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 March 31, 2004
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)
|
Massachusetts |
|
04-2987600 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
32 Cherry Hill Drive, Danvers, MA |
|
01923 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
(978) 777-4247 |
||
|
(Registrant’s telephone number, including area code) |
||
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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
10,651,670 shares of Common Stock, par value $.008, were outstanding on May 3, 2004.
IBIS TECHNOLOGY CORPORATION
INDEX
2
IBIS TECHNOLOGY CORPORATION
(Unaudited)
|
|
|
December 31, |
|
March 31, |
|
||
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
14,174,716 |
|
$ |
14,651,034 |
|
|
Accounts receivable, trade, net (note 5) |
|
123,548 |
|
641,406 |
|
||
|
Unbilled revenue (note 5) |
|
528,581 |
|
— |
|
||
|
Inventories (note 3) |
|
1,758,449 |
|
5,060,741 |
|
||
|
Prepaid expenses and other current assets |
|
247,602 |
|
403,708 |
|
||
|
Total current assets |
|
16,832,896 |
|
20,756,889 |
|
||
|
Property and equipment |
|
40,584,764 |
|
36,927,339 |
|
||
|
Less: Accumulated depreciation and amortization |
|
(23,743,179 |
) |
(24,675,063 |
) |
||
|
Net property and equipment |
|
16,841,585 |
|
12,252,276 |
|
||
|
Patents and other assets, net |
|
1,668,558 |
|
1,599,600 |
|
||
|
Total assets |
|
$ |
35,343,039 |
|
$ |
34,608,765 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Capital lease obligation, current |
|
$ |
1,184,399 |
|
$ |
810,262 |
|
|
Accounts payable |
|
404,512 |
|
1,192,784 |
|
||
|
Accrued liabilities |
|
2,384,915 |
|
2,334,838 |
|
||
|
Deferred revenue |
|
252,000 |
|
2,632,000 |
|
||
|
Total current liabilities |
|
4,225,826 |
|
6,969,884 |
|
||
|
Total liabilities |
|
4,225,826 |
|
6,969,884 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Undesignated preferred stock, $.01 par value. |
|
|
|
|
|
||
|
Authorized 2,000,000 shares; none issued |
|
— |
|
— |
|
||
|
Common stock, $.008 par value. |
|
|
|
|
|
||
|
Authorized 50,000,000 shares; issued 10,651,170 shares and 10,651,670 shares in 2003 and 2004, respectively |
|
85,209 |
|
85,213 |
|
||
|
Additional paid-in capital |
|
92,903,618 |
|
92,906,437 |
|
||
|
Accumulated deficit |
|
(61,871,614 |
) |
(65,352,769 |
) |
||
|
Total stockholders’ equity |
|
31,117,213 |
|
27,638,881 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
35,343,039 |
|
$ |
34,608,765 |
|
See accompanying notes to unaudited interim financial statements.
3
IBIS TECHNOLOGY CORPORATION
(Unaudited)
|
|
|
Three
months ended |
|
||||
|
|
|
2003 |
|
2004 |
|
||
|
|
|
|
|
|
|
||
|
Net Sales and revenue: |
|
|
|
|
|
||
|
Wafer product sales |
|
$ |
675,700 |
|
$ |
1,849,240 |
|
|
Contract and other revenue |
|
498,464 |
|
90,251 |
|
||
|
Equipment revenue |
|
233,987 |
|
117,657 |
|
||
|
Total net sales and revenue (notes 2 and 5) |
|
1,408,151 |
|
2,057,148 |
|
||
|
|
|
|
|
|
|
||
|
Cost of sales and revenue: |
|
|
|
|
|
||
|
Cost of wafer product sales |
|
2,873,915 |
|
3,256,623 |
|
||
|
Cost of contract and other revenue |
|
18,157 |
|
6,942 |
|
||
|
Cost of equipment revenue |
|
119,853 |
|
326,655 |
|
||
|
Total cost of sales and revenue |
|
3,011,925 |
|
3,590,220 |
|
||
|
Gross profit (loss) |
|
(1,603,774 |
) |
(1,533,072 |
) |
||
|
|
|
|
|
|
|
||
|
Operating expenses: |
|
|
|
|
|
||
|
General and administrative |
|
618,753 |
|
631,491 |
|
||
|
Marketing and selling |
|
354,533 |
|
340,655 |
|
||
|
Research and development |
|
1,735,636 |
|
985,268 |
|
||
|
Total operating expenses |
|
2,708,922 |
|
1,957,414 |
|
||
|
Loss from operations |
|
(4,312,696 |
) |
(3,490,486 |
) |
||
|
|
|
|
|
|
|
||
|
Other income (expense): |
|
|
|
|
|
||
|
Interest income |
|
25,845 |
|
23,444 |
|
||
|
Interest expense |
|
(1,972 |
) |
(12,857 |
) |
||
|
Other |
|
3,726 |
|
— |
|
||
|
Total other income |
|
27,599 |
|
10,587 |
|
||
|
|
|
|
|
|
|
||
|
Loss before income taxes |
|
(4,285,097 |
) |
(3,479,899 |
) |
||
|
|
|
|
|
|
|
||
|
Income tax expense |
|
1,256 |
|
1,256 |
|
||
|
|
|
|
|
||||