Axcelis Announces Financial Results For Fourth Quarter And Full Year 2020
BEVERLY, Mass., Feb. 10, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2020.
The Company reported fourth quarter revenue of $122.2 million, compared to $110.4 million for the third quarter of 2020. Operating profit for the quarter was $14.1 million, compared to $13.9 million for the third quarter. Net income for the quarter was $14.7 million, or $0.43 per diluted share, compared to net income for the third quarter of $10.8 million, or $0.32 per diluted share. EPS was favorably impacted by a previously unrecognized tax benefit of $0.11 per diluted share. Gross margin for the quarter was 43.4%, compared to 43.6% in the third quarter. Cash, cash equivalents and restricted cash were $204.2 million on December 31, 2020, compared to $212.7 million on September 30, 2020.
For the full year 2020, the Company reported revenue of $474.6 million, compared with $343.0 million for the full year 2019. Systems revenue for the year was $293.6 million, compared to $202.6 million in 2019. Operating profit was $58.0 million in 2020, compared to $24.2 million in 2019. Net income for the year was $50.0 million with diluted earnings per share of $1.46. This compares to 2019 net income of $17.0 million and earnings per diluted share of $0.50.
President and CEO Mary Puma commented, "After extraordinary revenue and earnings results in 2020, we are planning for another year of growth at Axcelis. The semiconductor market is forecast to show strength across all markets and the expanded Purion product family, specifically targeted at these markets, is poised for further growth."
Executive Vice President and Chief Financial Officer Kevin Brewer said, "Axcelis delivered exceptional fourth quarter and full year 2020 financial performance. The Company achieved its highest annual revenue in the last 15 years due to the strength of the market and the competitive Purion product line. For the full year 2020, operating profit increased 140% on a 38% increase in revenue, highlighting the significant leverage in our business model."
Business Outlook
For the first quarter ending March 31, 2021, Axcelis expects revenues ranging from $118 to $138 million. Gross margin in the first quarter is expected to be approximately 40%. First quarter operating profit is forecasted to be in the range of $11-19 million with earnings per diluted share in the range of $0.22-0.42. The high end of our revenue range assumes the issuances of required U.S. Government export licenses in the first quarter.
Fourth Quarter and Full Year 2020 Conference Call
The Company will host a call to discuss the results for the fourth quarter and full year 2020 on Thursday, February 11, 2021 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: 3582149. 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 Twelve months ended
December 31, December 31,
2020 2019 2020 2019
---
Revenue:
Product $
115,777 $
102,304 $
449,903 $
319,505
Services 6,422 5,419 24,657 23,453
Total revenue 122,199 107,723 474,560 342,958
Cost of revenue:
Product 63,272 57,627 252,390 175,732
Services 5,952 5,780 23,586 23,074
Total cost of revenue 69,224 63,407 275,976 198,806
Gross profit 52,975 44,316 198,584 144,152
Operating expenses:
Research and development 16,320 13,596 61,833 53,931
Sales and marketing 11,342 8,879 38,746 34,290
General and administrative 11,238 8,629 39,964 31,726
Total operating expenses 38,900 31,104 140,543 119,947
Income from operations 14,075 13,212 58,041 24,205
Other income (expense):
Interest income 80 582 738 2,955
Interest expense (1,313) (1,306) (5,211) (5,155)
Other, net 1,617 169 2,318 (1,083)
Total other income (expense) 384 (555) (2,155) (3,283)
Income before income taxes 14,459 12,657 55,886 20,922
Income tax (benefit) provision (215) 2,945 5,904 3,888
Net income $
14,674 $
9,712 $
49,982 $
17,034
===
Net income per share:
Basic $
0.44 $
0.30 $
1.50 $
0.52
===
Diluted $
0.43 $
0.29 $
1.46 $
0.50
===
Shares used in computing net income
per share:
Basic weighted average common shares 33,548 32,485 33,257 32,559
Diluted weighted average common
shares 34,318 33,848 34,128 33,828
Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
December 31, December 31,
2020 2019
---
ASSETS
Current assets:
Cash and cash equivalents $
203,479 $
139,881
Accounts receivable, net 86,865 83,753
Inventories, net 161,076 140,364
Prepaid expenses and other current assets 19,371 11,681
Total current assets 470,791 375,679
Property, plant and equipment, net 29,840 25,328
Operating lease assets 4,542 5,849
Finance lease assets, net 20,544 21,880
Long-term restricted cash 753 6,653
Deferred income taxes 57,851 68,060
Other assets 40,303 44,645
Total assets $
624,624 $
548,094
===
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $
24,013 $
25,341
Accrued compensation 24,562 7,631
Warranty 4,280 2,759
Income taxes 654 294
Deferred revenue 21,221 24,601
Current portion of finance lease
obligation 756 399
Other current liabilities 8,945 7,639
Total current liabilities 84,431 68,664
Long-term finance lease obligation 47,393 48,149
Long-term deferred revenue 1,837 4,650
Other long-term liabilities 9,361 7,204
Total liabilities 143,022 128,667
Stockholders' equity:
Common stock, $0.001 par value, 75,000
shares authorized; 33,633 shares 34 33
issued and outstanding at December 31,
2020; 32,585 shares issued and
outstanding at December 31, 2019
Additional paid-in capital 570,102 559,878
Accumulated deficit (91,969) (140,226)
Accumulated other comprehensive income
(loss) 3,435 (258)
Total stockholders' equity 481,602 419,427
Total liabilities and
stockholders' equity $
624,624 $
548,094
===
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SOURCE Axcelis Technologies, Inc.
