Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2012
BEVERLY, Mass. — August 2, 2012—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended June 30, 2012. The Company reported second quarter revenue of $59.1 million, compared to $55.0 million for the first quarter of 2012. Net loss for the quarter was $471 thousand, or $0.00 per diluted share, which includes a $153 thousand or $0.00 per share restructuring charge. This compares to a net loss for the first quarter of 2012 of $10.0 million, or $0.09 per share, which includes a $2.9 million, or $0.03 per share restructuring charge. Cash and cash equivalents were $33.8 million at June 30, 2012.
Commenting on the Company’s performance, Chairman and CEO Mary Puma said, “Despite an industry slowdown during the quarter, we were able to deliver breakeven profitability with a slight miss in revenue guidance. We have taken further steps to reduce our expenses and lower our quarterly breakeven revenue, while continuing to invest in future growth.”
Second Quarter 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the second quarter of 2012. An audio webcast will be available on the Investor page of Axcelis’ website at www.axcelis.com, or by dialing 1.888.713.4211 (1.617.213.4864 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 90932672. A replay of the webcast will be available for 30 days following the conference call.
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
Financial Community:
Jay Zager
978.787.9408
Editorial/Media Community:
Maureen Hart
978.787.4266
Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three Months ended |
|
Six Months ended |
| ||||||||
|
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| ||||
|
Revenue |
|
|
|
|
|
|
|
|
| ||||
|
Product |
|
$ |
51,465 |
|
$ |
84,334 |
|
$ |
99,003 |
|
$ |
170,937 |
|
|
Services |
|
7,649 |
|
9,046 |
|
15,117 |
|
15,613 |
| ||||
|
Total revenue |
|
59,114 |
|
93,380 |
|
114,120 |
|
186,550 |
| ||||
|
Cost of revenue |
|
|
|
|
|
|
|
|
| ||||
|
Product |
|
30,599 |
|
52,905 |
|
59,883 |
|
109,778 |
| ||||
|
Services |
|
5,727 |
|
6,337 |
|
10,913 |
|
11,553 |
| ||||
|
Total cost of revenue |
|
36,326 |
|
59,242 |
|
70,796 |
|
121,331 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Gross profit |
|
22,788 |
|
34,138 |
|
43,324 |
|
65,219 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating expenses |
|
|
|
|
|
|
|
|
| ||||
|
Research and development |
|
10,478 |
|
11,829 |
|
22,147 |
|
23,647 |
| ||||
|
Sales and marketing |
|
6,231 |
|
7,675 |
|
12,814 |
|
15,494 |
| ||||
|
General and administrative |
|
6,488 |
|
8,416 |
|
14,287 |
|
17,471 |
| ||||
|
Restructuring charges |
|
153 |
|
— |
|
3,034 |
|
— |
| ||||
|
Total operating expense |
|
23,350 |
|
27,920 |
|
52,282 |
|
56,612 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) from operations |
|
(562 |
) |
6,218 |
|
(8,958 |
) |
8,607 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
| ||||
|
Interest income |
|
9 |
|
11 |
|
18 |
|
17 |
| ||||
|
Other-net |
|
551 |
|
(1,158 |
) |
(373 |
) |
(1,608 |
) | ||||
|
Total other income (expense) |
|
560 |
|
(1,147 |
) |
(355 |
) |
(1,591 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) before income taxes |
|
(2 |
) |
5,071 |
|
(9,313 |
) |
7,016 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income taxes |
|
469 |
|
844 |
|
1,186 |
|
977 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) |
|
$ |
(471 |
) |
$ |
4,227 |
|
$ |
(10,499 |
) |
$ |
6,039 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) per share |
|
|
|
|
|
|
|
|
| ||||
|
Basic and diluted net income (loss) per share |
|
$ |
(0.00 |
) |
$ |
0.04 |
|
$ |
(0.10 |
) |
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shares used in computing basic and diluted net income (loss) per share |
|
|
|
|
|
|
|
|
| ||||
|
Basic weighted average common shares |
|
107,639 |
|
106,097 |
|
107,353 |
|
106,017 |
| ||||
|
Diluted weighted average common shares |
|
107,639 |
|
108,911 |
|
107,353 |
|
109,723 |
| ||||
Axcelis Technologies, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
|
|
|
Three months ended |
|
Six months ended |
| ||||||||
|
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net income (loss) |
