Axcelis Announces Financial Results for Fourth Quarter and Full Year 2010
BEVERLY, Mass., Feb 1, 2011 (GlobeNewswire via COMTEX) --
Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2010. Net income for the quarter was $4.3 million, or $0.04 per diluted share, of which $0.02 was attributable to a one time tax benefit. This compares to a net loss for the third quarter of 2010 of $6.3 million, or $0.06 per share. The Company reported fourth quarter revenue of $93.4 million, compared to $75.1 million for the third quarter of 2010, a 24.4% increase. The Company reported a 42.4% increase in systems revenues over the previous quarter. Cash and cash equivalents, including restricted cash, were $45.9 million at December 31, 2010. The Company ended the quarter with working capital of $160.5 million.
For the full year 2010, the Company reported revenue of $275.2 million compared with $133.0 million in 2009. Net loss for the year was $17.6 million, or $0.17 per share. In 2009, the Company reported a net loss of $77.5 million, or $0.75 per share, which included charges for restructuring of $5.5 million ($0.05 per share).
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "The Company performed exceptionally well during the quarter. This marks the completion of a successful transition year for Axcelis. We executed against our strategy, returned to profitability, and achieved a steep increase in revenue and orders - putting us in a position of strength as we enter 2011.
She continued, "This performance is a clear reflection of the competitiveness of our product lines and the confidence our customers have in our systems' enabling performance. Customer wins during the quarter included several significant high volume orders for both ion implantation and dry strip at leading device manufacturers. We continue to experience robust demand for our products, and anticipate market share gains. Moving forward, we believe these accomplishments have laid the foundation for sustainable growth and profitability in the future."
Fourth Quarter and Full Year 2010 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 2010. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com, or by dialing 1-888-713-4214 (1-617-213-4866 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 17581414. Webcast and telephone replays will be available from 8 pm ET on February 1, 2011 until 11:59 pm on May 1, 2011. Dial 1- 888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code# 89703406.
Safe Harbor Statement
This document contains 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, our ability to implement successfully our profit plans, 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 Technologies, Inc. (Nasdaq:ACLS) headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life support of ion implantation and cleaning systems. The company's Internet address is: www.axcelis.com.
Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
Three Months ended Twelve Months ended
December 31, December 31,
---------------------- ------------------------
2010 2009 2010 2009
--------- ----------- ----------- -----------
Revenue
Product $ 85,638 $ 29,347 $ 242,771 $ 98,716
Services 7,765 9,390 32,441 33,917
Royalties, from SEN -- -- -- 389
--------- ----------- ----------- -----------
93,403 38,737 275,212 133,022
Cost of revenue
Product 56,189 21,614 168,047 84,185
Services 5,721 5,772 21,327 20,773
--------- ----------- ----------- -----------
61,910 27,386 189,374 104,958
Gross profit 31,493 11,351 85,838 28,064
Operating expenses
Research and
development 11,042 7,726 39,524 32,661
Sales and marketing 7,188 6,345 27,549 25,209
General and
administrative 9,083 7,012 32,132 34,087
Restructuring charges -- 13 -- 5,541
--------- ----------- ----------- -----------
27,313 21,096 99,205 97,498
--------- ----------- ----------- -----------
Income (loss) from
operations 4,180 (9,745) (13,367) (69,434)
Other income (expense)
Gain on sale of SEN -- -- -- 1,080
Equity loss of SEN -- -- -- (3,238)
Interest income 27 29 96 181
Interest expense -- -- -- (1,676)
Other-net (1,929) (319) (3,990) (3,516)
--------- ----------- ----------- -----------
(1,902) (290) (3,894) (7,169)
--------- ----------- ----------- -----------
Income (loss) before
income taxes 2,278 (10,035) (17,261) (76,603)
Income taxes (credits) (2,052) 1 312 865
--------- ----------- ----------- -----------
Net income (loss) $ 4,330 $ (10,036) $ (17,573) $ (77,468)
========= =========== =========== ===========
Net income (loss) per
share
Basic $ 0.04 $ (0.10) $ (0.17) $ (0.75)
Diluted $ 0.04 $ (0.10) $ (0.17) $ (0.75)
Shares used in computing
net income (loss) per
share
Basic 105,163 103,917 104,522 103,586
Diluted 109,454 103,917 104,522 103,586
Axcelis Technologies, Inc.
