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Axcelis Announces Financial Results For Third Quarter 2012

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BEVERLY, Mass., Nov. 1, 2012 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the quarter ended September 30, 2012. The Company reported third quarter revenue of $44.6 million, compared to $59.1 million for the second quarter of 2012. Net loss for the quarter was $8.7 million, or $0.08 per diluted share, which includes a $0.6 million or $.01 per share restructuring charge. This compares to a net loss for the second quarter of 2012 of $0.5 million, or $0.00 per share, which included a $0.2 million restructuring charge. Cash and cash equivalents were $35.2 million at September 30, 2012 compared with $33.8 million at June 30, 2012.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Although industry conditions remained difficult during the third quarter, we continued to seed the market with product penetrations, including shipping our first Purion M medium current implant evaluation system. In addition, we contained spending and realized a modest increase in cash. These actions will position the company well as industry trends improve."

Third Quarter 2012 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the third quarter of 2012.  An audio webcast will be available on the Investor page of Axcelis' website at www.axcelis.com, or by dialing 1.888.713.4199 (1.617.213.4861 outside North America).  Participants calling into the conference call will be requested to provide the passcode:  87434251. A replay of the webcast will be available for 30 days following the conference call.

Safe Harbor Statement

The 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 and cleaning systems. The Company's Internet address is: 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
September 30,


Nine months ended
September 30,




2012


2011


2012


2011


Revenue










Product


$

37,093


$

64,350


$

136,096


$

235,287


Service


7,547


8,105


22,664


23,718


          Total revenue


44,640


72,455


158,760


259,005


Cost of revenue










Product


24,809


40,055


84,692


149,833


Service


5,464


5,505


16,377


17,058


          Total cost of revenue


30,273


45,560


101,069


166,891












Gross profit


14,367


26,895


57,691


92,114












Operating expenses










Research and development


9,851


11,389


31,999


35,036


Sales and marketing


5,470


7,237


18,284


22,731


General and administrative


6,325


8,458


20,611


25,929


Restructuring charges


578


-


3,612


-


           Total operating expenses


22,224


27,084


74,506


83,696












Income (loss) from operations


(7,857)


(189)


(16,815)


8,418












Other income (expense)










Interest income


9


7


27


24


Other, net


(627)


1,563


(999)


(45)


           Total other income (expense)


(618)


1,570


(972)


(21)












Income (loss) before income taxes


(8,475)


1,381


(17,787)


8,397












Income taxes


243


230


1,429


1,207












Net income (loss)


$

(8,718)


$

1,151


$

(19,216)


$

7,190












Net income (loss) per share










Basic and diluted net income (loss) per share


$

(0.08)


$

0.01


$       (0.18)


$

0.07


























Shares used in computing basic and diluted net income

    (loss) per share










Basic weighted average common shares


107,855


106,417


107,521


106,152


Diluted weighted average common shares


107,855


108,192


107,521


109,452


 

Axcelis Technologies, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)



Three months ended
September 30,


Nine months ended
September 30,




2012


2011


2012


2011












Net income (loss)


$

(8,718)


$

1,151


$

(19,216)


$

7,190


Other comprehensive income:










Foreign currency translation adjustments


1,105


(3,999)


(308)


(1,034)


Comprehensive income (loss)


$

(7,613)


$

(2,848)


$

(19,524)


$

6,156


 

Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)



September 30,
2012


December 31,
2011


ASSETS






Current assets






Cash and cash equivalents


$

35,220


$

46,877


Accounts receivable, net


24,978


35,071


Inventories, net


123,280


120,023


Prepaid expenses and other current assets


4,973


10,062


Total current assets


188,451


212,033








Property, plant and equipment, net


35,107


37,204


Long-term restricted cash


103


104


Other assets


12,928


19,904


        Total assets


$

236,589


$

269,245








LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities






Accounts payable


$

11,683


$

19,551


Accrued compensation


7,175


8,285


Warranty


2,107


3,556


Income taxes


356


495


Deferred revenue


6,641


10,786


Other current liabilities


3,711


4,799


Total current liabilities


31,673


47,472








Long-term deferred revenue


544


1,488


Other long-term liabilities


4,944


5,730


         Total liabilities


37,161


54,690








Commitments and contingencies






Stockholders' equity






Preferred stock




Common stock


108


107


Additional paid-in capital


503,728


499,332


Treasury stock


(1,218)


(1,218)


Accumulated deficit


(307,659)


(288,443)


Accumulated other comprehensive income


4,469


4,777


          Total stockholders' equity


199,428


214,555


          Total liabilities and stockholders' equity


$

236,589


$

269,245


 

Axcelis Technologies, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)



Nine months ended
September 30,




2012


2011


Cash flows from operating activities:






Net income (loss)


$

(19,216)


$

7,190


Adjustments to reconcile net income (loss) to net cash (used for) provided by

    operating activities:






Depreciation and amortization


5,419


6,180


Deferred taxes


998


75


Stock-based compensation expense


3,411


3,644


Provision for excess inventory


678


661


Changes in operating assets & liabilities






Accounts receivable


10,143


17,994


Inventories


(3,496)


(13,384)


Prepaid expenses and other current assets


4,490


5,910


Accounts payable & other current liabilities


(11,601)


(15,237)


Deferred revenue


(5,089)


(4,339)


Income taxes


(135)


798


Other assets and liabilities


3,025


(8,640)


Net cash (used for) provided by operating activities


(11,373)


852


Cash flows from investing activities:






Expenditures for property, plant, and equipment


(536)


(1,950)


Decrease in restricted cash


1



Net cash used for investing activities


(535)


(1,950)


Cash flows from financing activities:






Financing fees and other expenses


-


(199)


Proceeds from exercise of stock options


863


272


Proceeds from Employee Stock Purchase Plan


179


275


Net cash provided by financing activities


1,042


348


Effect of exchange rate changes on cash


(791)


(580)


Net decrease in cash and cash equivalents


(11,657)


(1,330)


Cash and cash equivalents at beginning of period


46,877


45,743


Cash and cash equivalents at end of period


$

35,220


$

44,413


 

SOURCE Axcelis Technologies, Inc.

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