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.
