BEVERLY, Mass., Jan. 14, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced that its Board of Directors has authorized a one year share repurchase program of up to $35 million of the Company's common stock.
President and CEO Mary Puma commented, "The Board's authorization of the share repurchase program reflects our continued confidence in Axcelis' financial performance and long-term outlook. Our strong balance sheet and cash flow enable us to simultaneously return cash to shareholders through share repurchases, while investing in internal and external opportunities to strengthen our product lines and drive long-term growth."
Puma added, "We reiterate Q4 guidance and remain confident that Axcelis will exit 2018 with fourth quarter revenues of approximately $100 million. We also expect gross margin in the fourth quarter to be around 40%. Fourth quarter operating profit is forecasted to be approximately $10.5 million. Earnings per share is expected to be approximately $0.20."
Repurchases of the Company's common stock will be made from time to time under the SEC's Rule 10b-18, subject to market conditions. These shares may be purchased in the open market or through privately negotiated transactions. The Company has no obligation to repurchase shares under the authorization, and the timing, actual number and value of shares which are repurchased will depend on a number of factors, including the price of the Company's common stock, general business and market conditions, and alternative investment opportunities. The Company may suspend or discontinue the repurchase program at any time.
Safe Harbor Statement
Statements made in this press release that are not of known historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. These statements, which include our plans to execute a share repurchase program, our expected results from the quarter ended December 31, 2018, anticipated financial performance, cash generation capability and business opportunities, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including the completion of the financial close and review processes, the continuing strength of our financial position and ability to make share repurchases, as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the risk factors described in our annual report on Form 10-K for the fiscal year ended December 31, 2017. The Company undertakes no obligation to update the information or statements made in this press release.
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for 40 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.
SOURCE Axcelis Technologies, Inc.