Axcelis Announces Financial Results For Second Quarter 2016
The Company reported second quarter revenue of
"During the second quarter, we made significant progress towards expanding our customer base through new penetrations and capacity buys, as well as offering new product line extensions to address emerging market needs," said President and CEO
Business Outlook
For the third quarter ending
Second Quarter 2016 Conference Call
The Company will host a conference call today,
Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the
About
Company Contacts
Investor Relations:
978.787.9552
Editorial/Media:
978.787.4266
Axcelis Technologies, Inc.
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Three months ended June 30, |
Six months ended June 30, |
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2016 |
2015 |
2016 |
2015 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
58,859 |
$ |
72,748 |
$ |
121,034 |
$ |
140,278 |
|||||||||||
Services |
5,592 |
5,689 |
10,938 |
11,442 |
|||||||||||||||
Total revenue |
64,451 |
78,437 |
131,972 |
151,720 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
34,638 |
46,560 |
74,902 |
91,745 |
|||||||||||||||
Services |
4,682 |
4,703 |
8,523 |
9,421 |
|||||||||||||||
Total cost of revenue |
39,320 |
51,263 |
83,425 |
101,166 |
|||||||||||||||
Gross profit |
25,131 |
27,174 |
48,547 |
50,554 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
8,478 |
7,899 |
17,114 |
16,098 |
|||||||||||||||
Sales and marketing |
5,790 |
5,858 |
11,750 |
11,486 |
|||||||||||||||
General and administrative |
6,232 |
6,231 |
12,274 |
12,332 |
|||||||||||||||
Restructuring charges |
— |
8 |
282 |
18 |
|||||||||||||||
Total operating expenses |
20,500 |
19,996 |
41,420 |
39,934 |
|||||||||||||||
Income from operations |
4,631 |
7,178 |
7,127 |
10,620 |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
54 |
6 |
108 |
9 |
|||||||||||||||
Interest expense |
(1,338) |
(1,310) |
(2,385) |
(2,353) |
|||||||||||||||
Other, net |
(238) |
49 |
(297) |
(384) |
|||||||||||||||
Total other (expense) income |
(1,522) |
(1,255) |
(2,574) |
(2,728) |
|||||||||||||||
Income before income taxes |
3,109 |
5,923 |
4,553 |
7,892 |
|||||||||||||||
Income tax provision (benefit) |
172 |
40 |
(332) |
141 |
|||||||||||||||
Net income |
$ |
2,937 |
$ |
5,883 |
$ |
4,885 |
$ |
7,751 |
|||||||||||
Net income per share: |
|||||||||||||||||||
Basic |
$ |
0.10 |
$ |
0.21 |
$ |
0.17 |
$ |
0.27 |
|||||||||||
Diluted |
$ |
0.10 |
$ |
0.20 |
$ |
0.16 |
$ |
0.26 |
|||||||||||
Shares used in computing net income per share: |
|||||||||||||||||||
Basic weighted average common shares |
29,097 |
28,446 |
29,066 |
28,367 |
|||||||||||||||
Diluted weighted average common shares |
30,701 |
30,153 |
30,607 |
29,975 |
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Axcelis Technologies, Inc. |
||||||||||||
June 30, |
December 31, |
|||||||||||
2016 |
2015 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
60,981 |
$ |
78,889 |
||||||||
Accounts receivable, net |
63,482 |
36,868 |
||||||||||
Inventories, net |
110,582 |
109,408 |
||||||||||
Prepaid expenses and other assets |
26,324 |
19,652 |
||||||||||
Property, plant and equipment, net |
31,057 |
30,031 |
||||||||||
Restricted cash |
6,862 |
6,936 |
||||||||||
Total assets |
$ |
299,288 |
$ |
281,784 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
26,836 |
$ |
19,849 |
||||||||
Accrued compensation |
5,935 |
9,059 |
||||||||||
Warranty |
3,227 |
3,555 |
||||||||||
Income taxes |
196 |
143 |
||||||||||
Deferred revenue |
14,431 |
8,542 |
||||||||||
Sale leaseback obligation |
47,586 |
47,586 |
||||||||||
Other liabilities |
9,265 |
9,286 |
||||||||||
Total liabilities |
107,476 |
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; 29,134 shares issued and outstanding at June 30, 2016; 29,025 shares issued and 28,995 shares outstanding at December 31, 2015 |
29 |
29 |
||||||||||
Additional paid-in capital |
530,389 |
529,089 |
||||||||||
Treasury stock, at cost, no shares at June 30, 2016 and 30 shares at December 31, 2015 |
— |
(1,218) |
||||||||||
Accumulated deficit |
(337,820) |
(342,705) |
||||||||||
Accumulated other comprehensive loss |
(786) |
(1,431) |
||||||||||
Total stockholders' equity |
191,812 |
183,764 |
||||||||||
Total liabilities and stockholders' equity |
$ |
299,288 |
$ |
281,784 |
||||||||
Note: The consolidated balance sheets as of
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