EX-99.1 2 a09-32743_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

AXCELIS ANNOUNCES IMPROVED FINANCIAL RESULTS

FOR THIRD QUARTER 2009

 

BEVERLY, Mass.—November 5, 2009—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced improved financial results for the third quarter ended September 30, 2009.

 

Operations

The Company reported third quarter revenue of $35.0 million, compared to $33.6 million for the second quarter of 2009. Net loss for the third quarter was $15.9 million, or $0.15 per share. This compares to a net loss for the second quarter of 2009 of $22.4 million, or $0.22 per share of which $4.1 million ($.04 per share) was attributable to restructuring charges. In the corresponding quarter for the previous year, the Company reported revenue of $46.5 million, and a net loss of $24.7 million, or $0.24 per share.

 

Balance Sheet

Cash and cash equivalents, including restricted cash, were $48.5 million at September 30, 2009. Cash burn ($8.5 million in the third quarter of which $2.4 million was attributable to restructuring costs) continues to decline and we expect to approach cash flow break even in the fourth quarter of 2009. The Company ended the quarter with working capital of $177.5 million. Working capital management remains a focus to enhance cash flow. During 2009 the Company has reduced inventories by $17.2 million through the sale of product on hand.

 

Commenting on the Company’s performance, Mary Puma, chairman and CEO, stated, “We’re pleased to report improving financial results this quarter in terms of reducing our losses and

 


 

slowing our cash burn.  Actions taken to reduce operating expenses and increase efficiencies throughout the organization are having, and will continue to have, a positive effect on cash flow and profitability.  In fact, we expect to approach cash breakeven in the fourth quarter, as increased fab utilization drives aftermarket business and new systems orders.”  She added, ‘We’ve also made solid progress with our product portfolio through enhancements to productivity and advanced process capabilities.  Consequently, we are well positioned to meet customers’ technology demands and benefit from enhanced earnings leverage moving into 2010.”

 

Third Quarter 2009 Conference Call

The Company will also be hosting a conference call today at 5:00 pm ET to discuss results for the third quarter of 2009.  The call will be available to interested listeners via an audio webcast at Axcelis’ home page at www.axcelis.com, or by dialing 1-888-680-0892 (1-617-213-4858 outside North America).  Participants calling into the conference call will be requested to provide the passcode: 99888481.  Webcast and telephone replays will be available from 8 pm ET on November 5, 2009 until 11:59 pm on February 5, 2010.  Dial 1-888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code#71293614.

 

About Axcelis

Axcelis Technologies, Inc. (Nasdaq: ACLS) 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 support of ion implantation and cleaning systems. The company’s Internet address is: www.axcelis.com.

 

Company Contacts:

 

Maureen Hart (editorial/media) 978.787.4266

Maureen.hart@axcelis.com

 

Stephen Bassett (financial community) 978.787.4110

Stephen.bassett@axcelis.com

 

2


 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2009

 

2008

 

2009

 

2008

 

Revenue

 

 

 

 

 

 

 

 

 

Product

 

$

25,871

 

$

32,490

 

$

69,369

 

$

163,543

 

Service

 

9,132

 

13,163

 

24,527

 

41,360

 

Royalties, primarily from SEN

 

4

 

801

 

389

 

3,334

 

 

 

35,007

 

46,454

 

94,285

 

208,237

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Product

 

21,681

 

22,759

 

62,571

 

112,906

 

Service

 

5,506

 

6,536

 

15,001

 

21,866

 

 

 

27,187

 

29,295

 

77,572

 

134,772

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

7,820

 

17,159

 

16,713

 

73,465

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

7,648

 

15,873

 

24,935

 

49,680

 

Sales and marketing

 

5,700

 

12,381

 

18,864

 

36,760

 

General and administrative

 

7,874

 

10,562

 

27,075

 

31,254

 

Amortization of intangible assets

 

—

 

656

 

—

 

1,968

 

Restructuring charges

 

430

 

444

 

5,528

 

3,512

 

 

 

21,652

 

39,916

 

76,402

 

123,174

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(13,832

)

(22,757

)

(59,689

)

(49,709

)

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

Gain on sale of SEN

 

—

 

—

 

1,080

 

—

 

Equity loss of SEN

 

—

 

(968

)

(3,238

)

(1,100

)

Interest income

 

59

 

319

 

152

 

1,400

 

Interest expense

 

—

 

(1,724

)

(1,676

)

(5,005

)

Other, net

 

(1,681

)

763

 

(3,197

)

314

 

 

 

(1,622

)

(1,610

)

(6,879

)

(4,391

)

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(15,454

)

(24,367

)

(66,568

)

(54,100

)

 

 

 

 

 

 

 

 

 

 

Income taxes

 

444

 

374

 

864

 

1,118

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(15,898

)

$

(24,741

)

$

(67,432

)

$

(55,218

)

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

$

(0.15

)

$

(0.24

)

$

(0.65

)

$

(0.54

)

 

 

 

 

 

 

 

 

 

 

Shares used in computing basic and diluted net loss per share

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

103,850

 

103,002

 

103,475

 

102,635

 

 

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Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

September 30,

 

December 31,

 

 

 

2009

 

2008

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

$

41,244

 

$

37,694

 

Restricted cash

 

7,239

 

8,654

 

Accounts receivable, net

 

26,632

 

27,486

 

Inventories, net

 

123,630

 

150,113

 

Prepaid expenses and other current assets

 

10,931

 

17,231

 

Total current assets

 

209,676

 

241,178

 

 

 

 

 

 

 

Property, plant and equipment, net

 

41,940

 

44,432

 

Investment in SEN

 

—

 

156,677

 

Other assets

 

10,875

 

12,894

 

 

 

$

262,491

 

$

455,181

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

 

$

6,432

 

$

8,066

 

Accrued compensation

 

10,938

 

15,841

 

Warranty

 

1,029

 

3,137

 

Income taxes

 

856

 

337

 

Deferred revenue

 

10,093

 

12,508

 

Other current liabilities

 

2,868

 

6,897

 

Current portion of convertible subordinated debt

 

—

 

83,210

 

Total current liabilities

 

32,216

 

129,996

 

 

 

 

 

 

 

Long-term deferred revenue

 

659

 

1,872

 

Other long-term liabilities

 

3,982

 

3,936

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Preferred stock

 

—

 

—

 

Common stock

 

104

 

103

 

Additional paid-in capital

 

487,047

 

483,546

 

Treasury stock

 

(1,218

)

(1,218

)

Accumulated deficit

 

(265,911

)

(198,479

)

Accumulated other comprehensive income

 

5,612

 

35,425

 

 

 

225,634

 

319,377

 

 

 

$

262,491

 

$

455,181

 

 

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