-----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, PqGKPpdfeodk5m6OhEoOOj8pxgM9HWpH1pKO4JlZhFfft3Wo+KX2fB0LJ666/7Uu jbqD6rvny9oL6fMnWYlFEw== 0001157523-07-010181.txt : 20071024 0001157523-07-010181.hdr.sgml : 20071024 20071024164623 ACCESSION NUMBER: 0001157523-07-010181 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071024 DATE AS OF CHANGE: 20071024 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: 071188550 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 a5527336.txt IBIS TECHNOLGOY CORPORATION 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 24, 2007 ---------------- 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 -------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [_] Written communications pursuant Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 24, 2007, Ibis Technology Corporation announced its financial results for the third quarter ending September 30, 2007. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits Exhibit 99.1. Press Release issued by Ibis Technology Corporation on October 24, 2007. 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 24, 2007 /s/ William J. Schmidt -------------------------------------- William J. Schmidt Chief Financial Officer EXHIBIT INDEX ------------- Exhibit Number Description - ------ ----------- 99.1 Press Release, Dated October 24, 2007, Announcing Third Quarter 2007 Results. EX-99.1 2 a5527336ex99_1.txt EXHIBIT 99.1 Exhibit 99l.1 Ibis Technology Announces Third Quarter 2007 Results DANVERS, Mass.--(BUSINESS WIRE)--Oct. 24, 2007--Ibis Technology Corporation (Nasdaq: IBIS), a leading provider of SIMOX-SOI implantation equipment to the worldwide semiconductor industry, today announced its financial results for the third quarter ended September 30, 2007. Total revenues for the third quarter of 2007 were $193,000. This compares to total revenues of $265,000 in the preceding quarter, and compares to total revenues of $7.2 million in the third quarter of 2006, which included the sale of an i2000 implanter. Net loss for the 2007 third quarter was $1.3 million, or a loss of $0.09 per share, compared to a net loss for the preceding quarter of $1.4 million, or a loss of $0.11 per share. Net income in the third quarter of 2006 was $2.2 million, or $0.20 per diluted share. Net loss for the third quarter of 2007 reflects stock based compensation charges of $146,810, or $0.01 per share, associated with the implementation of Statement of Financial Accounting Standards No. 123(R). For the first nine months of 2007, total revenues were $0.8 million, compared to $13.5 million for the first nine months of last year. Net loss for the first nine months of 2007 was $4.2 million, or $0.32 per share, compared to net income of $1.4 million, or $0.13 per share, for the first nine months of 2006. Revenue and net loss for the first nine months of 2007 does not include the sale of an i2000 implanter, compared to the sale of two implanters in the first nine months of 2006. As mentioned last quarter, IBIS will have no revenue from implanter system sales in the 2007 fiscal year. Charles M. McKenna, Ph.D., president and CEO of Ibis Technology Corporation, said, "At this point in time we have no indication from our customers on the timing of their next implanter orders, or visibility regarding their SIMOX implanter requirements during 2008. Although SOI in general seems to be enjoying at least broader interest and sampling in the marketplace, that has not yet translated to a sufficient increase in SIMOX-SOI volume demand beyond the existing SIMOX capacity at our customers to warrant the purchase of additional tools. Therefore, IBIS has not received an i2000 implanter order from our customer since October 2005. We remain focused on our research and development efforts, and, of course, we are concerned that if the next orders do not materialize until well into 2008, our ability to retain and attract key personnel could be adversely affected." Commenting further on current industry conditions, McKenna added: "The current primary markets for end user products employing SOI technology, such as computers and game stations, continue to be highly volatile. We still believe that SOI's fundamental advantages over standard silicon wafers will lead to an increasing number of applications, such as wireless, and ultimately a broad array of consumer electronic devices. The need to reduce dynamic power losses and the resulting heat buildup in semiconductor chips is a more pressing issue today than ever before, and we believe it should be a powerful market driver for SOI." "We continue to believe that SIMOX-SOI will ultimately become the low cost, high volume choice for SOI wafers, once the basic SIMOX-SOI technology is accepted into mainstream chip fabrication. Our customers are aggressively pursuing this acceptance," said McKenna. Teleconference and Simultaneous Webcast Ibis will host a teleconference to discuss its third quarter 2007 results and outlook for the future on October 24, 2007 at 5:00 p.m. ET. The dial-in number to listen to the conference call is 719-457-2733. 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 three weeks. About Ibis Technology Ibis Technology Corporation is a 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. Headquartered in Danvers, Massachusetts, Ibis Technology is traded on the Nasdaq Global Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on the Ibis web site at www.ibis.