-----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, FEzN78usUd7ql6LtCR91FVycqGNPjXmV3UeteR68yIMfZUqgdt9xEseosqKRSJJk zN8n2M0+0ODeYwzdmXA4Ew== 0001157523-03-005699.txt : 20031022 0001157523-03-005699.hdr.sgml : 20031022 20031022160052 ACCESSION NUMBER: 0001157523-03-005699 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031022 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031022 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: 03951986 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 CITY: DANVERS STATE: MA ZIP: 01923 8-K 1 a4498894.txt IBIS TECHNOLOGY 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 22, 2003 ---------------- Ibis Technology Corporation --------------------------- (Exact name of registrant as specified in its charter) Massachusetts 0-23150 04-2987600 - ------------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 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 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit 99.1: Press Release dated October 22, 2003 Item 9. Regulation FD Disclosure Ibis Technology Corporation has reported its third quarter ended September 30, 2003 financial results. The Company's press release dated October 22, 2003 announcing the results is attached hereto as Exhibit 99.1. All the statements and information in this Form 8-K are hereby furnished under Item 12 (Results of Operations and Financial Condition). Ibis' website (www.ibis.com) contains a significant amount of information about Ibis, including financial and other information for investors. Ibis encourages investors to visit its web site from time to time, as information is updated and new information is posted. Item 12. Results of Operations and Financial Condition Ibis Technology Corporation has reported its third quarter ended September 30, 2003 financial results. The Company's press release dated October 22, 2003 announcing the results is furnished hereto as Exhibit 99.1. 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 --------------------------- Date: October 22, 2003 /s/Debra L. Nelson ------------------------------------------------ Debra L. Nelson, Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Ibis Technology Announces Third Quarter 2003 Results EX-99 3 a4498994ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Ibis Technology Announces Third Quarter 2003 Results DANVERS, Mass.--(BUSINESS WIRE)--Oct. 22, 2003-- Quarterly wafer sales of $3.7 million sets new record; over 10,000 300 mm wafers shipped in last 12 months Ibis Technology Corporation (Nasdaq NM: 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 third quarter ended September 30, 2003. Total revenue for the quarter was $4.0 million, compared to total revenue of $11.7 million in the preceding quarter, which included approximately $8 million from the sale of an i2000 implanter, and compared to revenue of $7.7 million reported in the third quarter of 2002, which included approximately $5 million from the sale of an implanter system and parts to a Chinese customer. Net loss for the 2003 third quarter was $3.2 million, or $0.33 per share, compared to a net income of $1.2 million, or $0.13 per share, in the preceding quarter, and a net loss of $2.3 million, or $0.24 per share, in the similar period a year ago. For the first nine months of 2003, total revenue was $17.2 million compared to $11.2 million for the first nine months of last year. Net loss for the first nine months of 2003 was $6.2 million, or $0.66 per share, compared to a net loss of $10.1 million, or $1.11 per share, for the same period last year. "We are very pleased to announce another quarter of record wafer sales," said Martin J. Reid, president and chief executive officer of Ibis Technology Corporation. "Wafer sales for the third quarter were $3.7 million, up from the previous quarter's $3.5 million. Most of the wafers shipped were 300 mm wafers, and Ibis has now shipped over 10,000 300 mm SIMOX-SOI wafers in the last twelve months. In addition, we are now shipping wafers produced using the newest SIMOX-SOI process that was developed under the auspices of a joint development agreement with our largest customer." "We are also pleased with the progress being made on the equipment side of our business. Significant improvements and upgrades have been made in our i2000 implanter in recent months," said Reid. "As a result, both throughput and wafer quality are improved, further strengthening the position of SIMOX-SOI as the economical SOI solution." During October 2003, Ibis completed a public offering of 1,000,000 shares of common stock at $13.25 per share, which included the over-allotment option exercised by the underwriter, CDC Securities. Net proceeds to the company were approximately $12.7 million. The company plans to use the proceeds to fund research and development, capital expenditures, working capital and for other general corporate purposes. Corporate Outlook Commenting on the company's future outlook, Reid said, "Although we anticipate