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): May 4, 2010
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 May 4, 2010, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the three months ended March 31, 2010. 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
99.1 Press Release dated May 4, 2010. 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: May 4, 2010 |
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 and Chief Financial Officer |
Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS
FOR FIRST QUARTER 2010
Company Reports 25% Increase in Revenues and 45% Increase in Shipments
BEVERLY, Mass.—May 4, 2010—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended March 31, 2010.
The Company reported first quarter revenue of $48.5 million, compared to $38.7 million for the fourth quarter of 2009, a 25% increase. Net loss for the first quarter was $11.1 million, or $0.11 per share. This compares to a net loss for the fourth quarter of 2009 of $10.0 million, or $0.10 per share. Cash and cash equivalents, including restricted cash, were $41.6 million at March 31, 2010. The company used $10.2 million in cash during the quarter. The Company ended the quarter with working capital of $157.3 million.
Commenting on the Company’s performance, Mary Puma, chairman and CEO, stated, “Our business continues to strengthen as demand for our customers’ products increases and additional manufacturing capacity is required. As a result, we are experiencing robust growth in both new system orders and aftermarket sales. During the quarter we secured significant penetrations in high current implant and cleaning at logic, memory and foundry chip manufacturers, and we expect this traction to continue as customers recognize the competitive advantages our technology provides. We are confident that this will translate into improving financial performance throughout 2010, including a return to profitability and positive cash flow generation.”
First Quarter 2010 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter 2010. 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 1-888-713-4218 (1- 617-213-4870 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 58143672. Webcast and telephone replays will be available from 8 pm ET on May 4, 2010 until 11:59 pm on July 29, 2010. Dial 1- 888-286-8010 (617-801-6888 outside North America), and enter conference ID code# 48979281.
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 support of ion implantation and cleaning systems. The company’s Internet address is: www.axcelis.com.
Company Contacts:
Maureen Hart (editorial/media) 978.787.4266
Maureen.hart@axcelis.com
Stephen Bassett (financial community) 978.787.4110
Stephen.bassett@axcelis.com
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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March 31, |
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2010 |
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2009 |
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Revenue |
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Product |
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$ |
40,278 |
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$ |
17,734 |
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Service |
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8,222 |
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7,784 |
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Royalties, primarily from SEN |
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— |
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210 |
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48,500 |
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25,728 |
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Cost of revenue |
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Product |
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30,320 |
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18,232 |
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Service |
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5,173 |
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4,489 |
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35,493 |
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22,721 |
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Gross profit |
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13,007 |
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3,007 |
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Operating expenses |
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Research and development |
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9,133 |
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9,535 |
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Sales and marketing |
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6,604 |
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6,879 |
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General and administrative |
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7,700 |
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10,670 |
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Restructuring charges |
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— |
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984 |
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23,437 |
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28,068 |
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Loss from operations |
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(10,430 |
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(25,061 |
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Other income (expense) |
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Gain on sale of SEN |
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— |
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1,080 |
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Equity loss of SEN |
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— |
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(3,238 |
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Interest income |
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29 |
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63 |
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Interest expense |
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— |
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(1,676 |
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Other, net |
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(407 |
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(205 |
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(378 |
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(3,976 |
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Loss before income taxes |
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(10,808 |
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(29,037 |
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Income taxes |
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293 |
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118 |
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Net loss |
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$ |
(11,101 |
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$ |
(29,155 |
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Net loss per share |
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Basic and diluted net loss per share |
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$ |
(0.11 |
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$ |
(0.28 |
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Shares used in computing basic and diluted net loss per share |
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Weighted average common shares |
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104,116 |
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103,284 |
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Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
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March 31, |
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December 31, |
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2010 |
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2009 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
34,801 |
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$ |
45,020 |
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Restricted cash |
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6,843 |
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4,918 |
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Accounts receivable, net |
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34,293 |
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19,094 |
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Inventories, net |
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105,205 |
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114,558 |
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Prepaid expenses and other current assets |
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10,474 |
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10,016 |
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Total current assets |
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191,616 |
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193,606 |
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Property, plant and equipment, net |
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40,226 |
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40,868 |
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Long-term restricted cash |
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— |
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2,245 |
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Other assets |
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12,700 |
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13,884 |
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$ |
244,542 |
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$ |
250,603 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
12,822 |
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$ |
9,680 |
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Accrued compensation |
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10,627 |
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9,267 |
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Warranty |
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730 |
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638 |
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Income taxes |
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1,099 |
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1,499 |
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Deferred revenue |
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5,295 |
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5,127 |
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Other current liabilities |
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3,760 |
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3,546 |
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Total current liabilities |
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34,333 |
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29,757 |
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Long-term deferred revenue |
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910 |
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563 |
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Other long-term liabilities |
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3,781 |
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3,884 |
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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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104 |
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104 |
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Additional paid-in capital |
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489,308 |
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488,321 |
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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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(287,048 |
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(275,947 |
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Accumulated other comprehensive income |
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4,372 |
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5,139 |
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205,518 |
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216,399 |
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$ |
244,542 |
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$ |
250,603 |
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Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
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Three months ended |
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March 31, |
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2010 |
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2009 |
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Cash flows from operating activities |
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Net loss |
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$ |
(11,101 |
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$ |
(29,155 |
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Adjustments to reconcile net loss to net cash used for operating activities |
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Undistributed loss of SEN |
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— |
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3,238 |
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Depreciation and amortization |
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1,937 |
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1,861 |
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Gain on sale of SEN |
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— |
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(1,080 |
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Deferred Taxes |
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167 |
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— |
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Accretion of premium on convertible debt |
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— |
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133 |
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Stock-based compensation expense |
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817 |
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858 |
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Provision for excess inventory |
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758 |
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4,727 |
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Changes in operating assets & liabilities |
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Accounts receivable |
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(15,425 |
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6,228 |
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Inventories |
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8,252 |
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2,973 |
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Prepaid expenses and other current assets |
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(362 |
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1,615 |
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Accounts payable & other current liabilities |
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4,922 |
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(3,297 |
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Deferred revenue |
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526 |
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11 |
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Income taxes |
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(408 |
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76 |
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Other assets and liabilities |
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54 |
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(270 |
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Net cash used for operating activities |
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(9,863 |
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(12,082 |
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Cash flows from investing activities |
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Expenditures for property, plant, and equipment |
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(263 |
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(213 |
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Decrease in restricted cash |
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319 |
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— |
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Proceeds from sale of SEN |
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— |
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129,377 |
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Net cash provided by investing activities |
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56 |
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129,164 |
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Cash flows from financing activities |
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Repayment of convertible debt |
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— |
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(83,344 |
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Financing fees and other expenses |
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(431 |
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— |
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Proceeds from exercise of stock options |
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32 |
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— |
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Proceeds from Employee Stock Purchase Plan |
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169 |
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182 |
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Net cash used for financing activities |
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(230 |
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(83,162 |
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Effect of exchange rate changes on cash |
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(182 |
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(371 |
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Net increase (decrease) in cash and cash equivalents |
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(10,219 |
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33,549 |
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Cash and cash equivalents at beginning of period |
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45,020 |
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37,694 |
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Cash and cash equivalents at end of period |
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$ |
34,801 |
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$ |
71,243 |
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