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Axcelis Announces Financial Results for Fourth Quarter and Full Year 2018
Company Reports Growth in Revenues, Gross Margin and Cash

BEVERLY, Mass., Feb. 6, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter ended December 31, 2018.

The Company reported fourth quarter revenue of $105.7 million, compared to $95.4 million for the third quarter of 2018. Operating profit for the quarter was $11.5 million, compared to $10.7 million for the third quarter. Net income for the quarter was $8.5 million, or $0.25 per diluted share, compared to net income for the third quarter of $8.8 million, or $0.26 per diluted share. Gross margin for the quarter was 41.2%, compared to 41.8% in the third quarter. Cash, cash equivalents and restricted cash were $184.9 million on December 31, 2018, compared to $155.6 million on September 30, 2018.

For the full year 2018, the Company reported revenue of $442.6 million, compared with $410.6 million for the full year 2017. Systems revenue for the year was $280.4 million, compared to $262.7 million in 2017. Operating profit was $60 million in 2018, compared to $47.8 million in 2017. Net income for the year was $45.9 million with diluted earnings per share of $1.35. This compares to 2017 net income of $127 million and earnings per share of $3.80. 2017 results were impacted by a significant excess inventory reserve adjustment and the reversal of the valuation allowance on our deferred tax assets.

"2018 was a strong year for Axcelis, with continued growth in revenues, gross margins and cash. Despite a memory market slowdown, Axcelis kept growing by expanding Purion products to a large and diverse group of customers," commented President and CEO Mary Puma. "We are focused on additional growth by investing in technology for new market segments and extending our global Purion footprint. These actions position us well to achieve our financial and strategic long-term goals."

Business Outlook
For the first quarter ending March 31, 2019, Axcelis expects revenues in the range of $90-95 million. Gross margin in the first quarter is expected to be around 41%. First quarter operating profit is forecasted to be in the range of $6-7 million. Earnings per diluted share is expected to be in the range of $0.10-0.13.

Fourth Quarter and Full Year 2018 Conference Call
The Company will host a conference call to discuss the Company's results for the fourth quarter and full year 2018 on Thursday, February 7, 2019 at 8:30 am ET.  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 Conference ID: 6379519. 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 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 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

December 31,


Twelve months ended

December 31,





2018


2017


2018


2017












Revenue:













Product

$

98,883


$

110,446


$

415,922


$

387,124


Services


6,800



5,950



26,653



23,437



Total revenue


105,683



116,396



442,575



410,561

Cost of Revenue:













Product


55,023



72,390



236,446



234,932


Services


7,093



7,286



26,493



25,382



Total cost of revenue


62,116



79,676



262,939



260,314
















Gross profit


43,567



36,720



179,636



150,247
















Operating expenses:













Research and development


14,245



10,917



51,876



43,071


Sales and marketing


9,362



7,197



34,608



28,532


General and administrative


8,438



7,842



33,193



30,802



Total operating expenses


32,045



25,956



119,677



102,405
















Income from operations


11,522



10,764



59,959



47,842
















Other (expense) income:













Interest income


810



315



2,328



714


Interest expense


(1,323)



(1,337)



(5,110)



(5,121)


Other, net


(762)



396



(2,472)



396



Total other expense


(1,275)



(626)



(5,254)



(4,011)
















Income before income taxes


10,247



10,138



54,705



43,831













Income tax provision (benefit)


1,784



(81,542)



8,820



(83,128)













Net income

$

8,463


$

91,680


$

45,885


$

126,959
















Net income per share:














Basic

$

0.26


$

2.88


$

1.42


$

4.11



Diluted

$

0.25


$

2.68


$

1.35


$

3.80
















Shares used in computing net income per share:














Basic weighted average common shares


32,467



31,801



32,286



30,886



Diluted weighted average common shares


33,886



34,198



34,002



33,436

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)













December 31,

2018


December 31,

2017

      ASSETS







Current assets:


Cash and cash equivalents


$

177,993


$

133,407


Short-term restricted cash





750


Accounts receivable, net



78,727



75,302


Inventories, net



129,000



120,544


Prepaid expenses & other assets



11,051



9,772


         Total current assets



396,771



339,775

Property, plant and equipment, net



41,149



36,168

Restricted cash



6,909



6,723

Deferred income taxes



71,939



83,148

Other assets



31,673



22,404



Total assets


$

548,441


$

488,218


LIABILITIES AND STOCKHOLDERS' EQUITY









Accounts payable


$

35,955


$

32,642


Accrued compensation



19,218



20,955


Warranty



4,819



4,112


Income taxes



462



273


Deferred revenue



19,513



16,181


Other current liabilities



5,030



5,124


            Total current liabilities



84,997



79,287

Sales leaseback obligation



47,757



47,714

Long-term deferred revenue



3,071



1,964

Other long-term liabilities



4,279



5,643



Total liabilities



140,104



134,608

Commitments and contingencies







Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,559 shares issued and 
outstanding at December 31, 2018; 32,048 shares issued and outstanding at December
31, 2017

33



32


Additional paid-in capital



565,116



556,147


Accumulated deficit



(157,260)



(204,745)


Accumulated other comprehensive income



448



2,176



Total stockholders' equity



408,337



353,610



Total liabilities and stockholders' equity


$

548,441


$

488,218





















 








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SOURCE Axcelis Technologies, Inc.

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