Axcelis Announces Financial Results For First Quarter 2017
The Company reported first quarter revenue of
President and CEO
"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
Business Outlook
For the second quarter ending
First Quarter 2017 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.
|
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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.
|
||||||||
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 |
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 |
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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
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