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http://finance.yahoo.com/news/Axcelis-Announces-Improved-pz-3807999506.html?x=0&.v=1
.Axcelis Announces Improved Financial Results for Fourth Quarter and Full Year 2009
Company Generates Positive Cash Flow
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ACLS 1.78 +0.06
{"s" : "acls","k" : "c10,l10,p20,t10","o" : "","j" : ""} Press Release Source: Axcelis Technologies, Inc. On Wednesday February 17, 2010, 4:05 pm
BEVERLY, Mass., Feb. 17, 2010 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS - News) today announced improved financial results for the fourth quarter and full year ended December 31, 2009.
Operations
The Company reported fourth quarter revenue of $38.7 million, compared to $35.0 million for the third quarter of 2009. Net loss for the fourth quarter was $10.0 million, or $0.10 per share. This compares to a net loss for the third quarter of 2009 of $15.9 million, or $0.15 per share. In the corresponding quarter for the previous year, the Company reported revenue of $42.0 million, and a net loss of $141.4 million, or $1.37 per share, which included charges for restructuring of $3.4 million ($0.03 per share), impairment of intangibles and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share) and excess inventory of $23.2 million ($0.23 per share).
For the full year 2009, the Company reported revenue of $133.0 million compared with $250.2 million in 2008. Net loss for the year was $77.5 million, or $0.75 per share which includes charges for restructuring of $5.5 million ($0.05 per share). In 2008, the Company reported a net loss of $196.7 million, or $1.91 per share which included charges for restructuring of $6.9 million ($0.07 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $24.6 million ($0.24 per share).
Balance Sheet
Cash and cash equivalents, including restricted cash, were $52.2 million at December 31, 2009. The company generated $3.7 million in cash during the quarter. The Company ended the quarter with working capital of $163.8 million.
Commenting on the Company's performance, Mary Puma, chairman and CEO, stated, "During the downturn we made positive strides in improving our business model and we are now seeing the rewards. In particular we are pleased that we generated cash in the quarter. While we expect this positive trend to continue and we believe we will be cash flow positive in 2010, quarterly cash flows may vary due to timing of shipments, customer buying patterns and investments in working capital. We are experiencing a significant increase in recent order flow and are forecasting sales to be up across all product lines and service programs. These contributions strengthen our foundation for the future, and we look forward to capitalizing on the significant opportunities that lie ahead."
Fourth Quarter 2009 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 2009. The call will be available to interested listeners via an audio webcast at Axcelis' home page at http://www.axcelis.com/, or by dialing 1-888-679-8040 (1-617-213-4851 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 68128785. Webcast and telephone replays will be available from 8 pm ET on February 17, 2010 until 11:59 pm on May 24, 2010. Dial 1-888-286-8010 (617-801-6888 outside North America), and enter conference ID code# 90659114.
Safe Harbor Statement
This document contains 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, our ability to implement successfully our profit plans, 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 - News), 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 support of ion implantation and cleaning systems. The company's Internet address is: http://www.axcelis.com/.
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Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
    Â
    Â
    Â
 Three Months ended
December 31, Twelve Months ended
December 31,
 2009 2008 2009 2008
    Â
Revenue    Â
Systems  $ 29,347  $ 30,732  $ 98,716  $ 194,275
Services 9,390 10,520 33,917 51,880
Royalties, primarily from SEN Â --Â 725 389 4,059
 38,737 41,977 133,022 250,214
Cost of revenue    Â
Systems 21,614 48,404 84,185 161,310
Services 5,772 4,423 20,773 26,289
 27,386 52,827 104,958 187,599
    Â
Gross profit 11,351 (10,850) 28,064 62,615
    Â
Operating expenses    Â
Research and development 7,726 13,582 32,661 63,262
Sales and marketing 6,345 7,813 25,209 44,573
General and administrative 7,012 11,802 34,087 43,056
Impairment of goodwill  --  42,115  -- 42,115
Impairment of intangibles and long lived assets  --  46,949  --  46,949
Amortization of intangible assets  -- 656  -- 2,624
Restructuring charges  13  3,361  5,541  6,873
  21,096  126,278  97,498  249,452
    Â
Loss from operations (9,745) (137,128) (69,434) (186,837)
    Â
Other income (expense) Â Â Â Â
Gain on sale of SEN Â --Â Â --Â 1,080 Â --Â
Equity loss of SEN Â --Â (2,567) (3,238) (3,667)
Interest income  29 214 181 1,614
Interest expense  -- (1,739) (1,676) (6,744)
Other-net  (319) (483) (3,516) (169)
 (290) (4,575) (7,169) (8,966)
    Â
Loss before income taxes (10,035) (141,703) (76,603) (195,803)
    Â
Income taxes (credits) 1 (258) 865 861
    Â
Net loss  $ (10,036)  $ (141,445)  $ (77,468)  $ (196,664)
    Â
Net loss per share    Â
Basic and diluted net loss per share  $ (0.10)  $ (1.37)  $ (0.75)  $ (1.91)
    Â
Shares used in computing basic and diluted net loss per share    Â
Weighted average common shares outstanding  103,917  103,052  103,586  102,739
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Axcelis Technologies, Inc.
Consolidated Balance Sheet
In thousands
(Unaudited)
 December 31,
 2009 2008
ASSETS Â Â
Current assets  Â
Cash and cash equivalents  $ 45,020  $ 37,694
Restricted cash  4,918  8,654
Accounts receivable, net 19,094 27,486
Inventories, net 114,558 150,113
Prepaid expenses and other current assets 10,016 17,231
Total current assets 193,606 241,178
  Â
Property, plant and equipment, net 40,868 44,432
Investment in SEN Â --Â 156,677
Long-term restricted cash  2,245  --Â
Other assets 13,884 12,894
  $ 250,603  $ 455,181
  Â
LIABILITIES AND STOCKHOLDERS' EQUITY Â Â
Current liabilities  Â
Accounts payable  $ 9,680  $ 8,066
Accrued compensation  9,267  15,841
Warranty  638  3,137
Income taxes  1,499  337
Deferred revenue  5,127  12,508
Other current liabilities  3,546  6,897
Current portion of convertible subordinated debt  --  83,210
Total current liabilities 29,757 129,996
  Â
Long-term deferred revenue 563 1,872
Other long-term liabilities 3,884 3,936
  Â
  Â
Stockholders' equity  Â
Preferred stock  --  --Â
Common stock 104 103
Additional paid-in capital 488,321 483,546
Treasury stock (1,218) (1,218)
Accumulated deficit (275,947) (198,479)
Accumulated other comprehensive income 5,139 35,425
  216,399  319,377
  $ 250,603  $ 455,181
Contact:
Axcelis Technologies, Inc.Editorial/MediaMaureen Hart 978.787.4266 Maureen.hart@axcelis.comFinancial CommunityStephen Bassett 978.787.4110 Stephen.bassett@axcelis.com
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