Exhibit 99.1
Ibis Technology Announces First Quarter 2003 Results
DANVERS, Mass.--(BUSINESS WIRE)--April 23, 2003--Ibis Technology
Corporation (Nasdaq NM: 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
first quarter ended March 31, 2003.
Total revenues for the quarter were $1,408,000, down fifty percent
compared to total revenues of $2,819,000 in the preceding quarter and
down thirteen percent as compared to $1,625,000 reported in the first
quarter of 2002. Net loss for the 2003 first quarter was $4,286,000,
or $0.45 per share, compared to a net loss of $4,009,000, or $0.42 per
share, in the preceding quarter, and a net loss of $3,787,000, or
$0.44 per share, in the similar period a year ago.
"The quarter just completed was a period of progress during which
we took steps necessary to enter a true production mode for producing
significant quantities of advanced 300-millimeter SIMOX-SOI wafers,"
said Martin J. Reid, president and chief executive officer of Ibis
Technology Corporation. "Wafer product sales for the quarter were
down, as expected, mainly because wafer production was delayed while
our largest wafer customer was evaluating multiple types of MLD wafers
for 300 mm production. During the quarter, we also applied several
reliability upgrades to our internal i2000 implanter. Although these
events took somewhat longer than anticipated and limited our ability
to ship 300 mm wafers, we achieved a significant number of goals that
position us for near-term growth:
-- Working under the terms of the Joint Development Agreement
(JDA) with our largest customer, we made a number of
significant process improvements, leading to a new, advanced
SIMOX process that we believe meets the needs of the newest,
most advanced ICs.
-- Our largest customer finalized the process 'recipes' to be
used to manufacture the 300-millimeter production wafers they
have on order.
-- We have completed several reliability and performance
enhancements on our i2000 implanter, and it is now back in
production.
-- We have completed the qualification of an additional i2000
implanter, which is now on line predominantly for production
of 300-millimeter wafers within our Danvers, Mass. facility.
-- Our second balance-of-process line has been fully qualified
and is now available for completing the manufacture of
300-millimeter SIMOX-SOI wafers following the implantation
process."
"We have a substantial backlog of wafer orders, and we are
expecting a continuous increase of wafer sales for the balance of the
year in response to the greatest demand ever from our largest
customer," said Reid. "There will certainly be some continued fine
tuning of specs and metrology techniques, but we view this point in
time as the beginning of a new phase in SIMOX-SOI production."
Corporate Outlook
Commenting on the company's future outlook, Reid said, "We expect
wafer sales in the second quarter to be in the range of $2.5 to $3.0
million as we ramp up production. We expect wafer sales for 2003 to be
significantly higher than those of 2002. We also continue to
anticipate booking additional orders for one-to-three implanters
during this fiscal year."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its first quarter
results on April 23, 2003 at 5:00 p.m. ET. The dial in number to
listen to the conference call is 719-457-2693. A live webcast of the
conference call will be available at the Ibis Technology web site at
www.ibis.com or at www.streetevents.com. A replay of the call will be
available on these web sites for approximately one week.
About Ibis Technology
Ibis Technology Corporation is the leading provider of oxygen
implanters for the production of SIMOX-SOI
(Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers for
the worldwide semiconductor industry. The company is also the world's
leading producer of SIMOX-SOI wafers. Headquartered in Danvers,
Massachusetts, the company also 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' 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 Company's current expectations that the new advanced
SIMOX process meets the needs of the most advanced ICs, wafer sales
for 2003 will be significantly higher than those of 2002 and that the
Company will book additional orders for one-to-three implanters during
this fiscal year. Such statements are based upon management's current
expectations and 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 and
risk factors described in the Company's Securities and Exchange
Commission filings from time to time, including but not limited to,
the Company's Annual Report on Form 10-K for the year ended December
31, 2002. All information set forth in this press release is as of
April 23, 2003, and Ibis undertakes no duty to update this information
unless required by law.
Ibis Technology Corporation
Condensed Statements of Operations
(Unaudited)
First Quarter Ended
March 31,
2003 2002
Product sales $ 676,000 $ 1,406,000
Contract and other revenue 498,000 72,000
Equipment revenue 234,000 147,000
Total revenue 1,408,000 1,625,000
Cost of product sales 2,874,000 2,968,000
Cost of contract and other revenue 18,000 82,000
Cost of equipment revenue 120,000 64,000
Gross profit (1,604,000) (1,489,000)
General & administrative 619,000 530,000
Marketing & sales 354,000 372,000
Research & development 1,736,000 1,455,000
Loss from operations (4,313,000) (3,846,000)
Other income 27,000 59,000
Net loss $(4,286,000) $(3,787,000)
Net loss per share
Basic $ (0.45) $ (0.44)
Diluted $ (0.45) $ (0.44)
Weighted average number of shares
used in per share calculation
Basic 9,474,940 8,512,238
Diluted 9,474,940 8,512,238
Condensed Balance Sheets
March 31, December 31,
2003 2002
Assets
Current assets:
Cash and cash equivalents $ 8,364,000 $11,746,000
Accounts receivable 590,000 1,599,000
Inventories 1,634,000 1,231,000
Deferred costs 2,621,000 2,621,000
Other current assets 303,000 113,000
Current assets 13,512,000 17,310,000
Property and equipment 31,729,000 32,495,000
Other assets 1,825,000 1,894,000
Total assets $47,066,000 $51,699,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 1,499,000 $ 1,501,000
Accounts payable and other current
liabilities 3,767,000 3,293,000
Deferred revenue 6,521,000 6,966,000
Current liabilities 11,787,000 11,760,000
Capital lease obligation, long-term 810,000 1,184,000
Stockholders' equity 34,469,000 38,755,000
Total liabilities and stockholders'
equity $47,066,000 $51,699,000
CONTACT: Ibis Technology Corporation
Company Contact:
Debra L. Nelson, 978/777-4247
or
IR/PR Counsel For Ibis Technology
Agency Contact:
Bill Monigle, 603/424-1184