|
$ |
(471 |
) |
$ |
4,227 |
|
$ |
(10,499 |
) |
$ |
6,039 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
| ||||
|
Foreign currency translation adjustments |
|
(1,469 |
) |
1,639 |
|
(1,413 |
) |
2,964 |
| ||||
|
Comprehensive income (loss) |
|
$ |
(1,940 |
) |
$ |
5,866 |
|
$ |
(11,912 |
) |
$ |
9,003 |
|
Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
|
|
|
June 30, |
|
December 31, |
| ||
|
|
|
2012 |
|
2011 |
| ||
|
|
|
|
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
Current assets |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
33,797 |
|
$ |
46,877 |
|
|
Accounts receivable, net |
|
34,978 |
|
35,071 |
| ||
|
Inventories, net |
|
126,647 |
|
120,023 |
| ||
|
Prepaid expenses and other current assets |
|
10,203 |
|
10,062 |
| ||
|
Total current assets |
|
205,625 |
|
212,033 |
| ||
|
|
|
|
|
|
| ||
|
Property, plant and equipment, net |
|
35,779 |
|
37,204 |
| ||
|
Long-term restricted cash |
|
101 |
|
104 |
| ||
|
Other assets |
|
11,515 |
|
19,904 |
| ||
|
Total assets |
|
$ |
253,020 |
|
$ |
269,245 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Current liabilities |
|
|
|
|
| ||
|
Accounts payable |
|
$ |
17,642 |
|
$ |
19,551 |
|
|
Accrued compensation |
|
7,916 |
|
8,285 |
| ||
|
Warranty |
|
2,589 |
|
3,556 |
| ||
|
Income taxes |
|
210 |
|
495 |
| ||
|
Deferred revenue |
|
8,398 |
|
10,786 |
| ||
|
Other current liabilities |
|
4,070 |
|
4,799 |
| ||
|
Total current liabilities |
|
40,825 |
|
47,472 |
| ||
|
|
|
|
|
|
| ||
|
Long-term deferred revenue |
|
761 |
|
1,488 |
| ||
|
Other long-term liabilities |
|
5,771 |
|
5,730 |
| ||
|
Total liabilities |
|
47,357 |
|
54,690 |
| ||
|
|
|
|
|
|
| ||
|
Stockholders’ equity |
|
|
|
|
| ||
|
Preferred stock |
|
— |
|
— |
| ||
|
Common stock |
|
108 |
|
107 |
| ||
|
Additional paid-in capital |
|
502,351 |
|
499,332 |
| ||
|
Treasury stock |
|
(1,218 |
) |
(1,218 |
) | ||
|
Accumulated deficit |
|
(298,942 |
) |
(288,443 |
) | ||
|
Accumulated other comprehensive income |
|
3,364 |
|
4,777 |
| ||
|
Total stockholders’ equity |
|
205,663 |
|
214,555 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
253,020 |
|
$ |
269,245 |
|
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Six months ended |
| ||||
|
|
|
Jun 30, |
| ||||
|
|
|
2012 |
|
2011 |
| ||
|
Cash flows from operating activities: |
|
|
|
|
| ||
|
Net income (loss) |
|
$ |
(10,499 |
) |
$ |
6,039 |
|
|
Adjustments to reconcile net income (loss) to net cash used for operating activities: |
|
|
|
|
| ||
|
Depreciation and amortization |
|
3,625 |
|
4,009 |
| ||
|
Deferred taxes |
|
995 |
|
16 |
| ||
|
Stock-based compensation expense |
|
2,010 |
|
2,124 |
| ||
|
Provision for excess inventory |
|
406 |
|
536 |
| ||
|
Changes in operating assets and liabilities: |
|
|
|
|
| ||
|
Accounts receivable |
|
16 |
|
571 |
| ||
|
Inventories |
|
(7,213 |
) |
(13,894 |
) | ||
|
Prepaid expenses and other current assets |
|
(808 |
) |
4,442 |
| ||
|
Accounts payable and other current liabilities |
|
(3,928 |
) |
(3,618 |
) | ||
|
Deferred revenue |
|
(3,109 |
) |
(2,989 |
) | ||
|
Income taxes |
|
(286 |
) |
629 |
| ||
|
Other assets and liabilities |
|
6,226 |
|
(5,920 |
) | ||
|
Net cash used for operating activities |
|
(12,565 |
) |
(8,055 |
) | ||
|
Cash flows from investing activities: |
|
|
|
|
| ||
|
Expenditures for property, plant and equipment |
|
(385 |
) |
(1,231 |
) | ||
|
(Increase) decrease in restricted cash |
|
3 |
|
(9 |
) | ||
|
Net cash used for investing activities |
|
(382 |
) |
(1,240 |
) | ||
|
Cash flows from financing activities: |
|
|
|
|
| ||
|
Financing fees and other expenses |
|
— |
|
(194 |
) | ||
|
Proceeds from the exercise of stock options |
|
847 |
|
239 |
| ||
|
Proceeds from Employee Stock Purchase Plan |
|
179 |
|
275 |
| ||
|
Net cash provided by financing activities |
|
1,026 |
|
320 |
| ||
|
Effect of exchange rate changes on cash |
|
(1,159 |
) |
1,089 |
| ||
|
Net decrease in cash and cash equivalents |
|
(13,080 |
) |
(7,886 |
) | ||
|
Cash and cash equivalents at beginning of period |
|
46,877 |
|
45,743 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
33,797 |
|
$ |
37,857 |
|