Market Overview

Axcelis Announces Financial Results For Second Quarter 2020

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BEVERLY, Mass., Aug. 4, 2020 /PRNewswire/ -- Axcelis Technologies, Inc. (NASDAQ: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 (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 


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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