Axcelis Delivers Strong Second Quarter 2011 Results, Exceeding Guidance
BEVERLY, Mass., Aug 4, 2011 (GlobeNewswire via COMTEX) --
Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the second quarter ended June 30, 2011. Revenue for the second quarter was $93.4 million, compared with $93.2 million in Q1, and $58.2 million for the same period a year ago. Net income for the quarter was $4.2 million, or $0.04 per diluted share. Prior quarter net income was $1.8 million or $0.02 per diluted share, and in the prior year period, the company reported a net loss of $4.5 million or $0.04 cents per share. Cash and cash equivalents were $37.9 million on June 30, 2011.
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Axcelis had a very strong second quarter. Revenues and EPS exceeded the high end of guidance, and our gross margin improved significantly. Although the economic climate was not as robust as in the prior quarter, customers continue to recognize the strength of our product offerings and we were able to achieve improved financial performance. While the industry outlook for the second half of the year remains somewhat uncertain, we expect our penetration of key accounts to continue due to the competitiveness of our products."
Second Quarter 2011 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss the second quarter of 2011. 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 1-888-679-8018 (1-617-213-4845 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 41102197. Webcast replays will be available from 8 pm ET on August 4, 2011 until 11:59 pm on September 3, 2011.
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 cycle 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 Six months ended
June 30, June 30,
2011 2010 2011 2010
--------- ---------- ---------- -----------
Revenue
Product $ 84,334 $ 50,693 $ 170,937 $ 90,971
Service 9,046 7,510 15,613 15,732
--------- ---------- ---------- -----------
93,380 58,203 186,550 106,703
Cost of revenue
Product 52,905 33,690 109,778 64,010
Service 6,337 4,645 11,553 9,818
--------- ---------- ---------- -----------
59,242 38,335 121,331 73,828
Gross profit 34,138 19,868 65,219 32,875
Operating expenses
Research and
development 11,829 9,477 23,647 18,610
Sales and marketing 7,675 6,606 15,494 13,210
General and
administrative 8,416 7,464 17,471 15,164
--------- ---------- ---------- -----------
27,920 23,547 56,612 46,984
--------- ---------- ---------- -----------
Income (loss) from
operations 6,218 (3,679) 8,607 (14,109)
Other income (expense)
Interest income 11 25 17 54
Other, net (1,158) 342 (1,608) (65)
--------- ---------- ---------- -----------
(1,147) 367 (1,591) (11)
--------- ---------- ---------- -----------
Income (loss) before
income taxes 5,071 (3,312) 7,016 (14,120)
Income taxes 844 1,217 977 1,510
--------- ---------- ---------- -----------
Net income (loss) $ 4,227 $ (4,529) $ 6,039 $ (15,630)
========= ========== ========== ===========
Net income (loss) per share
Basic $ 0.04 $ (0.04) $ 0.06 $ (0.15)
========= ========== ========== ===========
Diluted $ 0.04 $ (0.04) $ 0.06 $ (0.15)
========= ========== ========== ===========
Shares used in
computing basic and
diluted net income
(loss) per share
Basic weighted
average common
shares 106,097 104,170 106,017 104,143
========= ========== ========== ===========
Diluted weighted
average common
shares 108,911 104,170 109,723 104,143
========= ========== ========== ===========
Axcelis Technology
Consolidated Balance Sheets
In thousands
(Unaudited)
December
June 30, 31,
2011 2010
---------- ----------
ASSETS
Current assets
Cash and cash
equivalents $ 37,857 $ 45,743
Accounts receivable,
net 57,969 57,888
Inventories, net 124,273 109,653
Prepaid expenses and
other current assets 11,177 15,346
---------- ----------
Total current assets 231,276 228,630
Property, plant and
equipment, net 38,106 38,594
Long-term restricted cash 116 107
Other assets 17,914 13,541
---------- ----------
$ 287,412 $ 280,872
========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 30,904 $ 36,709
Accrued compensation 11,399 10,597
Warranty 4,131 2,556
Income taxes 650 --
Deferred revenue 10,933 13,859
Other current
liabilities 4,518 4,408
---------- ----------
Total current
liabilities 62,535 68,129
Long-term deferred
revenue 2,374 2,417
Other long-term
liabilities 5,317 4,759
---------- ----------
Stockholders' equity
Preferred stock -- --
Common stock 106 106
Additional paid-in
capital 496,583 493,967
Treasury stock (1,218) (1,218)
Accumulated deficit (287,481) (293,520)
Accumulated other
comprehensive income 9,196 6,232
---------- ----------
217,186 205,567
---------- ----------
$ 287,412 $ 280,872
========== ==========
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
Six months ended
June 30,
----------------------
2011 2010
--------- -----------
Cash flows from operating activities:
Net income (loss) $ 6,039 $ (15,630)
Adjustments to reconcile net income
(loss) to net cash
used for operating activities:
Depreciation and amortization 4,009 3,711
Taxes 16 --
Stock-based compensation expense 2,124 1,568
Provision for excess inventory 536 1,331
Changes in operating assets & liabilities:
Accounts receivable 571 (16,011)
Inventories (13,894) 13,844
Prepaid expenses and other current
assets 4,442 (5,051)
Accounts payable & other current
liabilities (3,618) 11,502
Deferred revenue (2,989) 5,366
Income taxes 629 (110)
Other assets and liabilities (5,920) 1,673
--------- -----------
Net cash provided by (used for)
operating activities (8,055) 2,193
Cash flows from investing activities:
Expenditures for property, plant, and
equipment (1,231) (480)
(Increase) decrease in restricted cash (9) 3,116
--------- -----------
Net cash provided by (used for)
investing activities (1,240) 2,636
Cash flows from financing activities:
Financing fees and other expenses (194) (514)
Proceeds from exercise of stock options 239 55
Proceeds from Employee Stock Purchase
Plan 275 206
--------- -----------
Net cash provided by (used for)
financing activities 320 (253)
Effect of exchange rate changes on cash 1,089 (1,710)
--------- -----------
Net increase (decrease) in cash and cash
equivalents (7,886) 2,866
Cash and cash equivalents at beginning of
period 45,743 45,020
--------- -----------
Cash and cash equivalents at end of period $ 37,857 $ 47,886
========= ===========
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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
