-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TOJ4fululGmJgBDvud09qxl4Oe+H3Sw6w4T2RkdUhU2Edeoc13pqMz+N6sn3xFdK /rSUvEPzNUD7+rVzWN/o5g== 0000912057-02-007219.txt : 20020414 0000912057-02-007219.hdr.sgml : 20020414 ACCESSION NUMBER: 0000912057-02-007219 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020220 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020222 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: 02555699 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 a2071532z8-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): FEBRUARY 20, 2002 ----------------- 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 February 20, 2002, Ibis Technology Corporation publicly disseminated a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2001. Total revenues for the fourth quarter were $1,533,000, up six percent compared to total revenue of $1,444,000 in the third quarter of 2001, and down 62 percent compared to $3,994,000 reported in the fourth quarter of 2000. Net loss for the fourth quarter of 2001 was $3,356,000, or $0.40 per share, compared to a net loss of $2,405,000, or $0.29 per share, including non-recurring other income of approximately $1,400,000, in the preceding quarter, and a net loss of $309,000, or $0.04 per share, in the similar period a year ago. Fiscal 2001 revenues totaled $7,434,000 compared to $14,475,000 for fiscal year 2000. The net loss for fiscal year 2001 was $9,595,000, or $1.15 per share, compared to net loss of $1,502,000, or $0.18 per share for fiscal 2000. Wafer sales decreased 34% from the prior year and there were no revenues from implanter sales in fiscal year 2001. 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 February 20, 2002. 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: February 20, 2002 /S/ DEBRA L. NELSON --------------------------------------------- Debra L. Nelson, Chief Financial Officer 3 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION 99.1 Press Release dated February 20, 2002 4 EX-99.1 3 a2071532zex-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 FEBRUARY 20, 2002, 4:00 P.M. EST IBIS TECHNOLOGY ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2001 RESULTS DANVERS, Mass., Feb. 20, 2002--Ibis Technology Corporation (Nasdaq: IBIS), the leading provider of SIMOX-SOI implantation equipment and SIMOX-SOI wafers to the worldwide semiconductor industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2001. Total revenues for the fourth quarter were $1,533,000, up six percent compared to total revenue of $1,444,000 in the third quarter of 2001, and down 62 percent compared to $3,994,000 reported in the fourth quarter of 2000. Net loss for the fourth quarter of 2001 was $3,356,000, or $0.40 per share, compared to a net loss of $2,405,000, or $0.29 per share, including non-recurring other income of approximately $1,400,000, in the preceding quarter, and a net loss of $309,000, or $0.04 per share, in the similar period a year ago. Fiscal 2001 revenues totaled $7,434,000 compared to $14,475,000 for fiscal year 2000. The net loss for fiscal year 2001 was $9,595,000, or $1.15 per share, compared to net loss of $1,502,000, or $0.18 per share for fiscal 2000. Wafer sales decreased 34% from the prior year and there were no revenues from implanter sales in fiscal year 2001. "While we remain cautious in our outlook for the near term, we are encouraged that virtually all of the major microprocessor manufacturers are either already producing products based on SOI wafers or have announced plans to adopt SOI technology within the next several years," said Martin J. Reid, president and chief executive officer of Ibis Technology Corporation. "Recognizing this trend, we have worked diligently during this downturn to position Ibis with the latest technology and manufacturing expertise to meet an expected market growth." "As planned, qualification of our Advantox(R) MLD wafers by one of our largest customers is nearing completion, and we expect to slowlY ramp wafer shipments to them. Other chipmakers are qualifying our Advantox MLD products for