Delaware
|
|
000-24085
|
|
94-3031310
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
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)) |
(d) | Exhibits |
99.1 | Press release dated July 31, 2014, regarding the financial results of AXT, Inc. for the quarter ended June 30, 2014. |
|
AXT, INC.
|
||
|
|
|
|
Date: July 31, 2014
|
By:
|
/s/ Morris S. Young
|
|
|
|
Morris S. Young
|
|
|
Interim Chief Financial Officer and Corporate Secretary
|
Exhibit
Number
|
|
Description
|
|
|
|
|
Press release dated July 31, 2014, regarding the financial results of AXT, Inc. for the quarter ended June 30, 2014.
|
FOR IMMEDIATE RELEASE
|
![]() |
![]() |
AXT, Inc.
4281 Technology Drive
Fremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com.
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
||||||||||||||||
Revenue
|
$
|
21,449
|
$
|
23,831
|
$
|
40,794
|
$
|
46,211
|
||||||||
Cost of revenue
|
17,289
|
20,746
|
33,916
|
39,642
|
||||||||||||
Gross profit
|
4,160
|
3,085
|
6,878
|
6,569
|
||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
3,688
|
4,207
|
7,124
|
8,132
|
||||||||||||
Research and development
|
987
|
1,039
|
1,762
|
1,861
|
||||||||||||
Restructuring charge
|
907
|
|||||||||||||||
Total operating expenses
|
4,675
|
5,246
|
9,793
|
9,993
|
||||||||||||
Income (loss) from operations
|
(515
|
)
|
(2,161
|
)
|
(2,915
|
)
|
(3,424
|
)
|
||||||||
Interest income, net
|
127
|
50
|
254
|
81
|
||||||||||||
Equity in earnings of unconsolidated joint ventures
|
625
|
471
|
1,112
|
753
|
||||||||||||
Other income (expense), net
|
476
|
381
|
486
|
(444
|
)
|
|||||||||||
|
||||||||||||||||
Income (loss) before provision for income taxes
|
713
|
(1,259
|
)
|
(1,063
|
)
|
(3,034
|
)
|
|||||||||
Provision (benefit) for income taxes
|
152
|
342
|
211
|
526
|
||||||||||||
Net income (loss)
|
561
|
(1,601
|
)
|
(1,274
|
)
|
(3,560
|
)
|
|||||||||
|
||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
(242
|
)
|
(434
|
)
|
(447
|
)
|
(875
|
)
|
||||||||
Net income (loss) attributable to AXT, Inc.
|
$
|
319
|
$
|
(2,035
|
)
|
$
|
(1,721
|
)
|
$
|
(4,435
|
)
|
|||||
|
||||||||||||||||
Net income (loss) attributable to AXT, Inc. per common share:
|
||||||||||||||||
Basic
|
$
|
0.01
|
$
|
(0.06
|
)
|
$
|
(0.06
|
)
|
$
|
(0.14
|
)
|
|||||
Diluted
|
$
|
0.01
|
$
|
(0.06
|
)
|
$
|
(0.06
|
)
|
$
|
(0.14
|
)
|
|||||
|
||||||||||||||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
32,381
|
32,382
|
32,407
|
32,340
|
||||||||||||
Diluted
|
32,597
|
32,382
|
32,407
|
32,340
|
|
June 30,
|
December 31,
|
||||||
|
2014
|
2013
|
||||||
Assets:
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
26,307
|
$
|
24,961
|
||||
Short-term investments
|
22,097
|
12,499
|
||||||
Accounts receivable, net
|
19,288
|
14,943
|
||||||
Inventories
|
35,263
|
39,127
|
||||||
Related party notes receivable - current
|
0
|
0
|
||||||
Prepaid expenses and other current assets
|
4,695
|
8,010
|
||||||
Total current assets
|
107,650
|
99,540
|
||||||
|
||||||||
Long-term investments
|
959
|
10,145
|
||||||
Property, plant and equipment, net
|
35,226
|
37,621
|
||||||
Related party notes receivable - long-term
|
1,703
|
1,715
|
||||||
Other assets
|
15,170
|
14,801
|
||||||
|
||||||||
Total assets
|
$
|
160,708
|
$
|
163,822
|
||||
|
||||||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
6,612
|
$
|
8,140
|
||||
Accrued liabilities
|
7,122
|
7,286
|
||||||
Total current liabilities
|
13,734
|
15,426
|
||||||
|
||||||||
Long-term portion of royalty payments
|
2,125
|
2,525
|
||||||
Other long-term liabilities
|
366
|
325
|
||||||
Total liabilities
|
16,225
|
18,276
|
||||||
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock
|
3,532
|
3,532
|
||||||
Common stock
|
32
|
32
|
||||||
Additional paid-in capital
|
194,751
|
194,156
|
||||||
Accumulated deficit
|
(68,726
|
)
|
(67,005
|
)
|
||||
Accumulated other comprehensive income
|
8,722
|
8,953
|
||||||
Total AXT, Inc. stockholders' equity
|
138,311
|
139,668
|
||||||
|
||||||||
Noncontrolling interest
|
6,172
|
5,878
|
||||||
Total stockholders' equity
|
144,483
|
145,546
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
160,708
|
$
|
163,822
|
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