2014

Axcelis Announces Financial Results For Second Quarter 2013

BEVERLY, Mass., Aug. 1, 2013 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended June 30, 2013. The Company reported second quarter revenue of $47.5 million, compared to $40.7 million for the first quarter of 2013. Net loss for the quarter was $4.0 million, or ($0.04) per share.  This compares to a net loss for the first quarter of 2013 of $9.0 million, or ($0.08) per share. Cash and cash equivalents were $34.6 million at June 30, 2013 compared with $42.4 million at March 31, 2013.

Chairman and CEO Mary Puma said, "Second quarter results were in line with our forecast, reflecting our expectations for an improving market in 2013.  During this last industry downturn we invested in our competitive Purion platform, improved our financial position and strengthened our team.  We have received positive feedback from our customers regarding these initiatives and as the industry picks up, we expect to capitalize on these investments."

Second Quarter 2013 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter of 2013.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4213 (1.617.213.4865 outside North America).  Participants calling into the conference call will be requested to provide the passcode:  20165545. 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
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


Six months ended

June 30,

June 30,

2013


2012


2013


2012

Revenue









Product

$40,769


$51,465


$75,220


$99,003


Services

6,732


7,649


13,006


15,117


   Total revenue

47,501


59,114


88,226


114,120

Cost of revenue









Product

25,457


30,599


47,638


59,883


Services

5,307


5,727


10,910


10,913


   Total cost of revenue

30,764


36,326


58,548


70,796










Gross profit

16,737


22,788


29,678


43,324










Operating expenses









Research and development

8,503


10,478


17,709


22,147


Sales and marketing

5,594


6,231


10,796


12,814


General and administrative

6,412


6,488


13,001


14,287


Gain on sale of dry strip assets and intellectual property

(799)


-


(1,167)


-


Restructuring charges

421


153


2,222


3,034


   Total operating expenses

20,131


23,350


42,561


52,282










Loss from operations

(3,394)


(562)


(12,883)


(8,958)










Other income (expense)









Interest income

3


9


6


18


Interest expense

(51)


-


(115)


-


Other, net

(314)


551


580


(373)


   Total other income (expense)

(362)


560


471


(355)










Loss before income taxes

(3,756)


(2)


(12,412)


(9,313)










Income taxes

263


469


596


1,186










Net loss

($4,019)


($471)


($13,008)


($10,499)










Net loss per share









   Basic and Diluted

($0.04)


($0.00)


($0.12)


($0.10)










Shares used in computing net loss per share









   Basic and diluted weighted average common shares

108,409


107,639


108,319


107,353










 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 








June 30,


December 31,

2013

2012

ASSETS





Current assets





   Cash and cash equivalents


$

34,639


$

44,986

   Accounts receivable, net


30,220


24,843

   Inventories, net


96,412


100,234

   Restricted cash


104


106

       Prepaid expenses and other current assets


6,025


5,056

         Total current assets


167,400


175,225






   Property, plant and equipment, net


32,964


34,413

   Other assets


13,406


12,520

        Total assets


$

213,770


$

222,158






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities





   Accounts payable


$

16,188


$

10,166

   Accrued compensation


6,559


7,283

   Warranty


1,419


1,700

   Income taxes


226


278

   Deferred revenue


5,728


6,423

   Other current liabilities


4,432


3,932

         Total current liabilities


34,552


29,782






Long-term deferred revenue


259


456

Other long-term liabilities


5,829


5,844

         Total liabilities


40,640


36,082











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;

          108,772 shares issued and 108,652 shares outstanding at

          June 30, 2013;108,293 shares issued and 108,173 shares

          outstanding at December 31, 2012


109


108

     Additional paid-in capital


506,647


504,643

     Treasury stock, at cost, 120 shares at June 30, 2013 and

           December 31, 2012


(1,218)


(1,218)

     Accumulated deficit


(335,485)


(322,477)

     Accumulated other comprehensive income


3,077


5,020

              Total stockholders' equity


173,130


186,076

              Total liabilities and stockholders' equity


$

213,770


$

222,158








 

 

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 














Six months ended







June 30,







2013


2012

Cash flows from operating activities





Net loss

($13,008)


($10,499)


Adjustments to reconcile net loss to net cash used for operating activities:






Depreciation and amortization

2,719


3,625



Gain on sale of dry strip assets and intellectual property

(1,167)


--



Deferred taxes

52


995



Stock-based compensation expense

1,644


2,010



Provision for excess inventory

2,370


406



Changes in operating assets & liabilities







Accounts receivable        

(5,587)


16




Inventories

431


(7,213)




Prepaid expenses and other current assets

(1,049)


(808)




Accounts payable and other current liabilities

5,642


(3,928)




Deferred revenue

(891)


(3,109)




Income taxes

(48)


(286)




Other assets and liabilities

(1,905)


6,226





Net cash used for operating activities

(10,797)


(12,565)










Cash flows from investing activities






Proceeds from sale of dry strip assets and intellectual property

1,200


-



Expenditures for property, plant, and equipment

(336)


(385)



Decrease in restricted cash

2


3





Net cash provided by (used for) investing activities

866


(382)










Cash flows from financing activities






Proceeds from exercise of stock options

206


847



Proceeds from Employee Stock Purchase Plan

197


179





Net cash provided by financing activities

403


1,026

Effect of exchange rate changes on cash

(819)


(1,159)

Net decrease in cash and cash equivalents

(10,347)


(13,080)

Cash and cash equivalents at beginning of period

44,986


46,877

Cash and cash equivalents at end of period

$34,639


$33,797










 

SOURCE Axcelis Technologies, Inc.



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http://www.axcelis.com

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