Exhibit 99.1
Ibis Technology Announces Second Quarter 2007 Results
DANVERS, Mass.--(BUSINESS WIRE)--July 25, 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 second quarter ended June 30,
2007.
Total revenues for the second quarter of 2007 were $265,000. This
compares to total revenues of $330,000 in the preceding quarter, and
compares to total revenues of $42,000 in the second quarter of 2006.
Net loss for the 2007 second quarter was $1.4 million, or a loss
of $0.11 per share, compared to a net loss for the preceding quarter
of $1.5 million, or a loss of $0.13 per share. Net loss in the second
quarter of 2006 was $2.2 million, or a loss of $0.20 per share. Net
loss for the second quarter of 2007 reflects stock based compensation
charges of $117,917 or $0.01 per share, associated with the
implementation of Statement of Financial Accounting Standards No.
123R.
For the first half of 2007, total revenues were $0.6 million
compared to $6.3 million for the first half of last year. Net loss for
the first six months of 2007 was $2.9 million, or $0.23 per share,
compared to a loss of $0.8 million, or $0.07 per share for the first
half of 2006. Revenue and net loss for the first half of 2007 does not
include the sale of an i2000 implanter, compared to the sale of one
implanter in the first half of 2006.
During the second quarter, IBIS stockholders approved the second
tranche of equity-based financing, the details of which were announced
in an IBIS press release on February 20, 2007. As a result of this
approval, in the second tranche IBIS received $3.1 million in exchange
for 1,978,377 shares of IBIS common stock and 1,483,472 warrants to
purchase additional shares at $1.50.
Charles M. McKenna, Ph.D., President and CEO of Ibis Technology
Corporation, said, "Based on discussions with our largest customer, we
previously indicated that any additional orders for our Ibis i2000
oxygen implanters likely would come late in the second half of 2007.
As of today, we have no further indication from our customers on the
timing of their next implanter orders, or visibility regarding their
SIMOX implanter requirements in the near term. Although an order may
be received before the end of this year, this timing will preclude our
ability to complete on-site customer acceptance and the subsequent
recognition of implanter revenue during the current fiscal year. Also
at this time, in light of the overall slowdown in the volume demand
for SOI substrates, as reported recently by Soitec, we believe we
should be prepared for the likelihood that the next i2000 orders will
be pushed out into 2008."
Commenting on current industry conditions, McKenna added: "We
continue to see evidence of new and expanding applications for SOI
wafers. One of our customers has indicated that the level of interest
in exploring new applications for SOI, and SIMOX-SOI in particular, is
at an all-time high. We believe that SOI's fundamental advantages over
standard silicon wafers will lead to an increasing number of
applications. The need to reduce dynamic power losses and the
resulting heat buildup in semiconductor chips is a more pressing issue
today than ever before, and should be a powerful market driver for
SOI."
"We also believe that SIMOX-SOI will ultimately become the low
cost, high volume choice for SOI wafers, once the basic SIMOX-SOI
technology is accepted into mainstream chip fabrication. Our customers
are working diligently with us to make this happen. Our long term view
remains positive," said McKenna. "We believe that we have the right
business model, technology and personnel to succeed in supporting our
customers in their drive toward making SIMOX-SOI the leading choice
for SOI wafers by the global semiconductor industry."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its second quarter 2007
results and outlook for the future on July 25, 2007 at 5:00 p.m. ET.
The dial-in number to listen to the conference call is 719-457-2733. 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 our largest customer'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
July 25, 2007, and Ibis undertakes no duty to update this information
unless required by law.
Ibis Technology Corporation
Condensed Statement of Operations
Unaudited Unaudited
Quarter Ended 6 Months Ended
June 30, June 30,
2006 2007 2006 2007
License and other
revenue $28,000 $137,000 $283,000 $221,000
Equipment revenue 14,000 128,000 6,020,000 374,000
--------------------------------------------------
Total revenue 42,000 265,000 6,303,000 595,000
--------------------------------------------------
Cost of contract
and other revenue 0 0 0 0
Cost of equipment
revenue 53,000 204,000 2,726,000 320,000
--------------------------------------------------
Gross profit
(loss) (11,000) 61,000 3,577,000 275,000
--------------------------------------------------
General and
administrative 675,000 567,000 1,314,000 1,127,000
Marketing and sales 300,000 139,000 617,000 360,000
Research and
development 1,357,000 964,000 2,686,000 2,028,000
--------------------------------------------------
Loss from
operations (2,343,000) (1,609,000) (1,040,000) (3,240,000)
Other income
(expense) 177,000 162,000 240,000 325,000
Income tax expense 0 0 1,000 1,000
--------------------------------------------------
Net income (loss) ($2,166,000) ($1,447,000) ($801,000) ($2,916,000)
Net income (loss)
per share:
Basic ($0.20) ($0.11) ($0.07) ($0.23)
Diluted ($0.20) ($0.11) ($0.07) ($0.23)
Weighted average
number of shares
used in net income
(loss) per share
calculation:
Basic 10,835,385 13,431,999 10,825,761 12,490,084
Diluted 10,835,385 13,431,999 10,825,761 12,490,084
Condensed Balance Sheets
Unaudited Unaudited
December 31, 2006 June 30, 2007
Assets
Current assets:
Cash and cash equivalents $4,813,000 $7,228,000
Accounts receivable 349,000 396,000
Inventories 3,575,000 3,564,000
Other current assets 291,000 324,000
Current assets 9,028,000 11,512,000
Property and equipment 3,984,000 3,415,000
Other assets 777,000 603,000
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Total assets $13,789,000 $15,530,000
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 410,000 357,000
Accrued Liabilities 973,000 675,000
Deferred revenue 150,000 0
-------------------------------
Current liabilities 1,533,000 1,032,000
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Total liabilities 1,533,000 1,032,000
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Stockholders' equity 12,256,000 14,498,000
-------------------------------
Total liabilities and stockholders'
equity $13,789,000 $15,530,000
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CONTACT: Ibis Technology Corporation
William J. Schmidt, 978-777-4247
Chief Financial Officer