Axcelis Announces Financial Results For First Quarter 2021

The Company Expects 2021 Revenue to Exceed $550M

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May 04, 2021, 16:01 ET

BEVERLY, Mass., May 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2021.

Highlights for the first quarter are as follows:

The Company reported first quarter revenue of $132.8 million, compared to $122.2 million for the fourth quarter of 2020.
Operating profit for the quarter was $20.3 million, compared to $14.1 million for the fourth quarter.
Net income for the quarter was $16.5 million, or $0.48 per diluted share, compared to net income of $14.7 million, or $0.43 per diluted share for the fourth quarter.
Gross margin for the quarter was 42.5%, compared to 43.4% in the fourth quarter.
Cash, cash equivalents and restricted cash were $207.5 million on March 31, 2021, compared to $204.2 million on December 31, 2020.
Shipped the first Purion H200™ SiC tool, enabling Axcelis to provide power device customers with a full suite of Purion products to support all of their ion implant needs.
Closed the evaluation of a Purion VXE™ and shipped a Purion XEmax™ evaluation to a second customer for use in advanced image sensor development.

President and CEO Mary Puma commented, "Axcelis delivered strong first quarter financial performance, driven by the growing demand for our Purion™ products and strength across a number of markets. Given market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $550 million in revenue for the full year 2021, achieving this goal a full year ahead of schedule."

Business Outlook
For the second quarter ending June 30, 2021, Axcelis expects revenues ranging from $135 to $140 million. Gross margin in the second quarter is expected to be approximately 41.5%. Second quarter operating profit is forecasted to be in the range of $19-21 million with earnings per diluted share in the range of $0.43-0.47.

First Quarter 2021 Conference Call
The Company will host a call to discuss the results for the first quarter on Wednesday, May 5, 2021 at 8:30 am ET. 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 Audience Passcode: 7664896. 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 Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and 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 that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. 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 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.

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
	March 31,
	2021		2020
Revenue:
Product	$	126,609	$	112,133
Services		6,167		6,858
Total revenue		132,776		118,991
Cost of revenue:
Product		70,334		67,172
Services		6,007		6,270
Total cost of revenue		76,341		73,442
Gross profit		56,435		45,549
Operating expenses:
Research and development		15,685		14,606
Sales and marketing		10,387		8,204
General and administrative		10,013		9,036
Total operating expenses		36,085		31,846
Income from operations		20,350		13,703
Other (expense) income:
Interest income		33		482
Interest expense		(1,029)		(1,303)
Other, net		(1,153)		(620)
Total other expense		(2,149)		(1,441)
Income before income taxes		18,201		12,262
Income tax provision		1,721		1,041
Net income	$	16,480	$	11,221
Net income per share:
Basic	$	0.49	$	0.34
Diluted	$	0.48	$	0.33
Shares used in computing net income per share:
Basic weighted average common shares		33,715		32,872
Diluted weighted average common shares		34,643		34,057

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

	March 31,		December 31,
	2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$	206,766	$	203,479
Accounts receivable, net		75,932		86,865
Inventories, net		174,381		161,076
Prepaid expenses and other current assets		22,513		19,371
Total current assets		479,592		470,791
Property, plant and equipment, net		30,459		29,840
Operating lease assets		4,213		4,542
Finance lease assets, net		20,216		20,544
Long-term restricted cash		753		753
Deferred income taxes		54,936		57,851
Other assets		39,123		40,303
Total assets	$	629,292	$	624,624
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	40,476	$	24,013
Accrued compensation		8,573		24,562
Warranty		4,181		4,280
Income taxes		648		654
Deferred revenue		20,417		21,221
Current portion of finance lease obligation		809		756
Other current liabilities		8,774		8,945
Total current liabilities		83,878		84,431
Long-term finance lease obligation		47,167		47,393
Long-term deferred revenue		1,725		1,837
Other long-term liabilities		8,862		9,361
Total liabilities		141,632		143,022

Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 33,679 shares issued and outstanding at March 31, 2021; 33,633 shares issued and outstanding at December 31, 2020		34		34
Additional paid-in capital		567,199		570,102
Accumulated deficit		(81,656)		(91,969)
Accumulated other comprehensive income		2,083		3,435
Total stockholders' equity		487,660		481,602
Total liabilities and stockholders' equity	$	629,292	$	624,624