Axcelis Announces Financial Results For Second Quarter 2013

         Axcelis Announces Financial Results For Second Quarter 2013

PR Newswire

BEVERLY, Mass., Aug. 1, 2013

BEVERLY, Mass., Aug. 1, 2013 /PRNewswire/ -- Axcelis Technologies, Inc.
(Nasdaq: ACLS) today announced financial results for the quarter ended June
30, 2013. The Company reported second quarter revenue of $47.5 million,
compared to $40.7 million for the first quarter of 2013. Net loss for the
quarter was $4.0 million, or ($0.04) per share. This compares to a net loss
for the first quarter of 2013 of $9.0 million, or ($0.08) per share. Cash and
cash equivalents were $34.6 million at June 30, 2013 compared with $42.4
million at March 31, 2013.

Chairman and CEO Mary Puma said, "Second quarter results were in line with our
forecast, reflecting our expectations for an improving market in 2013. During
this last industry downturn we invested in our competitive Purion platform,
improved our financial position and strengthened our team. We have received
positive feedback from our customers regarding these initiatives and as the
industry picks up, we expect to capitalize on these investments."

Second Quarter 2013 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results
for the second quarter of 2013. An audio webcast will be available on the
Investor page of Axcelis' website at www.axcelis.com, or by dialing
1.888.713.4213 (1.617.213.4865 outside North America). Participants calling
into the conference call will be requested to provide the passcode: 20165545.
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 providing innovative, 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
Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266





Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


                                      Three months ended  Six months ended
                                      June 30,            June 30,
                                      2013       2012     2013       2012
Revenue
 Product                              $40,769    $51,465  $75,220    $99,003
 Services                             6,732      7,649    13,006     15,117
  Total revenue                     47,501     59,114   88,226     114,120
Cost of revenue
 Product                              25,457     30,599   47,638     59,883
 Services                             5,307      5,727    10,910     10,913
  Total cost of revenue             30,764     36,326   58,548     70,796
Gross profit                          16,737     22,788   29,678     43,324
Operating expenses
 Research and development             8,503      10,478   17,709     22,147
 Sales and marketing                  5,594      6,231    10,796     12,814
 General and administrative           6,412      6,488    13,001     14,287
 Gain on sale of dry strip assets and (799)      -        (1,167)    -
 intellectual property
 Restructuring charges                421        153      2,222      3,034
  Total operating expenses          20,131     23,350   42,561     52,282
Loss from operations                  (3,394)    (562)    (12,883)   (8,958)
Other income (expense)
 Interest income                      3          9        6          18
 Interest expense                     (51)       -        (115)      -
 Other, net                           (314)      551      580        (373)
  Total other income (expense)      (362)      560      471        (355)
Loss before income taxes              (3,756)    (2)      (12,412)   (9,313)
Income taxes                          263        469      596        1,186
Net loss                              ($4,019)   ($471)   ($13,008)  ($10,499)
Net loss per share
  Basic and Diluted                 ($0.04)    ($0.00)  ($0.12)    ($0.10)
Shares used in computing net loss per
share
  Basic and diluted weighted        108,409    107,639  108,319    107,353
 average common shares





Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)


                                                       June 30,   December 31,
                                                       2013       2012
ASSETS
Current assets
 Cash and cash equivalents                           $ 34,639   $   44,986
 Accounts receivable, net                            30,220     24,843
 Inventories, net                                    96,412     100,234
 Restricted cash                                     104        106
 Prepaid expenses and other current assets       6,025      5,056
 Total current assets                          167,400    175,225
 Property, plant and equipment, net                  32,964     34,413
 Other assets                                        13,406     12,520
 Total assets                                   $ 213,770  $   222,158
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
 Accounts payable                                    $ 16,188   $   10,166
 Accrued compensation                                6,559      7,283
 Warranty                                            1,419      1,700
 Income taxes                                        226        278
 Deferred revenue                                    5,728      6,423
 Other current liabilities                           4,432      3,932
  Total current liabilities                     34,552     29,782
Long-term deferred revenue                             259        456
Other long-term liabilities                            5,829      5,844
 Total liabilities                             40,640     36,082
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;

  108,772 shares issued and 108,652 shares
outstanding at                                         109        108

 June 30, 2013;108,293 shares issued and
108,173 shares

  outstanding at December 31, 2012
  Additional paid-in capital                        506,647    504,643
 Treasury stock, at cost, 120 shares at June 30,
2013 and                                               (1,218)    (1,218)

 December 31, 2012
 Accumulated deficit                               (335,485)  (322,477)
 Accumulated other comprehensive income            3,077      5,020
Total stockholders' equity               173,130    186,076
Total liabilities and stockholders'      $ 213,770  $   222,158
equity





Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


                                                          Six months ended
                                                          June 30,
                                                          2013       2012
Cash flows from operating activities
 Net loss                                                 ($13,008)  ($10,499)
 Adjustments to reconcile net loss to net cash used for
 operating activities:
   Depreciation and amortization                          2,719      3,625
   Gain on sale of dry strip assets and intellectual      (1,167)    --
   property
   Deferred taxes                                         52         995
   Stock-based compensation expense                       1,644      2,010
   Provision for excess inventory                         2,370      406
   Changes in operating assets & liabilities
      Accounts receivable                         (5,587)    16
      Inventories                                         431        (7,213)
      Prepaid expenses and other current assets           (1,049)    (808)
      Accounts payable and other current liabilities      5,642      (3,928)
      Deferred revenue                                    (891)      (3,109)
      Income taxes                                        (48)       (286)
      Other assets and liabilities                        (1,905)    6,226
            Net cash used for operating activities        (10,797)   (12,565)
Cash flows from investing activities
   Proceeds from sale of dry strip assets and             1,200      -
   intellectual property
   Expenditures for property, plant, and equipment        (336)      (385)
   Decrease in restricted cash                            2          3
            Net cash provided by (used for) investing     866        (382)
            activities
Cash flows from financing activities
   Proceeds from exercise of stock options                206        847
   Proceeds from Employee Stock Purchase Plan             197        179
            Net cash provided by financing activities     403        1,026
Effect of exchange rate changes on cash                   (819)      (1,159)
Net decrease in cash and cash equivalents                 (10,347)   (13,080)
Cash and cash equivalents at beginning of period          44,986     46,877
Cash and cash equivalents at end of period                $34,639    $33,797



SOURCE Axcelis Technologies, Inc.

Website: http://www.axcelis.com
 
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