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): August 8, 2008
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) |
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 August 8, 2008, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2008. 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
(c) 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 August 8, 2008 |
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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: August 8, 2008 |
Axcelis Technologies, Inc. |
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By: |
/s/ STEPHEN G. BASSETT |
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Stephen G. Bassett |
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Executive Vice President |
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and Chief Financial Officer |
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Exhibit No. |
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Exhibit Index |
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99.1 |
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Press Release dated August 8, 2008 |
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Exhibit 99.1
Company Contact: |
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Investor Contact: |
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Agency Contact: |
Maureen Hart |
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Stephen Bassett |
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Heather Smith |
Axcelis Technologies, Inc. |
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Axcelis Technologies, Inc. |
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Loomis Group |
Tel: +1 (978) 787 4266 |
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Tel: +1 (978) 787 4000 |
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Tel: +1 (617) 309 8005 |
Fax: +1 (978) 787 4275 |
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Fax: +1 (978) 787 9133 |
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Fax: +1 (617) 638 0033 |
maureen.hart@axcelis.com |
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investor.relations@axcelis.com |
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smithh@loomisgroup.com |
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2008
BEVERLY, Mass., August 8, 2008 (PRIME NEWSWIRE) — Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the second quarter ended June 30, 2008. The Company reported second quarter revenues of $76.9 million, compared to $84.9 million for the first quarter of 2008. Net loss for the second quarter was $19.4 million, or $0.19 per share. This compares to a net loss for the first quarter of 2008 of $11.1 million, or $0.11 per share. This net loss is greater than our guidance due to restructuring charges of $3.0 million, or $0.03 per share, as well as income contributions from SEN of $1.0 million, or $0.01 per share, less than SEN originally forecast. In the corresponding quarter for the previous year, the Company reported revenues of $110.1 million, and net income of $4.7 million, or $0.05 per share.
Commenting on the Company’s performance, Chairman and CEO Mary Puma said, “Revenues remain challenged by weak market conditions. We continue to reduce costs and optimize processes, and as a result implemented a significant restructuring during the quarter. At the same time, we remain focused on new product development and customer support. Recently, we shipped three additional Optima HDs as well as our first Optima XE single wafer high energy system. In addition, we launched the new Integra RS multi-chamber dry strip system and have already shipped two tools for use in memory manufacturing and 32/22nm development.”
Puma continued, “In light of our confidentiality agreement with Sumitomo Heavy Industries (SHI) and TPG Capital, the Company will not comment on discussions with SHI. The Company does not plan to hold a quarterly earnings call this quarter.”
Second Quarter Detail
Shipments and Margins
Shipments for the second quarter, including aftermarket business,
before provision for deferred revenue totaled $67.9 million. Geographically,
Axcelis’ systems shipments were to: Asia, 46%; North America, 21%; and Europe,
33%. The ion implantation business accounted for 93% of total systems shipments
in the second quarter. Gross margin for the second quarter was 35.2%.
Orders and Backlog
Orders received for the second quarter (new systems bookings and
aftermarket) totaled $62.6 million. New
systems bookings, excluding aftermarket, amounted to $24.3 million. Backlog
plus
deferred systems revenue at quarter end was $33.0 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.
SEN Corporation, an SHI and Axcelis Company (“SEN”)
Axcelis owns 50% of SEN, a Japanese company that is licensed by Axcelis
to manufacture and sell certain implant products in Japan. SEN’s revenue for
the second quarter totaled $48.6 million. Revenues in Japan are also challenged
by weak market conditions.
Business Outlook
Axcelis’ financial outlook for the third quarter of 2008 includes
revenues in the range of $47 million to $57 million. The Company also forecasts
a third quarter loss per share in the range of $0.21 to $0.25. Axcelis assumes
no responsibility to update guidance. Axcelis will only confirm or update
guidance via a press release.
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 Technologies, Inc.
Axcelis Technologies, Inc., 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. Axcelis also licenses its 50% owned joint venture, SEN Corporation, an SHI and Axcelis Company, to manufacture and sell certain implant products in Japan. The company’s Internet address is: www.axcelis.com.
