UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2014
Axcelis Technologies, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-30941 |
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34-1818596 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
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of incorporation) |
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File Number) |
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Identification No.) |
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108 Cherry Hill Drive, Beverly, Massachusetts |
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01915 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (978) 787-4000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On February 4, 2014, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 2013. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated February 4, 2014. Filed herewith. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: February 4, 2014 |
Axcelis Technologies, Inc. | |
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By: |
/s/ KEVIN J. BREWER |
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Kevin J. Brewer |
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Executive Vice President |
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and Chief Financial Officer |
Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR 2013
Company Returns to Profitability and Increases System Revenues 26%
BEVERLY, Mass. — February 4, 2014—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2013. Highlights for the quarter were:
· Net income was $0.6 million or $0.01 per share compared to a net loss of $4.8 million or ($0.04) per share in the third quarter.
· System sales were $25.5 million, a 26% increase over the third quarter 2013, and a 100% increase over the first quarter.
· Several wins for the Purion XE implanter including the penetration of a new foundry dedicated to image sensors and multiple system orders from a new fab focused on advanced NAND devices.
· The Company introduced the Purion H high current implanter. With this new addition, the Company provides chipmakers with a full common platform to enable 3D device processing and flexible manufacturing capabilities, offering the best overall technical and manufacturing solution.
The Company reported fourth quarter revenue of $58.6 million, compared to $48.8 million for the third quarter of 2013. Operating profit for the quarter was $1.04 million, compared to a $2.8 million loss for the third quarter. Net income for the quarter was $0.6 million, or $0.01 per share. This compares to a net loss for the third quarter of 2013 of $4.8 million, or ($0.04) per share. Cash, cash equivalents and restricted cash were $47.1 million at December 31, 2013 compared with $50.7 million at September 30, 2013.
For the full year 2013, the Company reported revenue of $195.6 million, compared with $203.4 million for the full year 2012. Net loss for the year was $17.1 million or ($0.16) per share. This compares to net loss for the full year 2012 of $34.0 million or ($0.32) per share.
Chairman and CEO Mary Puma said, “We’re extremely pleased with our return to profitability. This quarter reflects the significant progress we’ve made on strengthening our financial model and capturing new opportunities with our expanding Purion product family. As we enter 2014, we believe we are strongly positioned to regain market share, achieve last peak quarterly revenues of $90 million during the current industry upturn, and maintain long term profitability through the cycle.”
Fourth Quarter and Full Year 2013 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 2013. An audio webcast will be available on the Investor page of Axcelis’ website 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 passcode: 82752416. A replay of the webcast will be available for 90 days following the conference call.
Safe Harbor Statement
This press release and the conference call contain 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, 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 (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
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Three months ended |
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Twelve months ended |
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2013 |
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2012 |
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2013 |
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2012 |
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Revenue |
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Product |
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$ |
51,436 |
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$ |
38,212 |
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$ |
169,587 |
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$ |
174,309 |
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Services |
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7,138 |
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6,412 |
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26,045 |
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29,076 |
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Total revenue |
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58,574 |
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44,624 |
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195,632 |
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203,385 |
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Cost of revenue |
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Product |
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31,702 |
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38,902 |
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106,678 |
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123,593 |
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Services |
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5,592 |
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5,242 |
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21,019 |
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21,621 |
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Total cost of revenue |
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37,294 |
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44,144 |
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127,697 |
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145,214 |
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Gross profit |
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21,280 |
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480 |
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67,935 |
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58,171 |
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Operating expenses |
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Research and development |
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8,899 |
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8,402 |
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34,756 |
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40,401 |
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Sales and marketing |
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5,031 |
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7,604 |
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21,159 |
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25,889 |
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General and administrative |
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6,306 |
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5,943 |
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25,471 |
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26,554 |
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Gain on sale of dry strip assets and intellectual property |
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— |
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(7,904 |
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(1,167 |
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(7,904 |
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Restructuring charges |
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— |
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558 |
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2,334 |
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4,169 |
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Total operating expenses |
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20,236 |
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14,603 |
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82,553 |
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89,109 |
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Income (loss) from operations |
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1,044 |
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(14,123 |
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(14,618 |
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(30,938 |
) | ||||
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Other income (expense) |
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Interest income |
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36 |
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18 |
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44 |
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45 |
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Interest expense |
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(149 |
) |
— |
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(457 |
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— |
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Other, net |
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(402 |
) |
(496 |
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(1,073 |
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(1,495 |
) | ||||
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Total other income (expense) |
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(515 |
) |
(478 |
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(1,486 |
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(1,450 |
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Income (loss) before income taxes |
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529 |
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(14,601 |
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(16,104 |
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(32,388 |
) | ||||
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Income taxes (credits) |
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(85 |
) |
217 |
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1,040 |
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1,646 |
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Net income (loss) |
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$ |
614 |
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$ |
(14,818 |
) |
$ |
(17,144 |
) |
$ |
(34,034 |
) |
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Net income (loss) per share |
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Basic |
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$ |
0.01 |
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$ |
(0.14 |
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$ |
(0.16 |
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$ |
(0.32 |
) |
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Diluted |
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$ |
0.01 |
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$ |
(0.14 |
