UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20569
Form 10-Q
ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2002
Or
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission file number 0-23150
Ibis Technology Corporation
(Exact name of registrant as specified in its charter)
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Massachusetts |
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04-2987600 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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32 Cherry Hill Drive, Danvers, MA |
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01923 |
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(Address of principal executive offices) |
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(Zip Code) |
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(978) 777-4247 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
9,436,170 shares of Common Stock, par value $.008, were outstanding on October 31, 2002.
IBIS TECHNOLOGY CORPORATION
INDEX
PART 1 - FINANCIAL INFORMATION
2
IBIS TECHNOLOGY CORPORATION
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December 31, |
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September 30, |
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2001 |
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2002 |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
13,087,799 |
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$ |
12,900,716 |
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Accounts receivable, trade, net |
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5,765,614 |
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1,552,426 |
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Inventories (note 3) |
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1,535,512 |
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2,192,985 |
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Deferred costs |
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2,474,264 |
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1,952,775 |
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Prepaid expenses and other current assets |
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210,530 |
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381,068 |
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Total current assets |
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23,073,719 |
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18,979,970 |
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Property and equipment |
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43,039,864 |
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49,361,685 |
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Less: Accumulated depreciation and amortization |
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(13,297,308 |
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(17,710,467 |
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Net property and equipment |
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29,742,556 |
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31,651,218 |
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Patents and other assets, net |
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2,104,029 |
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1,940,663 |
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Total assets |
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$ |
54,920,304 |
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$ |
52,571,851 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Capital lease obligation, current |
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$ |
1,502,524 |
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$ |
1,503,437 |
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Accounts payable |
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1,124,180 |
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3,703,140 |
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Accrued liabilities |
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2,429,956 |
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2,048,745 |
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Deferred revenue |
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6,785,299 |
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1,164,332 |
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Total current liabilities |
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11,841,959 |
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8,419,654 |
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Capital lease obligation, noncurrent |
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2,684,766 |
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1,558,267 |
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Deferred gain on capital lease |
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33,705 |
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24,499 |
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Total liabilities |
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14,560,430 |
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10,002,420 |
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Stockholders’ equity: |
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Undesignated preferred stock, $.01 par value. |
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Authorized 2,000,000 shares; none issued |
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— |
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—- |
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Common stock, $.008 par value. |
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Authorized 50,000,000 shares; issued 8,412,138 shares and 9,436,170 shares in 2001 and 2002, respectively |
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67,297 |
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75,489 |
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Additional paid-in capital |
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66,618,223 |
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78,906,581 |
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Accumulated deficit |
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(26,325,646 |
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(36,412,639 |
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Total stockholders’ equity |
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40,359,874 |
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42,569,431 |
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Total liabilities and stockholders’ equity |
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$ |
54,920,304 |
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$ |
52,571,851 |
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See accompanying notes to unaudited interim financial statements.
3
IBIS TECHNOLOGY CORPORATION
(Unaudited)
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2001 |
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2002 |
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2001 |
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2002 |
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Net Sales and revenue: |
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Product sales |
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$ |
925,550 |
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$ |
2,011,670 |
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$ |
4,160,495 |
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$ |
4,992,987 |
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Contract and other revenue |
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131,874 |
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60,701 |
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477,767 |
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232,761 |
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Equipment revenue |
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386,403 |
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5,657,605 |
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1,262,488 |
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5,987,565 |
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Total net sales and revenue (note 2) |
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1,443,827 |
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7,729,976 |
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5,900,750 |
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11,213,313 |
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Cost of sales and revenue: |
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Cost of product sales |
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2,224,616 |
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3,995,509 |
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5,874,923 |
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10,278,147 |
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Cost of contract and other revenue |
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90,269 |
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9,819 |
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351,642 |
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97,076 |
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Cost of equipment revenue |
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892,372 |
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3,573,559 |
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1,305,807 |
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3,732,403 |
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Total cost of sales and revenue |
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3,207,257 |
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7,578,887 |
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7,532,372 |
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14,107,626 |
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Gross profit (loss) |
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(1,763,430 |
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151,089 |
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(1,631,622 |
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(2,894,313 |
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