Axcelis Announces Financial Results For Second Quarter 2020

BEVERLY, Mass., Aug. 4, 2020 /PRNewswire/ -- Axcelis Technologies, Inc. ACLS today announced financial results for the second quarter ended June 30, 2020.

The Company reported second quarter revenue of $123 million, compared to $119 million for the first quarter of 2020. Operating profit for the quarter was $16.4 million, compared to $13.7 million for the first quarter. Net income for the quarter was $13.3 million, or $0.39 per diluted share, compared to net income for the first quarter of $11.2 million, or $0.33 per diluted share. Gross margin for the quarter was 42.2%, compared to 38.3% in the first quarter. Cash, cash equivalents and restricted cash were $197 million on June 30, 2020, compared to $181.4 million on March 31, 2020.

President and CEO Mary Puma commented, "We are very pleased with our strong second quarter performance. Customer interest in our Purion platform remains strong, as evidenced by demo activity and evaluation system placements for both our Purion base platform and our new Purion product extensions. With the most innovative implant product line available, a broad and diverse customer base, a strong balance sheet and a dedicated team of employees, Axcelis has the building blocks to navigate these uncertain times and ultimately drive growth and market leadership in ion implantation."

Business Outlook

For the third quarter ending September 30, 2020, Axcelis expects revenues to be approximately $110 million with gross margin around 42.5%. Third quarter operating profit is forecasted to be in the range of $10.5-11.5 million with earnings per diluted share of approximately $0.24.

Second Quarter 2020 Conference Call

The Company will host a call to discuss the results for the second quarter 2020 on Wednesday, August 5, 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 Conference ID: 6153997. Please dial in at least 15 minutes in advance to ensure a timely connection to the call. 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 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 



Six months ended









June 30,



June 30,







2020



2019



2020



2019



Revenue:



























Product



$

117,194



$

68,714



$

229,327



$

152,911



Services





5,771





5,591





12,629





12,871



Total revenue





122,965





74,305





241,956





165,782



Cost of revenue:



























Product





65,519





37,188





132,691





84,518



Services





5,547





5,368





11,817





12,009



Total cost of revenue





71,066





42,556





144,508





96,527



Gross profit





51,899





31,749





97,448





69,255



Operating expenses:



























Research and development





16,040





13,720





30,646





27,405



Sales and marketing





9,437





8,436





17,641





17,354



General and administrative





10,041





7,583





19,077





15,390



Total operating expenses





35,518





29,739





67,364





60,149



Income from operations





16,381





2,010





30,084





9,106



Other (expense) income:



























Interest income





70





845





552





1,686



Interest expense





(1,299)





(1,311)





(2,602)





(2,541)



Other, net





421





(189)





(199)





(362)



Total other expense





(808)





(655)





(2,249)





(1,217)



Income before income taxes





15,573





1,355





27,835





7,889



Income tax provision





2,271





799





3,312





1,271



Net income



$

13,302



$

556



$

24,523



$

6,618



Net income per share:



























Basic



$

0.40



$

0.02



$

0.74



$

0.20



Diluted



$

0.39



$

0.02



$

0.72



$

0.19



Shares used in computing net income per share:



























Basic weighted average common shares





33,116





32,729





32,998





32,706



Diluted weighted average common shares





33,958





33,901





34,023





34,064





 

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)























June 30,



December 31,







2020



2019



ASSETS















Current assets:















Cash and cash equivalents



$

190,340



$

139,881



Accounts receivable, net





64,909





83,753



Inventories, net





149,178





140,364



Prepaid expenses and other current assets





16,272





11,681



Total current assets





420,699





375,679



Property, plant and equipment, net





27,997





25,328



Operating lease assets





5,033





5,849



Finance lease assets, net





21,200





21,880



Long-term restricted cash





6,676





6,653



Deferred income taxes





64,615





68,060



Other assets





42,344





44,645



Total assets



$

588,564



$

548,094



LIABILITIES AND STOCKHOLDERS' EQUITY















Current liabilities:















Accounts payable



$

30,270



$

25,341



Accrued compensation





14,221





7,631



Warranty





3,942





2,759



Income taxes





298





294



Deferred revenue





29,181





24,601



Current portion of finance lease obligation





654





399



Other current liabilities





8,193





7,639



Total current liabilities





86,759





68,664



Long-term finance lease obligation





47,787





48,149



Long-term deferred revenue





1,236





4,650



Other long-term liabilities





7,758





7,204



Total liabilities





143,540





128,667



















Stockholders' equity:















Common stock, $0.001 par value, 75,000 shares authorized; 33,433 shares issued and

outstanding at June 30, 2020; 32,585 shares issued and outstanding at December 31, 2019





33





33



Additional paid-in capital





562,839





559,878



Accumulated deficit





(117,428)





(140,226)



Accumulated other comprehensive loss





(420)





(258)



Total stockholders' equity





445,024





419,427



Total liabilities and stockholders' equity



$

588,564



$

548,094



















 

 

 

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SOURCE Axcelis Technologies, Inc.

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