Axcelis Announces Financial Results for First Quarter 2008
PrimeNewswire, May 7, 2008 Wednesday 1:40 PM EST
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BEVERLY, Mass., May 7, 2008 (PRIME NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the first quarter ended March 31, 2008. The Company reported first quarter revenues of $84.9 million, compared to $89.6 million for the fourth quarter of 2007. Net loss for the first quarter was $11.1 million, or $0.11 per share. This compares to a net loss for the fourth quarter of 2007 of $10.6 million, or $0.10 per share. In the corresponding quarter for the previous year, the Company reported revenues of $97.5 million, and net income of $2.7 million, or $0.03 per share.
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Deterioration in the semiconductor industry continues to adversely affect our financial performance. Even so, we are making significant progress in positioning our product portfolio for a market recovery. As evidence of the acceptance of our technology, we've secured one new Optima HD design win and shipped two Optima HDs. We have also shipped our first Optima XE single wafer high energy tool. We believe that the proven performance advantages and superior productivity of our tools will lead to capacity orders and recovery of our market share as industry conditions improve."
First Quarter Detail
Shipments and Margins
Shipments, including aftermarket business, before provision for deferred revenue for the first quarter totaled $68.8 million. Geographically, Axcelis' systems shipments were to: Asia, 72%; North America, 23%; and Europe, 5%. The ion implantation business accounted for 83% of total systems shipments in the first quarter. Gross margin for the first quarter was 34.4%.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the first quarter totaled $69.2 million. New systems bookings, excluding aftermarket, amounted to $28.6 million. Backlog plus deferred systems revenue at quarter end was $46.5 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.
SEN Corporation, an SHI and Axcelis Company ("SEN")
Axcelis owns 50% of SEN, a Japanese company that is licensed by Axcelis to manufacture and sell certain implant products in Japan. SEN's revenue for the first quarter totaled $42.8 million.
Business Outlook
Axcelis' financial outlook for the second quarter of 2008 includes revenues in the range of $75 million to $90 million. The Company also forecasts a second quarter loss per share in the range of $0.11 to $0.15 per share. Axcelis assumes no responsibility to update guidance. Axcelis will only confirm or update guidance via a press release.
First Quarter 2008 Conference Call
The Company will be hosting a conference call today, Wednesday, May 7, 2008, beginning at 5:00 pm ET. The purpose of the call is to discuss first quarter results and to provide guidance for the second quarter of 2008.
The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com, or by dialing 1-800-479-1628 (1-719-457-2729 outside North America). Participants calling into the conference call will be requested to provide the company name: Axcelis Technologies, the conference leader: David Snyder, and pass code: # 7110454. A webcast replay will be available from 8:00 pm ET on May 7, 2008 until 5:00 pm ET, June 7, 2008.
Safe Harbor Statement
This document contains 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, our ability to implement successfully our profit plans, 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 Technologies, Inc.
Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation and cleaning systems. Axcelis also licenses its 50% owned joint venture, SEN Corporation, an SHI and Axcelis Company, to manufacture and sell certain implant products in Japan. The company's Internet address is: www.axcelis.com.
Axcelis Technologies, Inc. |
Consolidated Statements of Operations |
In thousands, except per share amounts |
(Unaudited) |
Three months ended |
March 31, |
---------------------- |
2008 2007 |
--------- --------- |
Revenue 84,894 97,526 |
Cost of revenue 55,678 56,276 |
Gross profit 29,216 41,250 |
Operating expenses |
Research and development 16,853 18,228 |
Sales and marketing 11,905 12,938 |
General and administrative 9,814 10,476 |
Amortization of intangible assets 656 656 |
Restructuring charges 51 -- |
--------- --------- |
39,279 42,298 |
--------- --------- |
Loss from operations (10,063) (1,048) |
Other income (expense) |
Equity income of SEN 1 4,667 |
Interest income 690 1,454 |
Interest expense (1,601) (1,668) |
Other-net 318 (24) |
--------- --------- |
(592) 4,429 |
--------- --------- |
Income (loss) before income taxes (10,655) 3,381 |
Income taxes 426 709 |
--------- --------- |
Net income (loss) $ (11,081) $ 2,672 |
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Net income (loss) per share |
Basic $ (0.11) $ 0.03 |
Diluted $ (0.11) $ 0.03 |
Shares used in computing net income |
(loss) per share |
Basic 102,447 101,492 |
Diluted 102,447 102,421 |
Axcelis Technologies, Inc. |
Consolidated Balance Sheets |
In thousands |
(Unaudited) |
March 31, December 31, |
2008 2007 |
--------- --------- |
Assets |
Current assets |
Cash and cash equivalents $ 68,192 $ 83,877 |
Restricted cash 18,300 17,018 |
Accounts receivable, net 55,093 76,067 |
Inventories, net 186,003 169,278 |
Prepaid expenses and other current assets 23,492 32,442 |
--------- --------- |
Total current assets 351,080 378,682 |
Property, plant and equipment, net 67,309 68,101 |
Investment in SEN 148,481 132,911 |
Goodwill 42,115 42,115 |
Intangible assets 10,269 10,925 |
Other assets 35,859 37,195 |
--------- --------- |
$ 655,113 $ 669,929 |
========= ========= |
Liabilities and stockholders' equity |
Current liabilities |
Accounts payable $ 23,521 $ 27,054 |
Accrued compensation 12,457 17,003 |
Warranty 4,513 5,011 |
Income taxes 763 531 |
Deferred revenue 21,389 35,827 |
Other current liabilities 7,907 8,577 |
Current portion of convertible |
subordinated debt 80,721 -- |
--------- --------- |
Total current liabilities 151,271 94,003 |
Convertible subordinated debt -- 79,923 |
Long-term deferred revenue 4,383 4,704 |
Other long-term liabilities 5,340 5,293 |
Stockholders' equity |
Preferred Stock -- -- |
Common stock 103 103 |
Additional paid-in capital 479,604 478,726 |
Treasury stock (1,218) (1,218) |
Accumulated deficit (12,896) (1,815) |
Accumulated other comprehensive income 28,526 10,210 |
--------- --------- |
494,119 486,006 |
--------- --------- |
$ 655,113 $ 669,929 |
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