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Axcelis Announces Financial Results For Fourth Quarter And Full Year 2012



  Axcelis Announces Financial Results For Fourth Quarter And Full Year 2012

PR Newswire

BEVERLY, Mass., Feb. 4, 2013

BEVERLY, Mass., Feb. 4, 2013 /PRNewswire/ -- Axcelis Technologies, Inc.
(Nasdaq: ACLS) today announced financial results for the fourth quarter and
full year ended December 31, 2012. The Company reported fourth quarter revenue
of $44.6 million, compared to $44.6 million for the third quarter of 2012. 
Net loss for the quarter was $14.8 million, or ($0.14) per share, which
included:  a $7.9 million gain from the sale of the Company's dry strip
intellectual property and related assets to Lam Research Corporation in
December 2012; a $13.4 million charge associated with an inventory write off;
and $0.6 million of restructuring charges.  This compares to a net loss for
the third quarter of 2012 of $8.7 million. Cash and cash equivalents were
$45.0 million at December 31, 2012, which included $8.7 million from the sale
of assets to Lam Research.

For the full year 2012, the Company reported revenue of $203.4 million,
compared with $319.4 million for full year 2011. Net loss for the year was
$34.0 million or ($0.32) per share.  This compares to net income for the full
year 2011 of $5.1 million, or $0.05 per diluted share.  The full year 2012
results reflect the $7.9 million gain on the sale of assets to Lam Research,
the $13.4 million charge associated with an inventory write off, and $4.2
million of restructuring charges.

Commenting on the Company's performance, Chairman and CEO Mary Puma said,
"Conditions during the fourth quarter remained challenging, pressuring both
systems and GSS revenues.  Despite this, Axcelis generated cash from
operations in the quarter, excluding the Lam transaction proceeds, and
delivered financial operating results as expected.  We are committed to
managing through the cycle with solid fiscal and operational management.  Our
strong product portfolio and the opportunities from our collaborative
relationship with Lam give Axcelis momentum entering 2013."

Fourth Quarter and Full Year 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results
for the fourth quarter and full year 2012.  An audio webcast will be available
on the Investor page of Axcelis' website at www.axcelis.com, or by dialing
1.888.713.4205 (1.617.213.4862 outside North America).  Participants calling
into the conference call will be requested to provide the pass code 55840939.
A webcast replay will be available on the Axcelis' website for 30 days
following the call.

Safe Harbor Statement
This press release and the announced conference call will contain
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,  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 systems, one of the most critical and enabling steps in
the IC manufacturing process. For more information, please visit:
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       Twelve months ended

                               December 31,             December 31,
                               2012        2011         2012        2011
Revenue
  Product                      $ 38,212    $ 52,037     $  174,309  $  287,324
  Services                     6,412       8,374        29,076      32,092
     Total revenue             44,624      60,411       203,385     319,416
Cost of revenue
  Product                      38,902      31,408       123,593     181,241
  Services                     5,242       6,380        21,621      23,438
     Total cost of revenue     44,144      37,788       145,214     204,679
Gross profit                   480         22,623       58,171      114,737
Operating expenses
  Research and development     8,402       12,140       40,401      47,176
  Sales and marketing          7,604       6,524        25,889      29,255
  General and administrative   5,943       5,245        26,554      31,174
    Gain on sale of dry strip
    assets and intellectual    (7,904)     -           (7,904)      -
    property
  Restructuring charges        558         -            4,169       -
     Total operating expenses  14,603      23,909       89,109      107,605
Income (loss) from operations  (14,123)    (1,286)      (30,938)    7,132
Other income (expense)
  Interest income              18          18           45          42
  Other, net                   (496)       342          (1,495)     297
     Total other income        (478)       360          (1,450)     339
  (expense)
Income (loss) before income    (14,601)    (926)        (32,388)    7,471
taxes
Income taxes                   217         1,187        1,646       2,394
Net income (loss)              $ (14,818)  $  (2,113)   $ (34,034)  $ 5,077
Net income (loss) per share
     Basic                     $  (0.14)   $   (0.02)   $   (0.32)  $   0.05
     Diluted                   $  (0.14)   $   (0.02)   $   (0.32)  $   0.05
Shares used in computing net
income (loss) per share
              Basic            107,910     106,476      107,619     106,234
              Diluted          107,910     106,476      107,619     109,098

