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Axcelis Technologies Inc (ACLS) SEC Filing 8-K Material Event for the period ending Tuesday, May 5, 2020

Axcelis Technologies Inc

CIK: 1113232 Ticker: ACLS

 

Exhibit 99.1

 

News Release  

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2020 

Company Reports Continued Strong Demand for Purion Products

 

BEVERLY, Mass. — May 5, 2020—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2020.

 

The Company reported first quarter revenue of $119 million, compared to $107.7 million for the fourth quarter of 2019. Operating profit for the quarter was $13.7 million, compared to $13.2 million for the fourth quarter. Net income for the quarter was $11.2 million, or $0.33 per diluted share, compared to net income for the fourth quarter of $9.7 million, or $0.29 per diluted share. Gross margin for the quarter was 38.3%, compared to 41.1% in the fourth quarter. Cash, cash equivalents and restricted cash were $181.4 million on March 31, 2020, compared to $146.5 million on December 31, 2019.

 

President and CEO Mary Puma commented, “We are very pleased with our strong first quarter performance. As a result of everyone’s extraordinary efforts, we delivered an excellent financial quarter by continuing to meet our customers’ expectations. While there is limited visibility to near-term macroeconomic conditions, customer demand for our Purion platform remains strong. Axcelis has a highly differentiated product line, a broad and diverse customer base, a robust balance sheet and a dedicated team of employees. These strengths will propel us through this difficult period and lead us to market leadership in ion implantation.”

 

First Quarter 2020 Conference Call

 

The Company will host a call to discuss the results for the first quarter 2020 on Wednesday, May 6, 2020 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 1738978. Webcast replays will be available for 30 days following the call.

 

 

 

News Release  

 

Safe Harbor Statement

 

This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and 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 that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. 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 (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. 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. Learn more about Axcelis at www.axcelis.com.

 

Company Contacts

 

Investor Relations:

Doug Lawson
978.787.9552

 

Editorial/Media:

Maureen Hart
978.787.4266

 

 

 

News Release  

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

   Three months ended 
   March 31, 
   2020   2019 
Revenue:        
Product  $112,133   $84,197 
Services   6,858    7,280 
Total revenue   118,991    91,477 
Cost of revenue:          
Product   67,172    47,338 
Services   6,270    6,633 
Total cost of revenue   73,442    53,971 
Gross profit   45,549    37,506 
Operating expenses:          
Research and development   14,606    13,685 
Sales and marketing   8,204    8,918 
General and administrative   9,036    7,807 
Total operating expenses   31,846    30,410 
Income from operations   13,703    7,096 
Other (expense) income:          
Interest income   482    841 
Interest expense   (1,303)   (1,230)
Other, net   (620)   (173)
Total other expense   (1,441)   (562)
Income before income taxes   12,262    6,534 
Income tax provision   1,041    472 
Net income  $11,221   $6,062 
Net income per share:          
Basic  $0.34   $0.19 
Diluted  $0.33   $0.18 
Shares used in computing net income per share:          
Basic weighted average common shares   32,872    32,683 
Diluted weighted average common shares   34,057    34,224 

 

 

 

News Release  

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

   March 31,   December 31, 
   2020   2019 
ASSETS          
Current assets:          
Cash and cash equivalents  $174,745   $139,881 
Accounts receivable, net   64,238    83,753 
Inventories, net   136,068    140,364 
Prepaid expenses and other current assets   16,621    11,681 
Total current assets   391,672    375,679 
Property, plant and equipment, net   26,363    25,328 
Operating lease assets   5,583    5,849 
Finance lease assets, net   21,528    21,880 
Long-term restricted cash   6,671    6,653 
Deferred income taxes   66,607    68,060 
Other assets   44,149    44,645 
Total assets  $562,573   $548,094 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $26,089   $25,341 
Accrued compensation   9,237    7,631 
Warranty   3,431    2,759 
Income taxes   344    294 
Deferred revenue   28,892    24,601 
Current portion of finance lease obligation   573    399 
Other current liabilities   6,807    7,639 
Total current liabilities   75,373    68,664 
Long-term finance lease obligation   47,976    48,149 
Long-term deferred revenue   5,214    4,650 
Other long-term liabilities   6,838    7,204 
Total liabilities   135,401    128,667 
           
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,837 shares issued and outstanding at March 31, 2020; 32,585 shares issued and outstanding at December 31, 2019   33    33 
Additional paid-in capital   559,182    559,878 
Accumulated deficit   (130,730)   (140,226)
Accumulated other comprehensive loss   (1,313)   (258)
Total stockholders’ equity   427,172    419,427 
Total liabilities and stockholders’ equity  $562,573   $548,094 

 

 

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Axcelis Technologies Inc provided additional information to their SEC Filing as exhibits

Ticker: ACLS
CIK: 1113232
Form Type: 8-K Corporate News
Accession Number: 0001104659-20-056869
Submitted to the SEC: Tue May 05 2020 4:12:58 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, May 5, 2020
Industry: Special Industry Machinery
Events:
  1. Earnings Release
  2. Financial Exhibit

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