BEVERLY, Mass., March 31, 2009 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2008. The Company reported fourth quarter revenue of $42.0 million, compared to $46.5 million for the third quarter of 2008. Net loss for the fourth quarter was $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). This compares to a net loss for the third quarter of 2008 of $24.7 million, or $0.24 per share. In the corresponding quarter for the previous year, the Company reported revenues of $89.6 million, and net loss of $10.6 million, or $0.10 per share, which includes a charge for restructuring of $2.5 million ($.02 per share.)
For the full year 2008, the Company reported revenue of $250.2 million compared with $404.8 million in 2007. Net loss for the year was $196.7 million, or $1.91 per share, which includes charges for restructuring of $6.9 million ($0.07 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 $24.6 million ($0.24 per share.) In 2007, the Company reported a net loss of $11.4 million, or $0.11 per share which includes charges for restructuring of $2.5 million ($0.03 per share) and impairment of goodwill of $4.7 million ($0.05 per share).
Separately, as previously reported, on March 30, 2009, Axcelis completed the sale of its 50% interest in SEN Corporation to Sumitomo Heavy Industries, Ltd. (SHI). The Company received net proceeds from the sale of approximately $122.3 million after advisor fees and other expenses and will recognize a gain on the sale of approximately $1.2 million in the first quarter of 2009.
Fourth Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the fourth quarter totaled $37.3 million. Geographically, Axcelis' systems shipments were to: North America, 22%; and Europe, 78%. The ion implantation business accounted for 80% of total shipments in the fourth quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the fourth quarter totaled $27.4 million. New systems bookings, excluding aftermarket, amounted to $0.1 million. Backlog plus deferred systems revenue at quarter end was $20.7 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 $37.7 million at December 31, 2008. The Company ended the quarter with working capital of $111.2 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 Twelve Months ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Revenue 41,977 89,649 250,214 404,800
Cost of revenue 52,827 57,896 187,599 251,939
Gross profit (10,850) 31,753 62,615 152,861
Operating expenses
Research and development 13,582 17,930 63,262 72,044
Sales and marketing 7,813 11,479 44,573 49,974
General and
administrative 11,802 10,680 43,056 41,718
Impairment of goodwill 42,115 -- 42,115 4,658
Impairment of intangibles
and long lived assets 46,949 -- 46,949 --
Amortization of
intangible assets 656 656 2,624 2,624
Restructuring charges 3,361 2,506 6,873 2,506
--------- --------- --------- ---------
126,278 43,251 249,452 173,524
--------- --------- --------- ---------
Loss from operations (137,128) (11,498) (186,837) (20,663)
Other income (expense)
Equity income (loss)
of SEN (2,567) 2,077 (3,667) 10,416
Interest income 214 1,195 1,614 5,019
Interest expense (1,739) (1,605) (6,744) (6,427)
Other-net (483) (659) (169) (153)
--------- --------- --------- ---------
(4,575) 1,008 (8,966) 8,855
--------- --------- --------- ---------
Loss before income taxes (141,703) (10,490) (195,803) (11,808)
Income taxes (credits) (258) 127 861 (410)
--------- --------- --------- ---------
Net loss $(141,445) $ (10,617) $(196,664) $ (11,398)
========= ========= ========= =========
Net loss per share
Basic $ (1.37) $ (0.10) $ (1.91) $ (0.11)
Diluted $ (1.37) $ (0.10) $ (1.91) $ (0.11)
Shares used in
computing net loss
per share
Basic $ 103,052 $ 102,247 $ 102,739 $ 101,891
Diluted $ 103,052 $ 102,247 $ 102,739 $ 101,891
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
Dec. 31, Dec. 31,
2008 2007
--------- ---------
Assets
Current assets
Cash and cash equivalents $ 37,694 $ 83,877
Marketable securities -- --
Restricted cash 8,654 17,018
Accounts receivable, net 27,486 76,067
Inventories, net 150,113 169,278
Prepaid expenses and other current assets 17,231 32,442
--------- ---------
Total current assets 241,178 378,682
Property, plant and equipment, net 44,432 68,101
Investment in SEN 156,677 132,911
Goodwill -- 42,115
Intangible assets -- 10,925
Deferred income taxes -- --
Restricted cash, long-term portion -- --
Other assets 12,894 37,195
--------- ---------
$ 455,181 $ 669,929
========= =========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 8,066 $ 27,054
Accrued compensation 15,841 17,003
Warranty 3,137 5,011
Income taxes 337 531
Deferred revenue 12,508 35,827
Other current liabilities 6,897 8,577
Current portion of convertible
subordinated debt 83,210 --
--------- ---------
Total current liabilities 129,996 94,003
Convertible subordinated debt -- 79,923
Long-term deferred revenue 1,872 4,704
Other long-term liabilities 3,936 5,293
--
Stockholders' equity
Preferred Stock -- --
Common stock 103 103
Additional paid-in capital 483,546 478,726
Treasury stock (1,218) (1,218)
Accumulated deficit (198,479) (1,815)
Accumulated other comprehensive income 35,425 10,210
--------- ---------
319,377 486,006
--------- ---------
$ 455,181 $ 669,929
========= =========