BEVERLY, Mass., Nov. 5, 2020 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the third quarter ended September 30,
2020.
The Company reported third quarter revenue of $110.4 million, compared to $123 million for the second quarter of 2020.
Operating profit for the quarter was $13.9
million, compared to $16.4
million for the second quarter. Net income for the quarter
was $10.8 million, or $0.32 per diluted share, compared to net income
for the second quarter of $13.3
million, or $0.39 per diluted
share. Gross margin for the quarter was 43.6%, compared to 42.2% in
the second quarter. Cash, cash equivalents and restricted cash were
$212.7 million on September 30, 2020, compared to $197 million on June 30,
2020.
President and CEO Mary Puma
commented, "We are pleased with our third quarter performance,
which met or exceeded guidance and consensus. The Company delivered
strong earnings driven by robust gross margins. We continue to
expand our large and diverse customer base in key market segments,
with new penetrations of the Purion H and new Purion product
extensions. We are exiting 2020 with good momentum, positioning us
well to capitalize on the expectation that 2021 will be a strong
investment year and for the achievement of our $550 and $650 million
dollar target models over the next several years."
Business Outlook
For the fourth quarter ending December 31,
2020, Axcelis expects revenues to be approximately
$110 million with gross margin around
41%. Fourth quarter operating profit is forecasted to be
approximately $10 million with
earnings per diluted share of approximately $0.21.
Third Quarter 2020 Conference Call
The Company will host a call to discuss the results for the third
quarter 2020 on Friday, November 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. If you would like to ask a question, the dial
in number is 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: 1999553. 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
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
104,799
|
|
$
|
64,290
|
|
$
|
334,126
|
|
$
|
217,201
|
|
Services
|
|
|
5,606
|
|
|
5,163
|
|
|
18,235
|
|
|
18,034
|
|
Total
revenue
|
|
|
110,405
|
|
|
69,453
|
|
|
352,361
|
|
|
235,235
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
|
56,427
|
|
|
33,587
|
|
|
189,118
|
|
|
118,105
|
|
Services
|
|
|
5,817
|
|
|
5,285
|
|
|
17,634
|
|
|
17,294
|
|
Total cost of
revenue
|
|
|
62,244
|
|
|
38,872
|
|
|
206,752
|
|
|
135,399
|
|
Gross
profit
|
|
|
48,161
|
|
|
30,581
|
|
|
145,609
|
|
|
99,836
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
14,867
|
|
|
12,930
|
|
|
45,513
|
|
|
40,335
|
|
Sales and
marketing
|
|
|
9,763
|
|
|
8,057
|
|
|
27,404
|
|
|
25,411
|
|
General and
administrative
|
|
|
9,649
|
|
|
7,707
|
|
|
28,726
|
|
|
23,097
|
|
Total operating
expenses
|
|
|
34,279
|
|
|
28,694
|
|
|
101,643
|
|
|
88,843
|
|
Income from
operations
|
|
|
13,882
|
|
|
1,887
|
|
|
43,966
|
|
|
10,993
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
106
|
|
|
687
|
|
|
658
|
|
|
2,373
|
|
Interest
expense
|
|
|
(1,296)
|
|
|
(1,308)
|
|
|
(3,898)
|
|
|
(3,849)
|
|
Other, net
|
|
|
900
|
|
|
(890)
|
|
|
701
|
|
|
(1,252)
|
|
Total other
expense
|
|
|
(290)
|
|
|
(1,511)
|
|
|
(2,539)
|
|
|
(2,728)
|
|
Income before income
taxes
|
|
|
13,592
|
|
|
376
|
|
|
41,427
|
|
|
8,265
|
|
Income tax provision
(benefit)
|
|
|
2,807
|
|
|
(328)
|
|
|
6,119
|
|
|
943
|
|
Net income
|
|
$
|
10,785
|
|
$
|
704
|
|
$
|
35,308
|
|
$
|
7,322
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.32
|
|
$
|
0.02
|
|
$
|
1.06
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.32
|
|
$
|
0.02
|
|
$
|
1.04
|
|
$
|
0.22
|
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares
|
|
|
33,477
|
|
|
32,344
|
|
|
33,159
|
|
|
32,584
|
|
Diluted weighted
average common shares
|
|
|
34,174
|
|
|
33,323
|
|
|
34,070
|
|
|
33,821
|
|
Axcelis
Technologies, Inc.
Consolidated
Balance Sheets
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
211,967
|
|
$
|
139,881
|
|
Accounts receivable,
net
|
|
|
45,161
|
|
|
83,753
|
|
Inventories,
net
|
|
|
159,658
|
|
|
140,364
|
|
Prepaid expenses and
other current assets
|
|
|
18,982
|
|
|
11,681
|
|
Total current
assets
|
|
|
435,768
|
|
|
375,679
|
|
Property, plant and
equipment, net
|
|
|
29,199
|
|
|
25,328
|
|
Operating lease
assets
|
|
|
4,655
|
|
|
5,849
|
|
Finance lease assets,
net
|
|
|
20,872
|
|
|
21,880
|
|
Long-term restricted
cash
|
|
|
750
|
|
|
6,653
|
|
Deferred income
taxes
|
|
|
58,247
|
|
|
68,060
|
|
Other
assets
|
|
|
41,165
|
|
|
44,645
|
|
Total
assets
|
|
$
|
590,656
|
|
$
|
548,094
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
24,260
|
|
$
|
25,341
|
|
Accrued
compensation
|
|
|
18,856
|
|
|
7,631
|
|
Warranty
|
|
|
4,151
|
|
|
2,759
|
|
Income
taxes
|
|
|
328
|
|
|
294
|
|
Deferred
revenue
|
|
|
13,118
|
|
|
24,601
|
|
Current portion of
finance lease obligation
|
|
|
705
|
|
|
399
|
|
Other current
liabilities
|
|
|
7,965
|
|
|
7,639
|
|
Total current
liabilities
|
|
|
69,383
|
|
|
68,664
|
|
Long-term finance
lease obligation
|
|
|
47,593
|
|
|
48,149
|
|
Long-term deferred
revenue
|
|
|
3,851
|
|
|
4,650
|
|
Other long-term
liabilities
|
|
|
9,166
|
|
|
7,204
|
|
Total
liabilities
|
|
|
129,993
|
|
|
128,667
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 33,491 shares issued and
outstanding at September 30, 2020; 32,585 shares issued and
outstanding at December 31, 2019
|
|
|
33
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
566,195
|
|
|
559,878
|
|
Accumulated
deficit
|
|
|
(106,643)
|
|
|
(140,226)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
1,078
|
|
|
(258)
|
|
Total stockholders'
equity
|
|
|
460,663
|
|
|
419,427
|
|
Total liabilities and
stockholders' equity
|
|
$
|
590,656
|
|
$
|
548,094
|
|
|
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.