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): July 21, 2004


                           IBIS TECHNOLOGY CORPORATION
                           ---------------------------
             (Exact name of registrant as specified in its charter)






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



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



Registrant's telephone number, including area code:  (978) 777-4247
                                                     --------------


ITEM 5. OTHER EVENTS

On July 21, 2004, Ibis Technology  Corporation  announced that it has decided to
discontinue the wafer manufacturing portion of its business. A copy of the press
release is being  furnished as Exhibit 99.2 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 July 21, 2004, Ibis Technology  Corporation  announced its financial  results
for the three months  ended June 30, 2004. 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:  July 21, 2004               /s/William J. Schmidt
                                   ------------------------------------------
                                   William J. Schmidt Chief Financial Officer







                                  EXHIBIT INDEX

Exhibit
Number                     Description
- -------
99.1     Press Release Announcing Second Quarter 2004 Results

99.2     Press Release Announcing Decision to Discontinue the Wafer
         Manufacturing Portion of its Business