Axcelis Announces Financial Results for First Quarter 2013 PR Newswire BEVERLY, Mass., May 2, 2013 BEVERLY, Mass., May 2, 2013 /PRNewswire/ --Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended March 31, 2013. The Company reported first quarter revenue of $40.7 million, compared to $44.6 million for the fourth quarter of 2012. Net loss for the quarter was $9.0 million, or $(0.08) per share, which includes: a $0.4 million milestone payment from the dry strip asset sale to Lam Research Corporation; a $2.1 million charge associated with an inventory write off of 300mm dry strip production components; and$1.8 million of restructuring charges. This compares to a net loss for the fourth quarter of 2012 of $14.8 million, or ($0.14) per share, which included: a $7.9 million gain from the dry strip asset sale to Lam; a $13.4 million charge associated with an inventory write off; and $0.6 million of restructuring charges. Cash and cash equivalents were $42.4 million at March 31, 2013 compared with $45.0 million at December 31, 2012. Chairman and CEO Mary Puma said, "During the quarter our Purion M medium current ion implanter was selected for evaluation by two new customers, representing both memory and foundry market segments. Earlier this week we announced the introduction of the Purion XE, a high energy ion implanter, the second member of our Purion platform family. Our Purion platform is the foundation for all future generation Axcelis implanters. Purion products are key to our future success and will allow us to quickly capitalize on improving market conditions." Ms. Puma added, "Each member of the Purion family shares a common, powerful 500+ wafers per hour single wafer end station, industry leading source technology and an innovative and productive ultra-pure beam line. The Purion platform was developed in response to customer requirements for absolute beam purity and the most precise dopant placement possible, while ensuring the highest levels of productivity and capital efficiency. The Purion platform redefines next generation implanter technology and performance and enables the efficient production of leading edge semiconductor devices." First Quarter 2013 Conference Call The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter of 2013. An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.680.0878 (1.617.213.4855 outside North America). Participants calling into the conference call will be requested to provide the passcode: 43640965. A replay of the webcast will be available for 30 days following the conference call. Safe Harbor Statement The 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 Form10-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, has been providinginnovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation, one of the most critical and enabling steps in the IC manufacturing process. The Company's Internet address is: 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 March 31, 2013 2012 Revenue Product $ 34,452 $ 47,538 Services 6,274 7,468 Total revenue 40,726 55,006 Cost of revenue Product 22,181 29,284 Services 5,602 5,186 Total cost of revenue 27,783 34,470 Gross profit 12,943 20,536 Operating expenses Research and development 9,206 11,669 Sales and marketing 5,201 6,583 General and administrative 6,590 7,799 Gain on sale of dry strip assets and intellectual (368) — property Restructuring charges 1,801 2,881 Total operating expenses 22,430 28,932 Loss from operations (9,487) (8,396) Other income (expense) Interest income 3 9 Other, net 829 (924) Total other income (expense) 832 (915) Loss before income taxes (8,655) (9,311) Income taxes 333 717 Net loss $ (8,988) $ (10,028) Net loss per share Basic and Diluted $ (0.08) $ (0.09) Shares used in computing net loss per share Basic and diluted weighted average common shares 108,227 107,067 Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) March 31, December 31, 2013 2012 ASSETS Current assets Cash and cash equivalents $ 42,441 $ 44,986 Accounts receivable, net 23,150 24,843 Inventories, net 98,729 100,234 Restricted cash 103 106 Prepaid expenses and other current assets 5,519 5,056 Total current assets 169,942 175,225 Property, plant and equipment, net 33,663 34,413 Other assets 12,352 12,520 Total assets $ 215,957 $ 222,158 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 13,793 $ 10,166 Accrued compensation 8,900 7,283 Warranty 1,539 1,700 Income taxes 356 278 Deferred revenue 5,714 6,423 Other current liabilities 3,768 3,932 Total current liabilities 34,070 29,782 Long-term deferred revenue 321 456 Other long-term liabilities 5,713 5,844 Total liabilities 40,104 36,082 Commitments and contingencies Stockholders' equity Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or — — outstanding Common stock, $0.001 par value, 300,000 shares authorized; 108,405 shares issued and 108,285 shares outstanding at March 108 108 31, 2013;108,293 shares issued and 108,173 shares outstanding at December 31, 2012 Additional paid-in capital 505,478 504,643 Treasury stock, at cost, 120 shares at March 31, 2013 (1,218) (1,218) and December 31, 2012 Accumulated deficit (331,465) (322,477) Accumulated other comprehensive income 2,950 5,020 Total stockholders' equity 175,853 186,076 Total liabilities and stockholders' equity $ 215,957 $ 222,158 Axcelis Technologies, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended March 31, 2013 2012 Cash flows from operating activities Net loss $ (8,988) $ (10,028) Adjustments to reconcile net loss to net cash used for operating activities: Depreciation and amortization 1,394 1,896 Gain on sale of dry strip assets and intellectual (368) - property Deferred taxes 56 378 Stock-based compensation expense 839 1,082 Provision for excess inventory 2,211 248 Changes in operating assets & liabilities Accounts receivable 1,458 4,810 Inventories (1,672) (8,277) Prepaid expenses and other current assets (544) (385) Accounts payable and other current liabilities 5,043 (2,162) Deferred revenue (843) (3,818) Income taxes 84 76 Other assets and liabilities (549) 6,483 Net cash used for operating activities (1,879) (9,697) Cash flows from investing activities Proceeds from sale of dry strip assets and intellectual 400 - property Expenditures for property, plant, and equipment (150) (141) (Increase) decrease in restricted cash 3 (3) Net cash provided by (used for) investing 253 (144) activities Cash flows from financing activities Proceeds from exercise of stock options 49 802 Proceeds from Employee Stock Purchase Plan - 175 Net cash provided by financing activities 49 977 Effect of exchange rate changes on cash (968) (795) Net decrease in cash and cash equivalents (2,545) (9,659) Cash and cash equivalents at beginning of period 44,986 46,877 Cash and cash equivalents at end of period $ 42,441 $ 37,218 SOURCE Axcelis Technologies, Inc. Website: http://www.axcelis.com
Axcelis Announces Financial Results for First Quarter 2013
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