Axcelis Announces Financial Results for First Quarter 2013

BEVERLY, Mass., May 2, 2013 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended March 31, 2013. The Company reported first quarter revenue of $40.7 million, compared to $44.6 million for the fourth quarter of 2012. Net loss for the quarter was $9.0 million, or $(0.08) per share, which includes:  a $0.4 million milestone payment from the dry strip asset sale to Lam Research Corporation; a $2.1 million charge associated with an inventory write off of 300mm dry strip production components; and $1.8 million of restructuring charges.  This compares to a net loss for the fourth quarter of 2012 of $14.8 million, or ($0.14) per share, which included:  a $7.9 million gain from the dry strip asset sale to Lam; a $13.4 million charge associated with an inventory write off; and $0.6 million of restructuring charges. Cash and cash equivalents were $42.4 million at March 31, 2013 compared with $45.0 million at December 31, 2012.

Chairman and CEO Mary Puma said, "During the quarter our Purion M medium current ion implanter was selected for evaluation by two new customers, representing both memory and foundry market segments. Earlier this week we announced the introduction of the Purion XE, a high energy ion implanter, the second member of our Purion platform family.  Our Purion platform is the foundation for all future generation Axcelis implanters. Purion products are key to our future success and will allow us to quickly capitalize on improving market conditions."

Ms. Puma added, "Each member of the Purion family shares a common, powerful 500+ wafers per hour single wafer end station, industry leading source technology and an innovative and productive ultra-pure beam line. The Purion platform was developed in response to customer requirements for absolute beam purity and the most precise dopant placement possible, while ensuring the highest levels of productivity and capital efficiency.  The Purion platform redefines next generation implanter technology and performance and enables the efficient production of leading edge semiconductor devices."

First Quarter 2013 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter of 2013.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.680.0878 (1.617.213.4855 outside North America).  Participants calling into the conference call will be requested to provide the passcode:  43640965. A replay of the webcast will be available for 30 days following the conference call.

Safe Harbor Statement
The conference call will contain 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, 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, has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation, one of the most critical and enabling steps in the IC manufacturing process.  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,

2013


2012

Revenue





Product

$

34,452


$

47,538


Services

6,274


7,468


   Total revenue

40,726


55,006

Cost of revenue





Product

22,181


29,284


Services

5,602


5,186


   Total cost of revenue

27,783


34,470






Gross profit

12,943


20,536






Operating expenses





Research and development

9,206


11,669


Sales and marketing

5,201


6,583


General and administrative

6,590


7,799


Gain on sale of dry strip assets and intellectual property

(368)



Restructuring charges

1,801


2,881


   Total operating expenses

22,430


28,932






Loss from operations

(9,487)


(8,396)






Other income (expense)





Interest income

3


9


Other, net

829


(924)


   Total other income (expense)

832


(915)






Loss before income taxes

(8,655)


(9,311)






Income taxes

333


717






Net loss

$

(8,988)


$

(10,028)






Net loss per share





   Basic and Diluted

$

(0.08)


$

(0.09)






Shares used in computing net loss per share





   Basic and diluted weighted average common shares

108,227


107,067


 


Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)




March 31,
2013


December 31,
2012

ASSETS





Current assets





Cash and cash equivalents


$

42,441


$

44,986

Accounts receivable, net


23,150


24,843

Inventories, net


98,729


100,234

Restricted cash


103


106

    Prepaid expenses and other current assets


5,519


5,056

Total current assets


169,942


175,225






Property, plant and equipment, net


33,663


34,413

Other assets


12,352


12,520

        Total assets


$

215,957


$

222,158






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities





Accounts payable


$

13,793


$

10,166

Accrued compensation


8,900


7,283

Warranty


1,539


1,700

Income taxes


356


278

Deferred revenue


5,714


6,423

Other current liabilities


3,768


3,932

Total current liabilities


34,070


29,782






Long-term deferred revenue


321


456

Other long-term liabilities


5,713


5,844

         Total liabilities


40,104


36,082






Commitments and contingencies





Stockholders' equity





Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or

      outstanding



Common stock, $0.001 par value, 300,000 shares authorized; 108,405 shares

      issued and 108,285 shares outstanding at March 31, 2013;108,293 shares

      issued and 108,173 shares outstanding at December 31, 2012


108


108

Additional paid-in capital


505,478


504,643

Treasury stock, at cost, 120 shares at March 31, 2013 and December 31, 2012


(1,218)


(1,218)

Accumulated deficit


(331,465)


(322,477)

Accumulated other comprehensive income


2,950


5,020

          Total stockholders' equity


175,853


186,076

          Total liabilities and stockholders' equity


$

215,957


$

222,158


 


Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)








Three months ended







March 31,







2013


2012

Cash flows from operating activities




Net loss

$ (8,988)


$

(10,028)

Adjustments to reconcile net loss to net cash used for

operating activities:




Depreciation and amortization

1,394


1,896

Gain on sale of dry strip assets and intellectual property

(368)


-

Deferred taxes

56


378

Stock-based compensation expense

839


1,082

Provision for excess inventory

2,211


248

Changes in operating assets & liabilities




Accounts receivable        

1,458


4,810

Inventories

(1,672)


(8,277)

Prepaid expenses and other current assets

(544)


(385)

Accounts payable and other current liabilities

5,043


(2,162)

Deferred revenue

(843)


(3,818)

Income taxes

84


76

Other assets and liabilities

(549)


6,483

Net cash used for operating activities

(1,879)


(9,697)










Cash flows from investing activities




Proceeds from sale of dry strip assets and intellectual

property

400


-

Expenditures for property, plant, and equipment

(150)


(141)

(Increase) decrease in restricted cash

3


(3)

Net cash provided by (used for) investing

activities

253


(144)










Cash flows from financing activities




Proceeds from exercise of stock options

49


802

Proceeds from Employee Stock Purchase Plan

-


175

Net cash provided by financing activities

49


977

Effect of exchange rate changes on cash

(968)


(795)

Net decrease in cash and cash equivalents

(2,545)


(9,659)

Cash and cash equivalents at beginning of period

44,986


46,877

Cash and cash equivalents at end of period

$ 42,441


$

37,218


 

SOURCE Axcelis Technologies, Inc.



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