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 FEBRUARY 20, 2002, 4:00 P.M. EST
IBIS TECHNOLOGY ANNOUNCES FOURTH QUARTER AND
FISCAL YEAR 2001 RESULTS
DANVERS, Mass., Feb. 20, 2002--Ibis Technology Corporation (Nasdaq: IBIS), the
leading provider of SIMOX-SOI implantation equipment and SIMOX-SOI wafers to the
worldwide semiconductor industry, today announced its financial results for the
fourth quarter and fiscal year ended December 31, 2001.
Total revenues for the fourth quarter were $1,533,000, up six percent compared
to total revenue of $1,444,000 in the third quarter of 2001, and down 62 percent
compared to $3,994,000 reported in the fourth quarter of 2000. Net loss for the
fourth quarter of 2001 was $3,356,000, or $0.40 per share, compared to a net
loss of $2,405,000, or $0.29 per share, including non-recurring other income of
approximately $1,400,000, in the preceding quarter, and a net loss of $309,000,
or $0.04 per share, in the similar period a year ago.
Fiscal 2001 revenues totaled $7,434,000 compared to $14,475,000 for fiscal year
2000. The net loss for fiscal year 2001 was $9,595,000, or $1.15 per share,
compared to net loss of $1,502,000, or $0.18 per share for fiscal 2000. Wafer
sales decreased 34% from the prior year and there were no revenues from
implanter sales in fiscal year 2001.
"While we remain cautious in our outlook for the near term, we are encouraged
that virtually all of the major microprocessor manufacturers are either already
producing products based on SOI wafers or have announced plans to adopt SOI
technology within the next several years," said Martin J. Reid, president and
chief executive officer of Ibis Technology Corporation. "Recognizing this trend,
we have worked diligently during this downturn to position Ibis with the latest
technology and manufacturing expertise to meet an expected market growth."
"As planned, qualification of our Advantox(R) MLD wafers by one of our largest
customers is nearing completion, and we expect to slowlY ramp wafer shipments to
them. Other chipmakers are qualifying our Advantox MLD products for their use,
as well," said Reid. "In addition, our new oxygen implanter, the Ibis 2000, is
proceeding through internal qualification and is already implanting
300-millimeter wafers.
Being able to demonstrate our capability to produce quality 300-millimeter
SIMOX-SOI wafers is critically important. We have already received orders for
300mm SIMOX wafers from two key customers and shipments begin this month.
Overall, we believe that, even though the global semiconductor industry has not
yet demonstrated a return to growth, the demand for our SIMOX-SOI wafers will
continue to increase, and that we are well positioned to take advantage of this
expected growth."
TELECONFERENCE AND SIMULTANEOUS WEBCAST
Ibis will host a teleconference to discuss its fourth quarter results on
February 20, 2002 at 5:00 p.m. EDT. The dial in number to listen to the
conference call is (913) 981-5509. 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 adoption of SOI
technology by the major microprocessor manufacturers, the expected ramp of wafer
shipments, the ability and timing of the Company to demonstrate 300-mm
capability, and the anticipated increase in demand for the Company's SIMOX-SOI
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
February 20, 2002, and Ibis undertakes no duty to update this information unless
required by law.
- FINANCIAL TABLES FOLLOW -
IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
4TH QUARTER ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31
------------ -----------
2001 2000 2001 2000
---- ---- ---- ----
(UNAUDITED)
Product sales $ 1,230,000 $ 3,021,000 $ 5,391,000 $ 8,173,000
Contract and other revenue 40,000 151,000 518,000 532,000
Equipment revenue 263,000 822,000 1,525,000 5,770,000
------------ ----------- ------------- ------------
Total revenue 1,533,000 3,994,000 7,434,000 14,475,000
------------ ----------- ------------- -----------
Cost of product sales 2,335,000 2,135,000 8,210,000 5,824,000
Cost of contract and other revenue 24,000 110,000 376,000 388,000
Cost of equipment revenue 196,000 432,000 1,502,000 3,482,000
------------ ----------- ------------- ------------
Gross profit (1,022,000) 1,317,000 (2,654,000) 4,781,000
------------ ----------- ------------- ------------
General & administrative 633,000 497,000 2,273,000 1,998,000
Marketing & sales 412,000 384,000 1,813,000 1,640,000
Research & development 1,403,000 1,234,000 5,119,000 4,587,000
------------ ----------- ------------- ------------
Loss from operations (3,470,000) (798,000) (11,859,000) (3,444,000)
Other income 114,000 489,000 2,264,000 1,942,000
------------ ----------- ------------- ------------
Net loss $ (3,356,000) $ (309,000) $ (9,595,000) $ (1,502,000)
----------- ---------- ------------- -------------
Net loss per share
Basic $ (0.40) $ (0.04) $ (1.15) $ (0.18)
Diluted $ (0.40) $ (0.04) $ (1.15) $ (0.18)
Weighted average number of shares
used in per share calculation
Basic 8,398,155 8,327,269 8,378,262 8,285,893
Diluted 8,398,155 8,327,269 8,378,262 8,285,893
CONDENSED BALANCE SHEETS
DECEMBER 31, 2001 DECEMBER 31, 2000
Assets
Current assets:
Cash and cash equivalents $ 13,088,000 $ 26,366,000
Accounts receivable 5,766,000 1,210,000
Unbilled revenue -- 511,000
Inventories 1,536,000 10,933,000
Deferred costs 2,474,000 --
Other current assets 210,000 326,000
------------- -------------
Current assets 23,074,000 39,346,000
Property and equipment 29,742,000 14,542,000
Other assets 2,104,000 2,411,000
------------- -------------
Total assets $ 54,920,000 $ 56,299,000
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 1,503,000 $ 12,000
Accounts payable and other current liabilities 10,339,000 6,749,000
------------- -------------
Current liabilities 11,842,000 6,761,000
Capital lease obligation, long-term 2,718,000 19,000
Other liabilities -- --
Stockholders' equity 40,360,000 49,519,000
------------- -------------
Total liabilities and stockholders' equity $ 54,920,000 $ 56,299,000
============= =============
###