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 17, 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 February 17, 2010, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 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
(d) Exhibits
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99.1 |
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Press Release dated February 17, 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: February 17, 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 |
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and Chief Financial Officer |
Exhibit 99.1
AXCELIS ANNOUNCES IMPROVED FINANCIAL RESULTS
FOR FOURTH QUARTER AND FULL YEAR 2009
Company Generates Positive Cash Flow
BEVERLY, Mass.—February 17, 2010—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced improved financial results for the fourth quarter and full year ended December 31, 2009.
Operations
The Company reported fourth quarter revenue of $38.7 million, compared to $35.0 million for the third quarter of 2009. Net loss for the fourth quarter was $10.0 million, or $0.10 per share. This compares to a net loss for the third quarter of 2009 of $15.9 million, or $0.15 per share. In the corresponding quarter for the previous year, the Company reported revenue of $42.0 million, and a net loss of $141.4 million, or $1.37 per share, which included charges for restructuring of $3.4 million ($0.03 per share), impairment of intangibles and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share) and excess inventory of $23.2 million ($0.23 per share).
For the full year 2009, the Company reported revenue of $133.0 million compared with $250.2 million in 2008. Net loss for the year was $77.5 million, or $0.75 per share which includes charges for restructuring of $5.5 million ($0.05 per share). In 2008, the Company reported a net loss of $196.7 million, or $1.91 per share which included charges for restructuring of $6.9 million ($0.07 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $24.6 million ($0.24 per share).
Balance Sheet
Cash and cash equivalents, including restricted cash, were $52.2 million at December 31, 2009. The company generated $3.7 million in cash during the quarter. The Company ended the quarter with working capital of $163.8 million.
Commenting on the Company’s performance, Mary Puma, chairman and CEO, stated, “During the downturn we made positive strides in improving our business model and we are now seeing the rewards. In particular we are pleased that we generated cash in the quarter. While we expect this positive trend to continue and we believe we will be cash flow positive in 2010, quarterly cash flows may vary due to timing of shipments, customer buying patterns and investments in working capital. We are experiencing a significant increase in recent order flow and are forecasting sales to be up across all product lines and service programs. These contributions strengthen our foundation for the future, and we look forward to capitalizing on the significant opportunities that lie ahead.”
Fourth Quarter 2009 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 2009. The call will be available to interested listeners via an audio webcast at Axcelis’ home page at www.axcelis.com, or by dialing 1-888-679-8040 (1-617-213-4851 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 68128785. Webcast and telephone replays will be available from 8 pm ET on February 17, 2010 until 11:59 pm on May 24, 2010. Dial 1-888-286-8010 (617-801-6888 outside North America), and enter conference ID code# 90659114.
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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Twelve Months ended |
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December 31, |
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December 31, |
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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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Systems |
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$ |
29,347 |
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$ |
30,732 |
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$ |
98,716 |
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$ |
194,275 |
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Services |
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9,390 |
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10,520 |
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33,917 |
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51,880 |
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Royalties, primarily from SEN |
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— |
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725 |
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389 |
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4,059 |
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38,737 |
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41,977 |
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133,022 |
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250,214 |
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Cost of revenue |
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Systems |
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21,614 |
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48,404 |
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84,185 |
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161,310 |
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Services |
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5,772 |
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4,423 |
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20,773 |
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26,289 |
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27,386 |
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52,827 |
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104,958 |
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187,599 |
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Gross profit |
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11,351 |
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(10,850 |
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28,064 |
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62,615 |
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Operating expenses |
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Research and development |
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7,726 |
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13,582 |
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32,661 |
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63,262 |
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Sales and marketing |
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6,345 |
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7,813 |
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25,209 |
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44,573 |
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General and administrative |
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7,012 |
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11,802 |
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34,087 |
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43,056 |
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Impairment of goodwill |
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— |
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42,115 |
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— |
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42,115 |
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Impairment of intangibles and long lived assets |
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— |
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46,949 |
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— |
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46,949 |
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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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2,624 |
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Restructuring charges |
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13 |
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3,361 |
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5,541 |
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6,873 |
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21,096 |
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126,278 |
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97,498 |
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249,452 |
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Loss from operations |
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(9,745 |
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(137,128 |
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(69,434 |
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(186,837 |
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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 loss of SEN |
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— |
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(2,567 |
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(3,238 |
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(3,667 |
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Interest income |
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29 |
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214 |
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181 |
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1,614 |
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Interest expense |
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— |
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(1,739 |
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(1,676 |
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(6,744 |
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Other-net |
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(319 |
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(483 |
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(3,516 |
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(169 |
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(290 |
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(4,575 |
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(7,169 |
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(8,966 |
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Loss before income taxes |
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(10,035 |
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(141,703 |
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(76,603 |
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(195,803 |
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Income taxes (credits) |
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1 |
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(258 |
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865 |
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861 |
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Net loss |
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$ |
(10,036 |
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$ |
(141,445 |
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$ |
(77,468 |
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$ |
(196,664 |
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Net loss per share |
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Basic and diluted net loss per share |
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$ |
(0.10 |
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$ |
(1.37 |
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$ |
(0.75 |
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$ |
(1.91 |
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Shares used in computing basic and diluted net loss per share |
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Weighted average common shares outstanding |
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103,917 |
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103,052 |
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103,586 |
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102,739 |
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Axcelis Technologies, Inc.
Consolidated Balance Sheet
In thousands
(Unaudited)
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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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$ |
45,020 |
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$ |
37,694 |
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Restricted cash |
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4,918 |
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8,654 |
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Accounts receivable, net |
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19,094 |
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27,486 |
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Inventories, net |
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114,558 |
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150,113 |
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Prepaid expenses and other current assets |
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10,016 |
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17,231 |
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Total current assets |
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193,606 |
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241,178 |
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Property, plant and equipment, net |
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40,868 |
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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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Long-term restricted cash |
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2,245 |
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— |
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Other assets |
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13,884 |
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12,894 |
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$ |
250,603 |
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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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$ |
9,680 |
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$ |
8,066 |
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Accrued compensation |
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9,267 |
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15,841 |
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Warranty |
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638 |
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3,137 |
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Income taxes |
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1,499 |
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337 |
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Deferred revenue |
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5,127 |
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12,508 |
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Other current liabilities |
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3,546 |
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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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29,757 |
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129,996 |
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Long-term deferred revenue |
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563 |
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1,872 |
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Other long-term liabilities |
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3,884 |
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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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488,321 |
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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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(275,947 |
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(198,479 |
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Accumulated other comprehensive income |
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5,139 |
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35,425 |
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216,399 |
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319,377 |
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$ |
250,603 |
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$ |
455,181 |
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