EX-99.1 5 a09-12975_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Company Contact:

 

Investor Contact:

Maureen Hart

 

Stephen Bassett

Axcelis Technologies, Inc.

 

Axcelis Technologies, Inc.

Tel: +1 (978) 787 4266

 

Tel: +1 (978) 787 4000

Fax: +1 (978) 787 4275

 

Fax: +1 (978) 787 9133

maureen.hart@axcelis.com

 

investor.relations@axcelis.com

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2009

 

BEVERLY, Mass.—May 11, 2009—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2009. The Company reported first quarter revenue of $25.7 million, compared to $42.0 million for the fourth quarter of 2008. Net loss for the first quarter was $29.2 million, or $0.28 per share. This compares to a net loss for the fourth quarter of 2008 of $141.4 million, or $1.37 per share, which includes charges for restructuring of $3.4 million ($0.03 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $23.2 million ($0.23 per share). In the corresponding quarter for the previous year, the Company reported revenues of $84.9 million, and net loss of $11.1 million, or $0.11 per share.

 

First Quarter Detail

 

Shipments

Shipments, including aftermarket business, before provision for deferred revenue for the first quarter totaled $25.6 million. Geographically, Axcelis’ systems shipments were to: North America, 45%; and Asia, 55%.  The ion implantation business accounted for 79% of total shipments in the first quarter.

 


 

Orders and Backlog

Orders (new systems bookings and aftermarket) received for the first quarter totaled $20.9 million.  New systems bookings, excluding aftermarket, amounted to $2.4 million.  Backlog plus deferred systems revenue at quarter end was $16.0 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.

 

Balance Sheet

Cash and cash equivalents were $71.2 million at March 31, 2009. The Company ended the quarter with working capital of $205.7 million.

 

About Axcelis Technologies, Inc.

Axcelis Technologies, Inc., 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
March 31,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Revenue

 

25,728

 

84,894

 

 

 

 

 

 

 

Cost of revenue

 

22,721

 

55,678

 

 

 

 

 

 

 

Gross profit

 

3,007

 

29,216

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

Research and development

 

9,535

 

16,853

 

Sales and marketing

 

6,879

 

11,905

 

General and administrative

 

10,670

 

9,814

 

Amortization of intangible assets

 

—

 

656

 

Restructuring charges

 

984

 

51

 

 

 

28,068

 

39,279

 

 

 

 

 

 

 

Loss from operations

 

(25,061

)

(10,063

)

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

Gain on sale of SEN

 

1,080

 

—

 

Equity income (loss) of SEN

 

(3,238

)

1

 

Interest income

 

63

 

690

 

Interest expense

 

(1,676

)

(1,601

)

Other-net

 

(205

)

318

 

 

 

(3,976

)

(592

)

 

 

 

 

 

 

Loss before income taxes

 

(29,037

)

(10,655

)

 

 

 

 

 

 

Income taxes

 

118

 

426

 

 

 

 

 

 

 

Net loss

 

$

(29,155

)

$

(11,081

)

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

Basic and diluted net loss per share

 

$

(0.28

)

$

(0.11

)

 

 

 

 

 

 

Shares used in computing basic and diluted net loss per share
Weighted average common shares

 

103,284

 

102,447

 

 


 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

In thousands

(Unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

71,243

 

$

37,694

 

Restricted cash

 

8,321

 

8,654

 

Accounts receivable, net

 

20,971

 

27,486

 

Inventories, net

 

140,459

 

150,113

 

Prepaid expenses and other current assets

 

15,281

 

17,231

 

Total current assets

 

256,275

 

241,178

 

 

 

 

 

 

 

Property, plant and equipment, net

 

43,692

 

44,432

 

Investment in SEN

 

—

 

156,677

 

Other assets

 

11,914

 

12,894

 

 

 

$

 311,881

 

$

455,181

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

 

$

11,226

 

$

8,066

 

Accrued compensation

 

12,842

 

15,841

 

Warranty

 

2,089

 

3,137

 

Income taxes

 

409

 

337

 

Deferred revenue

 

12,552

 

12,508

 

Other current liabilities

 

11,501

 

6,897

 

Current portion of convertible subordinated debt

 

—

 

83,210

 

Total current liabilities

 

50,619

 

129,996

 

 

 

 

 

 

 

Long-term deferred revenue

 

1,840

 

1,872

 

Other long-term liabilities

 

3,607

 

3,936

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Preferred Stock

 

—

 

—

 

Common stock

 

103

 

103

 

Additional paid-in capital

 

484,395

 

483,546

 

Treasury stock

 

(1,218

)

(1,218

)

Accumulated deficit

 

(227,634

)

(198,479

)

Accumulated other comprehensive income

 

169

 

35,425

 

 

 

255,815

 

319,377

 

 

 

$

311,881

 

$

455,181