Consolidated Balance Sheet
In thousands
(Unaudited)
December 31,
----------------------
2010 2009
---------- ----------
ASSETS
Current assets
Cash and cash
equivalents $ 45,743 $ 45,020
Restricted cash -- 4,918
Accounts receivable, net 57,888 19,094
Inventories, net 109,653 114,558
Prepaid expenses and
other current assets 15,346 10,016
---------- ----------
Total current assets 228,630 193,606
Property, plant and
equipment, net 38,594 40,868
Long-term restricted cash 107 2,245
Other assets 13,541 13,884
---------- ----------
$ 280,872 $ 250,603
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 36,709 $ 9,680
Accrued compensation 10,597 9,267
Warranty 2,556 638
Income taxes -- 1,499
Deferred revenue 13,859 5,127
Other current
liabilities 4,408 3,546
---------- ----------
Total current
liabilities 68,129 29,757
Long-term deferred
revenue 2,417 563
Other long-term
liabilities 4,759 3,884
---------- ----------
Stockholders' equity
Preferred stock -- --
Common stock 106 104
Additional paid-in
capital 493,967 488,321
Treasury stock (1,218) (1,218)
Accumulated deficit (293,520) (275,947)
Accumulated other
comprehensive income 6,232 5,139
---------- ----------
205,567 216,399
---------- ----------
$ 280,872 $ 250,603
========== ==========
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
Twelve months ended
December 31,
------------------------
2010 2009
----------- -----------
Cash flows from operating activities
Net loss $ (17,573) $ (77,468)
Adjustments to reconcile net loss to net
cash used for operating activities
Undistributed loss of SEN -- 3,238
Depreciation and amortization 7,045 7,436
Gain on sale of SEN -- (1,080)
Deferred income taxes (1,409) (765)
Accretion of premium on convertible
debt -- 133
Stock-based compensation expense 4,088 4,651
Provision for excess inventory 2,015 9,818
Changes in operating assets &
liabilities
Accounts receivable (38,652) 8,572
Inventories 3,549 26,445
Prepaid expenses and other current
assets (3,469) 8,131
Accounts payable & other current
liabilities 32,276 (11,038)
Deferred revenue 10,601 (8,695)
Income taxes (1,522) 1,154
Other assets and liabilities (2,841) (4,474)
----------- -----------
Net cash used for operating
activities (5,892) (33,942)
Cash flows from investing activities
Expenditures for property, plant, and
equipment (1,403) (463)
Decrease in restricted cash 7,056 1,491
Proceeds from sale of SEN -- 132,847
Payments related to sale of SEN -- (10,590)
----------- -----------
Net cash provided by investing
activities 5,653 123,285
Cash flows from financing activities
Repayment of convertible debt -- (83,344)
Financing fees and other expenses (523) --
Proceeds from exercise of stock options 553 45
Proceeds from Employee Stock Purchase
Plan 569 184
----------- -----------
Net cash provided by (used for)
financing activities 599 (83,115)
Effect of exchange rate changes on cash 363 1,098
----------- -----------
Net increase in cash and cash equivalents 723 7,326
Cash and cash equivalents at beginning of
period 45,020 37,694
----------- -----------
Cash and cash equivalents at end of
period $ 45,743 $ 45,020
=========== ===========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Axcelis Technologies, Inc.
CONTACT: Maureen Hart (editorial/media) 978.787.4266 maureen.hart@axcelis.com Jay Zager (financial community) 978.787.9408 jay.zager@axcelis.com Stephen Bassett (financial community) 978.787.4110 stephen.bassett@axcelis.com
