Exhibit 99.1
Ibis Technology Announces Third Quarter 2003 Results
DANVERS, Mass.--(BUSINESS WIRE)--Oct. 22, 2003--
Quarterly wafer sales of $3.7 million sets new record; over
10,000 300 mm wafers shipped in last 12 months
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 third quarter ended September 30, 2003.
Total revenue for the quarter was $4.0 million, compared to total
revenue of $11.7 million in the preceding quarter, which included
approximately $8 million from the sale of an i2000 implanter, and
compared to revenue of $7.7 million reported in the third quarter of
2002, which included approximately $5 million from the sale of an
implanter system and parts to a Chinese customer. Net loss for the
2003 third quarter was $3.2 million, or $0.33 per share, compared to a
net income of $1.2 million, or $0.13 per share, in the preceding
quarter, and a net loss of $2.3 million, or $0.24 per share, in the
similar period a year ago.
For the first nine months of 2003, total revenue was $17.2 million
compared to $11.2 million for the first nine months of last year. Net
loss for the first nine months of 2003 was $6.2 million, or $0.66 per
share, compared to a net loss of $10.1 million, or $1.11 per share,
for the same period last year.
"We are very pleased to announce another quarter of record wafer
sales," said Martin J. Reid, president and chief executive officer of
Ibis Technology Corporation. "Wafer sales for the third quarter were
$3.7 million, up from the previous quarter's $3.5 million. Most of the
wafers shipped were 300 mm wafers, and Ibis has now shipped over
10,000 300 mm SIMOX-SOI wafers in the last twelve months. In addition,
we are now shipping wafers produced using the newest SIMOX-SOI process
that was developed under the auspices of a joint development agreement
with our largest customer."
"We are also pleased with the progress being made on the equipment
side of our business. Significant improvements and upgrades have been
made in our i2000 implanter in recent months," said Reid. "As a
result, both throughput and wafer quality are improved, further
strengthening the position of SIMOX-SOI as the economical SOI
solution."
During October 2003, Ibis completed a public offering of 1,000,000
shares of common stock at $13.25 per share, which included the
over-allotment option exercised by the underwriter, CDC Securities.
Net proceeds to the company were approximately $12.7 million. The
company plans to use the proceeds to fund research and development,
capital expenditures, working capital and for other general corporate
purposes.
Corporate Outlook
Commenting on the company's future outlook, Reid said, "Although
we anticipate a fourth quarter slow down for 300 mm wafer business at
our largest customer, forecasts from this customer and others for 2004
continue to look positive. During the fourth quarter our priority on
the wafer side of the business will be to broaden our customer base in
both 300 mm and 200 mm by sampling our latest SIMOX-SOI wafers. We are
currently undergoing 200 mm evaluation at two customers and positive
results should translate to orders in early 2004. Forecasting future
wafer sales, on a quarter-by-quarter basis, remains exceedingly
difficult, and significant variations, quarter to quarter, are likely.
We also continue to anticipate booking orders for one-to-three
implanters during this fiscal year."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its third quarter
results on October 22, 2003 at 5:00 p.m. ET. The dial in number to
listen to the conference call is 913-981-5520. 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 maintains an office in Aptos, California,
as well. 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 upgrades made to
the Company's i2000 implanter have resulted in improvements to
throughput and quality which will strengthen the position of SIMOX-SOI
as the economical SOI solution, the positive outlook for 2004, the
positive evaluation results of 200 mm SIMOX-SOI wafers at two
customers should translate to orders in early 2004 and the Company
will book 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 October 22, 2003, and Ibis
undertakes no duty to update this information unless required by law.
Ibis Technology Corporation
Condensed Statements of Operations
Quarter Ended 9 Months Ended
September 30, September 30,
2003 2002 2003 2002
Wafer Product sales $ 3,744,000 $ 2,012,000 $ 7,952,000 $ 4,993,000
Contract and other
revenue 67,000 61,000 593,000 233,000
Equipment revenue 226,000 5,657,000 8,622,000 5,987,000
Total revenue 4,037,000 7,730,000 17,167,000 11,213,000
Cost of wafer
product sales 5,010,000 3,996,000 12,516,000 10,278,000
Cost of contract
and other revenue 6,000 10,000 34,000 97,000
Cost of equipment
revenue 210,000 3,573,000 4,015,000 3,732,000
Gross profit (1,189,000) 151,000 602,000 (2,894,000)
General &
administrative 477,000 502,000 1,664,000 1,644,000
Marketing & sales 297,000 383,000 958,000 1,156,000
Research &
development 1,175,000 1,604,000 4,208,000 4,614,000
Loss from
operations (3,138,000) (2,338,000) (6,228,000) (10,308,000)
Other income (25,000) 65,000 5,000 221,000
Net loss $(3,163,000) $(2,273,000)$(6,223,000)$(10,087,000)
Net loss per share
Basic $ (0.33) $(0.24) $(0.66) $(1.11)
Diluted $ (0.33) $(0.24) $(0.66) $(1.11)
Weighted average number of shares
used in per share calculation
Basic 9,504,210 9,436,170 9,486,532 9,126,317
Diluted 9,504,210 9,436,170 9,486,532 9,126,317
Condensed Balance Sheets
Assets September 30, December 31,
2003 2002
Current assets:
Cash and cash equivalents $ 4,868,000 $ 11,746,000
Accounts receivable 203,000 1,599,000
Unbilled revenue 529,000 --
Inventories 2,736,000 1,231,000
Deferred costs -- 2,621,000
Other current assets 294,000 113,000
Current assets 8,630,000 17,310,000
Property and equipment 29,574,000 32,495,000
Other assets 1,737,000 1,894,000
Total assets $ 39,941,000 $ 51,699,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 1,496,000 $ 1,501,000
Accounts payable 2,429,000 897,000
Accrued liabilities 2,824,000 2,396,000
Deferred revenue -- 6,966,000
Current liabilities 6,749,000 11,760,000
Capital lease obligation, long-term 75,000 1,184,000
Stockholders' equity 33,117,000 38,755,000
Total liabilities and stockholders'
equity $ 39,941,000 $ 51,699,000
CONTACT: Company Contact:
Ibis Technology Corporation
Debra L. Nelson, 978-777-4247
or
Agency Contact:
IR/PR Counsel For Ibis Technology
Bill Monigle, 603-424-1184