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Axcelis Announces Financial Results For Second Quarter 2015
Purion Market Share Gains as Customer Base Expands

BEVERLY, Mass., Aug. 4, 2015 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2015. Recent highlights include:

  • Revenues of $78.4 million, a 7% increase over the first quarter.
  • Operating profit of $7.2 million, a 108.5% increase over the first quarter.
  • Improved gross margin to 34.6% from 31.9% in the first quarter.
  • Increased cash and cash equivalents to $78.1 million from $74.5 million in the first quarter.

The Company reported second quarter revenue of $78.4 million, compared to $73.3 million for the first quarter of 2015. Operating profit for the quarter was $7.2 million, compared to $3.4 million for the first quarter. Net income for the quarter was $5.9 million, or $0.05 per share. This compares to net income for the first quarter of 2015 of $1.9 million, or $0.02 per share. Cash and cash equivalents was $78.1 million at June 30, 2015, compared to $74.5 million on March 31, 2015.

President and CEO Mary Puma said, "Axcelis' top line continued to grow in the second quarter, driven by steady Purion system sales and a robust service business. In particular, the Purion H continues to gain market share, and is the fastest growing new product in Axcelis history. Since the start of the year we have doubled the number of Purion H customers, as well as added three new, non-memory Purion XE customers. The success we are seeing with Purion is positioning us well for future revenue and market share growth, as well as stronger earnings and cash flow."

Business Outlook
For the third quarter ending September 30, 2015, Axcelis expects revenues to be $75-80 million. Gross margin in the third quarter is expected to be approximately 34-35%. Third quarter operating profit is forecasted to be $5-7 million with earnings of $0.03-0.05 per share. Cash and cash equivalents in the third quarter is expected to be approximately $80 million.

Second Quarter 2015 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter 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: 77665194. 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

June 30,


Six months ended

June 30,





2015


2014


2015


2014












Revenue:













Product

$

72,748


$

34,795


$

140,278


$

89,810


Services


5,689



6,355



11,442



12,180



Total revenue


78,437



41,150



151,720



101,990

Cost of Revenue:













Product


46,560



21,021



91,745



54,823


Services


4,703



5,645



9,421



10,943



Total cost of revenue


51,263



26,666



101,166



65,766
















Gross profit


27,174



14,484



50,554



36,224
















Operating expenses:













Research and development


7,899



8,845



16,098



18,102


Sales and marketing


5,858



5,037



11,486



10,513


General and administrative


6,231



6,494



12,332



12,975


Restructuring charges


8



160



18



360



Total operating expenses


19,996



20,536



39,934



41,950
















Income (loss) from operations


7,178



(6,052)



10,620



(5,726)
















Other (expense) income:













Interest income


6



2



9



4


Interest expense


(1,310)



(257)



(2,353)



(508)


Other, net


49



(362)



(384)



(70)



Total other expense


(1,255)



(617)



(2,728)



(574)
















Income (loss) before income taxes


5,923



(6,669)



7,892



(6,300)













Income tax provision


40



231



141



426













Net income (loss)

$

5,883


$

(6,900)


$

7,751


$

(6,726)
















Net income (loss) per share














Basic

$

0.05


$

(0.06)


$

0.07


$

(0.06)



Diluted

$

0.05


$

(0.06)


$

0.06


$

(0.06)
















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














Basic weighted average common shares


113,784



111,212



113,470



110,932



Diluted weighted average common shares


120,612



111,212



119,900



110,932
















 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)




June 30,


December 31,



2015


2014









ASSETS








Cash and cash equivalents


$

78,085


$

30,753


Accounts receivable, net



42,002



42,794


Inventories, net



122,001



104,063


Prepaid expenses and other assets



23,209



18,755


Property, plant and equipment, net



29,951



30,464


Restricted cash



65



825



Total assets


$

295,313


$

227,654










LIABILITIES AND STOCKHOLDERS' EQUITY








Accounts payable


$

38,849


$

21,605


Accrued compensation



5,262



4,232


Warranty



2,886



1,352


Income taxes



297



196


Deferred revenue



8,884



7,231


Debt



47,586



14,530


Other liabilities



11,159



10,156



Total liabilities



114,923



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; 114,322 shares issued and 114,202 shares outstanding at June 30, 2015; 112,849 shares issued and 112,729 shares outstanding at December 31, 2014

 

 

114



 

 

113


Additional paid-in capital



523,997



519,068


Treasury stock, at cost, 120 shares at June 30, 2015 and December 31, 2014



(1,218)



(1,218)


Accumulated deficit



(343,136)



(350,887)


Accumulated other comprehensive income



633



1,276



Total stockholders' equity



180,390



168,352



Total liabilities and stockholders' equity


$

295,313


$

227,654














 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-second-quarter-2015-300123401.html

SOURCE Axcelis Technologies, Inc.

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