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$ |
(0.16 |
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$ |
(0.32 |
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Shares used in computing net income (loss) per share |
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Basic weighted average common shares |
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109,746 |
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107,910 |
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108,869 |
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107,619 |
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Diluted weighted average common shares |
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114,906 |
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107,910 |
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108,869 |
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107,619 |
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Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
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December 31, |
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December 31, |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
46,290 |
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$ |
44,986 |
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Accounts receivable, net |
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36,587 |
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24,843 |
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Inventories, net |
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95,789 |
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100,234 |
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Restricted cash |
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— |
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106 |
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Prepaid expenses and other current assets |
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6,242 |
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5,056 |
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Total current assets |
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184,908 |
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175,225 |
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Property, plant and equipment, net |
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32,006 |
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34,413 |
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Restricted cash, long-term |
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825 |
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— |
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Other assets |
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15,810 |
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12,520 |
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Total assets |
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$ |
233,549 |
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$ |
222,158 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
19,451 |
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$ |
10,166 |
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Accrued compensation |
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4,845 |
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7,283 |
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Warranty |
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1,316 |
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1,700 |
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Income taxes |
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417 |
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278 |
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Deferred revenue |
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4,387 |
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6,423 |
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Current portion of long-term debt |
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471 |
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— |
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Other current liabilities |
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4,573 |
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3,932 |
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Total current liabilities |
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35,460 |
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29,782 |
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Long-term debt |
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14,529 |
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— |
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Long-term deferred revenue |
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322 |
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456 |
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Other long-term liabilities |
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7,236 |
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5,844 |
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Total liabilities |
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57,547 |
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36,082 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or outstanding |
|
— |
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— |
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Common stock, $0.001 par value, 300,000 shares authorized; 110,122 shares issued and 110,002 shares outstanding at December 31, 2013;108,293 shares issued and 108,173 shares outstanding at December 31, 2012 |
|
110 |
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108 |
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Additional paid-in capital |
|
510,992 |
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504,643 |
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Treasury stock, at cost, 120 shares at December 31, 2013 and December 31, 2012 |
|
(1,218 |
) |
(1,218 |
) | ||
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Accumulated deficit |
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(339,621 |
) |
(322,477 |
) | ||
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Accumulated other comprehensive income |
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5,739 |
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5,020 |
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Total stockholders’ equity |
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176,002 |
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186,076 |
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Total liabilities and stockholders’ equity |
|
$ |
233,549 |
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$ |
222,158 |
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Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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|
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Twelve months ended |
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December 31, |
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2013 |
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2012 |
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Cash flows from operating activities |
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Net loss |
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$ |
(17,144 |
) |
$ |
(34,034 |
) |
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Adjustments to reconcile net loss to net cash used for operating activities: |
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Depreciation and amortization |
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5,075 |
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6,877 |
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Gain on sale of dry strip assets and intellectual property |
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(1,167 |
) |
(7,904 |
) | ||
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Deferred taxes |
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(1,465 |
) |
826 |
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Other |
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— |
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186 |
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Stock-based compensation expense |
|
4,337 |
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3,976 |
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Provision for excess inventory |
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2,562 |
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14,492 |
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Changes in operating assets & liabilities |
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|
|
|
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Accounts receivable |
|
(11,528 |
) |
10,478 |
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Inventories |
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2,209 |
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5,903 |
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Prepaid expenses and other current assets |
|
125 |
|
4,386 |
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Accounts payable and other current liabilities |
|
7,308 |
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(13,490 |
) | ||
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Deferred revenue |
|
(2,181 |
) |
(5,396 |
) | ||
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Income taxes |
|
133 |
|
(225 |
) | ||
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Other assets and liabilities |
|
(3,306 |
) |
3,328 |
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Net cash used for operating activities |
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(15,042 |
) |
(10,597 |
) | ||
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Cash flows from investing activities |
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Proceeds from sale of dry strip assets and intellectual property |
|
1,200 |
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8,716 |
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Expenditures for property, plant, and equipment |
|
(822 |
) |
(591 |
) | ||
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(Increase) decrease in restricted cash |
|
107 |
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(2 |
) | ||
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Net cash provided by investing activities |
|
485 |
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8,123 |
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|
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Cash flows from financing activities |
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|
|
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Increase in restricted cash |
|
(825 |
) |
— |
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Financing fees and other expenses |
|
(560 |
) |
— |
| ||
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Proceeds from exercise of stock options |
|
1,669 |
|
968 |
| ||
|
Proceeds from Employee Stock Purchase Plan |
|
436 |
|
331 |
| ||
|
Proceeds from issuance of Term Loan |
|
15,000 |
|
— |
| ||
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Net cash provided by financing activities |
|
15,720 |
|
1,299 |
| ||
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Effect of exchange rate changes on cash |
|
141 |
|
(716 |
) | ||
|
Net increase (decrease) in cash and cash equivalents |
|
1,304 |
|
(1,891 |
) | ||
|
Cash and cash equivalents at beginning of period |
|
44,986 |
|
46,877 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
46,290 |
|
$ |
44,986 |
|