Axcelis Announces Financial Results For Fourth Quarter And Full Year 2016
The Company reported fourth quarter revenue of
For the full year 2016, the Company reported revenue of
"2016 was a strong year for the Purion platform as our customer base expanded significantly, and we successfully introduced several new product extensions," said President and CEO
"I am pleased with our financial performance in 2016. We increased gross margins to 37.3%, up from 33.7% in 2015," said Chief Financial Officer and Executive Vice President
Business Outlook
For the first quarter ending
Fourth Quarter 2016 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, |
|||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||||||
Revenue: |
||||||||||||||||||||
Product |
$ |
63,959 |
$ |
64,802 |
$ |
244,295 |
$ |
278,875 |
||||||||||||
Services |
5,399 |
5,656 |
22,685 |
22,620 |
||||||||||||||||
Total revenue |
69,358 |
70,458 |
266,980 |
301,495 |
||||||||||||||||
Cost of Revenue: |
||||||||||||||||||||
Product |
37,745 |
43,617 |
149,007 |
181,060 |
||||||||||||||||
Services |
4,666 |
4,868 |
18,375 |
18,729 |
||||||||||||||||
Total cost of revenue |
42,411 |
48,485 |
167,382 |
199,789 |
||||||||||||||||
Gross profit |
26,947 |
21,973 |
99,598 |
101,706 |
||||||||||||||||
Operating expenses: |
||||||||||||||||||||
Research and development |
8,795 |
7,907 |
34,402 |
32,586 |
||||||||||||||||
Sales and marketing |
6,097 |
5,517 |
23,839 |
23,325 |
||||||||||||||||
General and administrative |
6,190 |
6,143 |
24,452 |
25,059 |
||||||||||||||||
Restructuring charges |
— |
— |
282 |
18 |
||||||||||||||||
Total operating expenses |
21,082 |
19,567 |
82,975 |
80,988 |
||||||||||||||||
Income from operations |
5,865 |
2,406 |
16,623 |
20,718 |
||||||||||||||||
Other (expense) income: |
||||||||||||||||||||
Interest income |
77 |
48 |
238 |
64 |
||||||||||||||||
Interest expense |
(1,346) |
(1,349) |
(5,073) |
(4,976) |
||||||||||||||||
Other, net |
(412) |
(50) |
(764) |
(601) |
||||||||||||||||
Total other (expense) income |
(1,681) |
(1,351) |
(5,599) |
(5,513) |
||||||||||||||||
Income before income taxes |
4,184 |
1,055 |
11,024 |
15,205 |
||||||||||||||||
Income tax provision |
219 |
229 |
23 |
527 |
||||||||||||||||
Net income |
$ |
3,965 |
$ |
826 |
$ |
11,001 |
$ |
14,678 |
||||||||||||
Net income per share: |
||||||||||||||||||||
Basic |
$ |
0.13 |
$ |
0.03 |
$ |
0.38 |
$ |
0.51 |
||||||||||||
Diluted |
$ |
0.13 |
$ |
0.03 |
$ |
0.36 |
$ |
0.49 |
||||||||||||
Shares used in computing net income per share: |
||||||||||||||||||||
Basic weighted average common shares |
29,423 |
28,936 |
29,195 |
28,595 |
||||||||||||||||
Diluted weighted average common shares |
31,436 |
30,464 |
30,947 |
30,229 |
||||||||||||||||
Axcelis Technologies, Inc. |
||||||||||||
December 31, |
December 31, |
|||||||||||
2016 |
2015 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
70,791 |
$ |
78,889 |
||||||||
Accounts receivable, net |
50,573 |
36,868 |
||||||||||
Inventories, net |
113,853 |
109,408 |
||||||||||
Prepaid expenses and other assets |
29,310 |
19,652 |
||||||||||
Property, plant and equipment, net |
30,840 |
30,031 |
||||||||||
Restricted cash |
6,864 |
6,936 |
||||||||||
Total assets |
$ |
302,231 |
$ |
281,784 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
24,996 |
$ |
19,849 |
||||||||
Accrued compensation |
5,142 |
9,059 |
||||||||||
Warranty |
2,668 |
3,555 |
||||||||||
Income taxes |
240 |
143 |
||||||||||
Deferred revenue |
11,009 |
8,542 |
||||||||||
Sale leaseback obligation |
47,586 |
47,586 |
||||||||||
Other liabilities |
9,135 |
9,286 |
||||||||||
Total liabilities |
100,776 |
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; 29,518 shares issued and outstanding at December 31, 2016; 29,025 shares issued and 28,995 shares outstanding at December 31, 2015 |
30 |
29 |
||||||||||
Additional paid-in capital |
535,408 |
529,089 |
||||||||||
Treasury stock, at cost, no shares at December 31, 2016 and 30 shares at December 31, 2015 |
— |
(1,218) |
||||||||||
Accumulated deficit |
(331,704) |
(342,705) |
||||||||||
Accumulated other comprehensive loss |
(2,279) |
(1,431) |
||||||||||
Total stockholders' equity |
201,455 |
183,764 |
||||||||||
Total liabilities and stockholders' equity |
$ |
302,231 |
$ |
281,784 |
||||||||
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