BEVERLY, Mass., May 11, 2009 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the first quarter ended March 31, 2009. The Company reported first quarter revenue of $25.7 million, compared to $42.0 million for the fourth quarter of 2008. Net loss for the first quarter was $29.2 million, or $0.28 per share. This compares to a net loss for the fourth quarter of 2008 of $141.4 million, or $1.37 per share, which includes charges for restructuring of $3.4 million ($0.03 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $23.2 million ($0.23 per share). In the corresponding quarter for the previous year, the Company reported revenues of $84.9 million, and net loss of $11.1 million, or $0.11 per share.
First Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the first quarter totaled $25.6 million. Geographically, Axcelis' systems shipments were to: North America, 45%; and Asia, 55%. The ion implantation business accounted for 79% of total shipments in the first quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the first quarter totaled $20.9 million. New systems bookings, excluding aftermarket, amounted to $2.4 million. Backlog plus deferred systems revenue at quarter end was $16.0 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.
Balance Sheet
Cash and cash equivalents were $71.2 million at March 31, 2009. The Company ended the quarter with working capital of $205.7 million.
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. 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,
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2009 2008
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Revenue 25,728 84,894
Cost of revenue 22,721 55,678
Gross profit 3,007 29,216
Operating expenses
Research and development 9,535 16,853
Sales and marketing 6,879 11,905
General and administrative 10,670 9,814
Amortization of intangible assets -- 656
Restructuring charges 984 51
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28,068 39,279
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Loss from operations (25,061) (10,063)
Other income (expense)
Gain on sale of SEN 1,080 --
Equity income (loss) of SEN (3,238) 1
Interest income 63 690
Interest expense (1,676) (1,601)
Other-net (205) 318
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(3,976) (592)
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Loss before income taxes (29,037) (10,655)
Income taxes 118 426
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Net loss $(29,155) $(11,081)
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Net loss per share
Basic and diluted net loss per share $ (0.28) $ (0.11)
Shares used in computing basic and diluted net
loss per share
Weighted average common shares 103,284 102,447
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
March 31, December 31,
2009 2008
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 71,243 $ 37,694
Restricted cash 8,321 8,654
Accounts receivable, net 20,971 27,486
Inventories, net 140,459 150,113
Prepaid expenses and other current assets 15,281 17,231
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Total current assets 256,275 241,178
Property, plant and equipment, net 43,692 44,432
Investment in SEN -- 156,677
Other assets 11,914 12,894
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$ 311,881 $ 455,181
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Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 11,226 $ 8,066
Accrued compensation 12,842 15,841
Warranty 2,089 3,137
Income taxes 409 337
Deferred revenue 12,552 12,508
Other current liabilities 11,501 6,897
Current portion of convertible subordinated
debt -- 83,210
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Total current liabilities 50,619 129,996
Long-term deferred revenue 1,840 1,872
Other long-term liabilities 3,607 3,936
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Stockholders' equity
Preferred Stock -- --
Common stock 103 103
Additional paid-in capital 484,395 483,546
Treasury stock (1,218) (1,218)
Accumulated deficit (227,634) (198,479)
Accumulated other comprehensive income 169 35,425
----------- -----------
255,815 319,377
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$ 311,881 $ 455,181
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