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Axcelis Cuts Q2 Outlook, Hires Blackstone To Review Strategic Initiatives

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Axcelis Technologies (NASDAQ: ACLS) slashed its second-quarter outlook Monday after the market closed, and said it hired Blackstone Partners to review financing and strategic initiatives.

Blackstone is to help "strengthen our long-term position in the semiconductor equipment industry," CEO Mary Puma said in a statement.

Axcelis blamed the lowered guidance on delayed shipments related to "customer timing issues." It now expects second-quarter loss of $0.05 to $0.07 per share on revenue of $40 million to $42 million.

The company previously forecast a second-quarter loss of $0.02 to break-even, on revenue of $55 million to $60 million.

Axcelis also revealed a third-quarter plan to cut operating expenses to $17 million to $18 million, from $20 million to $21 million.

"Our cash position remains sound and these adjustments safeguard funding" for product development, Chief Financial Officer Kevin Brewer said in a statement.

Axcelis closed Monday at $1.96, down 4.85 percent. In after-hours trading, Axcelis changed hands at $1.70 per share.

Posted-In: News Guidance

 

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