0000912057-01-536481.txt : 20011029 0000912057-01-536481.hdr.sgml : 20011029 ACCESSION NUMBER: 0000912057-01-536481 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011024 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBIS TECHNOLOGY CORP CENTRAL INDEX KEY: 0000855182 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042987600 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23150 FILM NUMBER: 1765239 BUSINESS ADDRESS: STREET 1: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 BUSINESS PHONE: 9787774247 MAIL ADDRESS: STREET 1: 32 CHERRY HILL DR STREET 2: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 8-K 1 a2061803z8-k.txt 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): OCTOBER 24, 2001 ---------------- IBIS TECHNOLOGY CORPORATION --------------------------- (Exact name of registrant as specified in its charter) MASSACHUSETTS 0-23150 04-2987600 --------------- ------------- ------------------ (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 32 CHERRY HILL DRIVE, DANVERS, MASSACHUSETTS 01923 -------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (978) 777-4247 -------------- ITEM 5. OTHER EVENTS. ------ ------------ On October 24, 2001, Ibis Technology Corporation publicly disseminated a press release announcing its financial results for the third quarter ended September 30, 2001. Total revenues for the quarter were $1,444,000, up 15 percent compared to total revenues of $1,256,000 in the second quarter of 2001, and down 43 percent compared to $2,522,000 reported in the third quarter of 2000. Net loss for the third quarter of 2001 was $2,405,000, or $0.29 per share, including non-recurring other income of approximately $1,400,000. This compares to a net loss of $3,049,000, or $0.36 per share, in the preceding quarter, and a net loss of $798,000, or $0.10 per share, in the similar period a year ago. For the first nine months of 2001, total revenues were $5,901,000 compared to $10,481,000 for the first nine months of last year. Net loss for the first nine months of 2001 was $6,239,000, or $0.75 per share, compared to a net loss of $1,193,000, or $0.14 per share, for the same period last year. The decrease in total revenues is primarily due to the fact that there have been no implanter equipment sales this year compared to equipment revenue of approximately $4,000,000 in 2000. The information contained in the press release is incorporated herein by reference and filed as Exhibit 99.1 hereto. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. ------ --------------------------------- (c) Exhibit. 99.1 Press Release dated October 24, 2001. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IBIS TECHNOLOGY CORPORATION --------------------------- (Registrant) Date: October 24, 2001 /s/ Debra L. Nelson --------------------------- Debra L. Nelson, Chief Financial Officer 3 EXHIBIT INDEX EXHIBIT SEQUENTIAL NUMBER DESCRIPTION PAGE NUMBER ------- ------------------- ----------- 99.1 Press Release dated 5 October 24, 2001 4 EX-99.1 3 a2061803zex-99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 [ibis LOGO] NEWS RELEASE COMPANY CONTACT: AGENCY CONTACT: Debra L. Nelson Bill Monigle Chief Financial Officer IR/PR Counsel Ibis Technology Corporation For Ibis Technology Phone: (978) 777-4247 Phone: (603) 424-1184 FOR RELEASE OCTOBER 24, 2001, 4:00 P.M. EDT IBIS TECHNOLOGY ANNOUNCES THIRD QUARTER FY 2001 RESULTS DANVERS, Mass., Oct. 24, 2001--Ibis Technology Corporation (Nasdaq: IBIS), the leading provider of SIMOX-SOI implantation equipment and wafers to the worldwide semiconductor industry, today announced its financial results for the third quarter ended September 30, 2001. Total revenues for the quarter were $1,444,000, up 15 percent compared to total revenues of $1,256,000 in the second quarter of 2001, and down 43 percent compared to $2,522,000 reported in the third quarter of 2000. Net loss for the third quarter of 2001 was $2,405,000, or $0.29 per share, including non-recurring other income of approximately $1,400,000. This compares to a net loss of $3,049,000, or $0.36 per share, in the preceding quarter, and a net loss of $798,000, or $0.10 per share, in the similar period a year ago. For the first nine months of 2001, total revenues were $5,901,000 compared to $10,481,000 for the first nine months of last year. Net loss for the first nine months of 2001 was $6,239,000, or $0.75 per share, compared to a net loss of $1,193,000, or $0.14 per share, for the same period last year. The decrease in total revenues is primarily due to the fact that there have been no implanter equipment sales this year compared to equipment revenue of approximately $4,000,000 in 2000. "We are pleased to report financial results for the quarter that are somewhat ahead of the revenue we projected at the beginning of the quarter," said Martin J. Reid, president and chief executive officer of Ibis Technology Corporation. "Although the severe downturn in the global semiconductor industry has generally slowed chipmaker spending on equipment and materials, our customers continue to express their interest in our SIMOX-SOI technology with orders for our new Advantox(R) MLD wafers for sampling and R&D purposes. MLD customer qualification and sampling is progressing and is in line with our expectations. In addition, we are anticipating repeat orders for MLD wafers in increased volumes based on positive initial results." Reid added, "We also believe the demand for production SIMOX-SOI wafers for optical applications has hit bottom. Shipments of these products have increased over the previous quarter." -more- Ibis Technology Announces Third Quarter FY 2001 Results.............Page 2 of 3 