Axcelis Cuts Q2 Outlook, Hires Blackstone To Review Strategic Initiatives

Axcelis Technologies Inc. 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," Chief Executive 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 5 cents to 7 cents a share, on revenue of $40 million to $42 million. Previously the company forecast a second-quarter loss of 2 cents to break-even, on revenue of $55 million to $60 million. Axcellis 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. closed 1.96 -0.10 (-4.85%)