EXHIBIT 99.1
CONTACT:
Debra L. Nelson
Chief Financial Officer
Ibis Technology Corporation
(978) 777-4247
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY ANNOUNCES FIRST QUARTER FY 2001 RESULTS
DANVERS, MA, April 26, 2001 -- Ibis Technology Corporation (NASDAQ: IBIS), the
leading provider of SIMOX-SOI implantation equipment and wafers to the worldwide
semiconductor industry, today announced its financial results for the first
quarter ended March 31, 2001.
Revenues for the quarter were $3,201,000, up 57% as compared to $2,039,000
reported in the first quarter of 2000. SIMOX-SOI wafer sales increased 50% to
$2,464,000 from $1,644,000 in the same quarter last year. Equipment revenue,
generated from parts and service sales, increased 70% to $536,000 for the first
quarter of 2001 as compared to $316,000 in 2000. Contract and other revenue
increased to $201,000 from $79,000 in the first quarter of last year, primarily
due to higher royalty revenue.
Net loss for the 2001 first quarter was $785,000, or $0.09 per share, compared
to $371,000, or $0.05 per share, in the similar period a year ago. The
year-over-year increase in the net loss reflects a lower gross margin on wafers
due to increased fixed expenses, such as depreciation on equipment, as well as
an increase in operating expenses, primarily research and development expenses.
Martin J. Reid, president and chief executive officer of Ibis Technology
Corporation, stated, "We believe that virtually all major technology trends in
the semiconductor industry are acting as drivers for our business. Shrinking
feature sizes, copper interconnect, low-k dielectric materials, the need for
reduced power consumption and the move to 300 mm wafers will all benefit from
SOI, especially thin SOI. Consequently, we are aggressively pursuing our major
technology initiatives, including the introduction of the new production-proven
Advantox MLD process technology and the development of the new Ibis 2000
implanter, a true 300 mm bridge tool. Customer response to both of these
advances is very positive."
"Although we recently reset our outlook for the second quarter and fiscal year
2001 in a press release of April 12, we remain confident that the semiconductor
industry will continue to pursue the adoption of our SIMOX-SOI technology,"
continued Reid. "Many of the world's major chip makers have demonstrated plans
to sample Ibis' Advantox MLD wafers within the next few quarters, and we are
currently in the qualification process with one of our largest customers."
IBIS TECHNOLOGY CORPORATION
April 26, 2001
Page Two
TELECONFERENCE AND SIMULTANEOUS WEBCAST
Ibis will host a teleconference to discuss its first quarter results on April
26, 2001 at 4:30 p.m. ET. The dial in number for the conference call will be
(719) 457-2638. A live webcast of the conference call will available at the Ibis
Technology website at http://www.ibis.com or at www.streetevents.com. A replay
of the call will be available on these websites for one week.
ABOUT IBIS TECHNOLOGY
Ibis Technology Corporation is the leading provider of SIMOX-SOI (Separation by
Implantation of Oxygen-Silicon-On-Insulator) wafers and equipment for the
worldwide semiconductor industry. The company is headquartered in Danvers,
Massachusetts and maintains an office in Aptos, California. Information about
Ibis Technology Corporation and SIMOX-SOI is available on Ibis's World Wide Web
site at http://www.ibis.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: This release may contain forward-looking statements that are subject to
certain risks and uncertainties including statements regarding the technology
trends in the semiconductor industry, the impact of such trends on the Company's
business, the benefits of SOI, the semiconductor industry's adoption of
SIMOX-SOI technology and the plans of major chip makers to sample Ibis' wafers.
Such statements are based upon management's current expectations that are
subject to risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking statements,
including, but not limited to, product demand and market acceptance risks,
general economic conditions, the impact of competitive products, technologies
and pricing, the impact of rapidly changing technology, equipment capacity and
supply constraints or difficulties, limitations on the ability to protect the
Company's patents and proprietary technology, the Company's limited history with
regard to sales of implanters, the cyclical nature of the semiconductor
industry, and other risks described in the Company's Securities and Exchange
Commission filings. All information set forth in this press release is as of
April 26, 2001, and Ibis undertakes no duty to update this information unless
required by law.
-- FINANCIAL TABLES FOLLOW --
IBIS TECHNOLOGY CORPORATION
April 26, 2001
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IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
FIRST QUARTER ENDED
MARCH 31,
-----------------------------------
2001 2000
---- ----
Product sales $ 2,464,000 $ 1,644,000
Contract and other revenue 201,000 79,000
Equipment revenue 536,000 316,000
------------- -------------
Total revenue 3,201,000 2,039,000
------------- -------------
Cost of product sales 1,793,000 933,000
Cost of contract and other revenue 67,000 52,000
Cost of equipment revenue 251,000 132,000
------------- -------------
Gross profit 1,090,000 922,000
General & administrative 543,000 447,000
Marketing & sales 492,000 427,000
Research & development 1,181,000 913,000
------------- -------------
Loss from operations (1,126,000) (865,000)
Other income 341,000 494,000
------------- -------------
Net loss $ (785,000) $ (371,000)
============= =============
Net loss per share
Basic $ (0.09) $ (0.05)
Diluted $ (0.09) $ (0.05)
Weighted average number of shares
used in per share calculation
Basic 8,352,450 8,210,655
Diluted 8,352,450 8,210,655
CONDENSED BALANCE SHEETS
MARCH 31, 2001 DECEMBER 31, 2000
-------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 22,549,000 $ 26,366,000
Accounts receivable 2,090,000 1,210,000
Unbilled revenue 256,000 511,000
Inventories 10,436,000 10,933,000
Other current assets 359,000 326,000
------------- -------------
Current assets 35,690,000 39,346,000
Property and equipment 18,432,000 14,542,000
Other assets 2,323,000 2,411,000
------------- -------------
Total assets $ 56,445,000 $ 56,299,000
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 12,000 $ 12,000
Accounts payable and other current liabilities 7,623,000 6,749,000
------------- -------------
Current liabilities 7,635,000 6,761,000
Capital lease obligation, long-term 16,000 19,000
Other liabilities -- --
Stockholders' equity 48,794,000 49,519,000
------------- -------------
Total liabilities and stockholders' equity $ 56,445,000 $ 56,299,000
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