a fourth quarter slow down for 300 mm wafer business at our largest customer, forecasts from this customer and others for 2004 continue to look positive. During the fourth quarter our priority on the wafer side of the business will be to broaden our customer base in both 300 mm and 200 mm by sampling our latest SIMOX-SOI wafers. We are currently undergoing 200 mm evaluation at two customers and positive results should translate to orders in early 2004. Forecasting future wafer sales, on a quarter-by-quarter basis, remains exceedingly difficult, and significant variations, quarter to quarter, are likely. We also continue to anticipate booking orders for one-to-three implanters during this fiscal year." Teleconference and Simultaneous Webcast Ibis will host a teleconference to discuss its third quarter results on October 22, 2003 at 5:00 p.m. ET. The dial in number to listen to the conference call is 913-981-5520. A live webcast of the conference call will be available at the Ibis Technology web site at www.ibis.com or at www.streetevents.com. A replay of the call will be available on these web sites for approximately one week. About Ibis Technology Ibis Technology Corporation is the leading provider of oxygen implanters for the production of SIMOX-SOI (Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers for the worldwide semiconductor industry. The company is also the world's leading producer of SIMOX-SOI wafers. Headquartered in Danvers, Massachusetts, the company maintains an office in Aptos, California, as well. 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' web site at www.ibis.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release may contain forward-looking statements that are subject to certain risks and uncertainties including statements regarding the Company's current expectations that the upgrades made to the Company's i2000 implanter have resulted in improvements to throughput and quality which will strengthen the position of SIMOX-SOI as the economical SOI solution, the positive outlook for 2004, the positive evaluation results of 200 mm SIMOX-SOI wafers at two customers should translate to orders in early 2004 and the Company will book orders for one-to-three implanters during this fiscal year. Such statements are based upon management's current expectations and 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 and risk factors described in the Company's Securities and Exchange Commission filings from time to time, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2002. All information set forth in this press release is as of October 22, 2003, and Ibis undertakes no duty to update this information unless required by law. Ibis Technology Corporation Condensed Statements of Operations Quarter Ended 9 Months Ended September 30, September 30, 2003 2002 2003 2002 Wafer Product sales $ 3,744,000 $ 2,012,000 $ 7,952,000 $ 4,993,000 Contract and other revenue 67,000 61,000 593,000 233,000 Equipment revenue 226,000 5,657,000 8,622,000 5,987,000 Total revenue 4,037,000 7,730,000 17,167,000 11,213,000 Cost of wafer product sales 5,010,000 3,996,000 12,516,000 10,278,000 Cost of contract and other revenue 6,000 10,000 34,000 97,000 Cost of equipment revenue 210,000 3,573,000 4,015,000 3,732,000 Gross profit (1,189,000) 151,000 602,000 (2,894,000) General & administrative 477,000 502,000 1,664,000 1,644,000 Marketing & sales 297,000 383,000 958,000 1,156,000 Research & development 1,175,000 1,604,000 4,208,000 4,614,000 Loss from operations (3,138,000) (2,338,000) (6,228,000) (10,308,000) Other income (25,000) 65,000 5,000 221,000 Net loss $(3,163,000) $(2,273,000)$(6,223,000)$(10,087,000) Net loss per share Basic $ (0.33) $(0.24) $(0.66) $(1.11) Diluted $ (0.33) $(0.24) $(0.66) $(1.11) Weighted average number of shares used in per share calculation Basic 9,504,210 9,436,170 9,486,532 9,126,317 Diluted 9,504,210 9,436,170 9,486,532 9,126,317 Condensed Balance Sheets Assets September 30, December 31, 2003 2002 Current assets: Cash and cash equivalents $ 4,868,000 $ 11,746,000 Accounts receivable 203,000 1,599,000 Unbilled revenue 529,000 -- Inventories 2,736,000 1,231,000 Deferred costs -- 2,621,000 Other current assets 294,000 113,000 Current assets 8,630,000 17,310,000 Property and equipment 29,574,000 32,495,000 Other assets 1,737,000 1,894,000 Total assets $ 39,941,000 $ 51,699,000 Liabilities and Stockholders' Equity Current liabilities: Capital lease obligation, current $ 1,496,000 $ 1,501,000 Accounts payable 2,429,000 897,000 Accrued liabilities 2,824,000 2,396,000 Deferred revenue -- 6,966,000 Current liabilities 6,749,000 11,760,000 Capital lease obligation, long-term 75,000 1,184,000 Stockholders' equity 33,117,000 38,755,000 Total liabilities and stockholders' equity $ 39,941,000 $ 51,699,000 CONTACT: Company Contact: Ibis Technology Corporation Debra L. Nelson, 978-777-4247 or Agency Contact: IR/PR Counsel For Ibis Technology Bill Monigle, 603-424-1184 -----END PRIVACY-ENHANCED MESSAGE-----