their use, as well," said Reid. "In addition, our new oxygen implanter, the Ibis 2000, is proceeding through internal qualification and is already implanting 300-millimeter wafers. Being able to demonstrate our capability to produce quality 300-millimeter SIMOX-SOI wafers is critically important. We have already received orders for 300mm SIMOX wafers from two key customers and shipments begin this month. Overall, we believe that, even though the global semiconductor industry has not yet demonstrated a return to growth, the demand for our SIMOX-SOI wafers will continue to increase, and that we are well positioned to take advantage of this expected growth." TELECONFERENCE AND SIMULTANEOUS WEBCAST Ibis will host a teleconference to discuss its fourth quarter results on February 20, 2002 at 5:00 p.m. EDT. The dial in number to listen to the conference call is (913) 981-5509. 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 adoption of SOI technology by the major microprocessor manufacturers, the expected ramp of wafer shipments, the ability and timing of the Company to demonstrate 300-mm capability, and the anticipated increase in demand for the Company's SIMOX-SOI 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 February 20, 2002, and Ibis undertakes no duty to update this information unless required by law. - FINANCIAL TABLES FOLLOW - IBIS TECHNOLOGY CORPORATION CONDENSED STATEMENTS OF OPERATIONS
4TH QUARTER ENDED YEAR ENDED DECEMBER 31, DECEMBER 31 ------------ ----------- 2001 2000 2001 2000 ---- ---- ---- ---- (UNAUDITED) Product sales $ 1,230,000 $ 3,021,000 $ 5,391,000 $ 8,173,000 Contract and other revenue 40,000 151,000 518,000 532,000 Equipment revenue 263,000 822,000 1,525,000 5,770,000 ------------ ----------- ------------- ------------ Total revenue 1,533,000 3,994,000 7,434,000 14,475,000 ------------ ----------- ------------- ----------- Cost of product sales 2,335,000 2,135,000 8,210,000 5,824,000 Cost of contract and other revenue 24,000 110,000 376,000 388,000 Cost of equipment revenue 196,000 432,000 1,502,000 3,482,000 ------------ ----------- ------------- ------------ Gross profit (1,022,000) 1,317,000 (2,654,000) 4,781,000 ------------ ----------- ------------- ------------ General & administrative 633,000 497,000 2,273,000 1,998,000 Marketing & sales 412,000 384,000 1,813,000 1,640,000 Research & development 1,403,000 1,234,000 5,119,000 4,587,000 ------------ ----------- ------------- ------------ Loss from operations (3,470,000) (798,000) (11,859,000) (3,444,000) Other income 114,000 489,000 2,264,000 1,942,000 ------------ ----------- ------------- ------------ Net loss $ (3,356,000) $ (309,000) $ (9,595,000) $ (1,502,000) ----------- ---------- ------------- ------------- Net loss per share Basic $ (0.40) $ (0.04) $ (1.15) $ (0.18) Diluted $ (0.40) $ (0.04) $ (1.15) $ (0.18) Weighted average number of shares used in per share calculation Basic 8,398,155 8,327,269 8,378,262 8,285,893 Diluted 8,398,155 8,327,269 8,378,262 8,285,893
CONDENSED BALANCE SHEETS
DECEMBER 31, 2001 DECEMBER 31, 2000 Assets Current assets: Cash and cash equivalents $ 13,088,000 $ 26,366,000 Accounts receivable 5,766,000 1,210,000 Unbilled revenue -- 511,000 Inventories 1,536,000 10,933,000 Deferred costs 2,474,000 -- Other current assets 210,000 326,000 ------------- ------------- Current assets 23,074,000 39,346,000 Property and equipment 29,742,000 14,542,000 Other assets 2,104,000 2,411,000 ------------- ------------- Total assets $ 54,920,000 $ 56,299,000 ============= =============
Liabilities and Stockholders' Equity Current liabilities: Capital lease obligation, current $ 1,503,000 $ 12,000 Accounts payable and other current liabilities 10,339,000 6,749,000 ------------- ------------- Current liabilities 11,842,000 6,761,000 Capital lease obligation, long-term 2,718,000 19,000 Other liabilities -- -- Stockholders' equity 40,360,000 49,519,000 ------------- ------------- Total liabilities and stockholders' equity $ 54,920,000 $ 56,299,000 ============= =============
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