 

 

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)
                                    Three months ended     Twelve months ended
                                    December 31,           December 31,
                                    2012        2011       2012        2011
Net income (loss)                   $ (14,818)  $ (2,113)  $ (34,034)  $ 5,077
Other comprehensive income:
Foreign currency translation        950         (431)      642         (1,465)
adjustments
    Actuarial net (loss) gain from  (399)       10         (399)       10
pension plan
Comprehensive income (loss)         $ (14,267)  $ (2,534)  $ (33,791)  $ 3,622

 

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)
                                                    December 31,  December 31,
                                                    2012          2011
ASSETS
Current assets
Cash and cash equivalents                           $   44,986    $   46,877
Accounts receivable, net                            24,843        35,071
Inventories, net                                    100,234       120,023
Restricted cash                                     106           -
    Prepaid expenses and other current assets       5,056         10,062
Total current assets                                175,225       212,033
Property, plant and equipment, net                  34,413        37,204
Long-term restricted cash                           -             104
Other assets                                        12,520        19,904
        Total assets                                $   222,158   $   269,245
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable                                    $   10,166    $   19,551
Accrued compensation                                7,283         8,437
Warranty                                            1,700         3,556
Income taxes                                        278           495
Deferred revenue                                    6,423         10,786
Other current liabilities                           3,932         4,647
Total current liabilities                           29,782        47,472
Long-term deferred revenue                          456           1,488
Other long-term liabilities                         5,844         5,730
         Total liabilities                          36,082        54,690
Stockholders' equity
Preferred stock                                     —             —
Common stock                                        108           107
Additional paid-in capital                          504,643       499,332
Treasury stock                                      (1,218)       (1,218)
Accumulated deficit                                 (322,477)     (288,443)
Accumulated other comprehensive income              5,020         4,777
          Total stockholders' equity                186,076       214,555
          Total liabilities and stockholders'       $   222,158   $   269,245
equity

 

Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                                               Twelve months ended
                                               December 31,
                                               2012             2011
Cash flows from operating activities
 Net income (loss)                             $      (34,034)  $        5,077
 Adjustments to reconcile net income (loss) to
 net cash provided by (used for) operating
 activities:
    Depreciation and amortization              6,877            8,497
    Gain on sale of dry strip assets and       (7,904)          -
    intellectual property
    Deferred taxes                             834              585
    Other                                      178              28
    Stock-based compensation expense           3,976            4,687
    Provision for excess inventory             14,492           1,015
    Changes in operating assets and
    liabilities
           Accounts receivable                 10,478           22,692
           Inventories                         5,903            (11,870)
           Prepaid expenses and other current  4,386            3,049
           assets
           Accounts payable and other current  (13,490)         (17,940)
           liabilities
           Deferred revenue                    (5,396)          (4,006)
           Income taxes                        (225)            507
           Other assets and liabilities        3,328            (8,788)
                   Net cash (used for)
                   provided by operating       (10,597)         3,533
                   activities
Cash flows from investing activities
    Proceeds from sale of dry strip assets and 8,716            -
    intellectual property
    Expenditures for property, plant, and      (591)            (2,124)
    equipment
    (Increase) decrease in restricted cash     (2)              3
                   Net cash provided by (used  8,123            (2,121)
                   for) investing activities
Cash flows from financing activities
    Financing fees and other expenses          -                (200)
    Proceeds from exercise of stock options    968              288
    Proceeds from Employee Stock Purchase Plan 331              503
                   Net cash provided by        1,299            591
                   financing activities
Effect of exchange rate changes on cash        (716)            (869)
Net (decrease) increase in cash and cash       (1,891)          1,134
equivalents
Cash and cash equivalents at beginning of      46,877           45,743
period
Cash and cash equivalents at end of period     $       44,986   $      46,877

 

SOURCE Axcelis Technologies, Inc.

Website: http://www.axcelis.com
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