EXHIBIT 99.1
Ibis Technology Announces First Quarter 2004 Results
DANVERS, Mass.--(BUSINESS WIRE)--April 21, 2004--Ibis Technology
Corporation (Nasdaq NM: IBIS), a 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, 2004.
Total revenues for the quarter were $2.1 million, up 62 percent
compared to $1.3 million in the preceding quarter, and up 46 percent
compared to $1.4 million in the first quarter of 2003.
Net loss for the 2004 first quarter was $3.5 million, or $0.33 per
share, compared to a net loss of $15.2 million, or $1.46 per share, in
the preceding quarter, which includes an impairment charge of $11.1
million related to the company's 200 mm and smaller SIMOX wafer
production line. Net loss in the preceding quarter excluding the
impairment charge was $4.1 million, or $0.39 per share. The net loss
amount, excluding the effect of the impairment charge, is provided to
show what net loss from operations would have been absent this charge,
which the company considers to be a special item. The net loss in the
first quarter of 2003 was $4.3 million, or $0.45 per share.
"In the first quarter we received an order from a leading silicon
wafer manufacturer for an i2000 implanter, with an option to purchase
a second implanter, which we believe is one of the most notable events
to take place in Ibis' history," said Martin J. Reid, president and
chief executive officer of Ibis Technology Corporation. "The fact that
the customer is a leading silicon wafer manufacturer is most
noteworthy because prior to the receipt of this order, most of our
implanter sales have been made to a leading semiconductor chip
manufacturer primarily for research, process development and
small-scale wafer production."
"We have frequently stated that we believe when it comes to
producing large volumes of SIMOX-SOI wafers for mass production, it
will be the wafer manufacturers who become the primary suppliers of
SIMOX-SOI wafers to the chipmaking industry, and we believe that this
order from a leading wafer manufacturer indicates that our SIMOX-SOI
technology has taken another step forward in the marketplace," said
Reid.
Ibis recently achieved customer acceptance of the i2000 implanter
at Ibis' facility and expects to ship this system in the second
quarter of 2004. Revenue recognition for this implanter order will be
based on final customer acceptance at the customer's facility, the
timing of which may vary depending on a number of factors. As a
result, Ibis cannot provide any guarantees with respect to when it
will recognize revenue on this transaction or if the option for a
second implanter will be exercised.
The i2000 implanter is designed to be a high-throughput,
high-volume production tool for manufacturing 200- and 300-millimeter
SIMOX-SOI wafers. The i2000 implanter's flexibility, automation and
operator-friendly controls allow this tool to produce a wide span of
SIMOX-SOI wafer products, including the company's Advantox(R) MLD and
Advantox MLD-UT wafers.
Corporate Outlook
Commenting on the company's future outlook, Reid said, "We
currently expect wafer sales in the second quarter of 2004 to be in
the range of $1 million to $3 million as we continue to provide
SIMOX-SOI wafers to chipmakers and wafer suppliers, including for
evaluation and low volume production needs. However, our emphasis
remains focused on further development of our implanter business. We
also anticipate receiving orders for one or two more i2000 implanters
this year and believe that the adoption rate of SOI technology will
increase next year."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its first quarter
results and outlook for the future on April 21, 2004 at 5:00 p.m. ET.
The dial-in number to listen to the conference call is 719-457-2621. 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 a 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 a leading
producer of SIMOX-SOI wafers. Headquartered in Danvers, Massachusetts,
the company maintains an additional 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 contains express or implied forward-looking
statements regarding, among other things, (i) customer interest in and
demand for, and market acceptance of, the Company's SIMOX-SOI
technology, (ii) the company's belief that wafer manufacturers will
become the primary suppliers of SIMOX-SOI wafers to the chipmaking
industry, (iii) the throughput and production capacity of the i2000
implanter for manufacturing 200- and 300-mm SIMOX-SOI wafers (iv) the
expected shipment of an i2000 implanter in the second quarter of 2004,
(v) the timing and likelihood of revenue recognition on orders for the
company's implanters, (vi) expected quarterly wafer sales and their
volatility, (vii) the company's plan to focus on supplying implanters
to wafer manufacturers, (viii) the company's expectations regarding
future orders for i2000 implanters, and (ix) and the adoption rate of
SOI technology. Such statements are neither promises nor guarantees
but rather are subject to risks and uncertainties, which could cause
actual results to differ materially from those, described in the
forward-looking statements. Such risks and uncertainties include, but
are not limited to, future continued migration to SOI technology and,
market acceptance of SIMOX, the level of demand for the company's
products, the company's ability to pursue, and maintain, further
strategic relationships, partnerships and alliances with third
parties, the company's ability to protect its proprietary technology,
the potential trends in the semiconductor industry generally, the ease
with which the i2000 can be installed and qualified in fabrication
facilities, the likelihood that implanters, if ordered, will be
qualified and accepted by customers, the likelihood and timing of
revenue recognition on such transactions, the impact of competitive
products, technologies and pricing, the impact of rapidly changing
technology, the possibility of further asset impairment and resulting
charges, equipment capacity and supply constraints or difficulties,
the company's limited history in selling implanters, general economic
conditions, and other risks and uncertainties 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, 2003. All information set
forth in this press release is as of April 21, 2004, and Ibis
undertakes no duty to update this information unless required by law.
-- Financial Tables Follow --
Ibis Technology Corporation
Condensed Statements of Operations
(Unaudited)
First Quarter Ended
March 31,
2004 2003
Product sales $ 1,849,000 $ 676,000
Contract and other revenue 90,000 498,000
Equipment revenue 118,000 234,000
Total revenue 2,057,000 1,408,000
Cost of product sales 3,256,000 2,874,000
Cost of contract and other revenue 7,000 18,000
Cost of equipment revenue 327,000 120,000
Gross profit (1,533,000) (1,604,000)
General & administrative 631,000 619,000
Marketing & sales 341,000 354,000
Research & development 985,000 1,736,000
Loss from operations (3,490,000) (4,313,000)
Other income 9,000 27,000
Net loss $(3,481,000) $(4,286,000)
Net loss per share
Basic $ (0.33) $ (0.45)
Diluted $ (0.33) $ (0.45)
Weighted average number of shares
used in per share calculation
Basic 10,651,316 9,474,940
Diluted 10,651,316 9,474,940
Condensed Balance Sheets
(Unaudited) (Audited)
March 31, December 31,
2004 2003
Assets
Current assets:
Cash and cash equivalents $14,651,000 $14,175,000
Accounts receivable 641,000 124,000
Unbilled Revenue - 529,000
Inventories 5,061,000 1,758,000
Other current assets 404,000 247,000
Current assets 20,757,000 16,833,000
Property and equipment 12,252,000 16,841,000
Other assets 1,600,000 1,669,000
Total assets $34,609,000 $35,343,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 810,000 $ 1,184,000
Accounts payable and other current
liabilities 3,528,000 3,042,000
Deferred revenue 2,632,000 -
Current liabilities 6,970,000 4,226,000
Capital lease obligation, long-term - -
Stockholders' equity 27,639,000 31,117,000
Total liabilities and stockholders' equity $34,609,000 $35,343,000
CONTACT: Ibis Technology Corporation
Martin J. Reid, 978-777-4247
or
IR Agency For Ibis Technology
Bill Monigle, 603-424-1184