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 7, 2009
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:
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 August 7, 2009, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2009. 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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99.1 |
Press Release dated August 7, 2009. Filed herewith. |
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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 7, 2009 |
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 |
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Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2009
BEVERLY, Mass.—August 7, 2009—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2009. The Company reported second quarter revenue of $33.6 million, compared to $25.7 million for the first quarter of 2009. Net loss for the second quarter was $22.4 million, or $0.22 per share of which $4.1 million ($.04 per share) was attributable to restructuring charges. This compares to a net loss for the first quarter of 2009 of $29.2 million, or $0.28 per share. In the corresponding quarter for the previous year, the Company reported revenues of $76.9 million, and net loss of $19.4 million, or $0.19 per share of which $3.0 million was attributable to restructuring charges.
Second Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the second quarter totaled $28.0 million. Geographically, Axcelis’ systems shipments were to: North America, 21%, Europe 10%, and Asia, 69%. The ion implantation business accounted for 69% of total shipments in the second quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the second quarter totaled $27.0 million. New systems bookings, excluding aftermarket, amounted to $3.1 million. Backlog plus deferred systems revenue at quarter end was $10.1 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months
Balance Sheet
Cash and cash equivalents, including restricted cash, were $56.7 million at June 30, 2009. The Company ended the quarter with working capital of $187.7 million.
Second Quarter 2009 Conference Call
The Company will also be hosting a conference call today, August 7th, beginning at 10:00 am ET to discuss the second quarter. 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 1-800.265.0241 (1-617.847.8704 outside North America). Participants calling into the conference call will be requested to provide company name, Axcelis Technologies, and passcode: 46861580. An audio replay will be available at 1-888-286-8010 (1-617-801-6888 outside North America) from 1:00 pm ET on August 7, 2009 until 11:59 pm ET August 21, 2009. Please use passcode 43415458 to access this replay.
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) 978.787.4000
Investor.relations@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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Six Months ended |
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June 30, |
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June 30, |
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2009 |
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2008 |
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2009 |
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2008 |
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Revenue |
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33,550 |
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76,889 |
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59,278 |
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161,783 |
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Cost of revenue |
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27,664 |
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49,799 |
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50,385 |
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105,477 |
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Gross profit |
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5,886 |
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27,090 |
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8,893 |
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56,306 |
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Operating expenses |
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Research and development |
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7,752 |
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16,954 |
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17,287 |
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33,807 |
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Sales and marketing |
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6,285 |
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12,475 |
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13,164 |
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24,380 |
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General and administrative |
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8,531 |
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10,878 |
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19,201 |
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20,692 |
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Amortization of intangible assets |
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— |
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656 |
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— |
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1,312 |
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Restructuring charges |
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4,114 |
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3,017 |
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5,098 |
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3,068 |
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26,682 |
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43,980 |
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54,750 |
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83,259 |
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Loss from operations |
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(20,796 |
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(16,890 |
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(45,857 |
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(26,953 |
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Other income (expense) |
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Gain on sale of SEN |
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— |
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— |
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1,080 |
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— |
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Equity income (loss) of SEN |
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— |
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(133 |
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(3,238 |
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(132 |
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Interest income |
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30 |
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391 |
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93 |
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1,081 |
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Interest expense |
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— |
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(1,680 |
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(1,676 |
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(3,281 |
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Other-net |
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(1,311 |
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(767 |
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(1,516 |
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(449 |
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(1,281 |
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(2,189 |
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(5,257 |
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(2,781 |
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Loss before income taxes |
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(22,077 |
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(19,079 |
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(51,114 |
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(29,734 |
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Income taxes |
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302 |
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318 |
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420 |
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744 |
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Net loss |
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$ |
(22,379 |
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$ |
(19,397 |
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$ |
(51,534 |
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$ |
(30,478 |
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Net loss per share |
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Basic and diluted net loss per share |
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$ |
(0.22 |
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$ |
(0.19 |
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$ |
(0.50 |
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$ |
(0.30 |
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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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103,286 |
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102,450 |
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103,285 |
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102,449 |
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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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2009 |
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2008 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
49,771 |
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$ |
37,694 |
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Restricted cash |
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6,927 |
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8,654 |
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Accounts receivable, net |
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23,305 |
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27,486 |
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Inventories, net |
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132,985 |
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150,113 |
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Prepaid expenses and other current assets |
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11,160 |
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17,231 |
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Total current assets |
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224,148 |
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241,178 |
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Property, plant and equipment, net |
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42,876 |
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44,432 |
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Investment in SEN |
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— |
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156,677 |
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Other assets |
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11,157 |
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12,894 |
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$ |
278,181 |
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$ |
455,181 |
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Liabilities and stockholders’ equity |
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Current liabilities |
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Accounts payable |
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$ |
6,796 |
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$ |
8,066 |
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Accrued compensation |
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16,095 |
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15,841 |
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Warranty |
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1,251 |
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3,137 |
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Income taxes |
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504 |
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337 |
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Deferred revenue |
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7,906 |
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12,508 |
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Other current liabilities |
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3,866 |
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6,897 |
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Current portion of convertible subordinated debt |
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— |
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83,210 |
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Total current liabilities |
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36,418 |
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129,996 |
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Long-term deferred revenue |
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1,402 |
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1,872 |
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Other long-term liabilities |
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3,567 |
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3,936 |
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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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103 |
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Additional paid-in capital |
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484,929 |
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483,546 |
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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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(250,013 |
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(198,479 |
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Accumulated other comprehensive income |
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2,992 |
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35,425 |
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236,794 |
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319,377 |
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$ |
278,181 |
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$ |
455,181 |
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