BEVERLY, Mass., Nov. 5, 2014 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended September 30, 2014. Recent highlights include:
- Made strong progress on Purion platform:
- Shipped a Purion H™ high current implanter for evaluation at a leading Asia Pacific chipmaker in September 2014, making the customer the second to install the complete Purion Platform.
- Secured a multiple system revenue order for our Purion H high current implanter from another leading Asia Pacific chipmaker, less than four months after taking delivery of a Purion H for a one year evaluation, demonstrating this customer's recognition of the Purion H's significant advantages.
- Shipped a follow-on Purion XE™ high energy implanter to a chipmaker using the system for manufacturing DRAM devices. This order signals the start of a wave of increased memory spending.
- Shipped a Purion XE to a new customer who will use the system to manufacture advanced power, specialty logic and low power devices.
- Signed a $50M agreement in October 2014 for a sale leaseback expected to close in the fourth quarter.
- Lowered our operating and cash breakeven level through a combination of restructuring and reduced discretionary spending.
The Company reported third quarter revenue of $38.5 million, compared to $41.2 million for the second quarter of 2014. Loss from operations for the quarter was $5.4 million, compared to an operating loss of $6.1 million for the second quarter of 2014. Net loss for the quarter was $4.7 million, or $0.04 per share. This included $2.3 million of restructuring charges. This compares to a net loss for the second quarter of 2014 of $6.9 million, or $0.06 per share, including $0.2 million of restructuring charges. Cash and cash equivalents were $32.5 million at September 30, 2014 compared with $35.6 million at June 30, 2014.
Chairman and CEO Mary Puma said, "We made strong progress with the Purion platform, reduced our cost structure and took actions that we expect will strengthen our balance sheet. We now have the full Purion product family in place, and are well positioned to increase our market share as industry dynamics improve."
Third Quarter 2014 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the third quarter 2014. 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 1.888.713.4211 (1. 617.213.4864 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 69902134. Webcast replays will be available for 30 days following the call.
Safe Harbor Statement
This press release contains, and 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 (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 September 30, |
Nine months ended September 30, |
|||||||
2014 |
2013 |
2014 |
2013 |
|||||
Revenue: |
||||||||
Product |
$32,360 |
$42,934 |
$122,170 |
$118,151 |
||||
Services |
6,171 |
5,897 |
18,351 |
18,907 |
||||
Total revenue |
38,531 |
48,831 |
140,521 |
137,058 |
||||
Cost of revenue: |
||||||||
Product |
18,823 |
27,339 |
73,646 |
74,976 |
||||
Services |
4,564 |
4,516 |
15,507 |
15,427 |
||||
Total cost of revenue |
23,387 |
31,855 |
89,153 |
90,403 |
||||
Gross profit |
15,144 |
16,976 |
51,368 |
46,655 |
||||
Operating expenses: |
||||||||
Research and development |
7,950 |
8,148 |
26,052 |
25,857 |
||||
Sales and marketing |
4,891 |
5,330 |
15,404 |
16,128 |
||||
General and administrative |
5,380 |
6,164 |
18,356 |
19,165 |
||||
Gain on sale of dry strip assets and intellectual property |
__ |
__ |
__ |
(1,167) |
||||
Restructuring charges |
2,288 |
112 |
2,648 |
2,334 |
||||
Total operating expenses |
20,509 |
19,754 |
62,460 |
62,317 |
||||
Loss from operations |
(5,365) |
(2,778) |
(11,092) |
(15,662) |
||||
Other income (expense): |
||||||||
Interest income |
2 |
3 |
6 |
8 |
||||
Interest expense |
(304) |
(193) |
(812) |
(308) |
||||
Other, net |
1,352 |
(1,252) |
1,282 |
(671) |
||||
Total other income (expense) |
1,050 |
(1,442) |
476 |
(971) |
||||
Loss before income taxes |
(4,315) |
(4,220) |
(10,616) |
(16,633) |
||||
Income taxes |
389 |
530 |
814 |
1,125 |
||||
Net loss |
$(4,704) |
$(4,750) |
$(11,430) |
$(17,758) |
||||
Net loss per share |
||||||||
Basic and Diluted |
$(0.04) |
$(0.04) |
$(0.10) |
$(0.16) |
||||
Shares used in computing net loss per share: |
