Axcelis Announces Financial Results for First Quarter 2013

          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, 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

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:

Company Contacts

Financial Community:
Jay Zager

Editorial/Media Community:
Maureen Hart

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

                                                         Three months ended

                                                         March 31,
                                                         2013       2012
 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)      —
 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)

                                                       March 31,  December 31,
                                                       2013       2012
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
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                             —          —

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)

                                                         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)      -
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        -
Expenditures for property, plant, and equipment          (150)      (141)
(Increase) decrease in restricted cash                   3          (3)
Net cash provided by (used for) investing
                                                         253        (144)
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.

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