Axcelis Announces Financial Results For Second Quarter 2018
The Company reported second quarter revenue of
"We're very pleased with our financial performance in the second quarter driven by solid revenue and earnings growth. Our gross margin initiatives continue to deliver improvements, yielding results above guidance. Demand for our products remains strong across our diverse customer base, and the industry continues to be in a robust, sustained cycle fueled by growth in IoT and big data," said President and CEO
Business Outlook
For the third quarter ending
Second Quarter 2018 Conference Call
The Company will host a conference call today at
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
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Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
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Three months ended June 30, |
Six months ended June 30, |
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2018 |
2017 |
2018 |
2017 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
112,521 |
$ |
96,539 |
$ |
228,543 |
$ |
178,517 |
|||||||||||
Services |
6,812 |
6,251 |
12,975 |
11,166 |
|||||||||||||||
Total revenue |
119,333 |
102,790 |
241,518 |
189,683 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
63,913 |
57,689 |
132,287 |
104,486 |
|||||||||||||||
Services |
6,420 |
6,039 |
13,075 |
11,421 |
|||||||||||||||
Total cost of revenue |
70,333 |
63,728 |
145,362 |
115,907 |
|||||||||||||||
Gross profit |
49,000 |
39,062 |
96,156 |
73,776 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
12,553 |
11,256 |
24,786 |
21,151 |
|||||||||||||||
Sales and marketing |
8,912 |
7,485 |
17,323 |
14,534 |
|||||||||||||||
General and administrative |
8,268 |
7,791 |
16,278 |
14,848 |
|||||||||||||||
Total operating expenses |
29,733 |
26,532 |
58,387 |
50,533 |
|||||||||||||||
Income from operations |
19,267 |
12,530 |
37,769 |
23,243 |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
515 |
111 |
925 |
180 |
|||||||||||||||
Interest expense |
(1,127) |
(1,336) |
(2,464) |
(2,447) |
|||||||||||||||
Other, net |
(1,016) |
16 |
(1,118) |
(138) |
|||||||||||||||
Total other expense |
(1,628) |
(1,209) |
(2,657) |
(2,405) |
|||||||||||||||
Income before income taxes |
17,639 |
11,321 |
35,112 |
20,838 |
|||||||||||||||
Income tax provision (benefit) |
2,970 |
(2,611) |
6,528 |
(2,600) |
|||||||||||||||
Net income |
$ |
14,669 |
$ |
13,932 |
$ |
28,584 |
$ |
23,438 |
|||||||||||
Net income per share: |
|||||||||||||||||||
Basic |
$ |
0.46 |
$ |
0.46 |
$ |
0.89 |
$ |
0.78 |
|||||||||||
Diluted |
$ |
0.43 |
$ |
0.42 |
$ |
0.84 |
$ |
0.72 |
|||||||||||
Shares used in computing net income per share: |
|||||||||||||||||||
Basic weighted average common shares |
32,214 |
30,589 |
32,154 |
30,183 |
|||||||||||||||
Diluted weighted average common shares |
33,942 |
33,168 |
34,048 |
32,779 |
Axcelis Technologies, Inc.
|
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June 30, |
December 31, |
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2018 |
2017 |
||||||||
ASSETS |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents |
$ |
147,297 |
$ |
133,407 |
|||||
Short-term restricted cash |
730 |
750 |
|||||||
Accounts receivable, net |
74,429 |
75,302 |
|||||||
Inventories, net |
129,554 |
120,544 |
|||||||
Prepaid expenses & other assets |
10,925 |
9,772 |
|||||||
Total current assets |
362,935 |
339,775 |
|||||||
Property, plant and equipment, net |
36,312 |
36,168 |
|||||||
Restricted cash |
6,915 |
6,723 |
|||||||
Deferred income taxes |
77,005 |
83,148 |
|||||||
Other assets |
25,264 |
22,404 |
|||||||
Total assets |
$ |
508,431 |
$ |
488,218 |
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||
Accounts payable |
$ |
32,633 |
$ |
32,642 |
|||||
Accrued compensation |
12,727 |
20,955 |
|||||||
Warranty |
4,698 |
4,112 |
|||||||
Income taxes |
163 |
273 |
|||||||
Deferred revenue |
11,927 |
16,181 |
|||||||
Other current liabilities |
4,542 |
5,124 |
|||||||
Total current liabilities |
66,690 |
79,287 |
|||||||
Sales leaseback obligation |
47,735 |
47,714 |
|||||||
Long-term deferred revenue |
3,248 |
1,964 |
|||||||
Other long-term liabilities |
5,144 |
5,643 |
|||||||
Total liabilities |
122,817 |
134,608 |
|||||||
Commitments and contingencies |
|||||||||
Stockholders' equity: |
|||||||||
Common stock, $0.001 par value, 75,000 shares authorized; 32,331 shares issued and |
32 |
32 |
|||||||
Additional paid-in capital |
559,207 |
556,147 |
|||||||
Accumulated deficit |
(174,561) |
(204,745) |
|||||||
Accumulated other comprehensive income |
936 |
2,176 |
|||||||
Total stockholders' equity |
385,614 |
353,610 |
|||||||
Total liabilities and stockholders' equity |
$ |
508,431 |
$ |
488,218 |
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