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Axcelis Announces Financial Results for Fourth Quarter and Full Year 2015
Driven by Purion, 2015 systems revenues increase by 110.6% over 2014

BEVERLY, Mass., Feb. 2, 2016 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2015.

Highlights for the full year include:

  • Revenues of $301.5 million, a 48.5% increase over 2014.
  • System revenues of $171.9 million, a 110.6% increase over 2014.
    • Resulting in market share gains from 12.8% in 2014 to between 17% and 20% in 2015.
  • Systems margins improved by 26% for the full year 2015 over the fourth quarter of 2014.
  • Operating profit of $20.7 million, compared to an operating loss of $10.7 million in 2014.
  • Net income of $14.7 million or $0.12 per share, compared to a net loss of $11.3 million or $0.10 per share in 2014.
  • Increased cash, cash equivalents and restricted cash to $85.8 million from $31.6 million in the fourth quarter of 2014, and eliminated all bank debt.

The Company reported fourth quarter revenue of $70.5 million, compared to $79.3 million for the third quarter of 2015. Operating profit for the quarter was $2.4 million, compared to $7.7 million for the third quarter. Net income for the quarter was $0.8 million, or $0.01 per share. This compares to net income for the third quarter of 2015 of $6.1 million, or $0.05 per share. Cash, cash equivalents and restricted cash were $85.8 million at December 31, 2015, compared to $79.9 million on September 30, 2015.

"2015 was a very successful year for Axcelis, fueled by strong sales of the Purion platform, which accounted for 74.3% of our systems revenues," said President and CEO Mary Puma. "Looking forward to 2016, we believe the continued adoption of our Purion product family will allow us to capture the next wave of industry growth, driving market share gains and improved financial results."

Business Outlook
For the first quarter ending March 31, 2016, Axcelis expects revenues to be in the mid $60 million range. Gross margin in the first quarter is expected to be in the mid 30% range. First quarter operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.

Fourth Quarter 2015 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the fourth quarter and full year 2015. 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: 14855645. 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 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

December 31,



Twelve months ended

December 31,





2015


2014


2015


2014












Revenue:













Product

$

64,802


$

57,076


$

278,875


$

179,246


Services


5,656



5,454



22,620



23,805



Total revenue


70,458



62,530



301,495



203,051

Cost of Revenue:













Product


43,617



39,639



181,060



113,285


Services


4,868



4,094



18,729



19,602



Total cost of revenue


48,485



43,733



199,789



132,887
















Gross profit


21,973



18,797



101,706



70,164
















Operating expenses:













Research and development


7,907



7,481



32,586



33,533


Sales and marketing


5,517



5,310



23,325



20,713


General and administrative


6,143



5,602



25,059



23,958


Restructuring charges




(27)



18



2,621



Total operating expenses


19,567



18,366



80,988



80,825
















Income (loss) from operations


2,406



431



20,718



(10,661)
















Other (expense) income:













Interest income


48



27



64



32


Interest expense


(1,349)



(257)



(4,976)



(1,069)


Other, net


(50)



249



(601)



1,531



Total other (expense) income


(1,351)



19



(5,513)



494
















Income (loss) before income taxes


1,055



450



15,205



(10,167)













Income tax provision


229



285



527



1,099













Net income (loss)

$

826


$

165


$

14,678


$

(11,266)
















Net income (loss) per share:














Basic

$

0.01


$

0.00


$

0.13


$

(0.10)



Diluted

$

0.01


$

0.00


$

0.12


$

(0.10)
















Shares used in computing net income (loss) per share:














Basic weighted average common shares


115,745



112,218



114,378



111,450



Diluted weighted average common shares


121,855



117,251



120,916



111,450
















 

 













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









December 31,


December 31,



2015


2014









ASSETS








Cash and cash equivalents


$

78,889


$

30,753


Accounts receivable, net



36,868



42,794


Inventories, net



115,904



104,063


Prepaid expenses and other assets



19,652



18,755


Property, plant and equipment, net



30,031



30,464


Restricted cash



6,936



825



Total assets


$

288,280


$

227,654










LIABILITIES AND STOCKHOLDERS' EQUITY








Accounts payable


$

19,849


$

21,605


Accrued compensation



9,059



4,232


Warranty



3,555



1,527


Income taxes



143



196


Deferred revenue



8,542



7,231


Bank debt





14,530


Sale leaseback obligation



47,586




Other liabilities



9,286



9,981



Total liabilities



98,020



59,302










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, 300,000 shares authorized; 116,101 shares issued and
115,981 shares outstanding at December 31, 2015; 112,849 shares issued and 112,729
shares outstanding at December 31, 2014

116



113


Additional paid-in capital



529,002



519,068


Treasury stock, at cost, 120 shares at December 31, 2015 and 2014



(1,218)



(1,218)


Accumulated deficit



(336,209)



(350,887)


Accumulated other comprehensive (loss) income



(1,431)



1,276



Total stockholders' equity



190,260



168,352



Total liabilities and stockholders' equity


$

288,280


$

227,654

 

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SOURCE Axcelis Technologies, Inc.

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