||||||||
Basic weighted average common shares |
29,221 |
28,700 |
29,118 |
28,480 |
||||||||||||||||
Diluted weighted average common shares |
31,037 |
30,466 |
30,760 |
30,155 |
Axcelis Technologies, Inc. |
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September 30, |
December 31, |
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2016 |
2015 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
65,623 |
$ |
78,889 |
||||||||
Accounts receivable, net |
44,993 |
36,868 |
||||||||||
Inventories, net |
117,001 |
109,408 |
||||||||||
Prepaid expenses and other assets |
25,864 |
19,652 |
||||||||||
Property, plant and equipment, net |
30,804 |
30,031 |
||||||||||
Restricted cash |
6,865 |
6,936 |
||||||||||
Total assets |
$ |
291,150 |
$ |
281,784 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
20,241 |
$ |
19,849 |
||||||||
Accrued compensation |
4,508 |
9,059 |
||||||||||
Warranty |
2,822 |
3,555 |
||||||||||
Income taxes |
235 |
143 |
||||||||||
Deferred revenue |
7,862 |
8,542 |
||||||||||
Sale leaseback obligation |
47,586 |
47,586 |
||||||||||
Other liabilities |
9,968 |
9,286 |
||||||||||
Total liabilities |
93,222 |
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, 75,000 shares authorized; 29,347 shares issued and |
29 |
29 |
||||||||||
Additional paid-in capital |
533,392 |
529,089 |
||||||||||
Treasury stock, at cost, no shares at September 30, 2016 and 30 shares at |
— |
(1,218) |
||||||||||
Accumulated deficit |
(335,669) |
(342,705) |
||||||||||
Accumulated other comprehensive income (loss) |
176 |
(1,431) |
||||||||||
Total stockholders' equity |
197,928 |
183,764 |
||||||||||
Total liabilities and stockholders' equity |
$ |
291,150 |
$ |
281,784 |
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