Axcelis Announces Financial Results For First Quarter 2020
BEVERLY, Mass., May 5, 2020 /PRNewswire/ -- 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.
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
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
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 33 33 and outstanding at March 31, 2020; 32,585 shares issued and outstanding at December 31, 2019 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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SOURCE Axcelis Technologies, Inc.