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
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June 30, |
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December 31, |
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2008 |
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2007 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
59,651 |
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$ |
83,877 |
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Restricted cash |
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14,821 |
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17,018 |
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Accounts receivable, net |
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51,233 |
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76,067 |
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Inventories, net |
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178,855 |
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169,278 |
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Prepaid expenses and other current assets |
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17,551 |
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32,442 |
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Total current assets |
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322,111 |
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378,682 |
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Property, plant and equipment, net |
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66,352 |
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68,101 |
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Investment in SEN |
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140,044 |
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132,911 |
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Goodwill |
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42,115 |
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42,115 |
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Intangible assets |
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9,613 |
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10,925 |
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Other assets |
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35,313 |
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37,195 |
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$ |
615,548 |
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$ |
669,929 |
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Liabilities and stockholders’ equity |
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Current liabilities |
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Accounts payable |
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$ |
15,636 |
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$ |
27,054 |
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Accrued compensation |
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16,426 |
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17,003 |
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Warranty |
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3,931 |
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5,011 |
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Income taxes |
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757 |
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531 |
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Deferred revenue |
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14,518 |
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35,827 |
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Other current liabilities |
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6,579 |
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8,577 |
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Current portion of convertible subordinated debt |
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81,534 |
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— |
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Total current liabilities |
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139,381 |
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94,003 |
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Convertible subordinated debt |
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— |
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79,923 |
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Long-term deferred revenue |
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3,291 |
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4,704 |
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Other long-term liabilities |
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5,290 |
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5,293 |
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Stockholders’ equity |
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Preferred Stock |
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— |
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— |
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Common stock |
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103 |
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103 |
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Additional paid-in capital |
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481,596 |
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478,726 |
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Treasury stock |
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(1,218 |
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(1,218 |
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Accumulated deficit |
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(32,293 |
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(1,815 |
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Accumulated other comprehensive income |
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19,398 |
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10,210 |
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467,586 |
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486,006 |
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$ |
615,548 |
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$ |
669,929 |
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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 |
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Six Months ended |
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June 30, |
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June 30, |
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2008 |
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2007 |
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2008 |
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2007 |
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Revenue |
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76,889 |
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110,073 |
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161,783 |
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207,599 |
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Cost of revenue |
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49,799 |
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66,483 |
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105,477 |
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122,759 |
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Gross profit |
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27,090 |
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43,590 |
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56,306 |
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84,840 |
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Operating expenses |
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Research and development |
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16,954 |
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17,598 |
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33,807 |
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35,826 |
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Sales and marketing |
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12,475 |
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13,146 |
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24,380 |
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26,084 |
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General and administrative |
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10,878 |
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10,194 |
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20,692 |
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20,670 |
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Amortization of intangible assets |
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656 |
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656 |
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1,312 |
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1,312 |
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Restructuring charges |
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3,017 |
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— |
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3,068 |
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— |
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43,980 |
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41,594 |
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83,259 |
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83,892 |
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Income (loss) from operations |
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(16,890 |
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1,996 |
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(26,953 |
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948 |
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Other income (expense) |
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Equity income (loss) of SEN |
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(133 |
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1,905 |
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(132 |
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6,573 |
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Interest income |
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391 |
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1,146 |
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1,081 |
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2,600 |
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Interest expense |
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(1,680 |
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(1,566 |
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(3,281 |
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(3,235 |
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Other-net |
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(767 |
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275 |
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(449 |
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251 |
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(2,189 |
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1,760 |
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(2,781 |
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6,189 |
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Income (loss) before income taxes |
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(19,079 |
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3,756 |
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(29,734 |
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7,137 |
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Income taxes (credits) |
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318 |
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(988 |
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744 |
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(280 |
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Net income (loss) |
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$ |
(19,397 |
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$ |
4,744 |
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$ |
(30,478 |
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$ |
7,417 |
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Net income (loss) per share |
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Basic |
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$ |
(0.19 |
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$ |
0.05 |
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$ |
(0.30 |
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$ |
0.07 |
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Diluted |
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(0.19 |
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0.05 |
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(0.30 |
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0.07 |
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Shares used in computing net income (loss) per share |
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Basic |
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102,450 |
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101,609 |
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102,449 |
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101,551 |
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Diluted |
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102,450 |
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102,503 |
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102,449 |
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102,463 |
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