Axcelis Announces Financial Results For First Quarter 2012

May 03, 2012, 16:10 ET from Axcelis Technologies, Inc.

BEVERLY, Mass., May 3, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2012. The Company reported first quarter revenue of $55.0 million, compared to $60.4 million for the fourth quarter of 2011. Net loss for the quarter was $10.0 million, or $0.09 per diluted share, which includes a $2.9 million or $0.03 per share restructuring charge. This compares to a net loss for the fourth quarter of 2011 of $2.1 million, or $0.02 per share. Cash and cash equivalents were $37.2 million at March 31, 2012.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "The first quarter was a transitional one for Axcelis.  We focused on strengthening our business model and made progress with our new products as we continued to work with our customers to develop enabling solutions for their device manufacturing challenges.  Accordingly, we anticipate our business will see growth and improving financial results in 2012."

First Quarter 2012 Conference Call The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter 2012.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4211 (1.617.213.4864 outside North America).  Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 67967613. A replay of the webcast will be available for 30 days following the conference call.

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 cycle support of ion implantation and cleaning systems. The Company's Internet address is: www.axcelis.com.

Company Contacts

Financial Community: Jay Zager 978.787.9408

Editorial/Media Community: Maureen Hart 978.787.4266

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

March 31,

2012

2011

Revenue

Product

$                      47,538

$                      86,603

Service

7,468

6,567

55,006

93,170

Cost of revenue

Product

29,284

56,873

Service

5,186

5,216

34,470

62,089

Gross profit

20,536

31,081

Operating expenses

  Research and development

11,669

11,818

  Sales and marketing

6,583

7,819

  General and administrative

7,799

9,055

  Restructuring charges

2,881

-

28,932

28,692

Income (loss) from operations

(8,396)

2,389

Other income (expense)

  Interest income

9

6

  Other, net

(924)

(450)

(915)

(444)

Income (loss) before income taxes

(9,311)

1,945

Income taxes 

717

133

Net income (loss)

$                    (10,028)

$                        1,812

Net income (loss) per share

Basic and diluted income (loss) per share

$                        (0.09)

$                          0.02

Shares used in computing net income (loss) per share

Basic weighted average common shares 

107,067

105,936

Diluted weighted average common shares

107,067

110,791

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

Three months ended

March 31,

2012

2011

Net income (loss)

$              (10,028)

$                  1,812

Other  comprehensive income:

Foreign currency translation adjustments

56

1,325

Comprehensive income (loss)

$                (9,972)

$                  3,137

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

March 31,

December 31,

2012

2011

ASSETS

Current assets

Cash and cash equivalents

$                37,218

$                       46,877

Accounts receivable, net 

30,464

35,071

Inventories, net

128,719

120,023

Prepaid expenses and other current assets

10,532

10,062

Total current assets

206,933

212,033

Property, plant and equipment, net

36,507

37,204

Long-term restricted cash

107

104

Other assets

12,263

19,904

Total assets

$              255,810

$                     269,245

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$                17,861

$                       19,551

Accrued compensation 

9,087

8,285

Warranty 

3,110

3,556

Income taxes 

576

495

Deferred revenue

7,216

10,786

Other current liabilities

4,298

4,799

Total current liabilities

42,148

47,472

Long-term deferred revenue

1,241

1,488

Other long-term liabilities

6,000

5,730

Total liabilities

49,389

54,690

Stockholders' equity

Preferred stock

-

-

Common stock

108

107

Additional paid-in capital

501,169

499,332

Treasury stock

(1,218)

(1,218)

Accumulated deficit

(298,471)

(288,443)

Accumulated other comprehensive income

4,833

4,777

Total stockholders' equity

206,421

214,555

Total liabilities and stockholders' equity

$              255,810

$                     269,245

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flow

(In thousands)

(Unaudited)

Three months ended

March 31,

2012

2011

Cash flows from operating activities:

Net income (loss)

$         (10,028)

$            1,812

Adjustments to reconcile net income (loss) to net cash used for operating activities:

Depreciation and amortization

1,896

1,882

Deferred taxes

378

33

Stock-based compensation expense

1,082

1,222

Provision for excess inventory

248

246

Changes in operating assets & liabilities:

Accounts receivable

4,810

8,245

Inventories

(8,277)

(13,350)

Prepaid expenses and other current assets

(385)

4,404

Accounts payable & other current liabilities

(2,162)

3,168

Deferred revenue

(3,818)

(2,996)

Income taxes

76

3

Other assets and liabilities

6,483

(5,875)

Net cash used for operating activities

(9,697)

(1,206)

Cash flows from investing activities:

Expenditures for property, plant, and equipment

(141)

(610)

Increase in restricted cash

(3)

(6)

Net cash used for investing activities

(144)

(616)

Cash flows from financing activities:

Proceeds from exercise of stock options

802

197

Proceeds from Employee Stock Purchase Plan

175

239

Net cash provided by financing activities

977

436

Effect of exchange rate changes on cash

(795)

425

Net decrease in cash and cash equivalents

(9,659)

(961)

Cash and cash equivalents at beginning of period

46,877

45,743

Cash and cash equivalents at end of period

$           37,218

$          44,782

 

SOURCE Axcelis Technologies, Inc.



RELATED LINKS

http://www.axcelis.com