EXHIBIT 99.1
[ibis LOGO]
NEWS RELEASE
COMPANY CONTACT: AGENCY CONTACT:
Debra L. Nelson Bill Monigle
Chief Financial Officer IR/PR Counsel
Ibis Technology Corporation For Ibis Technology
Phone: (978) 777-4247 Phone: (603) 424-1184
FOR RELEASE OCTOBER 24, 2001, 4:00 P.M. EDT
IBIS TECHNOLOGY ANNOUNCES THIRD QUARTER FY 2001 RESULTS
DANVERS, Mass., Oct. 24, 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 third
quarter ended September 30, 2001.
Total revenues for the quarter were $1,444,000, up 15 percent compared to total
revenues of $1,256,000 in the second quarter of 2001, and down 43 percent
compared to $2,522,000 reported in the third quarter of 2000. Net loss for the
third quarter of 2001 was $2,405,000, or $0.29 per share, including
non-recurring other income of approximately $1,400,000. This compares to a net
loss of $3,049,000, or $0.36 per share, in the preceding quarter, and a net loss
of $798,000, or $0.10 per share, in the similar period a year ago.
For the first nine months of 2001, total revenues were $5,901,000 compared to
$10,481,000 for the first nine months of last year. Net loss for the first nine
months of 2001 was $6,239,000, or $0.75 per share, compared to a net loss of
$1,193,000, or $0.14 per share, for the same period last year. The decrease in
total revenues is primarily due to the fact that there have been no implanter
equipment sales this year compared to equipment revenue of approximately
$4,000,000 in 2000.
"We are pleased to report financial results for the quarter that are somewhat
ahead of the revenue we projected at the beginning of the quarter," said Martin
J. Reid, president and chief executive officer of Ibis Technology Corporation.
"Although the severe downturn in the global semiconductor industry has generally
slowed chipmaker spending on equipment and materials, our customers continue to
express their interest in our SIMOX-SOI technology with orders for our new
Advantox(R) MLD wafers for sampling and R&D purposes. MLD customer qualification
and sampling is progressing and is in line with our expectations. In addition,
we are anticipating repeat orders for MLD wafers in increased volumes based on
positive initial results." Reid added, "We also believe the demand for
production SIMOX-SOI wafers for optical applications has hit bottom. Shipments
of these products have increased over the previous quarter."
-more-
Ibis Technology Announces Third Quarter FY 2001 Results.............Page 2 of 3
Commenting on the recently announced sale of an Ibis oxygen implanter to the
Shanghai Institute of Metallurgy (SIM) in Shanghai, China, Reid said, "The sale
to SIM demonstrates growing acceptance of our technology, and we are delighted
to participate in the rapidly growing Chinese semiconductor industry and
demonstrate our commitment to ensuring wide-spread availability of SIMOX-SOI."
Development of the company's newest implanter, the Ibis 2000 200-300mm system,
continues on track for initial wafer runs later this year. The company earlier
announced that all other equipment is in place for the world's first complete
300mm SIMOX-SOI production line.
TELECONFERENCE AND SIMULTANEOUS WEBCAST
Ibis will host a teleconference to discuss its third quarter results on October
24, 2001 at 5:00 p.m. EDT. The dial in number to listen to the conference call
is (913) 981-5510. A live webcast of the conference call will be 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-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. Ibis
Technology is traded on the Nasdaq National Market under the symbol IBIS.
Information about Ibis Technology Corporation and SIMOX-SOI is available on
Ibis' World Wide Web site at www.ibis.com.
"SAFE HARBOR" STATEMENT
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 October 24, 2001, and Ibis undertakes no
duty to update this information unless required by law.
- FINANCIAL TABLES FOLLOW -
Ibis Technology Announces Third Quarter FY 2001 Results.............Page 3 of 3
Ibis Technology Corporation
Condensed Statements of Operations
QUARTER ENDED SEPTEMBER 30, 9 MONTHS ENDED SEPTEMBER 30,
2001 2000 2001 2000
---- ---- ---- ----
Product sales $ 926,000 $ 2,067,000 $ 4,161,000 $ 5,152,000
Contract and other revenue 132,000 48,000 478,000 382,000
Equipment revenue 386,000 407,000 1,262,000 4,947,000
------------ ----------- ------------- ------------
Total revenue 1,444,000 2,522,000 5,901,000 10,481,000
------------ ----------- ------------- -----------
Cost of product sales 2,225,000 1,605,000 5,875,000 3,689,000
Cost of contract and other revenue 90,000 58,000 352,000 278,000
Cost of equipment revenue 892,000 169,000 1,306,000 3,050,000
------------ ----------- ------------- ------------
Gross profit (1,763,000) 690,000 (1,632,000) 3,464,000
------------ ----------- ------------- ------------
General & administrative 508,000 428,000 1,640,000 1,502,000
Marketing & sales 380,000 400,000 1,401,000 1,256,000
Research & development 1,311,000 1,129,000 3,716,000 3,352,000
------------ ----------- ------------- ------------
Loss from operations (3,962,000) (1,267,000) (8,389,000) (2,646,000)
Other income 1,557,000 469,000 2,150,000 1,453,000
------------ ----------- ------------- ------------
Net loss $ (2,405,000) $ (798,000) $ (6,239,000) $ (1,193,000)
------------ ---------- ------------- ------------
Net loss per share
Basic $ (0.29) $ (0.10) $ (0.75) $ (0.14)
Diluted $ (0.29) $ (0.10) $ (0.75) $ (0.14)
Weighted average number of shares
used in per share calculation
Basic 8,387,386 8,309,867 8,371,452 8,272,000
Diluted 8,387,386 8,309,867 8,371,452 8,272,000
Condensed Balance Sheets
SEPTEMBER 30, 2001 DECEMBER 31, 2000
------------------ -----------------
Assets
Current assets:
Cash and cash equivalents $ 15,895,000 $ 26,366,000
Accounts receivable 805,000 1,210,000
Unbilled revenue 128,000 511,000
Inventories 1,578,000 10,933,000
Other current assets 221,000 326,000
------------- -------------
Current assets 18,627,000 39,346,000
Property and equipment 30,975,000 14,542,000
Other assets 2,206,000 2,411,000
------------- -------------
Total assets $ 51,808,000 $ 56,299,000
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Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 821,000 $ 12,000
Accounts payable and other current liabilities 5,779,000 6,749,000
------------- -------------
Current liabilities 6,600,000 6,761,000
Capital lease obligation, long-term 1,670,000 19,000
Other liabilities -- --
Stockholders' equity 43,538,000 49,519,000
------------- -------------
Total liabilities and stockholders' equity $ 51,808,000 $ 56,299,000
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