Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER
AND FULL YEAR 2011
BEVERLY, Mass. — February 2, 2012—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2011. The Company reported fourth quarter revenue of $60.4 million, compared to $72.5 million for the third quarter of 2011. Net loss for the quarter was $2.1 million, or $0.02 per diluted share, which includes a $900 thousand or $0.01 per share charge related to a tax audit in Europe. This compares to net income for the third quarter of 2011 of $1.2 million, or $0.01 per share. Cash and cash equivalents, were $47.0 million at December 31, 2011.
For the full year 2011, the Company reported revenue of $319.4 million compared with $275.2 million in 2010, a 16% increase. Net income for the year was $5.1 million, or $0.05 per share. In addition, the Company generated $1.1 million of cash for the year. In 2010, the Company reported a net loss of $17.6 million, or $0.17 per share, and utilized $6.3 million of cash.
Commenting on the Company’s performance, Chairman and CEO Mary Puma said, “Operating results for the fourth quarter were in line with expectations. To best position the Company moving forward, we have taken proactive steps to focus our strategy, significantly reduce our cost structure and optimize our financial performance. These improvements will benefit us as the market recovers.”
Fourth Quarter and Full Year 2011 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the fourth quarter and full year 2011. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis’ home page at www.axcelis.com, or by dialing 1. 888.680.0860 (1.617.213.4852 outside North America). Participants calling into the conference
call will be requested to provide the company name, Axcelis Technologies, and pass code: 34113857. Webcast replays will be available from 8 pm ET on February 2, 2012 until 11:59 pm on March 3, 2012.
Safe Harbor Statement
This document contains forward-looking statements under the SEC safe harbor provisions. These statements, which include our guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, our ability to implement successfully our profit plans, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.
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 cycle 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
Jay Zager (financial community) 978.787.9408
jay.zager@axcelis.com
Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
|
|
|
Three Months ended |
|
Twelve Months ended |
| ||||||||
|
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenue |
|
|
|
|
|
|
|
|
| ||||
|
Product |
|
$ |
52,037 |
|
$ |
85,638 |
|
$ |
287,324 |
|
$ |
242,771 |
|
|
Services |
|
8,374 |
|
7,765 |
|
32,092 |
|
32,441 |
| ||||
|
|
|
60,411 |
|
93,403 |
|
319,416 |
|
275,212 |
| ||||
|
Cost of revenue |
|
|
|
|
|
|
|
|
| ||||
|
Product |
|
31,408 |
|
56,189 |
|
181,241 |
|
168,047 |
| ||||
|
Services |
|
6,380 |
|
5,721 |
|
23,438 |
|
21,327 |
| ||||
|
|
|
37,788 |
|
61,910 |
|
204,679 |
|
189,374 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Gross profit |
|
22,623 |
|
31,493 |
|
114,737 |
|
85,838 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating expenses |
|
|
|
|
|
|
|
|
| ||||
|
Research and development |
|
12,140 |
|
11,042 |
|
47,176 |
|
39,524 |
| ||||
|
Sales and marketing |
|
6,524 |
|
7,188 |
|
29,255 |
|
27,549 |
| ||||
|
General and administrative |
|
5,245 |
|
9,083 |
|
31,174 |
|
32,132 |
| ||||
|
|
|
23,909 |
|
27,313 |
|
107,605 |
|
99,205 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) from operations |
|
(1,286 |
) |
4,180 |
|
7,132 |
|
(13,367 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
| ||||
|
Interest income |
|
18 |
|
27 |
|
42 |
|
96 |
| ||||
|
Other-net |
|
342 |
|
(1,929 |
) |
297 |
|
(3,990 |
) | ||||
|
|
|
360 |
|
(1,902 |
) |
339 |
|
(3,894 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) before income taxes |
|
(926 |
) |
2,278 |
|
7,471 |
|
(17,261 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income taxes (benefits) |
|
1,187 |
|
(2,052 |
) |
2,394 |
|
312 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) |
|
$ |
(2,113 |
) |
$ |
4,330 |
|
$ |
5,077 |
|
$ |
(17,573 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
$ |
(0.02 |
) |
$ |
0.04 |
|
$ |
0.05 |
|
$ |
(0.17 |
) |
|
Diluted |
|
$ |
(0.02 |
) |
$ |
0.04 |
|
$ |
0.05 |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shares used in computing net income (loss) per share |
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
106,476 |
|
105,163 |
|
106,234 |
|
104,522 |
| ||||
|
Diluted |
|
106,476 |
|
109,454 |
|
109,098 |
|
104,522 |
| ||||
Axcelis Technologies, Inc.
