Exhibit 99.1
Company Contact: | | Investor Contact: |
Maureen Hart | | Stephen Bassett |
Axcelis Technologies, Inc. | | Axcelis Technologies, Inc. |
Tel: +1 (978) 787 4266 | | Tel: +1 (978) 787 4000 |
Fax: +1 (978) 787 4275 | | Fax: +1 (978) 787 9133 |
maureen.hart@axcelis.com | | investor.relations@axcelis.com |
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2009
BEVERLY, Mass.—May 11, 2009—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2009. The Company reported first quarter revenue of $25.7 million, compared to $42.0 million for the fourth quarter of 2008. Net loss for the first quarter was $29.2 million, or $0.28 per share. This compares to a net loss for the fourth quarter of 2008 of $141.4 million, or $1.37 per share, which includes charges for restructuring of $3.4 million ($0.03 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 $23.2 million ($0.23 per share). In the corresponding quarter for the previous year, the Company reported revenues of $84.9 million, and net loss of $11.1 million, or $0.11 per share.
First Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the first quarter totaled $25.6 million. Geographically, Axcelis’ systems shipments were to: North America, 45%; and Asia, 55%. The ion implantation business accounted for 79% of total shipments in the first quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the first quarter totaled $20.9 million. New systems bookings, excluding aftermarket, amounted to $2.4 million. Backlog plus deferred systems revenue at quarter end was $16.0 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.
Balance Sheet
Cash and cash equivalents were $71.2 million at March 31, 2009. The Company ended the quarter with working capital of $205.7 million.
About Axcelis Technologies, Inc.
Axcelis Technologies, Inc., 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 cycle support of ion implantation and cleaning systems. The company’s Internet address is: www.axcelis.com.
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Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
| | Three Months ended
March 31, | |
| | 2009 | | 2008 | |
| | | | | |
Revenue | | 25,728 | | 84,894 | |
| | | | | |
Cost of revenue | | 22,721 | | 55,678 | |
| | | | | |
Gross profit | | 3,007 | | 29,216 | |
| | | | | |
Operating expenses | | | | | |
Research and development | | 9,535 | | 16,853 | |
Sales and marketing | | 6,879 | | 11,905 | |
General and administrative | | 10,670 | | 9,814 | |
Amortization of intangible assets | | — | | 656 | |
Restructuring charges | | 984 | | 51 | |
| | 28,068 | | 39,279 | |
| | | | | |
Loss from operations | | (25,061 | ) | (10,063 | ) |
| | | | | |
Other income (expense) | | | | | |
Gain on sale of SEN | | 1,080 | | — | |
Equity income (loss) of SEN | | (3,238 | ) | 1 | |
Interest income | | 63 | | 690 | |
Interest expense | | (1,676 | ) | (1,601 | ) |
Other-net | | (205 | ) | 318 | |
| | (3,976 | ) | (592 | ) |
| | | | | |
Loss before income taxes | | (29,037 | ) | (10,655 | ) |
| | | | | |
Income taxes | | 118 | | 426 | |
| | | | | |
Net loss | | $ | (29,155 | ) | $ | (11,081 | ) |
| | | | | |
Net loss per share | | | | | |
Basic and diluted net loss per share | | $ | (0.28 | ) | $ | (0.11 | ) |
| | | | | |
Shares used in computing basic and diluted net loss per share
Weighted average common shares | | 103,284 | | 102,447 | |
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
| | March 31, | | December 31, | |
| | 2009 | | 2008 | |
| | | | | |
Assets | | | | | |
| | | | | |
Current assets | | | | | |
Cash and cash equivalents | | $ | 71,243 | | $ | 37,694 | |
Restricted cash | | 8,321 | | 8,654 | |
Accounts receivable, net | | 20,971 | | 27,486 | |
Inventories, net | | 140,459 | | 150,113 | |
Prepaid expenses and other current assets | | 15,281 | | 17,231 | |
Total current assets | | 256,275 | | 241,178 | |
| | | | | |
Property, plant and equipment, net | | 43,692 | | 44,432 | |
Investment in SEN | | — | | 156,677 | |
Other assets | | 11,914 | | 12,894 | |
| | $ | 311,881 | | $ | 455,181 | |
| | | | | |
Liabilities and stockholders’ equity | | | | | |
| | | | | |
Current liabilities | | | | | |
Accounts payable | | $ | 11,226 | | $ | 8,066 | |
Accrued compensation | | 12,842 | | 15,841 | |
Warranty | | 2,089 | | 3,137 | |
Income taxes | | 409 | | 337 | |
Deferred revenue | | 12,552 | | 12,508 | |
Other current liabilities | | 11,501 | | 6,897 | |
Current portion of convertible subordinated debt | | — | | 83,210 | |
Total current liabilities | | 50,619 | | 129,996 | |
| | | | | |
Long-term deferred revenue | | 1,840 | | 1,872 | |
Other long-term liabilities | | 3,607 | | 3,936 | |
| | | | | |
Stockholders’ equity | | | | | |
Preferred Stock | | — | | — | |
Common stock | | 103 | | 103 | |
Additional paid-in capital | | 484,395 | | 483,546 | |
Treasury stock | | (1,218 | ) | (1,218 | ) |
Accumulated deficit | | (227,634 | ) | (198,479 | ) |
Accumulated other comprehensive income | | 169 | | 35,425 | |
| | 255,815 | | 319,377 | |
| | $ | 311,881 | | $ | 455,181 | |
