-- Q2 FY 2010 Net Revenues: $23.2 million -- Q2 FY 2010 GAAP Gross Margin: 36.8 percent -- Q2 FY 2010 GAAP Net Income: $5.5 million; $0.17 per share (diluted)AXT, Inc. (
AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2010 2009 2010 2009
-------- -------- -------- --------
Revenue $ 23,177 $ 13,055 $ 41,818 $ 20,709
Cost of revenue 14,642 10,539 26,551 18,430
-------- -------- -------- --------
Gross profit 8,535 2,516 15,267 2,279
-------- -------- -------- --------
Operating expenses:
Selling, general and
administrative 3,039 3,486 6,458 7,492
Research and development 515 355 966 815
Impairment on assets held for
sale - - - -
Restructuring charge - - - 507
-------- -------- -------- --------
Total operating expenses 3,554 3,841 7,424 8,814
-------- -------- -------- --------
Income (loss) from operations 4,981 (1,325) 7,843 (6,535)
Interest income (expense), net (25) 34 (10) 78
Other income (expense), net 1,556 321 1,635 (101)
-------- -------- -------- --------
Income (loss) before provision for
income taxes 6,512 (970) 9,468 (6,558)
Provision for income taxes 560 308 806 312
-------- -------- -------- --------
Net income (loss) 5,952 (1,278) 8,662 (6,870)
Less: Net income (loss)
attributable to noncontrolling
interest (417) (2) (547) 74
-------- -------- -------- --------
Net income (loss) attributable to
AXT, Inc. $ 5,535 $ (1,280) $ 8,115 $ (6,796)
======== ======== ======== ========
Net income (loss) attributable to
AXT, Inc. per common share:
Basic $ 0.18 $ (0.04) $ 0.26 $ (0.23)
======== ======== ======== ========
Diluted $ 0.17 $ (0.04) $ 0.25 $ (0.23)
======== ======== ======== ========
Weighted average number of common
shares outstanding:
Basic 30,834 30,439 30,789 30,437
======== ======== ======== ========
Diluted 32,172 30,439 31,982 30,437
======== ======== ======== ========
AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 30, December 31,
2010 2009
-------------- --------------
Assets:
Current assets
Cash and cash equivalents $ 20,394 $ 16,934
Short-term investments 18,531 18,469
Accounts receivable, net 18,640 15,362
Inventories, net 27,247 27,718
Prepaid expenses and other current assets 4,032 2,411
-------------- --------------
Total current assets 88,844 80,894
Property, plant and equipment, net 20,314 20,853
Other assets 6,199 6,199
-------------- --------------
Total assets $ 115,357 $ 107,946
============== ==============
Liabilities and stockholders' equity:
Current liabilities
Accounts payable $ 4,008 $ 5,571
Accrued liabilities 5,424 4,566
Current portion of long-term debt 77 76
-------------- --------------
Total current liabilities 9,509 10,213
Long-term debt, net of current portion 381 420
Other long-term liabilities 3 62
-------------- --------------
Total liabilities 9,893 10,695
-------------- --------------
Stockholders' equity:
Preferred stock 3,532 3,532
Common stock 188,300 187,901
Accumulated deficit (93,015) (101,130)
Other comprehensive income 3,644 4,300
-------------- --------------
Total AXT, Inc. stockholders' equity 102,461 94,603
Noncontrolling interest 3,003 2,648
-------------- --------------
Total stockholders' equity 105,464 97,251
-------------- --------------
Total liabilities and stockholders'
equity $ 115,357 $ 107,946
============== ==============
Contact Information: Contacts: Raymond A. Low Chief Financial Officer (510) 683-5900 Leslie Green Green Communications Consulting, LLC (650) 312-9060