$ACLS Axcelis Announces Financial Results For First Quarter 2016
Axcelis Announces Financial Results For First Quarter 2016
Company Reports Solid Quarterly Results and Significant Market Share Gains Driven by Purion Platform
PR Newswire
BEVERLY, Mass., May 2, 2016
BEVERLY, Mass., May 2, 2016 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2016.
Highlights for the quarter include:
-- Total revenues of $67.5 million were above guidance:
-- System revenues of $37 million.
-- Operating profit of $2.5 million.
-- Net income of $1.9 million or $0.02 per share.
-- Increased Axcelis market share:
-- Increased total market share to 18.3% in 2015 up from 12.4% in
2014.
-- Doubled high current market share from 6% in 2014 to 12.4% in
2015, driven by the Purion H, the fastest growing new product in
Axcelis history.
The Company reported first quarter revenue of $67.5 million, compared to $70.5 million for the fourth quarter of 2015. Operating profit for the quarter was $2.5 million, compared to $2.4 million for the fourth quarter. Net income for the quarter was $1.9 million, or $0.02 per share. This compares to net income for the fourth quarter of 2015 of $0.8 million, or $0.01 per share. Cash, cash equivalents and restricted cash were $74.4 million at March 31, 2016, compared to $85.8 million on December 31, 2015.
"We're pleased with our execution against strategic initiatives in the first quarter that will continue to drive Purion platform market share gains in 2016," said President and CEO Mary Puma. "We remain focused on broadening our customer base, driving gross margin improvements and delivering stronger financial performance in the second half of 2016."
Business Outlook
For the second quarter ending June 30, 2016, Axcelis expects similar financial results as in the first quarter, with revenues to be in the mid $60 million range. Gross margin in the second quarter is expected to be in the mid 30% range. Second quarter operating profit is forecasted to be approximately $1-2 million with breakeven to $0.01 earnings per share.
First Quarter 2016 Conference Call
The Company will host a conference call today, Monday, May 2, 2016 at 5:00 pm ET, to discuss results for the first quarter 2016. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 82784852. Webcast replays will be available for 30 days following the call.
