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))
|
Item2.02
|
Results of Operations and Financial Condition
|
Item9.01
|
Financial Statements and Exhibits
|
(d) | Exhibits |
99.1 | Press release dated April 30, 2015, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2015. |
AXT, INC.
|
|||
Date: April 30, 2015
|
By:
|
/s/ Gary L. Fischer
|
|
Gary L. Fischer
|
|||
Chief Financial Officer and Corporate Secretary
|
Exhibit
Number
|
Description
|
|
Press release dated April 30, 2015, regarding the financial results of AXT, Inc. for the quarter ended March 31, 2015.
|
Contacts:
|
|
Gary Fischer
|
|
Chief Financial Officer
|
|
(510) 683-5900
|
|
Leslie Green
|
|
Green Communications Consulting, LLC
|
|
(650) 312-9060
|
![]() |
![]() |
AXT, Inc.
4281 Technology Drive
Fremont, CA 94538
Tel: 510.683.5900
Fax: 510.353.0668
www.axt.com.
|
Three Months Ended
March 31,
|
||||||||
2015
|
2014
|
|||||||
Revenue
|
$
|
20,064
|
$
|
19,345
|
||||
Cost of revenue
|
15,315
|
16,627
|
||||||
Gross profit
|
4,749
|
2,718
|
||||||
Operating expenses:
|
||||||||
Selling, general and administrative
|
5,251
|
3,436
|
||||||
Research and development
|
1,241
|
775
|
||||||
Restructuring charge
|
0
|
907
|
||||||
Total operating expenses
|
6,492
|
5,118
|
||||||
Income (loss) from operations
|
(1,743
|
)
|
(2,400
|
)
|
||||
Interest income, net
|
97
|
127
|
||||||
Equity in earnings of unconsolidated joint ventures
|
200
|
487
|
||||||
Other expense, net
|
633
|
10
|
||||||
Income (loss) before provision for income taxes
|
(813
|
)
|
(1,776
|
)
|
||||
Provision (benefit) for income taxes
|
86
|
59
|
||||||
Net income (loss)
|
(899
|
)
|
(1,835
|
)
|
||||
Less: Net income attributable to noncontrolling interest
|
(125
|
)
|
(205
|
)
|
||||
Net income (loss) attributable to AXT, Inc.
|
$
|
(1,024
|
)
|
$
|
(2,040
|
)
|
||
Net income (loss) attributable to AXT, Inc. per common share:
|
||||||||
Basic
|
$
|
(0.03
|
)
|
$
|
(0.06
|
)
|
||
Diluted
|
$
|
(0.03
|
)
|
$
|
(0.06
|
)
|
||
Weighted average number of common shares outstanding:
|
||||||||
Basic
|
32,553
|
32,364
|
||||||
Diluted
|
32,553
|
32,364
|
March 31,
2015
|
December 31,
2014
|
|||||||
Assets:
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
33,285
|
$
|
28,814
|
||||
Short-term investments
|
3,590
|
12,340
|
||||||
Accounts receivable, net
|
18,787
|
17,864
|
||||||
Inventories
|
39,475
|
38,574
|
||||||
Related party notes receivable - current
|
173
|
171
|
||||||
Prepaid expenses and other current assets
|
4,312
|
5,430
|
||||||
Total current assets
|
99,622
|
103,193
|
||||||
Long-term investments
|
10,612
|
7,783
|
||||||
Property, plant and equipment, net
|
33,223
|
33,862
|
||||||
Related party notes receivable - long-term
|
1,710
|
1,704
|
||||||
Other assets
|
15,128
|
14,975
|
||||||
Total assets
|
$
|
160,295
|
$
|
161,517
|
||||
Liabilities and stockholders' equity:
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
9,131
|
$
|
7,137
|
||||
Accrued liabilities
|
5,815
|
7,634
|
||||||
Total current liabilities
|
14,946
|
14,771
|
||||||
Long-term portion of royalty payments
|
1,581
|
1,725
|
||||||
Other long-term liabilities
|
350
|
333
|
||||||
Total liabilities
|
16,877
|
16,829
|
||||||
Stockholders' equity:
|
||||||||
Preferred stock
|
3,532
|
3,532
|
||||||
Common stock
|
32
|
32
|
||||||
Additional paid-in capital
|
195,152
|
195,419
|
||||||
Accumulated deficit
|
(69,417
|
)
|
(68,393
|
)
|
||||
Accumulated other comprehensive income
|
7,620
|
7,673
|
||||||
Total AXT, Inc. stockholders' equity
|
136,919
|
138,263
|
||||||
Noncontrolling interest
|
6,499
|
6,425
|
||||||
Total stockholders' equity
|
143,418
|
144,688
|
||||||
Total liabilities and stockholders' equity
|
$
|
160,295
|
$
|
161,517
|
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