Axcelis Announces Financial Results For Fourth Quarter And Full Year 2012

BEVERLY, Mass., Feb. 4, 2013 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2012. The Company reported fourth quarter revenue of $44.6 million, compared to $44.6 million for the third quarter of 2012.  Net loss for the quarter was $14.8 million, or ($0.14) per share, which included:  a $7.9 million gain from the sale of the Company's dry strip intellectual property and related assets to Lam Research Corporation in December 2012; a $13.4 million charge associated with an inventory write off; and $0.6 million of restructuring charges.  This compares to a net loss for the third quarter of 2012 of $8.7 million. Cash and cash equivalents were $45.0 million at December 31, 2012, which included $8.7 million from the sale of assets to Lam Research.

For the full year 2012, the Company reported revenue of $203.4 million, compared with $319.4 million for full year 2011. Net loss for the year was $34.0 million or ($0.32) per share.  This compares to net income for the full year 2011 of $5.1 million, or $0.05 per diluted share.  The full year 2012 results reflect the $7.9 million gain on the sale of assets to Lam Research, the $13.4 million charge associated with an inventory write off, and $4.2 million of restructuring charges.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Conditions during the fourth quarter remained challenging, pressuring both systems and GSS revenues.  Despite this, Axcelis generated cash from operations in the quarter, excluding the Lam transaction proceeds, and delivered financial operating results as expected.  We are committed to managing through the cycle with solid fiscal and operational management.  Our strong product portfolio and the opportunities from our collaborative relationship with Lam give Axcelis momentum entering 2013."

Fourth Quarter and Full Year 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the fourth quarter and full year 2012.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4205 (1.617.213.4862 outside North America).  Participants calling into the conference call will be requested to provide the pass code 55840939. A webcast replay will be available on the Axcelis' website for 30 days following the call.

Safe Harbor Statement
This press release and the announced conference call will contain forward-looking statements under the SEC safe harbor provisions. These statements, which include our guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all,  the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis
Axcelis Technologies, Inc. (Nasdaq: ACLS) headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. For more information, please visit: www.axcelis.com.

Company Contacts

Financial Community:
Jay Zager
978.787.9408

Editorial/Media Community:
Maureen Hart
978.787.4266

 

 

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 





Three months ended

December 31,



Twelve months ended

December 31,







2012


2011


2012


2011

Revenue










Product


$ 38,212


$ 52,037


$  174,309


$  287,324


Services


6,412


8,374


29,076


32,092


   Total revenue


44,624


60,411


203,385


319,416

Cost of revenue










Product


38,902


31,408


123,593


181,241


Services


5,242


6,380


21,621


23,438


   Total cost of revenue


44,144


37,788


145,214


204,679











Gross profit


480


22,623


58,171


114,737











Operating expenses










Research and development


8,402


12,140


40,401


47,176


Sales and marketing


7,604


6,524


25,889


29,255


General and administrative


5,943


5,245


26,554


31,174


Gain on sale of dry strip assets and intellectual property


(7,904)


-


(7,904)


-


Restructuring charges


558


-


4,169


-


   Total operating expenses


14,603


23,909


89,109


107,605











Income (loss) from operations


(14,123)


(1,286)


(30,938)


7,132











Other income (expense)










Interest income


18


18


45


42


Other, net


(496)


342


(1,495)


297


   Total other income (expense)


(478)


360


(1,450)


339











Income (loss) before income taxes


(14,601)


(926)


(32,388)


7,471











Income taxes


217


1,187


1,646


2,394











Net income (loss)


$ (14,818)


$  (2,113)


$ (34,034)


$ 5,077











Net income (loss) per share










   Basic


$  (0.14)


$   (0.02)


$   (0.32)


$   0.05


   Diluted


$  (0.14)


$   (0.02)


$   (0.32)


$   0.05











Shares used in computing net income (loss) per share










Basic


107,910


106,476


107,619


106,234


Diluted


107,910


106,476


107,619


109,098

















 

 

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)




Three months ended
December 31,


Twelve months ended
December 31,



2012


2011


2012


2011










Net income (loss)


$

(14,818)


$

(2,113)


$

(34,034)


$

5,077

Other comprehensive income:









Foreign currency translation adjustments


950


(431)


642


(1,465)

    Actuarial net (loss) gain from pension plan


(399)


10


(399)


10

Comprehensive income (loss)


$

(14,267)


$

(2,534)


$

(33,791)


$

3,622

 

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)




December 31,
2012


December 31,
2011

ASSETS





Current assets





Cash and cash equivalents


$

44,986


$

46,877

Accounts receivable, net


24,843


35,071

Inventories, net


100,234


120,023

Restricted cash


106


-

    Prepaid expenses and other current assets


5,056


10,062

Total current assets


175,225


212,033

Property, plant and equipment, net


34,413


37,204

Long-term restricted cash


-


104

Other assets


12,520


19,904

        Total assets


$

222,158


$

269,245






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities





Accounts payable


$

10,166


$

19,551

Accrued compensation


7,283


8,437

Warranty


1,700


3,556

Income taxes


278


495

Deferred revenue


6,423


10,786

Other current liabilities


3,932


4,647

Total current liabilities


29,782


47,472






Long-term deferred revenue


456


1,488

Other long-term liabilities


5,844


5,730

         Total liabilities


36,082


54,690






Stockholders' equity





Preferred stock



Common stock


108


107

Additional paid-in capital


504,643


499,332

Treasury stock


(1,218)


(1,218)

Accumulated deficit


(322,477)


(288,443)

Accumulated other comprehensive income


5,020


4,777

          Total stockholders' equity


186,076


214,555

          Total liabilities and stockholders' equity


$

222,158


$

269,245

 

Axcelis Technologies, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)






















Twelve months ended






December 31,






2012


2011

Cash flows from operating activities





Net income (loss)

$      (34,034)


$        5,077


Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:






Depreciation and amortization

6,877


8,497



Gain on sale of dry strip assets and intellectual property

(7,904)


-



Deferred taxes

834


585



Other

178


28



Stock-based compensation expense

3,976


4,687



Provision for excess inventory

14,492


1,015



Changes in operating assets and liabilities







Accounts receivable

10,478


22,692




Inventories

5,903


(11,870)




Prepaid expenses and other current assets

4,386


3,049




Accounts payable and other current liabilities

(13,490)


(17,940)




Deferred revenue

(5,396)


(4,006)




Income taxes

(225)


507




Other assets and liabilities

3,328


(8,788)





Net cash (used for) provided by operating activities

(10,597)


3,533









Cash flows from investing activities






Proceeds from sale of dry strip assets and intellectual property

8,716


-



Expenditures for property, plant, and equipment

(591)


(2,124)



(Increase) decrease in restricted cash

(2)


3





Net cash provided by (used for) investing activities

8,123


(2,121)









Cash flows from financing activities






Financing fees and other expenses

-


(200)



Proceeds from exercise of stock options

968


288



Proceeds from Employee Stock Purchase Plan

331


503





Net cash provided by financing activities

1,299


591

Effect of exchange rate changes on cash

(716)


(869)

Net (decrease) increase in cash and cash equivalents

(1,891)


1,134

Cash and cash equivalents at beginning of period

46,877


45,743

Cash and cash equivalents at end of period

$       44,986


$      46,877

















 

SOURCE Axcelis Technologies, Inc.

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