Delaware
|
000-24085
|
94-3031310
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | 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 |
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits |
Exhibit
Number
|
|
Description
|
99.1
|
|
Press release dated February 25, 2014, regarding the financial results of AXT, Inc. for the quarter and fiscal year ended December 31, 2013
|
|
|
AXT, Inc.
|
|
|
|
|
|
|
By:
|
/s/ Morris Young
|
|
|
|
Morris Young
Chief Executive Officer, Interim Chief Financial Officer and Corporate Secretary
|
Exhibit Number
|
|
Description
|
|
Press release dated February 25, 2014, regarding the financial results of AXT, Inc. for the quarter and fiscal year ended December 31, 2013
|
FOR IMMEDIATE RELEASE
Contacts:
Morris S. Young
Chief Executive Officer
(510) 683-5900
Leslie Green
Green Communications Consulting, LLC
(650) 312-9060
|
AXT, Inc.
4281 Technology DriveFremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com.
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Revenue
|
$
|
18,603
|
$
|
18,927
|
$
|
85,335
|
$
|
88,374
|
||||||||
Cost of revenue
|
15,790
|
15,243
|
73,507
|
63,522
|
||||||||||||
Gross profit
|
2,813
|
3,684
|
11,828
|
24,852
|
||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
3,631
|
3,710
|
16,066
|
15,419
|
||||||||||||
Research and development
|
797
|
875
|
3,424
|
3,468
|
||||||||||||
Total operating expenses
|
4,428
|
4,585
|
19,490
|
18,887
|
||||||||||||
Income (loss) from operations
|
(1,615
|
)
|
(901
|
)
|
(7,662
|
)
|
5,965
|
|||||||||
Interest income, net
|
272
|
316
|
408
|
518
|
||||||||||||
Equity in earnings of unconsolidated joint ventures
|
278
|
495
|
1,377
|
1,281
|
||||||||||||
Other income (expense), net
|
(257
|
)
|
(289
|
)
|
(748
|
)
|
(761
|
)
|
||||||||
|
||||||||||||||||
Income (loss) before provision for income taxes
|
(1,322
|
)
|
(379
|
)
|
(6,625
|
)
|
7,003
|
|||||||||
Provision for (benefit from) income taxes
|
(134
|
)
|
294
|
188
|
853
|
|||||||||||
Net income (loss)
|
(1,188
|
)
|
(673
|
)
|
(6,813
|
)
|
6,150
|
|||||||||
|
||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
(40
|
)
|
(83
|
)
|
(1,145
|
)
|
(3,040
|
)
|
||||||||
Net income (loss) attributable to AXT, Inc.
|
$
|
(1,228
|
)
|
$
|
(756
|
)
|
$
|
(7,958
|
)
|
$
|
3,110
|
|||||
|
||||||||||||||||
Net income (loss) attributable to AXT, Inc. per common share:
|
||||||||||||||||
Basic
|
$
|
(0.04
|
)
|
$
|
(0.02
|
)
|
$
|
(0.25
|
)
|
$
|
0.09
|
|||||
Diluted
|
$
|
(0.04
|
)
|
$
|
(0.02
|
)
|
$
|
(0.25
|
)
|
$
|
0.09
|
|||||
|
||||||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
32,628
|
32,220
|
32,700
|
32,144
|
||||||||||||
Diluted
|
32,628
|
32,220
|
32,700
|
32,865
|
|
December 31,
|
December 31,
|
||||||
|
2013
|
2012
|
||||||
Assets:
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
24,961
|
$
|
30,634
|
||||
Short-term investments
|
12,499
|
10,270
|
||||||
Accounts receivable, net
|
14,943
|
17,912
|
||||||
Inventories
|
39,127
|
40,352
|
||||||
Related party notes receivable - current
|
0
|
2,036
|
||||||
Prepaid expenses and other current assets
|
8,010
|
5,268
|
||||||
Total current assets
|
99,540
|
106,472
|
||||||
|
||||||||
Long-term investments
|
10,145
|
9,191
|
||||||
Property, plant and equipment, net
|
37,621
|
37,235
|
||||||
Related party notes receivable - long-term
|
1,715
|
416
|
||||||
Other assets
|
14,801
|
14,275
|
||||||
|
||||||||
Total assets
|
$
|
163,822
|
$
|
167,589
|
||||
|
||||||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
8,140
|
$
|
5,894
|
||||
Accrued liabilities
|
7,286
|
7,202
|
||||||
Total current liabilities
|
15,426
|
13,096
|
||||||
|
||||||||
Long-term portion of royalty payments
|
2,525
|
3,325
|
||||||
Other long-term liabilities
|
325
|
254
|
||||||
Total liabilities
|
18,276
|
16,675
|
||||||
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock
|
3,532
|
3,532
|
||||||
Common stock
|
32
|
32
|
||||||
Additional paid-in capital
|
194,156
|
193,063
|
||||||
Accumulated deficit
|
(67,005
|
)
|
(59,047
|
)
|
||||
Accumulated other comprehensive income
|
8,953
|
6,033
|
||||||
Total AXT, Inc. stockholders' equity
|
139,668
|
143,613
|
||||||
|
||||||||
Noncontrolling interest
|
5,878
|
7,301
|
||||||
Total stockholders' equity
|
145,546
|
150,914
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
163,822
|
$
|
167,589
|