Commenting on the recently announced sale of an Ibis oxygen implanter to the Shanghai Institute of Metallurgy (SIM) in Shanghai, China, Reid said, "The sale to SIM demonstrates growing acceptance of our technology, and we are delighted to participate in the rapidly growing Chinese semiconductor industry and demonstrate our commitment to ensuring wide-spread availability of SIMOX-SOI." Development of the company's newest implanter, the Ibis 2000 200-300mm system, continues on track for initial wafer runs later this year. The company earlier announced that all other equipment is in place for the world's first complete 300mm SIMOX-SOI production line. TELECONFERENCE AND SIMULTANEOUS WEBCAST Ibis will host a teleconference to discuss its third quarter results on October 24, 2001 at 5:00 p.m. EDT. The dial in number to listen to the conference call is (913) 981-5510. A live webcast of the conference call will be available at the Ibis Technology website at www.ibis.com or at www.streetevents.com. A replay of the call will be available on these websites for approximately one week. ABOUT IBIS TECHNOLOGY Ibis Technology Corporation is the leading provider of SIMOX-SOI (Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers and equipment for the worldwide semiconductor industry. The company is headquartered in Danvers, Massachusetts and maintains an office in Aptos, California. Ibis Technology is traded on the Nasdaq National Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on Ibis' World Wide Web site at www.ibis.com. "SAFE HARBOR" STATEMENT This release may contain forward-looking statements that are subject to certain risks and uncertainties including statements regarding the technology trends in the semiconductor industry, the impact of such trends on the Company's business, the benefits of SOI, the development and roll-out schedule for the Ibis 2000 and wafers produced using the Ibis 2000, the Company's long-term growth prospects, the semiconductor industry's adoption of SIMOX-SOI technology and the plans of major chip makers to sample Ibis' wafers. Such statements are based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements, including, but not limited to, product demand and market acceptance risks, general economic conditions, the impact of competitive products, technologies and pricing, the impact of rapidly changing technology, equipment capacity and supply constraints or difficulties, limitations on the ability to protect the Company's patents and proprietary technology, the Company's limited history with regard to sales of implanters, the cyclical nature of the semiconductor industry, and other risks described in the Company's Securities and Exchange Commission filings. All information set forth in this press release is as of October 24, 2001, and Ibis undertakes no duty to update this information unless required by law. - FINANCIAL TABLES FOLLOW - Ibis Technology Announces Third Quarter FY 2001 Results.............Page 3 of 3 Ibis Technology Corporation Condensed Statements of Operations
QUARTER ENDED SEPTEMBER 30, 9 MONTHS ENDED SEPTEMBER 30, 2001 2000 2001 2000 ---- ---- ---- ---- Product sales $ 926,000 $ 2,067,000 $ 4,161,000 $ 5,152,000 Contract and other revenue 132,000 48,000 478,000 382,000 Equipment revenue 386,000 407,000 1,262,000 4,947,000 ------------ ----------- ------------- ------------ Total revenue 1,444,000 2,522,000 5,901,000 10,481,000 ------------ ----------- ------------- ----------- Cost of product sales 2,225,000 1,605,000 5,875,000 3,689,000 Cost of contract and other revenue 90,000 58,000 352,000 278,000 Cost of equipment revenue 892,000 169,000 1,306,000 3,050,000 ------------ ----------- ------------- ------------ Gross profit (1,763,000) 690,000 (1,632,000) 3,464,000 ------------ ----------- ------------- ------------ General & administrative 508,000 428,000 1,640,000 1,502,000 Marketing & sales 380,000 400,000 1,401,000 1,256,000 Research & development 1,311,000 1,129,000 3,716,000 3,352,000 ------------ ----------- ------------- ------------ Loss from operations (3,962,000) (1,267,000) (8,389,000) (2,646,000) Other income 1,557,000 469,000 2,150,000 1,453,000 ------------ ----------- ------------- ------------ Net loss $ (2,405,000) $ (798,000) $ (6,239,000) $ (1,193,000) ------------ ---------- ------------- ------------ Net loss per share Basic $ (0.29) $ (0.10) $ (0.75) $ (0.14) Diluted $ (0.29) $ (0.10) $ (0.75) $ (0.14) Weighted average number of shares used in per share calculation Basic 8,387,386 8,309,867 8,371,452 8,272,000 Diluted 8,387,386 8,309,867 8,371,452 8,272,000
Condensed Balance Sheets
SEPTEMBER 30, 2001 DECEMBER 31, 2000 ------------------ ----------------- Assets Current assets: Cash and cash equivalents $ 15,895,000 $ 26,366,000 Accounts receivable 805,000 1,210,000 Unbilled revenue 128,000 511,000 Inventories 1,578,000 10,933,000 Other current assets 221,000 326,000 ------------- ------------- Current assets 18,627,000 39,346,000 Property and equipment 30,975,000 14,542,000 Other assets 2,206,000 2,411,000 ------------- ------------- Total assets $ 51,808,000 $ 56,299,000 ============= ============= Liabilities and Stockholders' Equity Current liabilities: Capital lease obligation, current $ 821,000 $ 12,000 Accounts payable and other current liabilities 5,779,000 6,749,000 ------------- ------------- Current liabilities 6,600,000 6,761,000 Capital lease obligation, long-term 1,670,000 19,000 Other liabilities -- -- Stockholders' equity 43,538,000 49,519,000 ------------- ------------- Total liabilities and stockholders' equity $ 51,808,000 $ 56,299,000 ============= =============
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