Market Overview

Axcelis Announces Financial Results For First Quarter 2020

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BEVERLY, Mass., May 5, 2020 /PRNewswire/ -- Axcelis Technologies, Inc. (NASDAQ:ACLS) today announced financial results for the first quarter ended March 31, 2020.

The Company reported first quarter revenue of $119 million, compared to $107.7 million for the fourth quarter of 2019. Operating profit for the quarter was $13.7 million, compared to $13.2 million for the fourth quarter. Net income for the quarter was $11.2 million, or $0.33 per diluted share, compared to net income for the fourth quarter of $9.7 million, or $0.29 per diluted share. Gross margin for the quarter was 38.3%, compared to 41.1% in the fourth quarter. Cash, cash equivalents and restricted cash were $181.4 million on March 31, 2020, compared to $146.5 million on December 31, 2019.

President and CEO Mary Puma commented, "We are very pleased with our strong first quarter performance. As a result of everyone's extraordinary efforts, we delivered an excellent financial quarter by continuing to meet our customers' expectations. While there is limited visibility to near-term macroeconomic conditions, customer demand for our Purion platform remains strong. Axcelis has a highly differentiated product line, a broad and diverse customer base, a robust balance sheet and a dedicated team of employees. These strengths will propel us through this difficult period and lead us to market leadership in ion implantation."

First Quarter 2020 Conference Call
The Company will host a call to discuss the results for the first quarter 2020 on Wednesday, May 6, 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 Audience Passcode: 1738978. 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 (NASDAQ: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




March 31,




2020


2019


Revenue:








Product


$

112,133


$

84,197


Services



6,858



7,280


Total revenue



118,991



91,477


Cost of revenue:








Product



67,172



47,338


Services



6,270



6,633


Total cost of revenue



73,442



53,971


Gross profit



45,549



37,506


Operating expenses:








Research and development



14,606



13,685


Sales and marketing



8,204



8,918


General and administrative



9,036



7,807


Total operating expenses



31,846



30,410


Income from operations



13,703



7,096


Other (expense) income:








Interest income



482



841


Interest expense



(1,303)



(1,230)


Other, net



(620)



(173)


Total other expense



(1,441)



(562)


Income before income taxes



12,262



6,534


Income tax provision



1,041



472


Net income


$

11,221


$

6,062


Net income per share:








Basic


$

0.34


$

0.19


Diluted


$

0.33


$

0.18


Shares used in computing net income per share:








Basic weighted average common shares



32,872



32,683


Diluted weighted average common shares



34,057



34,224












 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)




March 31,


December 31,




2020


2019


ASSETS








Current assets:








Cash and cash equivalents


$

174,745


$

139,881


Accounts receivable, net



64,238



83,753


Inventories, net



136,068



140,364


Prepaid expenses and other current assets



16,621



11,681


Total current assets



391,672



375,679


Property, plant and equipment, net



26,363



25,328


Operating lease assets



5,583



5,849


Finance lease assets, net



21,528



21,880


Long-term restricted cash



6,671



6,653


Deferred income taxes



66,607



68,060


Other assets



44,149



44,645


Total assets


$

562,573


$

548,094


LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:








Accounts payable


$

26,089


$

25,341


Accrued compensation



9,237



7,631


Warranty



3,431



2,759


Income taxes



344



294


Deferred revenue



28,892



24,601


Current portion of finance lease obligation



573



399


Other current liabilities



6,807



7,639


Total current liabilities



75,373



68,664


Long-term finance lease obligation



47,976



48,149


Long-term deferred revenue



5,214



4,650


Other long-term liabilities



6,838



7,204


Total liabilities



135,401



128,667










Stockholders' equity:








Common stock, $0.001 par value, 75,000 shares authorized; 32,837 shares issued
and outstanding at March 31, 2020; 32,585 shares issued and outstanding at December 31, 2019



33



33


Additional paid-in capital



559,182



559,878


Accumulated deficit



(130,730)



(140,226)


Accumulated other comprehensive loss



(1,313)



(258)


Total stockholders' equity



427,172



419,427


Total liabilities and stockholders' equity


$

562,573


$

548,094










 

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SOURCE Axcelis Technologies, Inc.

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