Axcelis Announces Financial Results for Fourth Quarter and Full Year 2015

Driven by Purion, 2015 systems revenues increase by 110.6% over 2014

02 Feb, 2016, 16:01 ET from Axcelis Technologies, Inc.

BEVERLY, Mass., Feb. 2, 2016 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2015.

Highlights for the full year include:

  • Revenues of $301.5 million, a 48.5% increase over 2014.
  • System revenues of $171.9 million, a 110.6% increase over 2014.
    • Resulting in market share gains from 12.8% in 2014 to between 17% and 20% in 2015.
  • Systems margins improved by 26% for the full year 2015 over the fourth quarter of 2014.
  • Operating profit of $20.7 million, compared to an operating loss of $10.7 million in 2014.
  • Net income of $14.7 million or $0.12 per share, compared to a net loss of $11.3 million or $0.10 per share in 2014.
  • Increased cash, cash equivalents and restricted cash to $85.8 million from $31.6 million in the fourth quarter of 2014, and eliminated all bank debt.

The Company reported fourth quarter revenue of $70.5 million, compared to $79.3 million for the third quarter of 2015. Operating profit for the quarter was $2.4 million, compared to $7.7 million for the third quarter. Net income for the quarter was $0.8 million, or $0.01 per share. This compares to net income for the third quarter of 2015 of $6.1 million, or $0.05 per share. Cash, cash equivalents and restricted cash were $85.8 million at December 31, 2015, compared to $79.9 million on September 30, 2015.

"2015 was a very successful year for Axcelis, fueled by strong sales of the Purion platform, which accounted for 74.3% of our systems revenues," said President and CEO Mary Puma. "Looking forward to 2016, we believe the continued adoption of our Purion product family will allow us to capture the next wave of industry growth, driving market share gains and improved financial results."

Business Outlook For the first quarter ending March 31, 2016, Axcelis expects revenues to be in the mid $60 million range. Gross margin in the first quarter is expected to be in the mid 30% range. First quarter operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.

Fourth Quarter 2015 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 2015. 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: 14855645. 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 Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

December 31,

Twelve months ended

December 31,

2015

2014

2015

2014

Revenue:

Product

$

64,802

$

57,076

$

278,875

$

179,246

Services

5,656

5,454

22,620

23,805

Total revenue

70,458

62,530

301,495

203,051

Cost of Revenue:

Product

43,617

39,639

181,060

113,285

Services

4,868

4,094

18,729

19,602

Total cost of revenue

48,485

43,733

199,789

132,887

Gross profit

21,973

18,797

101,706

70,164

Operating expenses:

Research and development

7,907

7,481

32,586

33,533

Sales and marketing

5,517

5,310

23,325

20,713

General and administrative

6,143

5,602

25,059

23,958

Restructuring charges

(27)

18

2,621

Total operating expenses

19,567

18,366

80,988

80,825

Income (loss) from operations

2,406

431

20,718

(10,661)

Other (expense) income:

Interest income

48

27

64

32

Interest expense

(1,349)

(257)

(4,976)

(1,069)

Other, net

(50)

249

(601)

1,531

Total other (expense) income

(1,351)

19

(5,513)

494

Income (loss) before income taxes

1,055

450

15,205

(10,167)

Income tax provision

229

285

527

1,099

Net income (loss)

$

826

$

165

$

14,678

$

(11,266)

Net income (loss) per share:

Basic

$

0.01

$

0.00

$

0.13

$

(0.10)

Diluted

$

0.01

$

0.00

$

0.12

$

(0.10)

Shares used in computing net income (loss) per share:

Basic weighted average common shares

115,745

112,218

114,378

111,450

Diluted weighted average common shares

121,855

117,251

120,916

111,450

 

 

Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited)

December 31,

December 31,

2015

2014

ASSETS

Cash and cash equivalents

$

78,889

$

30,753

Accounts receivable, net

36,868

42,794

Inventories, net

115,904

104,063

Prepaid expenses and other assets

19,652

18,755

Property, plant and equipment, net

30,031

30,464

Restricted cash

6,936

825

Total assets

$

288,280

$

227,654

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

$

19,849

$

21,605

Accrued compensation

9,059

4,232

Warranty

3,555

1,527

Income taxes

143

196

Deferred revenue

8,542

7,231

Bank debt

14,530

Sale leaseback obligation

47,586

Other liabilities

9,286

9,981

Total liabilities

98,020

59,302

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; 116,101 shares issued and 115,981 shares outstanding at December 31, 2015; 112,849 shares issued and 112,729 shares outstanding at December 31, 2014

116

113

Additional paid-in capital

529,002

519,068

Treasury stock, at cost, 120 shares at December 31, 2015 and 2014

(1,218)

(1,218)

Accumulated deficit

(336,209)

(350,887)

Accumulated other comprehensive (loss) income

(1,431)

1,276

Total stockholders' equity

190,260

168,352

Total liabilities and stockholders' equity

$

288,280

$

227,654

 

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SOURCE Axcelis Technologies, Inc.



RELATED LINKS

http://www.axcelis.com