EXHIBIT 99.1
Ibis Technology Announces First Quarter 2007 Results
DANVERS, Mass.--(BUSINESS WIRE)--May 2, 2007--Ibis Technology
Corporation (Nasdaq: IBIS), a leading provider of SIMOX-SOI
implantation equipment to the worldwide semiconductor industry, today
announced its financial results for the first quarter ended March 31,
2007.
Total revenues for the first quarter of 2007 were $0.3 million.
This compares to total revenues of $0.5 million in the preceding
quarter, and compares to total revenues of $6.3 million in the first
quarter of 2006, which includes approximately $6.0 million of
equipment revenue related to the sale of an i2000 implanter that was
accepted by Ibis' customer during that quarter.
Net loss for the 2007 first quarter was $1.5 million, or a loss of
$0.13 per share, compared to a net loss for the preceding quarter of
$1.0 million, or a loss of $0.09 per share. Net income in the first
quarter of 2006 was $1.4 million, or $0.12 per share. Net loss for the
first quarter of 2007 reflects stock based compensation charges of
$129,000, or $0.01 per share, associated with the implementation of
Statement of Financial Accounting Standards No. 123(R). This compares
to stock based compensation charges of $125,000, or $0.01 per share in
the first quarter of 2006.
Commenting on current industry conditions, Charles M. McKenna,
Ph.D., president and CEO of Ibis Technology Corporation, said, "We
believe that the market for SOI wafers continues to grow. In fact, a
new report from industry analyst Semico concludes that Silicon on
Insulator (SOI) 'has gained considerable attention and traction
because of its technology benefits driving market penetration.' Semico
forecasts SOI wafer sales 'to increase 40 percent in 2007' and adds
that 'even greater SOI wafer demand for high performance applications'
is expected 'as 45nm technology enters mainstream manufacturing.' We
believe that SIMOX-SOI, once it is accepted into the mainstream
manufacturing process by one or more IDC's, will ultimately become the
low cost, and therefore high volume choice for SOI wafers."
"Based on the ability of the Ibis i2000 implanter to serve as the
primary production tool for the manufacture of quality, low cost
SIMOX-SOI wafers, we expect to receive additional orders for
implanters as the demand for SOI wafers grows," said McKenna. "Our
largest customer, who has two Ibis i2000 implanters in operation, is
currently focused on qualification runs for its customers and joint
technology development activities with Ibis to advance the SIMOX
technology and economics. However, following continued discussions
with our largest customer and others, we believe that any additional
implanter orders would come late in the second half of 2007. The
timing of this order, or orders, will have an impact on when revenue
can be recognized."
"Our long term view remains positive," said McKenna. "Our strategy
focuses on providing our i2000 oxygen implanters to the world's
largest silicon wafer manufacturers. We believe SIMOX-SOI has
significant inherent cost advantages associated with its processing,
and the end market is beginning to move into applications that should
be capable of supporting significantly increased volumes."
"We announced in a separate press release, issued on February 20,
2006, that the Company has completed the first close of a two stage
financing for a total of $5.3 million in equity capital," said
McKenna. "Shareholders will be asked to approve the second portion of
the financing at the Company's annual meeting that is currently
scheduled for May 10, 2007. We believe that it is prudent to provide
additional cash to the business at this time rather than to rely
solely on future orders to support the Company's needs for working
capital and other cash requirements."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its first quarter 2007
results and outlook for the future on May 2, 2007 at 5:00 p.m. ET. The
dial-in number to listen to the conference call is 850-521-5128. 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 three weeks.
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. Headquartered in Danvers,
Massachusetts, Ibis Technology is traded on the Nasdaq Global Market
under the symbol IBIS. Information about Ibis Technology Corporation
and SIMOX-SOI is available on the 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) the Company's ability to
conduct its operations in a manner consistent with its current plan
and existing capital resources or otherwise to obtain additional
implanter orders or to secure financing to continue as a going
concern, (ii) the Company's expectations regarding future orders for
i2000 implanters, (iii) customer interest in and demand for, and
market acceptance of, the Company's SIMOX-SOI technology, (iv)
attaining implanter improvements to the degree and in the timeframe
necessary to meet customer expectations, (v) the Company's plan to
focus on supplying implanters to wafer manufacturers, (vi) the timing
of SUMCO's ramping to production quantities on their i2000 implanters,
(vii) the adequacy of the Company's cash resources for continuing and
future operations, and (viii) 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, cessation as a going concern due to the depletion of the Company's
cash reserves at an unanticipated rate combined with an inability to
obtain customer orders or to secure financing, 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 an i2000 can be installed and
qualified in fabrication facilities, the likelihood that implanters,
if ordered, will be qualified and accepted by customers without
substantial delay, modification, or cancellation, in whole or in part,
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, 2006. All information set forth in this press release is as of May
2, 2007, and Ibis undertakes no duty to update this information unless
required by law.
Ibis Technology Corporation
Condensed Statement of Operations
Unaudited Quarter Ended
March 31,
2006 2007
License and other revenue $255,000 $84,000
Equipment revenue 6,006,000 246,000
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Total revenue 6,261,000 330,000
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Cost of contract and other revenue 0 0
Cost of equipment revenue 2,673,000 116,000
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Gross profit (loss) 3,588,000 214,000
----------- ------------
General and administrative 640,000 560,000
Marketing and sales 316,000 221,000
Research and development 1,329,000 1,064,000
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Loss from operations 1,303,000 (1,631,000)
Other income 63,000 162,000
Income tax expense 1,000 1,000
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Net income (loss) $1,365,000 ($1,470,000)
Net income (loss) per share:
Basic $0.13 ($0.13)
Diluted $0.12 ($0.13)
Weighted average number of shares used in net
income (loss) per share calculation:
Basic 10,816,029 11,537,703
Diluted 10,961,430 11,537,703
Condensed Balance Sheets
Unaudited Unaudited
December 31, March 31,
2006 2007
Assets
Current assets:
Cash and cash equivalents $4,813,000 $5,612,000
Accounts receivable 349,000 245,000
Inventories 3,575,000 3,529,000
Other current assets 291,000 357,000
Current assets 9,028,000 9,743,000
Property and equipment 3,984,000 3,696,000
Other assets 777,000 676,000
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Total assets $13,789,000 $14,115,000
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 410,000 375,000
Accrued Liabilities 973,000 839,000
Deferred revenue 150,000 0
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Current liabilities 1,533,000 1,214,000
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Total liabilities 1,533,000 1,214,000
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Stockholders' equity 12,256,000 12,901,000
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Total liabilities and stockholders'
equity $13,789,000 $14,115,000
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CONTACT: Ibis Technology Corporation
William J. Schmidt, 978-777-4247
Chief Financial Officer