||||||||
Basic and diluted weighted average common shares |
111,701 |
109,074 |
111,191 |
108,573 |
Axcelis Technologies, Inc. |
||||||
Consolidated Balance Sheets |
||||||
(In thousands, except per share amounts) |
||||||
(Unaudited) |
||||||
September 30, |
December 31, |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
32,536 |
$ |
46,290 |
||
Accounts receivable, net |
29,904 |
36,587 |
||||
Inventories, net |
107,816 |
95,789 |
||||
Prepaid expenses and other current assets |
5,739 |
6,242 |
||||
Total current assets |
175,995 |
184,908 |
||||
Property, plant and equipment, net |
30,880 |
32,006 |
||||
Long-term restricted cash |
825 |
825 |
||||
Other assets |
12,843 |
15,810 |
||||
Total assets |
$ |
220,543 |
$ |
233,549 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable |
$ |
14,699 |
$ |
19,451 |
||
Accrued compensation |
5,830 |
4,845 |
||||
Warranty |
1,160 |
1,316 |
||||
Income taxes |
545 |
417 |
||||
Deferred revenue |
4,867 |
4,387 |
||||
Current portion of long-term debt |
1,164 |
471 |
||||
Other current liabilities |
3,462 |
4,573 |
||||
Total current liabilities |
31,727 |
35,460 |
||||
Long-term debt |
13,651 |
14,529 |
||||
Long-term deferred revenue |
175 |
322 |
||||
Other long-term liabilities |
7,266 |
7,236 |
||||
Total liabilities |
52,819 |
57,547 |
||||
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; 112,037 shares issued and 111,917 shares outstanding at September 30, 2014; 110,225 shares issued and 110,105 shares outstanding at December 31, 2013 |
112 |
110 |
||||
Additional paid-in capital |
516,992 |
510,992 |
||||
Treasury stock, at cost, 120 shares at September 30, 2014 and December 31, 2013 |
(1,218) |
(1,218) |
||||
Accumulated deficit |
(351,051) |
(339,621) |
||||
Accumulated other comprehensive income |
2,889 |
5,739 |
||||
Total stockholders' equity |
167,724 |
176,002 |
||||
Total liabilities and stockholders' equity |
$ |
220,543 |
$ |
233,549 |
Axcelis Technologies, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
Nine months ended |
||||||||
September 30, |
||||||||
2014 |
2013 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
$(11,430) |
$(17,758) |
||||||
Adjustments to reconcile net loss to net cash used for operating activities: |
||||||||
Depreciation and amortization |
3,441 |
3,948 |
||||||
Gain on sale of dry strip assets and intellectual property |
— |
(1,167) |
||||||
Deferred taxes |
434 |
272 |
||||||
Stock-based compensation expense |
3,779 |
3,105 |
||||||
Provision for excess and obsolete inventory |
590 |
2,451 |
||||||
Changes in operating assets & liabilities: |
||||||||
Accounts receivable |
6,164 |
(4,359) |
||||||
Inventories |
(13,732) |
3,455 |
||||||
Prepaid expenses and other current assets |
351 |
(429) |
||||||
Accounts payable and other current liabilities |
(4,849) |
6,276 |
||||||
Deferred revenue |
372 |
(2,816) |
||||||
Income taxes |
151 |
(14) |
||||||
Other assets and liabilities |
976 |
(3,813) |
||||||
Net cash used for operating activities |
(13,753) |
(10,849) |
||||||
Cash flows from investing activities |
||||||||
Proceeds from sale of dry strip assets and intellectual property |
— |
1,200 |
||||||
Expenditures for property, plant, and equipment |
(710) |
(484) |
||||||
Increase in restricted cash |
— |
(1,477) |
||||||
Net cash used for investing activities |
(710) |
(761) |
||||||
Cash flows from financing activities |
||||||||
Increase in restricted cash |
— |
(825) |
||||||
Financing fees and other expenses |
— |
(473) |
||||||
Proceeds from exercise of stock options |
2,058 |
1,113 |
||||||
Proceeds from Employee Stock Purchase Plan |
227 |
197 |
||||||
Proceeds from issuance of Term Loan |
— |
15,000 |
||||||
Principal payments on Term Loan |
(185) |
— |
||||||
Net cash provided by financing activities |
2,100 |
15,012 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,391) |
(71) |
||||||
Net (decrease) increase in cash and cash equivalents |
(13,754) |
3,331 |
||||||
Cash and cash equivalents at beginning of period |
46,290 |
44,986 |
||||||
Cash and cash equivalents at end of period |
$32,536 |
$48,317 |
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SOURCE Axcelis Technologies, Inc.
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