Axcelis Announces Financial Results For Third Quarter 2015
Strong Quarterly Results Highlight Market Share Gain and Financial Improvement
Strong Quarterly Results Highlight Market Share Gain and Financial Improvement
BEVERLY, Mass., Nov. 4, 2015 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2015. Recent highlights include:
The Company reported third quarter revenue of $79.3 million, compared to $78.4 million for the second quarter of 2015. Operating profit for the quarter was $7.7 million, compared to $7.2 million for the second quarter. Net income for the quarter was $6.1 million, or $0.05 per share. This compares to net income for the second quarter of 2015 of $5.9 million, or $0.05 per share. Cash and cash equivalents were $79.9 million at September 30, 2015, compared to $78.1 million on June 30, 2015.
"Strong third quarter results demonstrate our progress in gaining market share and improving profitability," said President and CEO Mary Puma. "The rapid adoption of the Purion platform across multiple customers has strengthened Axcelis, allowing us to address the upcoming industry slowdown from a much stronger position. As a result, Axcelis will enter the next upturn with higher market share, a larger and growing customer base, new product capabilities and higher earnings potential."
Business Outlook
For the fourth quarter ending December 31, 2015, Axcelis expects revenues to be $60-65 million. Gross margin in the fourth quarter is expected to be approximately 33-34%. Fourth quarter operating profit is forecasted to be approximately $1 million with breakeven earnings per share. Cash and cash equivalents at the end of the fourth quarter are expected to be approximately $80 million.
Third Quarter 2015 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the third quarter 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: 50434142. 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 |
Nine months ended September 30, |
||||||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||||||
Revenue: |
|||||||||||||||||||
Product |
$ |
73,795 |
$ |
32,360 |
$ |
214,073 |
$ |
122,170 |
|||||||||||
Services |
5,522 |
6,171 |
16,964 |
18,351 |
|||||||||||||||
Total revenue |
79,317 |
38,531 |
231,037 |
140,521 |
|||||||||||||||
Cost of Revenue: |
|||||||||||||||||||
Product |
45,698 |
18,823 |
137,443 |
73,646 |
|||||||||||||||
Services |
4,440 |
4,564 |
13,861 |
15,507 |
|||||||||||||||
Total cost of revenue |
50,138 |
23,387 |
151,304 |
89,153 |
|||||||||||||||
Gross profit |
29,179 |
15,144 |
79,733 |
51,368 |
|||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development |
8,581 |
7,950 |
24,679 |
26,052 |
|||||||||||||||
Sales and marketing |
6,322 |
4,891 |
17,808 |
15,404 |
|||||||||||||||
General and administrative |
6,584 |
5,380 |
18,916 |
18,356 |
|||||||||||||||
Restructuring charges |
— |
2,288 |
18 |
2,648 |
|||||||||||||||
Total operating expenses |
21,487 |
20,509 |
61,421 |
62,460 |
|||||||||||||||
Income (loss) from operations |
7,692 |
(5,365) |
18,312 |
(11,092) |
|||||||||||||||
Other (expense) income: |
|||||||||||||||||||
Interest income |
7 |
2 |
16 |
6 |
|||||||||||||||
Interest expense |
(1,274) |
(304) |
(3,627) |
(812) |
|||||||||||||||
Other, net |
(167) |
1,352 |
(551) |
1,282 |
|||||||||||||||
Total other (expense) income |
(1,434) |
1,050 |
(4,162) |
476 |
|||||||||||||||
Income (loss) before income taxes |
6,258 |
(4,315) |
14,150 |
(10,616) |
|||||||||||||||
Income tax provision |
157 |
389 |
298 |
814 |
|||||||||||||||
Net income (loss) |
$ |
6,101 |
$ |
(4,704) |
$ |
13,852 |
$ |
(11,430) |
|||||||||||
Net income (loss) per share |
|||||||||||||||||||
Basic |
$ |
0.05 |
$ |
(0.04) |
$ |
0.12 |
$ |
(0.10) |
|||||||||||
Diluted |
$ |
0.05 |
$ |
(0.04) |
$ |
0.11 |
$ |
(0.10) |
|||||||||||
Shares used in computing net income (loss) per share: |
|||||||||||||||||||
Basic weighted average common shares |
114,799 |
111,701 |
113,918 |
111,191 |
|||||||||||||||
Diluted weighted average common shares |
121,862 |
111,701 |
120,620 |
111,191 |
|||||||||||||||
Axcelis Technologies, Inc. |
||||||||||||
September 30, |
December 31, |
|||||||||||
2015 |
2014 |
|||||||||||
ASSETS |
||||||||||||
Cash and cash equivalents |
$ |
79,871 |
$ |
30,753 |
||||||||
Accounts receivable, net |
38,674 |
42,794 |
||||||||||
Inventories, net |
120,067 |
104,063 |
||||||||||
Prepaid expenses and other assets |
24,141 |
18,755 |
||||||||||
Property, plant and equipment, net |
29,985 |
30,464 |
||||||||||
Restricted cash |
61 |
825 |
||||||||||
Total assets |
$ |
292,799 |
$ |
227,654 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Accounts payable |
$ |
24,350 |
$ |
21,605 |
||||||||
Accrued compensation |
8,262 |
4,232 |
||||||||||
Warranty |
3,803 |
1,526 |
||||||||||
Income taxes |
262 |
196 |
||||||||||
Deferred revenue |
10,136 |
7,231 |
||||||||||
Debt |
— |
14,530 |
||||||||||
Sale leaseback obligation |
47,586 |
— |
||||||||||
Other liabilities |
10,284 |
9,982 |
||||||||||
Total liabilities |
104,683 |
59,302 |
||||||||||
Commitments and contingencies |
||||||||||||
Stockholders' equity: |
||||||||||||
Preferred stock, $0.001 par value, 30,000 shares authorized; |
— |
— |
||||||||||
Common stock, $0.001 par value, 300,000 shares authorized; |
116 |
113 |
||||||||||
Additional paid-in capital |
527,274 |
519,068 |
||||||||||
Treasury stock, at cost, 120 shares at September 30, 2015 and December 31, 2014 |
(1,218) |
(1,218) |
||||||||||
Accumulated deficit |
(337,035) |
(350,887) |
||||||||||
Accumulated other comprehensive (loss) income |
(1,021) |
1,276 |
||||||||||
Total stockholders' equity |
188,116 |
168,352 |
||||||||||
Total liabilities and stockholders' equity |
$ |
292,799 |
$ |
227,654 |
||||||||
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SOURCE Axcelis Technologies, Inc.
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