Axcelis Announces Financial Results For First Quarter 2016
Company Reports Solid Quarterly Results and Significant Market Share Gains Driven by Purion Platform
BEVERLY, Mass., May 2, 2016 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2016.
Highlights for the quarter include:
- Total revenues of $67.5 million were above guidance:
- System revenues of $37 million.
- Operating profit of $2.5 million.
- Net income of $1.9 million or $0.02 per share.
- Increased Axcelis market share:
- Increased total market share to 18.3% in 2015 up from 12.4% in 2014.
- Doubled high current market share from 6% in 2014 to 12.4% in 2015, driven by
the Purion H, the fastest growing new product in Axcelis history.
The Company reported first quarter revenue of $67.5 million, compared to $70.5 million for the fourth quarter of 2015. Operating profit for the quarter was $2.5 million, compared to $2.4 million for the fourth quarter. Net income for the quarter was $1.9 million, or $0.02 per share. This compares to net income for the fourth quarter of 2015 of $0.8 million, or $0.01 per share. Cash, cash equivalents and restricted cash were $74.4 million at March 31, 2016, compared to $85.8 million on December 31, 2015.
"We're pleased with our execution against strategic initiatives in the first quarter that will continue to drive Purion platform market share gains in 2016," said President and CEO Mary Puma. "We remain focused on broadening our customer base, driving gross margin improvements and delivering stronger financial performance in the second half of 2016."
Business Outlook
For the second quarter ending June 30, 2016, Axcelis expects similar financial results as in the first quarter, with revenues to be in the mid $60 million range. Gross margin in the second quarter is expected to be in the mid 30% range. Second quarter operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.
First Quarter 2016 Conference Call
The Company will host a conference call today, Monday, May 2, 2016 at 5:00 pm ET, to discuss results for the first quarter 2016. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 82784852. Webcast replays will be available for 30 days following the call.
Safe Harbor Statement
This press release and the conference call 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 (Nasdaq: ACLS), headquartered in Beverly, Mass., 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 systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
|
Axcelis Technologies, Inc. | ||||||||||
|
Consolidated Statement of Operations | ||||||||||
|
(In thousands, except per share amounts) | ||||||||||
|
(Unaudited) | ||||||||||
|
Three months ended March 31, | ||||||||||
|
2016 |
2015 | |||||||||
|
Revenue: |
||||||||||
|
Product |
$ |
62,175 |
$ |
67,530 | ||||||
|
Services |
5,346 |
5,753 | ||||||||
|
Total revenue |
67,521 |
73,283 | ||||||||
|
Cost of Revenue: |
||||||||||
|
Product |
40,263 |
45,185 | ||||||||
|
Services |
3,842 |
4,718 | ||||||||
|
Total cost of revenue |
44,105 |
49,903 | ||||||||
|
Gross profit |
23,416 |
23,380 | ||||||||
|
Operating expenses: |
||||||||||
|
Research and development |
8,636 |
8,199 | ||||||||
|
Sales and marketing |
5,960 |
5,628 | ||||||||
|
General and administrative |
6,042 |
6,101 | ||||||||
|
Restructuring charges |
282 |
10 | ||||||||
|
Total operating expenses |
20,920 |
19,938 | ||||||||
|
Income from operations |
2,496 |
3,442 | ||||||||
|
Other (expense) income: |
||||||||||
|
Interest income |
54 |
3 | ||||||||
|
Interest expense |
(1,047) |
(1,043) | ||||||||
|
Other, net |
(59) |
(433) | ||||||||
|
Total other (expense) income |
(1,052) |
(1,473) | ||||||||
|
Income before income taxes |
1,444 |
1,969 | ||||||||
|
Income tax (benefit) provision |
(504) |
101 | ||||||||
|
Net income |
$ |
1,948 |
$ |
1,868 | ||||||
|
Net income per share: |
||||||||||
|
Basic |
$ |
0.02 |
$ |
0.02 | ||||||
|
Diluted |
$ |
0.02 |
$ |
0.02 | ||||||
|
Shares used in computing net income per share: |
||||||||||
|
Basic weighted average common shares |
116,152 |
113,152 | ||||||||
|
Diluted weighted average common shares |
122,078 |
118,720 | ||||||||
|
Axcelis Technologies, Inc. | ||||||||
|
Consolidated Balance Sheets | ||||||||
|
(In thousands, except per share amounts) | ||||||||
|
(Unaudited) | ||||||||
|
March 31, |
December 31, | |||||||
|
2016 |
2015 | |||||||
|
ASSETS |
||||||||
|
Cash and cash equivalents |
$ |
67,571 |
$ |
78,889 | ||||
|
Accounts receivable, net |
47,471 |
36,868 | ||||||
|
Inventories, net |
115,165 |
115,904 | ||||||
|
Prepaid expenses and other assets |
25,267 |
19,652 | ||||||
|
Property, plant and equipment, net |
30,997 |
30,031 | ||||||
|
Restricted cash |
6,863 |
6,936 | ||||||
|
Total assets |
$ |
293,334 |
$ |
288,280 | ||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
|
Accounts payable |
$ |
21,700 |
$ |
19,849 | ||||
|
Accrued compensation |
8,477 |
9,059 | ||||||
|
Warranty |
3,535 |
3,555 | ||||||
|
Income taxes |
177 |
143 | ||||||
|
Deferred revenue |
8,786 |
8,542 | ||||||
|
Sale leaseback obligation |
47,586 |
47,586 | ||||||
|
Other liabilities |
8,758 |
9,286 | ||||||
|
Total liabilities |
99,019 |
98,020 | ||||||
|
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; 116,356 shares issued and 116,237 shares outstanding at March 31, 2016; 116,101 shares issued and 115,981 shares outstanding at December 31, 2015 |
116 |
116 | ||||||
|
Additional paid-in capital |
530,034 |
529,002 | ||||||
|
Treasury stock, at cost, 120 shares at March 31,2016 and December 31, 2015 |
(1,218) |
(1,218) | ||||||
|
Accumulated deficit |
(334,261) |
(336,209) | ||||||
|
Accumulated other comprehensive loss |
(356) |
(1,431) | ||||||
|
Total stockholders' equity |
194,315 |
190,260 | ||||||
|
Total liabilities and stockholders' equity |
$ |
293,334 |
$ |
288,280 | ||||
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SOURCE Axcelis Technologies, Inc.
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