UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549





                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 25, 2004
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                           Ibis Technology Corporation
                           ---------------------------
             (Exact name of registrant as specified in its charter)






Massachusetts                       0-23150          04-2987600
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(State or other jurisdiction       (Commission       (IRS Employer
of incorporation)                   File Number)     Identification No.)



32 Cherry Hill Drive, Danvers, Massachusetts  01923
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(Address of principal executive offices)   (Zip Code)



Registrant's telephone number, including area code:  (978) 777-4247
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ITEM 9. REGULATION FD DISCLOSURE

On February 25, 2004, Ibis Technology Corporation announced its financial
results for the three months and fiscal year ended December 31, 2003. A copy of
the press release is being furnished as Exhibit 99.1 attached hereto. This
information shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 25, 2004, Ibis Technology Corporation announced its financial
results for the three months and fiscal year ended December 31, 2003. A copy of
the press release is being furnished as Exhibit 99.1 attached hereto. This
information shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.














                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                             IBIS TECHNOLOGY CORPORATION


Date:  February 25, 2004                        /s/Debra L. Nelson
                                        ----------------------------------------
                                        Debra L. Nelson, Chief Financial Officer











                                  EXHIBIT INDEX
                                  -------------
Exhibit
Number                     Description
- ------                     -----------

99.1                       Press Release Announcing Fourth Quarter and Fiscal
                           Year 2003 Results