UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 10-Q
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the quarterly period ended March 31, 2005 |
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or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the transition period from to |
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Commission File Number 000-24085
AXT, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE |
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94-3031310 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
4281 Technology Drive, Fremont, California 94538
(Address of principal executive offices) (Zip code)
(510) 683-5900
(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 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 o NO ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at April 29, 2005 |
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Common Stock, $0.001 par value |
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23,094,543 |
AXT, INC.
FORM 10-Q
TABLE OF CONTENTS
2
AXT, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Unaudited, in thousands, except per share data)
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March 31, |
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December 31, |
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Assets: |
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Current assets |
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Cash and cash equivalents |
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$ |
14,581 |
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$ |
12,117 |
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Short-term investments |
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12,600 |
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20,062 |
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Accounts receivable, net of allowance of $1,145 and $1,087 as of March 31, 2005 and December 31, 2004, respectively |
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4,462 |
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4,034 |
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Inventories, net |
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15,984 |
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16,462 |
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Prepaid expenses and other current assets |
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3,351 |
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2,523 |
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Assets held for sale |
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1,250 |
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1,250 |
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Total current assets |
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52,228 |
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56,448 |
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Property, plant and equipment, net |
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17,775 |
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19,045 |
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Restricted deposits |
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8,215 |
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8,215 |
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Other assets |
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3,802 |
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3,832 |
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Total Assets |
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$ |
82,020 |
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$ |
87,540 |
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Liabilities: |
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Current liabilities |
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Accounts payable |
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$ |
1,779 |
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$ |
1,895 |
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Accrued liabilities |
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4,990 |
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4,765 |
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Accrued restructuring |
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548 |
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552 |
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Current portion of long-term debt |
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450 |
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450 |
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Income taxes payable |
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3,029 |
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2,925 |
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Total current liabilities |
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10,796 |
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10,587 |
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Long-term debt, net of current portion |
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7,450 |
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7,600 |
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Other long-term liabilities |
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1,219 |
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1,336 |
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Total liabilities |
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19,465 |
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19,523 |
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Commitments and contingencies (Note 11) |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value per share; 2,000 shares authorized; 883 shares issued and outstanding |
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3,532 |
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3,532 |
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Common stock, $0.001 par value per share; 70,000 shares authorized; 23,154 and 23,119 shares issued and outstanding, at March 31, 2005 and December 31, 2004, respectively |
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23 |
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23 |
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Additional paid-in-capital |
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155,457 |
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155,431 |
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Accumulated deficit |
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(96,684 |
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(92,561 |
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Accumulated other comprehensive income |
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227 |
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1,592 |
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Total stockholders’ equity |
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62,555 |
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68,017 |
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Total Liabilities and Stockholders’ Equity |
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$ |
82,020 |
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$ |
87,540 |
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See accompanying notes to condensed consolidated financial statements.
3
AXT, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
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Three Months Ended |
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2005 |
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2004 |
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Revenue |
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$ |
6,634 |
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$ |
9,776 |
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Cost of revenue |
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6,355 |
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9,243 |
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Gross profit |
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279 |
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533 |
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Operating expenses: |
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Selling, general and administrative |
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4,252 |
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2,770 |
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Research and development |
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362 |
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341 |
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Restructuring charges |
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125 |
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— |
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Total operating expenses |
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4,739 |
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3,111 |
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Loss from operations |
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(4,460 |
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(2,578 |
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Interest income, net |
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119 |
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24 |
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Other income (expense), net |
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(105 |
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34 |
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Loss before provision for income taxes |
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(4,446 |
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(2,520 |
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Provision for income taxes |
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35 |
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40 |
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Loss from continuing operations |
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(4,481 |
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(2,560 |
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Discontinued operations: |
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Gain from discontinued operations |
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358 |
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— |
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Net loss |
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$ |
(4,123 |
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$ |
(2,560 |
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Basic and diluted loss per share: |
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Loss from continuing operations |
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$ |
(0.20 |
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$ |
(0.11 |
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Gain from discontinued operations |
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0.02 |
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— |
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Net loss |
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$ |
(0.18 |
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$ |
(0.11 |
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