BEVERLY, Mass., Aug. 7, 2009 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the second quarter ended June 30, 2009. The Company reported second quarter revenue of $33.6 million, compared to $25.7 million for the first quarter of 2009. Net loss for the second quarter was $22.4 million, or $0.22 per share of which $4.1 million ($.04 per share) was attributable to restructuring charges. This compares to a net loss for the first quarter of 2009 of $29.2 million, or $0.28 per share. In the corresponding quarter for the previous year, the Company reported revenues of $76.9 million, and net loss of $19.4 million, or $0.19 per share of which $3.0 million was attributable to restructuring charges.
Second Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the second quarter totaled $28.0 million. Geographically, Axcelis' systems shipments were to: North America, 21%, Europe 10%, and Asia, 69%. The ion implantation business accounted for 69% of total shipments in the second quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the second quarter totaled $27.0 million. New systems bookings, excluding aftermarket, amounted to $3.1 million. Backlog plus deferred systems revenue at quarter end was $10.1 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, including restricted cash, were $56.7 million at June 30, 2009. The Company ended the quarter with working capital of $187.7 million.
Second Quarter 2009 Conference Call
The Company will also be hosting a conference call today, August 7th, beginning at 10:00 am ET to discuss the second quarter. 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 1-800.265.0241 (1-617.847.8704 outside North America). Participants calling into the conference call will be requested to provide company name, Axcelis Technologies, and passcode: 46861580. An audio replay will be available at 1-888-286-8010 (1-617-801-6888 outside North America) from 1:00 pm ET on August 7, 2009 until 11:59 pm ET August 21, 2009. Please use passcode 43415458 to access this replay.
About Axcelis
Axcelis Technologies, Inc. (Nasdaq: ACLS) 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 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 Six Months ended
June 30, June 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Revenue 33,550 76,889 59,278 161,783
Cost of revenue 27,664 49,799 50,385 105,477
Gross profit 5,886 27,090 8,893 56,306
Operating expenses
Research and development 7,752 16,954 17,287 33,807
Sales and marketing 6,285 12,475 13,164 24,380
General and
administrative 8,531 10,878 19,201 20,692
Amortization of
intangible assets -- 656 -- 1,312
Restructuring charges 4,114 3,017 5,098 3,068
--------- --------- --------- ---------
26,682 43,980 54,750 83,259
--------- --------- --------- ---------
Loss from operations (20,796) (16,890) (45,857) (26,953)
Other income (expense)
Gain on sale of SEN -- -- 1,080 --
Equity income (loss)
of SEN -- (133) (3,238) (132)
Interest income 30 391 93 1,081
Interest expense -- (1,680) (1,676) (3,281)
Other-net (1,311) (767) (1,516) (449)
--------- --------- --------- ---------
(1,281) (2,189) (5,257) (2,781)
--------- --------- --------- ---------
Loss before income taxes (22,077) (19,079) (51,114) (29,734)
Income taxes 302 318 420 744
--------- --------- --------- ---------
Net loss $ (22,379) $ (19,397) $ (51,534) $ (30,478)
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Net loss per share
Basic and diluted
net loss per share $ (0.22) $ (0.19) $ (0.50) $ (0.30)
========= ========= ========= =========
Shares used in computing
basic and diluted net
loss per share
Weighted average
common shares 103,286 102,450 103,285 102,449
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Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
June 30, Dec. 31,
2009 2008
--------- ---------
Assets
Current assets
Cash and cash equivalents $ 49,771 $ 37,694
Restricted cash 6,927 8,654
Accounts receivable, net 23,305 27,486
Inventories, net 132,985 150,113
Prepaid expenses and other current assets 11,160 17,231
--------- ---------
Total current assets 224,148 241,178
Property, plant and equipment, net 42,876 44,432
Investment in SEN -- 156,677
Other assets 11,157 12,894
--------- ---------
$ 278,181 $ 455,181
========= =========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 6,796 $ 8,066
Accrued compensation 16,095 15,841
Warranty 1,251 3,137
Income taxes 504 337
Deferred revenue 7,906 12,508
Other current liabilities 3,866 6,897
Current portion of convertible
subordinated debt -- 83,210
--------- ---------
Total current liabilities 36,418 129,996
Long-term deferred revenue 1,402 1,872
Other long-term liabilities 3,567 3,936
--------- ---------
Stockholders' equity
Preferred Stock -- --
Common stock 104 103
Additional paid-in capital 484,929 483,546
Treasury stock (1,218) (1,218)
Accumulated deficit (250,013) (198,479)
Accumulated other comprehensive income 2,992 35,425
--------- ---------
236,794 319,377
--------- ---------
$ 278,181 $ 455,181
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