Delaware
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000-24085
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94-3031310
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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99.1
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Press release dated May 1, 2013, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2013.
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AXT, INC.
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Date: May 1, 2013
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By:
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/s/ Raymond A. Low
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Raymond A. Low
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Chief Financial Officer
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Exhibit
Number
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Description
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Press release dated May 1, 2013, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2013.
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FOR IMMEDIATE RELEASE
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●
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Q1 FY 2013 Net Revenues: $22.4 million
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●
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Q1 FY 2013 GAAP Net Loss: $(2.4) million; $(0.08) per share
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AXT, Inc.
4281 Technology Drive
Fremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com. |
Three Months Ended
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||||||||
March 31,
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||||||||
2013
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2012
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|||||||
Revenue
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$ | 22,380 | $ | 23,486 | ||||
Cost of revenue
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18,896 | 15,292 | ||||||
Gross profit
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3,484 | 8,194 | ||||||
Operating expenses:
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||||||||
Selling, general and administrative
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3,904 | 3,785 | ||||||
Research and development
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822 | 835 | ||||||
Total operating expenses
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4,726 | 4,620 | ||||||
Income (loss) from operations
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(1,242 | ) | 3,574 | |||||
Interest income, net
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31 | 88 | ||||||
Equity in earnings of unconsolidated joint ventures
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282 | 154 | ||||||
Other expense, net
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(825 | ) | (489 | ) | ||||
Income (loss) before provision for income taxes
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(1,754 | ) | 3,327 | |||||
Provision for income taxes
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184 | 375 | ||||||
Net income (loss)
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(1,938 | ) | 2,952 | |||||
Less: Net income attributable to noncontrolling interest
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(441 | ) | (1,317 | ) | ||||
Net income (loss) attributable to AXT, Inc.
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$ | (2,379 | ) | $ | 1,635 | |||
Net income (loss) attributable to AXT, Inc. per common share:
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||||||||
Basic
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$ | (0.0750 | ) | $ | 0.05 | |||
Diluted
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$ | (0.08 | ) | $ | 0.05 | |||
Weighted average number of common shares outstanding:
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||||||||
Basic
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32,297 | 32,034 | ||||||
Diluted
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32,297 | 33,018 |
March 31,
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December 31,
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|||||||
2013
|
2012
|
|||||||
Assets:
|
||||||||
Current assets
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||||||||
Cash and cash equivalents
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$ | 25,792 | $ | 30,634 | ||||
Short-term investments
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6,540 | 10,270 | ||||||
Accounts receivable, net
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17,014 | 17,912 | ||||||
Inventories
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38,768 | 40,352 | ||||||
Related party notes receivable - current
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2,047 | 2,036 | ||||||
Prepaid expenses and other current assets
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7,034 | 5,268 | ||||||
Total current assets
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97,195 | 106,472 | ||||||
Long-term investments
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17,038 | 9,191 | ||||||
Property, plant and equipment, net
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37,477 | 37,235 | ||||||
Related party notes receivable - long-term
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418 | 416 | ||||||
Other assets
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14,196 | 14,275 | ||||||
Total assets
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$ | 166,324 | $ | 167,589 | ||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities
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||||||||
Accounts payable
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$ | 6,581 | $ | 5,894 | ||||
Accrued liabilities
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9,434 | 7,202 | ||||||
Total current liabilities
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16,015 | 13,096 | ||||||
Long-term portion of royalty payments
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3,125 | 3,325 | ||||||
Other long-term liabilities
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148 | 254 | ||||||
Total liabilities
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19,288 | 16,675 | ||||||
Stockholders' equity:
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||||||||
Preferred stock
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3,532 | 3,532 | ||||||
Common stock
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32 | 32 | ||||||
Additional paid-in capital
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193,651 | 193,063 | ||||||
Accumulated deficit
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(61,447 | ) | (59,047 | ) | ||||
Accumulated other comprehensive income
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6,366 | 6,033 | ||||||
Total AXT, Inc. stockholders' equity
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142,134 | 143,613 | ||||||
Noncontrolling interest
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4,902 | 7,301 | ||||||
Total stockholders' equity
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147,036 | 150,914 | ||||||
Total liabilities and stockholders' equity
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$ | 166,324 | $ | 167,589 |
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