Axcelis Announces Improved Financial Results for Third Quarter 2009
Press Release
Source: Axcelis Technologies, Inc.
On 4:10 pm EST, Thursday November 5, 2009
Buzz up! 0 Print.Companies:Axcelis Technologies Inc.
BEVERLY, Mass., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS - News) today announced improved financial results for the third quarter ended September 30, 2009.
Related Quotes
Symbol Price Change
ACLS 0.8700 0.0000
{"s" : "acls","k" : "c10,l10,p20,t10","o" : "","j" : ""}
Operations
The Company reported third quarter revenue of $35.0 million, compared to $33.6 million for the second quarter of 2009. Net loss for the third quarter was $15.9 million, or $0.15 per share. This compares to a net loss for the second quarter of 2009 of $22.4 million, or $0.22 per share of which $4.1 million ($.04 per share) was attributable to restructuring charges. In the corresponding quarter for the previous year, the Company reported revenue of $46.5 million, and a net loss of $24.7 million, or $0.24 per share.
Balance Sheet
Cash and cash equivalents, including restricted cash, were $48.5 million at September 30, 2009. Cash burn ($8.5 million in the third quarter of which $2.4 million was attributable to restructuring costs) continues to decline and we expect to approach cash flow break even in the fourth quarter of 2009. The Company ended the quarter with working capital of $177.5 million. Working capital management remains a focus to enhance cash flow. During 2009 the Company has reduced inventories by $17.2 million through the sale of product on hand.
Commenting on the Company's performance, Mary Puma, chairman and CEO, stated, "We're pleased to report improving financial results this quarter in terms of reducing our losses and slowing our cash burn. Actions taken to reduce operating expenses and increase efficiencies throughout the organization are having, and will continue to have, a positive effect on cash flow and profitability. In fact, we expect to approach cash breakeven in the fourth quarter, as increased fab utilization drives aftermarket business and new systems orders." She added, 'We've also made solid progress with our product portfolio through enhancements to productivity and advanced process capabilities. Consequently, we are well positioned to meet customers' technology demands and benefit from enhanced earnings leverage moving into 2010."
Third Quarter 2009 Conference Call
The Company will also be hosting a conference call today at 5:00 pm ET to discuss results for the third quarter of 2009. The call will be available to interested listeners via an audio webcast at Axcelis' home page at www.axcelis.com, or by dialing 1-888-680-0892 (1-617-213-4858 outside North America). Participants calling into the conference call will be requested to provide the passcode: 99888481. Webcast and telephone replays will be available from 8 pm ET on November 5, 2009 until 11:59 pm on February 5, 2010. Dial 1-888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code#71293614.
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: www.axcelis.com.
Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
-------- -------- -------- --------
Revenue
Product $ 25,871 $ 32,490 $ 69,369 $163,543
Service 9,132 13,163 24,527 41,360
Royalties, primarily
from SEN 4 801 389 3,334
-------- -------- -------- --------
35,007 46,454 94,285 208,237
Cost of revenue
Product 21,681 22,759 62,571 112,906
Service 5,506 6,536 15,001 21,866
-------- -------- -------- --------
27,187 29,295 77,572 134,772
Gross profit 7,820 17,159 16,713 73,465
Operating expenses
Research and development 7,648 15,873 24,935 49,680
Sales and marketing 5,700 12,381 18,864 36,760
General and administrative 7,874 10,562 27,075 31,254
Amortization of
intangible assets -- 656 -- 1,968
Restructuring charges 430 444 5,528 3,512
-------- -------- -------- --------
21,652 39,916 76,402 123,174
-------- -------- -------- --------
Loss from operations (13,832) (22,757) (59,689) (49,709)
Other income (expense)
Gain on sale of SEN -- -- 1,080 --
Equity loss of SEN -- (968) (3,238) (1,100)
Interest income 59 319 152 1,400
Interest expense -- (1,724) (1,676) (5,005)
Other, net (1,681) 763 (3,197) 314
-------- -------- -------- --------
(1,622) (1,610) (6,879) (4,391)
-------- -------- -------- --------
Loss before income taxes (15,454) (24,367) (66,568) (54,100)
Income taxes 444 374 864 1,118
-------- -------- -------- --------
Net loss $(15,898) $(24,741) $(67,432) $(55,218)
======== ======== ======== ========
Net loss per share
Basic and diluted net
loss per share $ (0.15) $ (0.24) $ (0.65) $ (0.54)
======== ======== ======== ========
Shares used in computing
basic and diluted
net loss per share
Weighted average common
shares outstanding 103,850 103,002 103,475 102,635
======== ======== ======== ========
Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
Sept. 30, Dec. 31,
2009 2008
--------- ---------
ASSETS
Current assets
Cash and cash equivalents $ 41,244 $ 37,694
Restricted cash 7,239 8,654
Accounts receivable, net 26,632 27,486
Inventories, net 123,630 150,113
Prepaid expenses and other current assets 10,931 17,231
--------- ---------
Total current assets 209,676 241,178
Property, plant and equipment, net 41,940 44,432
Investment in SEN -- 156,677
Other assets 10,875 12,894
--------- ---------
$ 262,491 $ 455,181
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 6,432 $ 8,066
Accrued compensation 10,938 15,841
Warranty 1,029 3,137
Income taxes 856 337
Deferred revenue 10,093 12,508
Other current liabilities 2,868 6,897
Current portion of convertible
subordinated debt -- 83,210
--------- ---------
Total current liabilities 32,216 129,996
Long-term deferred revenue 659 1,872
Other long-term liabilities 3,982 3,936
--------- ---------
Stockholders' equity
Preferred stock -- --
Common stock 104 103
Additional paid-in capital 487,047 483,546
Treasury stock (1,218) (1,218)
Accumulated deficit (265,911) (198,479)
Accumulated other comprehensive income 5,612 35,425
--------- ---------
225,634 319,377
--------- ---------
$ 262,491 $ 455,181
========= =========
Contact:
Axcelis Technologies, Inc.editorial/media Maureen Hart 978.787.4266 Maureen.hart@axcelis.comfinancial community Stephen Bassett 978.787.4110 Stephen.bassett@axcelis.com
AI