Consolidated Balance Sheet
In thousands
(Unaudited)
|
|
|
December 31, |
| ||||
|
|
|
2011 |
|
2010 |
| ||
|
ASSETS |
|
|
|
|
| ||
|
Current assets |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
46,877 |
|
$ |
45,743 |
|
|
Accounts receivable, net |
|
35,071 |
|
57,888 |
| ||
|
Inventories, net |
|
120,023 |
|
109,653 |
| ||
|
Prepaid expenses and other current assets |
|
10,062 |
|
15,346 |
| ||
|
Total current assets |
|
212,033 |
|
228,630 |
| ||
|
|
|
|
|
|
| ||
|
Property, plant and equipment, net |
|
37,204 |
|
38,594 |
| ||
|
Long-term restricted cash |
|
104 |
|
107 |
| ||
|
Other assets |
|
19,904 |
|
13,541 |
| ||
|
|
|
$ |
269,245 |
|
$ |
280,872 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Current liabilities |
|
|
|
|
| ||
|
Accounts payable |
|
$ |
19,551 |
|
$ |
36,709 |
|
|
Accrued compensation |
|
8,285 |
|
10,597 |
| ||
|
Warranty |
|
3,556 |
|
2,556 |
| ||
|
Income taxes |
|
495 |
|
— |
| ||
|
Deferred revenue |
|
10,786 |
|
13,859 |
| ||
|
Other current liabilities |
|
4,799 |
|
4,408 |
| ||
|
Total current liabilities |
|
47,472 |
|
68,129 |
| ||
|
|
|
|
|
|
| ||
|
Long-term deferred revenue |
|
1,488 |
|
2,417 |
| ||
|
Other long-term liabilities |
|
5,730 |
|
4,759 |
| ||
|
|
|
|
|
|
| ||
|
Stockholders’ equity |
|
|
|
|
| ||
|
Preferred stock |
|
— |
|
— |
| ||
|
Common stock |
|
107 |
|
106 |
| ||
|
Additional paid-in capital |
|
499,332 |
|
493,967 |
| ||
|
Treasury stock |
|
(1,218 |
) |
(1,218 |
) | ||
|
Accumulated deficit |
|
(288,443 |
) |
(293,520 |
) | ||
|
Accumulated other comprehensive income |
|
4,777 |
|
6,232 |
| ||
|
|
|
214,555 |
|
205,567 |
| ||
|
|
|
$ |
269,245 |
|
$ |
280,872 |
|
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
|
|
|
Twelve months ended |
| ||||
|
|
|
December 31, |
| ||||
|
|
|
2011 |
|
2010 |
| ||
|
Cash flows from operating activities |
|
|
|
|
| ||
|
Net income (loss) |
|
$ |
5,077 |
|
$ |
(17,573 |
) |
|
|
|
|
|
|
| ||
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
8,497 |
|
7,045 |
| ||
|
Deferred income taxes |
|
613 |
|
(1,409 |
) | ||
|
Stock-based compensation expense |
|
4,687 |
|
4,088 |
| ||
|
Provision for excess inventory |
|
1,015 |
|
2,015 |
| ||
|
Changes in operating assets & liabilities |
|
|
|
|
| ||
|
Accounts receivable |
|
22,692 |
|
(38,652 |
) | ||
|
Inventories |
|
(11,870 |
) |
3,549 |
| ||
|
Prepaid expenses and other current assets |
|
3,049 |
|
(3,469 |
) | ||
|
Accounts payable & other current liabilities |
|
(17,940 |
) |
32,276 |
| ||
|
Deferred revenue |
|
(4,006 |
) |
10,601 |
| ||
|
Income taxes |
|
507 |
|
(1,522 |
) | ||
|
Other assets and liabilities |
|
(8,788 |
) |
(2,841 |
) | ||
|
Net cash provided by (used for) operating activities |
|
3,533 |
|
(5,892 |
) | ||
|
Cash flows from investing activities |
|
|
|
|
| ||
|
Expenditures for property, plant, and equipment |
|
(2,124 |
) |
(1,403 |
) | ||
|
Decrease in restricted cash |
|
3 |
|
7,056 |
| ||
|
Net cash provided by (used for) investing activities |
|
(2,121 |
) |
5,653 |
| ||
|
Cash flows from financing activities |
|
|
|
|
| ||
|
Financing fees and other expenses |
|
(199 |
) |
(523 |
) | ||
|
Proceeds from exercise of stock options |
|
288 |
|
553 |
| ||
|
Proceeds from Employee Stock Purchase Plan |
|
502 |
|
569 |
| ||
|
Net cash provided by financing activities |
|
591 |
|
599 |
| ||
|
Effect of exchange rate changes on cash |
|
(869 |
) |
363 |
| ||
|
Net increase in cash and cash equivalents |
|
1,134 |
|
723 |
| ||
|
Cash and cash equivalents at beginning of period |
|
45,743 |
|
45,020 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
46,877 |
|
$ |
45,743 |
|