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Axcelis Announces Financial Results For Fourth Quarter And Full Year 2012
Submitted by admin on 2/4/2013 @ 1:10 PM
Companies mentioned in this article:
Axcelis Technologies, Inc.
BEVERLY, Mass., Feb. 4, 2013 /PRNewswire/ -- 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."
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.
Company Contacts
Financial Community:
Jay Zager
978.787.9408
Editorial/Media Community:
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,
------------ ------------
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
Axcelis Technologies, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
Three months ended Twelve months ended
December 31, 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
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Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, December 31,
2012 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
======== ========
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
======= =======
SOURCE Axcelis Technologies, Inc.