Attached files
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| 8-K - 8-K - AXCELIS TECHNOLOGIES INC | a13-4267_18k.htm |
Exhibit 99.1
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER
AND FULL YEAR 2012
BEVERLY, Mass .—February 4, 2013— 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 |
|
Twelve months ended |
| ||||||||
|
|
|
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 |
|
Twelve months ended |
| ||||||||
|
|
|
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, |
|
December 31, |
| ||
|
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 |
|