0001140361-13-018149.txt : 20130501 0001140361-13-018149.hdr.sgml : 20130501 20130501161035 ACCESSION NUMBER: 0001140361-13-018149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20130501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXT INC CENTRAL INDEX KEY: 0001051627 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943031310 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24085 FILM NUMBER: 13803278 BUSINESS ADDRESS: STREET 1: 4281 TECHNOLOGY DR. CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 510.438.4734 MAIL ADDRESS: STREET 1: 4281 TECHNOLOGY DR. CITY: FREMONT STATE: CA ZIP: 94538 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN XTAL TECHNOLOGY DATE OF NAME CHANGE: 19971217 8-K 1 form8k.htm AXT, INC 8-K 5-1-2013 form8k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 8-K

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2013
 
AXT, INC.
(Exact name of registrant as specified in its charter)
 

 
Delaware
 
000-24085
 
94-3031310
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 

 
4281 Technology Drive
Fremont, California  94538
(Address of principal executive offices) (Zip Code)
 

 
Registrant’s telephone number, including area code:  (510) 683-5900

Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
 

 
 
Item 2.02
Results of Operations and Financial Condition

On May 1, 2013, AXT, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2013.  A copy of the Company’s press release, announcing the results, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in Exhibit 99.1 hereto discussing the Company’s results of operations and financial condition for the quarter ended March 31, 2013, is being “furnished” in accordance with General Instruction B.2 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.  The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.
 
Item 9.01
Financial Statements and Exhibits

(d)
Exhibits

99.1
Press release dated May 1, 2013, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2013.

 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
AXT, INC.
 
       
Date:  May 1, 2013
By:
/s/ Raymond A. Low
 
   
Raymond A. Low
 
   
Chief Financial Officer
 
 
 
 

 
 
EXHIBIT INDEX
 
Exhibit
Number
 
Description
 
 
 
 
Press release dated May 1, 2013, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2013.
 
 

EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm

EXHIBIT 99.1
 
 
 
 
 
 
 
 
 
 
FOR IMMEDIATE RELEASE
Contacts:
Raymond A. Low
Chief Financial Officer
(510) 683-5900

Leslie Green
Green Communications Consulting, LLC
(650) 312-9060
 
AXT, Inc. Announces First Quarter 2013 Financial Results
 
Q1 FY 2013 Net Revenues: $22.4 million

Q1 FY 2013 GAAP Net Loss: $(2.4) million; $(0.08) per share
 
FREMONT, Calif., May 1, 2013 – AXT, Inc. (NasdaqGS: AXTI), a leading manufacturer of compound semiconductor substrates, today reported financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Results
Revenue for the first quarter of 2013 was $22.4 million compared with $18.9 million in the fourth quarter of 2012. Total gallium arsenide (GaAs) substrate revenue was $11.7 million for the first quarter of 2013, compared with $11.3 million in the fourth quarter of 2012. Indium phosphide (InP) substrate revenue was $1.8 million for the first quarter of 2013, compared with $1.6 million in the fourth quarter of 2012.  Germanium (Ge) substrate revenue was $2.6 million for the first quarter of 2013 compared with $1.7 million in the fourth quarter of 2012.   Raw materials sales were $6.3 million for the first quarter of 2013, compared with $4.3 million in the fourth quarter of 2012.
 
Gross margin was 15.6 percent of revenue for the first quarter of 2013. By comparison, gross margin in the fourth quarter of 2012 was 19.5 percent of revenue. The decrease of 3.9 percentage points in gross margin in the first quarter was expected.

Operating expenses were $4.7 million in the first quarter of 2013, compared with $4.6 million in the fourth quarter of 2012.

Loss from operations for the first quarter of 2013 was $1.3 million compared with loss from operations of $0.9 million in the fourth quarter of 2012.

There was a swing of approximately $1.0 million from last quarter’s net interest and other income of $522,000 to this quarter’s net interest and other expense of $512,000, which was mainly attributable to $314,000 this quarter of withholding tax in China on dividends declared by our consolidated joint ventures, $213,000 less equity earnings of unconsolidated joint ventures, $285,000 less net interest income this quarter since the prior quarter had  interest income in one of our consolidated joint ventures from long term notes that matured in the fourth quarter, $114,000 of one-time net income items in the fourth quarter, and $94,000 greater foreign exchange loss this quarter.
 
AXT, Inc.
4281 Technology Drive
Fremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com.
 
 
 

 
 
AXT, Inc. Announces First Quarter 2013 Results
May 1, 2013
Page 2 of 5
 
Net loss in the first quarter of 2013 was $2.4 million or $0.08 per diluted share compared with net loss of $0.8 million or $0.02 per diluted share in the fourth quarter of 2012.

Management Qualitative Comments
“Revenue trends in the first quarter came in largely as expected in each of our product categories, although our performance in germanium substrates and raw materials outperformed our plan,” said Morris Young, chief executive officer.  “With our industry continuing to evolve, both in terms of the customer landscape and technology trends, we experienced a continuation of the softness in semi-insulating substrates that we began to see in the second half of 2012.  The wireless industry, while growing in terms of devices, is transitioning to new technologies for certain devices in order to maximize cost efficiency, reduce size requirements and increase performance capabilities.  These transitions are likely to occur throughout 2013, and continue to constrain our semi-insulating substrate results as customers evaluate their ongoing requirements.  However, we are seeing renewed growth in our semi-conducting gallium substrate business as well as improving demand for our indium phosphide substrates, germanium substrates and raw materials.  While the changes to the wireless side of our business have been challenging, we remain optimistic that new opportunities, coupled with improving market conditions in other product lines will allow us to drive improved shareholder value in 2013.”