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release contains express or implied forward-looking statements regarding, among other things, (i) the Company's ability to conduct its operations in a manner consistent with its current plan and existing capital resources or otherwise to obtain additional implanter orders or to secure financing to continue as a going concern, (ii) the Company's expectations regarding future orders for i2000 implanters, (iii) continued retention of key personnel and technical staff, (iv) customer interest in and demand for, and market acceptance of, the Company's SIMOX-SOI technology, (v) attaining implanter improvements to the degree and in the timeframe necessary to meet customer expectations, (vi) the Company's plan to focus on supplying implanters to wafer manufacturers, (vii) the timing of our largest customer's ramping to production quantities on their i2000 implanters, (viii) the adequacy of the Company's cash resources for continuing and future operations, and (ix) the adoption rate of SOI technology. Such statements are neither promises nor guarantees, but rather are subject to risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, cessation as a going concern due to the depletion of the Company's cash reserves at an unanticipated rate combined with an inability to obtain customer orders or to secure financing, future continued migration to SOI technology and market acceptance of SIMOX, the level of demand for the Company's products, the Company's ability to pursue and maintain further strategic relationships, partnerships and alliances with third parties, the Company's ability to protect its proprietary technology, the potential trends in the semiconductor industry generally, the ease with which an i2000 can be installed and qualified in fabrication facilities, the likelihood that implanters, if ordered, will be qualified and accepted by customers without substantial delay, modification, or cancellation, in whole or in part, the likelihood and timing of revenue recognition on such transactions, the impact of competitive products, technologies and pricing, the impact of rapidly changing technology, the possibility of further asset impairment and resulting charges, equipment capacity and supply constraints or difficulties, the Company's limited history in selling implanters, general economic conditions, and other risks and uncertainties 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, 2006 and our subsequent quarterly reports on Form 10-Q . All information set forth in this press release is as of October 24, 2007, and Ibis undertakes no duty to update this information unless required by law. Ibis Technology Corporation Condensed Statement of Operations Unaudited Unaudited Quarter Ended 9 Months Ended September September 30, 30, 2006 2007 2006 2007 License and other revenue $ 183,000 $ 100,000 $ 466,000 $ 322,000 Equipment revenue 7,041,000 93,000 13,061,000 466,000 ----------- ------------- ----------- ------------- Total revenue 7,224,000 193,000 13,527,000 788,000 ----------- ------------- ----------- ------------- Cost of contract and other revenue 0 0 0 0 Cost of equipment revenue 2,957,000 179,000 5,683,000 499,000 ----------- ------------- ----------- ------------- Gross profit (loss) 4,267,000 14,000 7,844,000 289,000 ----------- ------------- ----------- ------------- General and administrative 560,000 499,000 1,875,000 1,627,000 Marketing and sales 220,000 115,000 836,000 475,000 Research and development 1,343,000 909,000 4,029,000 2,936,000 ----------- ------------- ----------- ------------- Income (loss) from operations 2,144,000 (1,509,000) 1,104,000 (4,749,000) Other income (expense) 93,000 218,000 333,000 543,000 Income tax expense 0 0 1,000 1,000 ----------- ------------- ----------- ------------- Net income (loss) $ 2,237,000 ($1,291,000) $ 1,436,000 ($4,207,000) Net income (loss) per share: Basic $ 0.21 ($0.09) $ 0.13 ($0.32) Diluted $ 0.20 ($0.09) $ 0.13 ($0.32) Weighted average number of shares used in net income (loss) per share calculation: Basic 10,872,928 14,316,629 10,841,656 13,105,623 Diluted 10,991,264 14,316,629 10,971,358 13,105,623 Condensed Balance Sheets Unaudited Unaudited December September 31, 2006 30, 2007 Assets Current assets: Cash and cash equivalents $ 4,813,000 $ 6,591,000 Accounts receivable 349,000 330,000 Inventories 3,575,000 3,546,000 Other current assets 291,000 235,000 Current assets 9,028,000 10,702,000 Property and equipment 3,984,000 3,141,000 Other assets 777,000 540,000 ----------- ----------- Total assets $13,789,000 $14,383,000 =========== =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable 410,000 310,000 Accrued Liabilities 973,000 723,000 Deferred revenue 150,000 0 ----------- ----------- Current liabilities 1,533,000 1,033,000 ----------- ----------- Total liabilities 1,533,000 1,033,000 ----------- ----------- Stockholders' equity 12,256,000 13,350,000 ----------- ----------- Total liabilities and stockholders' equity $13,789,000 $14,383,000 =========== =========== CONTACT: Ibis Technology Corporation William J. Schmidt, 978-777-4247 Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----