Axcelis Announces Financial Results For First Quarter 2012

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

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