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Axcelis Announces Financial Results for Fourth Quarter and Full Year 2011

BEVERLY, Mass., Feb. 2, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2011. The Company reported fourth quarter revenue of $60.4 million, compared to $72.5 million for the third quarter of 2011. Net loss for the quarter was $2.1 million, or $0.02 per diluted share, which includes a $900 thousand or $0.01 per share charge related to a tax audit in Europe. This compares to net income for the third quarter of 2011 of $1.2 million, or $0.01 per share. Cash and cash equivalents, were $47.0 million at December 31, 2011.

For the full year 2011, the Company reported revenue of $319.4 million compared with $275.2 million in 2010, a 16% increase. Net income for the year was $5.1 million, or $0.05 per share. In addition, the Company generated $1.1 million of cash for the year. In 2010, the Company reported a net loss of $17.6 million, or $0.17 per share, and utilized $6.3 million of cash.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Operating results for the fourth quarter were in line with expectations. To best position the Company moving forward, we have taken proactive steps to focus our strategy, significantly reduce our cost structure and optimize our financial performance. These improvements will benefit us as the market recovers."

Fourth Quarter and Full Year 2011 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 2011. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com, or by dialing 1.888.680.0860 (1.617.213.4852 outside North America).  Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 34113857. Webcast replays will be available from 8 pm ET on February 2, 2012 until 11:59 pm on March 3, 2012.

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:
Maureen Hart (editorial/media) 978.787.4266
maureen.hart@axcelis.com

Jay Zager (financial community) 978.787.9408
jay.zager@axcelis.com

Axcelis Technologies, Inc.

Consolidated Statements of Operations

In thousands, except per share amounts

(Unaudited)















Three Months ended


Twelve Months ended




December 31,


December 31,




2011


2010


2011


2010











Revenue










Product


$                  52,037


$                  85,638


$                 287,324


$                242,771


Services


8,374


7,765


32,092


32,441




60,411


93,403


319,416


275,212

Cost of revenue










Product


31,408


56,189


181,241


168,047


Services


6,380


5,721


23,438


21,327




37,788


61,910


204,679


189,374











Gross profit


22,623


31,493


114,737


85,838











Operating expenses










 Research and development


12,140


11,042


47,176


39,524


 Sales and marketing


6,524


7,188


29,255


27,549


 General and administrative


5,245


9,083


31,174


32,132




23,909


27,313


107,605


99,205











Income (loss) from operations


(1,286)


4,180


7,132


(13,367)











Other income (expense)










 Interest income


18


27


42


96


 Other-net


342


(1,929)


297


(3,990)




360


(1,902)


339


(3,894)











Income (loss) before income taxes


(926)


2,278


7,471


(17,261)











Income taxes (benefits)


1,187


(2,052)


2,394


312











Net income (loss)


$                  (2,113)


$                    4,330


$                     5,077


$                (17,573)











Net income (loss) per share










Basic


$                    (0.02)


$                      0.04


$                       0.05


$                    (0.17)


Diluted


$                    (0.02)


$                      0.04


$                       0.05


$                    (0.17)











Shares used in computing net income (loss) per share










Basic


106,476


105,163


106,234


104,522


Diluted


106,476


109,454


109,098


104,522



Axcelis Technologies, Inc.

Consolidated Balance Sheet

In thousands

(Unaudited)






December 31,






2011


2010


ASSETS





Current assets






Cash and cash equivalents


$                 46,877


$              45,743


Accounts receivable, net


35,071


57,888


Inventories, net


120,023


109,653


Prepaid expenses and other current assets


10,062


15,346



Total current assets


212,033


228,630









Property, plant and equipment, net


37,204


38,594

Long-term restricted cash


104


107

Other assets



19,904


13,541






$               269,245


$            280,872










LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities






Accounts payable


$                 19,551


$              36,709


Accrued compensation


8,285


10,597


Warranty


3,556


2,556


Income taxes


495


-


Deferred revenue


10,786


13,859


Other current liabilities


4,799


4,408



Total current liabilities


47,472


68,129









Long-term deferred revenue


1,488


2,417

Other long-term liabilities


5,730


4,759

















Stockholders' equity






Preferred stock


-


-


Common stock


107


106


Additional paid-in capital


499,332


493,967


Treasury stock


(1,218)


(1,218)


Accumulated deficit


(288,443)


(293,520)


Accumulated other comprehensive income


4,777


6,232






214,555


205,567






$               269,245


$            280,872



Axcelis Technologies, Inc.

Consolidated Statements of Cash Flow

In thousands

(Unaudited)



Twelve months ended



December 31,



2011


2010

Cash flows from operating activities






Net income (loss)


$         5,077


$      (17,573)


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







Depreciation and amortization


8,497


7,045



Deferred income taxes


613


(1,409)



Stock-based compensation expense


4,687


4,088



Provision for excess inventory


1,015


2,015



Changes in operating assets & liabilities








Accounts receivable


22,692


(38,652)




Inventories


(11,870)


3,549




Prepaid expenses and other current assets


3,049


(3,469)




Accounts payable & other current liabilities


(17,940)


32,276




Deferred revenue


(4,006)


10,601




Income taxes


507


(1,522)




Other assets and liabilities


(8,788)


(2,841)





Net cash provided by (used for) operating activities


3,533


(5,892)

Cash flows from investing activities







Expenditures for property, plant, and equipment


(2,124)


(1,403)



Decrease in restricted cash


3


7,056





Net cash provided by (used for) investing activities


(2,121)


5,653

Cash flows from financing activities







Financing fees and other expenses


(199)


(523)



Proceeds from exercise of stock options


288


553



Proceeds from Employee Stock Purchase Plan


502


569





Net cash provided by financing activities


591


599

Effect of exchange rate changes on cash


(869)


363

Net increase in cash and cash equivalents


1,134


723

Cash and cash equivalents at beginning of period


45,743


45,020

Cash and cash equivalents at end of period


$       46,877


$       45,743



SOURCE Axcelis Technologies, Inc.



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