Exhibit 99.1
CONTACT:
Debra L. Nelson
Chief Financial Officer
Ibis Technology Corporation
(978) 777-4247
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY ANNOUNCES SECOND QUARTER FY 2001 RESULTS
DANVERS, MA, July 18, 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 second
quarter ended June 30, 2001.
Total revenues for the quarter were $1,256,000 compared to $5,920,000 reported
in the second quarter of 2000. SIMOX-SOI wafer sales decreased to $771,000 from
$1,442,000 in the same quarter last year. Equipment revenue, generated from
implanter, parts and service sales, was $340,000 for the second quarter of 2001
as compared to $4,224,000 in the second quarter of 2000, which included an
implanter sale. Contract and other revenue was $145,000 as compared to $254,000
in the second quarter of last year. Net loss for the second quarter of 2001 was
$3,049,000, or $0.36 per share, compared to $23,000 in the similar period a year
ago.
For the first half of 2001, total revenues were $4,457,000 compared to
$7,959,000 for the first half of last year. Net loss for the first six months of
2001 was $3,834,000, or $0.46 per share, compared to a net loss of $395,000, or
$0.05 per share, for the same period last year. The decrease in total revenues
is primarily due to the fact that no implanters were sold in the first half of
this year.
"We remain focused on two primary initiatives: introducing the new Advantox(R)
MLD SIMOX process, based on technology licensed from IBM, and developing the new
Ibis 2000 200-300mm oxygen implanter," said Martin J. Reid, president and chief
executive officer of Ibis Technology Corporation. "I am happy to report that an
increasing number of chipmakers are sampling Advantox MLD wafers, which bodes
well for future production orders. In addition, the development of the Ibis 2000
is on schedule and we should be producing the first SIMOX wafers on the system
by the end of this year."
Commenting on the results of the quarter, Reid noted that wafer sales were
affected by the severe downturn of the global semiconductor industry. "The full
impact of the order cutback - announced in mid-April - from one of our largest
production-wafer customers was felt in this quarter," said Reid. "Another major
factor affecting our results is that Ibis is in the midst of a major SIMOX
technology transition where customers are focusing their activities on sampling
the new Advantox MLD wafers and anticipating the availability of the Ibis 2000
implanter. Both the MLD process and the Ibis 2000 system are breakthrough
advances, offering major benefits for chipmakers, and we remain confident in the
long-term growth prospects of our business."
IBIS TECHNOLOGY ANNOUNCES SECOND QUARTER FY 2001 RESULTS
July 18, 2001
Page Two
TELECONFERENCE AND SIMULTANEOUS WEBCAST
Ibis will host a teleconference to discuss its second quarter results on July
18, 2001 at 10:00 a.m. EDT. The dial in number to listen to the conference call
is (913) 981-5543. A live webcast of the conference call will available at the
Ibis Technology website at WWW.IBIS.COM or at WWW.STREETEVENTS.COM. A replay of
the call will be available on these websites for approximately one week.
ABOUT IBIS TECHNOLOGY
Ibis Technology Corporation is the leading provider of SIMOX-SOI (Separation by
Implanted 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' World Wide Web site at
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 development and roll-out schedule for the
Ibis 2000 and wafers produced using the Ibis 2000, the Company's long-term
growth prospects, 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 July 18, 2001, and Ibis
undertakes no duty to update this information unless required by law.
-- FINANCIAL TABLES FOLLOW --
IBIS TECHNOLOGY ANNOUNCES SECOND QUARTER 2001 RESULTS
July 18, 2001
Page Three
IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
QUARTER ENDED JUNE 30, 6 MONTHS ENDED JUNE 30,
---------------------- -----------------------
2001 2000 2001 2000
---- ---- ---- ----
Product sales $ 771,000 $ 1,442,000 $ 3,235,000 $ 3,085,000
Contract and other revenue 145,000 254,000 346,000 334,000
Equipment revenue 340,000 4,224,000 876,000 4,540,000
----------- ----------- ----------- -----------
Total revenue 1,256,000 5,920,000 4,457,000 7,959,000
----------- ----------- ----------- ---------
Cost of product sales 1,858,000 1,151,000 3,651,000 2,084,000
Cost of contract and other revenue 194,000 168,000 261,000 220,000
Cost of equipment revenue 162,000 2,749,000 413,000 2,881,000
----------- ----------- ----------- ---------
Gross profit (958,000) 1,852,000 132,000 2,774,000
General & administrative 590,000 627,000 1,133,000 1,074,000
Marketing & sales 529,000 429,000 1,021,000 856,000
Research & development 1,224,000 1,310,000 2,405,000 2,223,000
----------- ----------- ----------- ---------
Loss from operations (3,301,000) (514,000) (4,427,000) (1,379,000)
Other income 252,000 491,000 593,000 984,000
----------- ----------- ----------- ---------
Net loss $(3,049,000) $ (23,000) $(3,834,000) $ (395,000)
----------- ----------- ----------- ---------
Net loss per share
Basic $ (0.36) $ 0.00 $ (0.46) $ (0.05)
Diluted $ (0.36) $ 0.00 $ (0.46) $ (0.05)
Weighted average number of shares
used in per share calculation
Basic 8,374,346 8,295,062 8,363,398 8,252,858
Diluted 8,374,346 8,295,062 8,363,398 8,252,858
CONDENSED BALANCE SHEETS
JUNE 30, 2001 DECEMBER 31, 2000
------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 17,388,000 $ 26,366,000
Accounts receivable 1,285,000 1,210,000
Unbilled revenue 165,000 511,000
Inventories 2,023,000 10,933,000
Other current assets 235,000 326,000
------------- -------------
Current assets 21,096,000 39,346,000
Property and equipment 29,803,000 14,542,000
Other assets 2,295,000 2,411,000
------------- -------------
Total assets $ 53,194,000 $ 56,299,000
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 12,000 $ 12,000
Accounts payable and other current liabilities 7,235,000 6,749,000
------------- -------------
Current liabilities 7,247,000 6,761,000
Capital lease obligation, long-term 13,000 19,000
Other liabilities -- --
Stockholders' equity 45,934,000 49,519,000
------------- -------------
Total liabilities and stockholders' equity $ 53,194,000 $ 56,299,000
============= =============
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