Delaware
|
000-24085
|
94-3031310
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
99.1 | Press release dated February 23, 2015, regarding the financial results of AXT, Inc. for the quarter and fiscal year ended December 31, 2014. |
AXT, INC | |||
Date: February 23, 2015
|
By:
|
/s/ Gary L. Fischer
|
|
Gary L. Fischer
|
|||
Chief Financial Officer and Corporate Secretary |
Exhibit
Number
|
Description
|
|
Press release dated February 23, 2015, regarding the financial results of AXT, Inc. for the quarter and fiscal year ended December 31, 2014.
|
FOR IMMEDIATE RELEASE
Contacts:
|
AXT, Inc.
4281 Technology Drive
Fremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue
|
$
|
19,567
|
$
|
18,603
|
$
|
83,499
|
$
|
85,335
|
||||||||
Cost of revenue
|
14,596
|
15,790
|
66,332
|
73,507
|
||||||||||||
Gross profit
|
4,971
|
2,813
|
17,167
|
11,828
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
4,341
|
3,631
|
14,970
|
16,066
|
||||||||||||
Research and development
|
1,222
|
797
|
4,144
|
3,424
|
||||||||||||
Restructuring charge
|
0
|
0
|
907
|
0
|
||||||||||||
Total operating expenses
|
5,563
|
4,428
|
20,021
|
19,490
|
||||||||||||
Income (loss) from operations
|
(592
|
)
|
(1,615
|
)
|
(2,854
|
)
|
(7,662
|
)
|
||||||||
Interest income, net
|
123
|
272
|
483
|
408
|
||||||||||||
Equity in earnings of unconsolidated joint ventures
|
26
|
278
|
1,528
|
1,377
|
||||||||||||
Other income (expense), net
|
111
|
(257
|
)
|
361
|
(748
|
)
|
||||||||||
Income (loss) before provision for income taxes
|
(332
|
)
|
(1,322
|
)
|
(482
|
)
|
(6,625
|
)
|
||||||||
Provision for (benefit from) income taxes
|
(39
|
)
|
(134
|
)
|
215
|
188
|
||||||||||
Net income (loss)
|
(293
|
)
|
(1,188
|
)
|
(697
|
)
|
(6,813
|
)
|
||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
(18
|
)
|
(40
|
)
|
(691
|
)
|
(1,145
|
)
|
||||||||
Net income (loss) attributable to AXT, Inc.
|
$
|
(311
|
)
|
$
|
(1,228
|
)
|
$
|
(1,388
|
)
|
$
|
(7,958
|
)
|
||||
Net income (loss) attributable to AXT, Inc. per common share:
|
||||||||||||||||
Basic
|
$
|
(0.01
|
)
|
$
|
(0.04
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
||||
Diluted
|
$
|
(0.01
|
)
|
$
|
(0.04
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
32,558
|
32,628
|
32,452
|
32,700
|
||||||||||||
Diluted
|
32,558
|
32,628
|
32,452
|
32,700
|
December 31,
2,014 |
December 31,
2013 |
|||||||
Assets:
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
28,814
|
$
|
24,961
|
||||
Short-term investments
|
12,340
|
12,499
|
||||||
Accounts receivable, net
|
17,864
|
14,943
|
||||||
Inventories
|
38,574
|
39,127
|
||||||
Related party notes receivable - current
|
171
|
0
|
||||||
Prepaid expenses and other current assets
|
5,430
|
8,010
|
||||||
Total current assets
|
103,193
|
99,540
|
||||||
Long-term investments
|
7,783
|
10,145
|
||||||
Property, plant and equipment, net
|
33,862
|
37,621
|
||||||
Related party notes receivable - long-term
|
1,704
|
1,715
|
||||||
Other assets
|
14,975
|
14,801
|
||||||
Total assets
|
$
|
161,517
|
$
|
163,822
|
||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
7,137
|
$
|
8,140
|
||||
Accrued liabilities
|
7,634
|
7,286
|
||||||
Total current liabilities
|
14,771
|
15,426
|
||||||
Long-term portion of royalty payments
|
1,725
|
2,525
|
||||||
Other long-term liabilities
|
333
|
325
|
||||||
Total liabilities
|
16,829
|
18,276
|
||||||
Stockholders' equity:
|
||||||||
Preferred stock
|
3,532
|
3,532
|
||||||
Common stock
|
32
|
32
|
||||||
Additional paid-in capital
|
195,419
|
194,156
|
||||||
Accumulated deficit
|
(68,393
|
)
|
(67,005
|
)
|
||||
Accumulated other comprehensive income
|
7,673
|
8,953
|
||||||
Total AXT, Inc. stockholders' equity
|
138,263
|
139,668
|
||||||
Noncontrolling interest
|
6,425
|
5,878
|
||||||
Total stockholders' equity
|
144,688
|
145,546
|
||||||
Total liabilities and stockholders' equity
|
$
|
161,517
|
$
|
163,822
|