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Axcelis Announces Financial Results For First Quarter 2017
Company Reports Significant Increases in Revenue & Operating Profit; Ships 100th Purion System

BEVERLY, Mass., May 4, 2017 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2017.

The Company reported first quarter revenue of $86.9 million, compared to $69.4 million for the fourth quarter of 2016. Operating profit for the quarter was $10.7 million, compared to $5.9 million for the fourth quarter. Net income for the quarter was $9.5 million, or $0.29 per share. Net income for the fourth quarter of 2016 was $4.0 million, or $0.13 per share. Total cash was $76.2 million at March 31, 2017, compared to $77.7 million on December 31, 2016.

President and CEO Mary Puma commented, "The industry is in a period of strong growth, driven by the thriving IoT and data storage markets. Today we shipped our 100th Purion system, demonstrating the continuing adoption of Purion products based on the innovative technology differentiation they offer customers. The Purion platform is well positioned to capitalize on the strength of this market."

"I am very pleased with our financial performance in the first quarter. We exceeded guidance and consensus estimates across the board," said Chief Financial Officer and Executive Vice President Kevin Brewer. "Our gross margin initiatives continue to deliver results and this quarter we demonstrated that Axcelis can generate 40% gross margins."

Business Outlook
For the second quarter ending June 30, 2017, Axcelis expects revenues of approximately $100 million. Gross margin in the second quarter is expected to be approximately 38%. Second quarter operating profit is forecasted to be approximately $12-13 million with earnings per share of $0.30-0.35. Total cash for the quarter is also expected to be around $100 million.

First Quarter 2017 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss the Company's results for the first quarter of 2017. The call will be available to interested listeners via an audio webcast on the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 97405648. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the SEC safe harbor provisions. These statements, which include our expectations for increased spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)







Three months ended March 31,






2017


2016









Revenue:








Product


$

81,978


$

62,175


Services



4,915



5,346



Total revenue



86,893



67,521

Cost of Revenue:








Product



46,797



40,263


Services



5,382



3,842



Total cost of revenue



52,179



44,105











Gross profit



34,714



23,416











Operating expenses:








Research and development



9,895



8,636


Sales and marketing



7,049



5,960


General and administrative



7,057



6,042


Restructuring charges





282



Total operating expenses



24,001



20,920











Income from operations



10,713



2,496











Other (expense) income:








Interest income



69



54


Interest expense



(1,111)



(1,047)


Other, net



(154)



(59)



Total other expense



(1,196)



(1,052)











Income before income taxes



9,517



1,444








Income tax provision (benefit)



11



(504)








Net income


$

9,506


$

1,948











Net income per share:









Basic


$

0.32


$

0.07



Diluted


$

0.29


$

0.06











Shares used in computing net income per share:









Basic weighted average common shares



29,772



29,038



Diluted weighted average common shares



32,255



30,520






















 

 

Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)




March 31,


December 31,



2017


2016









ASSETS








Cash and cash equivalents


$

69,429


$

70,791


Accounts receivable, net



67,083



50,573


Inventories, net



115,635



113,853


Prepaid expenses and other assets



32,182



29,310


Property, plant and equipment, net



31,486



30,840


Restricted cash



6,792



6,864



Total assets


$

322,607


$

302,231










LIABILITIES AND STOCKHOLDERS' EQUITY








Accounts payable


$

26,426


$

24,996


Accrued compensation



5,920



5,142


Warranty



3,124



2,668


Income taxes



252



240


Deferred revenue



13,121



11,009


Sale leaseback obligation



47,681



47,586


Other liabilities



9,840



9,135



Total liabilities



106,364



100,776










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; 29,995 shares issued and
outstanding at March 31, 2017; 29,518 shares issued and outstanding at December 31,
2016

30



30


Additional paid-in capital



538,747



535,408


Accumulated deficit



(322,198)



(331,704)


Accumulated other comprehensive loss



(336)



(2,279)



Total stockholders' equity



216,243



201,455



Total liabilities and stockholders' equity


$

322,607


$

302,231










 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-first-quarter-2017-300451891.html

SOURCE Axcelis Technologies, Inc.

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