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Axcelis Announces Financial Results For Fourth Quarter And Full Year 2016
Purion Product Family Fuels Axcelis Growth

BEVERLY, Mass., Feb. 1, 2017 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2016.

The Company reported fourth quarter revenue of $69.4 million, compared to $65.7 million for the third quarter of 2016. Operating profit for the quarter was $5.9 million, compared to $3.6 million for the third quarter. Net income for the quarter was $4.0 million, or $0.13 per share. Net income for the third quarter of 2016 was $2.2 million, or $0.07 per share. Cash, cash equivalents and restricted cash were $77.7 million at December 31, 2016, compared to $72.5 million on September 30, 2016.

For the full year 2016, the Company reported revenue of $267.0 million, compared with $301.5 million for the full year 2015. Operating profit was $16.6 million in 2016, compared to $20.7 million in 2015. Net income for the year was $11.0 million, compared to net income of $14.7 million in 2015. 

"2016 was a strong year for the Purion platform as our customer base expanded significantly, and we successfully introduced several new product extensions," said President and CEO Mary Puma. "We expect 2017 to be the start of a solid up cycle for the industry, with robust implant CAPEX spending, providing Axcelis with substantial opportunities for continued growth."

"I am pleased with our financial performance in 2016. We increased gross margins to 37.3%, up from 33.7% in 2015," said Chief Financial Officer and Executive Vice President Kevin Brewer. "We expect to realize further improvements in gross margin in 2017 with continued focus on supply chain optimization, value engineering and lean programs."

Business Outlook
For the first quarter ending March 31, 2017, Axcelis expects revenues of approximately $80 million dollars. Gross margin in the first quarter is expected to be around 39%. First quarter operating profit is forecasted to be approximately $7.5-9.0 million with earnings per share of $0.20-0.24.

Fourth Quarter 2016 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss the Company's results for the fourth quarter and full year. 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: 47737570. 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

December 31,


Twelve months ended

December 31,






2016


2015


2016


2015












Revenue:













Product

$

63,959


$

64,802


$

244,295


$

278,875


Services


5,399



5,656



22,685



22,620



Total revenue


69,358



70,458



266,980



301,495

Cost of Revenue:













Product


37,745



43,617



149,007



181,060


Services


4,666



4,868



18,375



18,729



Total cost of revenue


42,411



48,485



167,382



199,789
















Gross profit


26,947



21,973



99,598



101,706
















Operating expenses:













Research and development


8,795



7,907



34,402



32,586


Sales and marketing


6,097



5,517



23,839



23,325


General and administrative


6,190



6,143



24,452



25,059


Restructuring charges






282



18



Total operating expenses


21,082



19,567



82,975



80,988
















Income from operations


5,865



2,406



16,623



20,718
















Other (expense) income:













Interest income


77



48



238



64


Interest expense


(1,346)



(1,349)



(5,073)



(4,976)


Other, net


(412)



(50)



(764)



(601)



Total other (expense) income


(1,681)



(1,351)



(5,599)



(5,513)
















Income before income taxes


4,184



1,055



11,024



15,205













Income tax provision


219



229



23



527













Net income

$

3,965


$

826


$

11,001


$

14,678
















Net income per share:














Basic

$

0.13


$

0.03


$

0.38


$

0.51



Diluted

$

0.13


$

0.03


$

0.36


$

0.49
















Shares used in computing net income per share:














Basic weighted average common shares


29,423



28,936



29,195



28,595



Diluted weighted average common shares


31,436



30,464



30,947



30,229




































 

 













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








December 31,


December 31,



2016


2015









ASSETS








Cash and cash equivalents


$

70,791


$

78,889


Accounts receivable, net



50,573



36,868


Inventories, net



113,853



109,408


Prepaid expenses and other assets



29,310



19,652


Property, plant and equipment, net



30,840



30,031


Restricted cash



6,864



6,936



Total assets


$

302,231


$

281,784










LIABILITIES AND STOCKHOLDERS' EQUITY








Accounts payable


$

24,996


$

19,849


Accrued compensation



5,142



9,059


Warranty



2,668



3,555


Income taxes



240



143


Deferred revenue



11,009



8,542


Sale leaseback obligation



47,586



47,586


Other liabilities



9,135



9,286



Total liabilities



100,776



98,020










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; 29,518 shares issued and  outstanding at December 31, 2016; 29,025 shares issued and 28,995 shares outstanding at December 31, 2015

30



29


Additional paid-in capital



535,408



529,089


Treasury stock, at cost, no shares at December 31, 2016 and 30 shares at December 31, 2015





 

(1,218)


Accumulated deficit



(331,704)



(342,705)


Accumulated other comprehensive loss



(2,279)



(1,431)



Total stockholders' equity



201,455



183,764



Total liabilities and stockholders' equity


$

302,231


$

281,784














 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2016-300400581.html

SOURCE Axcelis Technologies, Inc.

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