Conference Call
The company will also host a conference call to discuss these results on May 1, 2013 at 1:30 p.m. PST. The conference call can be accessed at (719) 457-2627 (passcode 3064379). The call will also be simulcast on the Internet at www.axt.com. Replays will be available at (719) 457-0820 (passcode 3064379) until May 8, 2013. Financial and statistical information to be discussed in the call will be available on the company’s website immediately prior to commencement of the call. Additional investor information can be accessed at http://www.axt.com or by calling the company’s Investor Relations Department at (510) 683-5900.
 
About AXT, Inc.
 
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its manufacturing facilities in Beijing, China.  In addition, AXT maintains its sales, administration and customer service functions at its headquarters in Fremont, California.  The company’s substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and invests in joint ventures in China producing raw materials. For more information, see AXT’s website at http://www.axt.com.
 
 
 

 
 
AXT, Inc. Announces First Quarter 2013 Results
May 1, 2013
Page 3 of 5
 
Safe Harbor Statement
 
The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws, including statements regarding  our customers and potential customers transition to new technologies to reduce size requirements and increase performance capabilities being likely to occur throughout 2013, and  continuing  to constrain our semi-insulating substrate results  and our current expectations  regarding long-term growth and trends in the demand for our products, our progress in our strategic plans, and the positioning of the company.  These forward-looking statements are based upon specific assumptions that are subject to uncertainties and factors relating to the company’s operations and business environment, which could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: overall conditions in the markets in which the company competes; global financial conditions and uncertainties; market acceptance and demand for the company’s products; the impact of factory closures or other events causing delays by our customers on the timing of sales of our products; and other factors as set forth in the company’s annual report on Form 10-K and other filings made with the Securities and Exchange Commission.  Each of these factors is difficult to predict and many are beyond the company’s control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

###

FINANCIAL TABLES TO FOLLOW
 
 
 

 
 
AXT, Inc. Announces First Quarter 2013 Results
May 1, 2013
Page 4 of 5

AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
 
   
Three Months Ended
 
   
March 31,
 
   
2013
   
2012
 
             
Revenue
  $ 22,380     $ 23,486  
Cost of revenue
    18,896       15,292  
Gross profit
    3,484       8,194  
                 
Operating expenses:
               
Selling, general and administrative
    3,904       3,785  
Research and development
    822       835  
Total operating expenses
    4,726       4,620  
Income (loss) from operations
    (1,242 )     3,574  
Interest income, net
    31       88  
Equity in earnings of unconsolidated joint ventures
    282       154  
Other expense, net
    (825 )     (489 )
                 
Income (loss) before provision for income taxes
    (1,754 )     3,327  
Provision for income taxes
    184       375  
Net income (loss)
    (1,938 )     2,952  
                 
Less: Net income attributable to noncontrolling interest
    (441 )     (1,317 )
Net income (loss) attributable to AXT, Inc.
  $ (2,379 )   $ 1,635  
                 
Net income (loss) attributable to AXT, Inc. per common share:
               
Basic
  $ (0.0750 )   $ 0.05  
Diluted
  $ (0.08 )   $ 0.05  
                 
Weighted average number of common shares outstanding:
               
Basic
    32,297       32,034  
Diluted
    32,297       33,018  
 
- more -
 
 
 

 
 
AXT, Inc. Announces First Quarter 2013 Results
May 1, 2013
Page 5 of 5
 
AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
   
March 31,
   
December 31,
 
   
2013
   
2012
 
Assets:
           
Current assets
           
Cash and cash equivalents
  $ 25,792     $ 30,634  
Short-term investments
    6,540       10,270  
Accounts receivable, net
    17,014       17,912  
Inventories
    38,768       40,352  
Related party notes receivable - current
    2,047       2,036  
Prepaid expenses and other current assets
    7,034       5,268  
Total current assets
    97,195       106,472  
                 
Long-term investments
    17,038       9,191  
Property, plant and equipment, net
    37,477       37,235  
Related party notes receivable - long-term
    418       416  
Other assets
    14,196       14,275  
                 
Total assets
  $ 166,324     $ 167,589  
                 
Liabilities and stockholders' equity:
               
Current liabilities
               
Accounts payable
  $ 6,581     $ 5,894  
Accrued liabilities
    9,434       7,202  
Total current liabilities
    16,015       13,096  
                 
Long-term portion of royalty payments
    3,125       3,325  
Other long-term liabilities
    148       254  
Total liabilities
    19,288       16,675  
                 
Stockholders' equity:
               
Preferred stock
    3,532       3,532  
Common stock
    32       32  
Additional paid-in capital
    193,651       193,063  
Accumulated deficit
    (61,447 )     (59,047 )
Accumulated other comprehensive income
    6,366       6,033  
Total AXT, Inc. stockholders' equity
    142,134       143,613  
                 
Noncontrolling interest
    4,902       7,301  
Total stockholders' equity
    147,036       150,914  
                 
Total liabilities and stockholders' equity
  $ 166,324     $ 167,589  
 
 

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