EX-99.1 2 a13-4267_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

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.”

 

1



 

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.

 

2



 

Company Contacts

 

Financial Community:

Jay Zager
978.787.9408

 

Editorial/Media Community:

Maureen Hart
978.787.4266

 

3



 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

 

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

 

 

4



 

Axcelis Technologies, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

 

 

 

Three months ended
December 31,

 

Twelve months ended
December 31,

 

 

 

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

 

 

5



 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

December 31,
2012

 

December 31,
2011

 

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

 

 

6



 

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

 

 

7