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Axcelis Announces Financial Results For First Quarter 2018
Q1 Initiatives Open Significant Additional Market Opportunities

BEVERLY, Mass., May 2, 2018 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2018.

The Company reported first quarter revenue of $122.2 million, compared to $116.4 million for the fourth quarter of 2017. Operating profit for the quarter was $18.5 million, compared to $10.8 million for the fourth quarter. Net income for the quarter was $13.9 million, or $0.41 per diluted share, compared to net income for the fourth quarter of 2017 of $91.7 million, or $2.68 per diluted share. First quarter net income is after a non-cash tax expense of $0.10 per share. Fourth quarter net income was increased by a tax benefit of $81.6 million due principally to the release of a tax valuation allowance and related impacts. Cash, cash equivalents and restricted cash were $148.5 million at March 31, 2018, compared to $140.9 million on December 31, 2017.

President and CEO Mary Puma commented, "During the quarter, we entered into a strategic agreement for distribution and support with SCREEN Semiconductor Solutions to bring the Purion platform to the Japanese market. In addition, we shipped our first Purion H to a new foundry logic customer for use in their most advanced logic process. The Japanese market combined with the advanced logic market provides Axcelis access to an additional $300 million in potential revenue opportunity. We are very pleased with our first quarter results. Demand for the Purion platform was strong across all industry segments, allowing us to capitalize on a broad and diverse customer base."

Business Outlook
For the second quarter ending June 30, 2018, Axcelis expects revenues of between $114 and $118 million. Gross margin in the second quarter is expected to be around 38%. Second quarter operating profit is forecasted to be approximately $15.5-16.5 million. Earnings per share is expected to be between $0.34 and $0.36, which is after an expected non-cash tax expense of $0.10 per share.

First Quarter 2018 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. The call will be available to interested listeners via an audio webcast that can be accessed through 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: 7599288. 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 Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for 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 that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also could cause actual results to differ materially from those in our forward-looking statements. 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 40 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,



2018


2017

Revenue:







Product


$

116,022


$

81,978

Services



6,163



4,915

Total revenue



122,185



86,893

Cost of revenue:







Product



68,374



46,797

Services



6,655



5,382

Total cost of revenue



75,029



52,179

Gross profit



47,156



34,714

Operating expenses:







Research and development



12,233



9,895

Sales and marketing



8,411



7,049

General and administrative



8,010



7,057

Total operating expenses



28,654



24,001

Income from operations



18,502



10,713

Other (expense) income:







Interest income



410



69

Interest expense



(1,337)



(1,111)

Other, net



(102)



(154)

Total other expense



(1,029)



(1,196)

Income before income taxes



17,473



9,517

Income tax provision



3,558



11

Net income


$

13,915


$

9,506

Net income per share:







Basic


$

0.43


$

0.32

Diluted


$

0.41


$

0.29

Shares used in computing net income per share:







Basic weighted average common shares



32,094



29,772

Diluted weighted average common shares



34,123



32,255








 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)








March 31,


December 31,


2018


2017

ASSETS






Current assets:






Cash and cash equivalents

$

140,957


$

133,407

Short-term restricted cash


770



750

Accounts receivable, net


75,588



75,302

Inventories, net


135,005



120,544

Prepaid expenses and other current assets


9,277



9,772

Total current assets


361,597



339,775

Property, plant and equipment, net


36,203



36,168

Long-term restricted cash


6,744



6,723

Deferred income taxes


80,697



83,148

Other assets


19,903



22,404

Total assets

$

505,144


$

488,218

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

43,438


$

32,642

Accrued compensation


7,685



20,955

Warranty


4,583



4,112

Income taxes


389



273

Deferred revenue


15,507



16,181

Other current liabilities


5,482



5,124

Total current liabilities


77,084



79,287

Sale leaseback obligation


47,724



47,714

Long-term deferred revenue


3,015



1,964

Other long-term liabilities


5,794



5,643

Total liabilities


133,617



134,608

Commitments and contingencies






Stockholders' equity:






Common stock, $0.001 par value, 75,000 shares authorized; 32,142
shares issued and outstanding at March 31, 2018; 32,048 shares
issued and outstanding at December 31, 2017


32



32

Additional paid-in capital


557,498



556,147

Accumulated deficit


(189,230)



(204,745)

Accumulated other comprehensive income


3,227



2,176

Total stockholders' equity


371,527



353,610

Total liabilities and stockholders' equity

$

505,144


$

488,218







 

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SOURCE Axcelis Technologies, Inc.

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