Axcelis Announces Financial Results for Fourth Quarter and Full Year 2011
For the full year 2011, the Company reported revenue of
Commenting on the Company's performance, Chairman and CEO
Fourth Quarter and Full Year 2011 Conference Call
The Company will host a conference call today at
Safe Harbor Statement
This document contains forward-looking statements under the
About
Company Contacts:
maureen.hart@axcelis.com
jay.zager@axcelis.com
Axcelis Technologies, Inc. |
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Consolidated Statements of Operations |
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In thousands, except per share amounts |
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(Unaudited) |
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Three Months ended |
Twelve Months ended |
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December 31, |
December 31, |
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2011 |
2010 |
2011 |
2010 |
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Revenue |
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Product |
$ 52,037 |
$ 85,638 |
$ 287,324 |
$ 242,771 |
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Services |
8,374 |
7,765 |
32,092 |
32,441 |
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60,411 |
93,403 |
319,416 |
275,212 |
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Cost of revenue |
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Product |
31,408 |
56,189 |
181,241 |
168,047 |
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Services |
6,380 |
5,721 |
23,438 |
21,327 |
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37,788 |
61,910 |
204,679 |
189,374 |
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Gross profit |
22,623 |
31,493 |
114,737 |
85,838 |
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Operating expenses |
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Research and development |
12,140 |
11,042 |
47,176 |
39,524 |
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Sales and marketing |
6,524 |
7,188 |
29,255 |
27,549 |
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General and administrative |
5,245 |
9,083 |
31,174 |
32,132 |
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23,909 |
27,313 |
107,605 |
99,205 |
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Income (loss) from operations |
(1,286) |
4,180 |
7,132 |
(13,367) |
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Other income (expense) |
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Interest income |
18 |
27 |
42 |
96 |
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Other-net |
342 |
(1,929) |
297 |
(3,990) |
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360 |
(1,902) |
339 |
(3,894) |
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Income (loss) before income taxes |
(926) |
2,278 |
7,471 |
(17,261) |
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Income taxes (benefits) |
1,187 |
(2,052) |
2,394 |
312 |
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Net income (loss) |
$ (2,113) |
$ 4,330 |
$ 5,077 |
$ (17,573) |
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Net income (loss) per share |
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Basic |
$ (0.02) |
$ 0.04 |
$ 0.05 |
$ (0.17) |
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Diluted |
$ (0.02) |
$ 0.04 |
$ 0.05 |
$ (0.17) |
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Shares used in computing net income (loss) per share |
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Basic |
106,476 |
105,163 |
106,234 |
104,522 |
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Diluted |
106,476 |
109,454 |
109,098 |
104,522 |
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Axcelis Technologies, Inc. |
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Consolidated Balance Sheet |
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In thousands |
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(Unaudited) |
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December 31, |
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2011 |
2010 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ 46,877 |
$ 45,743 |
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Accounts receivable, net |
35,071 |
57,888 |
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Inventories, net |
120,023 |
109,653 |
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Prepaid expenses and other current assets |
10,062 |
15,346 |
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Total current assets |
212,033 |
228,630 |
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Property, plant and equipment, net |
37,204 |
38,594 |
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Long-term restricted cash |
104 |
107 |
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Other assets |
19,904 |
13,541 |
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$ 269,245 |
$ 280,872 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities |
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Accounts payable |
$ 19,551 |
$ 36,709 |
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Accrued compensation |
8,285 |
10,597 |
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Warranty |
3,556 |
2,556 |
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Income taxes |
495 |
- |
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Deferred revenue |
10,786 |
13,859 |
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Other current liabilities |
4,799 |
4,408 |
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Total current liabilities |
47,472 |
68,129 |
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Long-term deferred revenue |
1,488 |
2,417 |
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Other long-term liabilities |
5,730 |
4,759 |
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Stockholders' equity |
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Preferred stock |
- |
- |
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Common stock |
107 |
106 |
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Additional paid-in capital |
499,332 |
493,967 |
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Treasury stock |
(1,218) |
(1,218) |
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Accumulated deficit |
(288,443) |
(293,520) |
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Accumulated other comprehensive income |
4,777 |
6,232 |
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214,555 |
205,567 |
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$ 269,245 |
$ 280,872 |
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Axcelis Technologies, Inc. |
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Consolidated Statements of Cash Flow |
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In thousands |
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(Unaudited) |
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Twelve months ended |
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December 31, |
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2011 |
2010 |
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Cash flows from operating activities |
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Net income (loss) |
$ 5,077 |
$ (17,573) |
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Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
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Depreciation and amortization |
8,497 |
7,045 |
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Deferred income taxes |
613 |
(1,409) |
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Stock-based compensation expense |
4,687 |
4,088 |
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Provision for excess inventory |
1,015 |
2,015 |
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Changes in operating assets & liabilities |
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Accounts receivable |
22,692 |
(38,652) |
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Inventories |
(11,870) |
3,549 |
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Prepaid expenses and other current assets |
3,049 |
(3,469) |
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Accounts payable & other current liabilities |
(17,940) |
32,276 |
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Deferred revenue |
(4,006) |
10,601 |
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Income taxes |
507 |
(1,522) |
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Other assets and liabilities |
(8,788) |
(2,841) |
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Net cash provided by (used for) operating activities |
3,533 |
(5,892) |
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Cash flows from investing activities |
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Expenditures for property, plant, and equipment |
(2,124) |
(1,403) |
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Decrease in restricted cash |
3 |
7,056 |
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Net cash provided by (used for) investing activities |
(2,121) |
5,653 |
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Cash flows from financing activities |
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Financing fees and other expenses |
(199) |
(523) |
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Proceeds from exercise of stock options |
288 |
553 |
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Proceeds from Employee Stock Purchase Plan |
502 |
569 |
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Net cash provided by financing activities |
591 |
599 |
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Effect of exchange rate changes on cash |
(869) |
363 |
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Net increase in cash and cash equivalents |
1,134 |
723 |
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Cash and cash equivalents at beginning of period |
45,743 |
45,020 |
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Cash and cash equivalents at end of period |
$ 46,877 |
$ 45,743 |
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SOURCE