BEVERLY, Mass., Aug. 4, 2011 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the second quarter ended June 30, 2011. Revenue for the second quarter was $93.4 million, compared with $93.2 million in Q1, and $58.2 million for the same period a year ago. Net income for the quarter was $4.2 million, or $0.04 per diluted share. Prior quarter net income was $1.8 million or $0.02 per diluted share, and in the prior year period, the company reported a net loss of $4.5 million or $0.04 cents per share. Cash and cash equivalents were $37.9 million on June 30, 2011.
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Axcelis had a very strong second quarter. Revenues and EPS exceeded the high end of guidance, and our gross margin improved significantly. Although the economic climate was not as robust as in the prior quarter, customers continue to recognize the strength of our product offerings and we were able to achieve improved financial performance. While the industry outlook for the second half of the year remains somewhat uncertain, we expect our penetration of key accounts to continue due to the competitiveness of our products."
Second Quarter 2011 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss the second quarter of 2011. 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 1-888-679-8018 (1-617-213-4845 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 41102197. Webcast replays will be available from 8 pm ET on August 4, 2011 until 11:59 pm on September 3, 2011.
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
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 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 June 30, |
Six months ended June 30, |
|||||||
| 2011 | 2010 | 2011 | 2010 | |||||
| Revenue | ||||||||
| Product | $ 84,334 | $ 50,693 | $ 170,937 | $ 90,971 | ||||
| Service | 9,046 | 7,510 | 15,613 | 15,732 | ||||
| 93,380 | 58,203 | 186,550 | 106,703 | |||||
| Cost of revenue | ||||||||
| Product | 52,905 | 33,690 | 109,778 | 64,010 | ||||
| Service | 6,337 | 4,645 | 11,553 | 9,818 | ||||
| 59,242 | 38,335 | 121,331 | 73,828 | |||||
| Gross profit | 34,138 | 19,868 | 65,219 | 32,875 | ||||
| Operating expenses | ||||||||
| Research and development | 11,829 | 9,477 | 23,647 | 18,610 | ||||
| Sales and marketing | 7,675 | 6,606 | 15,494 | 13,210 | ||||
| General and administrative | 8,416 | 7,464 | 17,471 | 15,164 | ||||
| 27,920 | 23,547 | 56,612 | 46,984 | |||||
| Income (loss) from operations | 6,218 | (3,679) | 8,607 | (14,109) | ||||
| Other income (expense) | ||||||||
| Interest income | 11 | 25 | 17 | 54 | ||||
| Other, net | (1,158) | 342 | (1,608) | (65) | ||||
| (1,147) | 367 | (1,591) | (11) | |||||
| Income (loss) before income taxes | 5,071 | (3,312) | 7,016 | (14,120) | ||||
| Income taxes | 844 | 1,217 | 977 | 1,510 | ||||
| Net income (loss) | $ 4,227 | $ (4,529) | $ 6,039 | $ (15,630) | ||||
| Net income (loss) per share | ||||||||
| Basic | $ 0.04 | $ (0.04) | $ 0.06 | $ (0.15) | ||||
| Diluted | $ 0.04 | $ (0.04) | $ 0.06 | $ (0.15) | ||||
|
Shares used in computing basic and diluted net income (loss) per share |
||||||||
| Basic weighted average common shares | 106,097 | 104,170 | 106,017 | 104,143 | ||||
| Diluted weighted average common shares | 108,911 | 104,170 | 109,723 | 104,143 | ||||
| Axcelis Technology | ||
| Consolidated Balance Sheets | ||
| In thousands | ||
| (Unaudited) | ||
|
June 30, 2011 |
December 31, 2010 |
|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $ 37,857 | $ 45,743 |
| Accounts receivable, net | 57,969 | 57,888 |
| Inventories, net | 124,273 | 109,653 |
| Prepaid expenses and other current assets | 11,177 | 15,346 |
| Total current assets | 231,276 | 228,630 |
| Property, plant and equipment, net | 38,106 | 38,594 |
| Long-term restricted cash | 116 | 107 |
| Other assets | 17,914 | 13,541 |
| $ 287,412 | $ 280,872 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $ 30,904 | $ 36,709 |
| Accrued compensation | 11,399 | 10,597 |
| Warranty | 4,131 | 2,556 |
| Income taxes | 650 | -- |
| Deferred revenue | 10,933 | 13,859 |
| Other current liabilities | 4,518 | 4,408 |
| Total current liabilities | 62,535 | 68,129 |
| Long-term deferred revenue | 2,374 | 2,417 |
| Other long-term liabilities | 5,317 | 4,759 |
| Stockholders' equity | ||
| Preferred stock | -- | -- |
| Common stock | 106 | 106 |
| Additional paid-in capital | 496,583 | 493,967 |
| Treasury stock | (1,218) | (1,218) |
| Accumulated deficit | (287,481) | (293,520) |
| Accumulated other comprehensive income | 9,196 | 6,232 |
| 217,186 | 205,567 | |
| $ 287,412 | $ 280,872 | |
| Axcelis Technologies, Inc. | ||
| Consolidated Statements of Cash Flow | ||
| In thousands | ||
| (Unaudited) | ||
|
Six months ended June 30, |
||
| 2011 | 2010 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $ 6,039 | $ (15,630) |
|
Adjustments to reconcile net income (loss) to net cash used for operating activities: |
||
| Depreciation and amortization | 4,009 | 3,711 |
| Taxes | 16 | -- |
| Stock-based compensation expense | 2,124 | 1,568 |
| Provision for excess inventory | 536 | 1,331 |
| Changes in operating assets & liabilities: | ||
| Accounts receivable | 571 | (16,011) |
| Inventories | (13,894) | 13,844 |
| Prepaid expenses and other current assets | 4,442 | (5,051) |
| Accounts payable & other current liabilities | (3,618) | 11,502 |
| Deferred revenue | (2,989) | 5,366 |
| Income taxes | 629 | (110) |
| Other assets and liabilities | (5,920) | 1,673 |
| Net cash provided by (used for) operating activities | (8,055) | 2,193 |
| Cash flows from investing activities: | ||
| Expenditures for property, plant, and equipment | (1,231) | (480) |
| (Increase) decrease in restricted cash | (9) | 3,116 |
| Net cash provided by (used for) investing activities | (1,240) | 2,636 |
| Cash flows from financing activities: | ||
| Financing fees and other expenses | (194) | (514) |
| Proceeds from exercise of stock options | 239 | 55 |
| Proceeds from Employee Stock Purchase Plan | 275 | 206 |
| Net cash provided by (used for) financing activities | 320 | (253) |
| Effect of exchange rate changes on cash | 1,089 | (1,710) |
| Net increase (decrease) in cash and cash equivalents | (7,886) | 2,866 |
| Cash and cash equivalents at beginning of period | 45,743 | 45,020 |
| Cash and cash equivalents at end of period | $ 37,857 | $ 47,886 |