Axcelis Announces Financial Results For First Quarter 2014

Axcelis Announces Financial Results For First Quarter 2014

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SOURCE Axcelis Technologies, Inc.

System Revenues Increase by 27% Reflecting Continued Market Acceptance

BEVERLY, Mass., May 6, 2014 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2014. Highlights for the quarter were:

  • Net income of $0.2 million or $0.00 per share compared to net income of $0.6 million or $0.01 per share in the fourth quarter of 2013.
  • System sales of $32.5 million, a 27% increase over the fourth quarter of 2013, reflecting market acceptance of the Purion™ platform.
  • Closed an order for the Company's innovative Purion M™ medium current implanter with a second leading chipmaker in Asia after a highly successful evaluation process in which the product exceeded goals in numerous performance categories.
  • Shipped multiple Purion XE™ implanters for high volume production of advanced NAND devices.
Axcelis Technologies, Inc.

The Company reported first quarter revenue of $60.8 million, compared to $58.6 million for the fourth quarter of 2013. Operating profit for the quarter was $0.3 million, compared to $1.04 million for the fourth quarter of 2013. Net income for the quarter was $0.2 million, or $0.00 per share. This compares to net income for the fourth quarter of 2013 of $0.6 million, or $0.01 per share. Cash and cash equivalents were $43.0 million at March 31, 2014 compared with $46.3 million at December 31, 2013.

Chairman and CEO Mary Puma said, "The Purion platform has been specifically designed to address our customers' most stringent requirements for advanced planar and 3D devices. As a result, the Purion products led a strong increase in system revenues during the first quarter, including multiple Purion XE shipments and a Purion M order from a second customer. In addition, the Purion H is generating significant interest from customers."

First Quarter 2014 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter 2014. An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.679.8035 (1. 617.213.4848 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis, and passcode: 36177541. Webcast replays will be available for 90 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 (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

March 31,



2014


2013

Revenue





     Product


$55,015


$34,452

     Services


5,825


6,274

       Total revenue


60,840


40,726

Cost of revenue





     Product


33,802


22,181

     Services


5,298


5,602

        Total cost of revenue


39,100


27,783






Gross profit


21,740


12,943






Operating expenses





     Research and development


9,257


9,206

     Sales and marketing


5,476


5,201

     General and administrative


6,481


6,590

     Gain on sale of dry strip assets and intellectual property


-


(368)

     Restructuring charges


200


1,801

        Total operating expenses


21,414


22,430






Income (loss) from operations


326


(9,487)






Other income (expense)





     Interest income


2


3

     Interest expense


(251)


-

     Other, net


292


829

        Total other income


43


832






Income (loss) before income taxes


369


(8,655)






Income taxes


195


333






Net income (loss)


$174


$(8,988)






Net earnings (loss) per share





      Basic


$0.00


$(0.08)

      Diluted


$0.00


$(0.08)











Shares used in computing net earnings (loss) per share





      Basic weighted average common shares


110,649


108,227

      Diluted weighted average common shares


115,798


108,227











 


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




March 31,
2014


December 31,
2013

ASSETS





Current assets





Cash and cash equivalents


$

43,039


$

46,290

Accounts receivable, net


38,121


36,587

Inventories, net


95,533


95,789

  Prepaid expenses and other current assets


7,476


6,242

Total current assets


184,169


184,908






Property, plant and equipment, net


31,605


32,006

Restricted cash, long-term


825


825

Other assets



16,104



15,810

        Total assets


$

232,703


$

233,549






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities





Accounts payable


$

17,865


$

19,451

Accrued compensation


4,692


4,845

Warranty


1,496


1,316

Income taxes


474


417

Deferred revenue


3,836


4,387

Current portion of long-term debt


762


471

Other current liabilities


4,100


4,573

Total current liabilities


33,225


35,460






Long-term debt


14,238


14,529

Long-term deferred revenue


257


322

Other long-term liabilities


7,058


7,236

         Total liabilities


54,778


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; 111,269 shares

issued and 111,149 shares outstanding at March 31, 2014;110,225 shares

issued and 110,105 shares outstanding at December 31, 2013


111


110

Additional paid-in capital


513,411


510,992

 

Treasury stock, at cost, 120 shares at March 31, 2014 and December 31, 2013


(1,218)


(1,218)

Accumulated deficit


(339,447)


(339,621)

Accumulated other comprehensive income


5,068


5,739

          Total stockholders' equity


177,925


176,002

          Total liabilities and stockholders' equity


$

232,703


$

233,549








 

Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)














Three months ended







March 31,







2014


2013

Cash flows from operating activities






Net income (loss)


$  174


$  (8,988)


Adjustments to reconcile net income (loss) to net cash used for operating

activities:







Depreciation and amortization


1,140


1,394



Gain on sale of dry strip assets and intellectual property


-


(368)



Deferred taxes


312


56



Stock-based compensation expense


1,172


839



Provision for excess inventory


59


2,211



Changes in operating assets & liabilities








Accounts receivable        


(1,634)


1,458




Inventories


(52)


(1,672)




Prepaid expenses and other current assets


(1,252)


(544)




Accounts payable and other current liabilities


(2,025)


5,043




Deferred revenue


(614)


(843)




Income taxes


61


84




Other assets and liabilities


(1,304)


(549)





Net cash used for operating activities


(3,963)


(1,879)










Cash flows from investing activities







Proceeds from sale of dry strip assets and intellectual property


-


400



Expenditures for property, plant, and equipment


(227)


(150)



Decrease in restricted cash


-


3





Net cash (used for) provided by investing activities


(227)


253










Cash flows from financing activities







Proceeds from exercise of stock options


1,277


49





Net cash provided by financing activities


1,277


49

Effect of exchange rate changes on cash


(338)


(968)

Net decrease in cash and cash equivalents


(3,251)


(2,545)

Cash and cash equivalents at beginning of period


46,290


44,986

Cash and cash equivalents at end of period


$43,039


$ 42,441

 

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