BEVERLY, Mass., Feb. 10, 2021 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS) today announced financial results
for the fourth quarter and full year ended December 31, 2020.
The Company reported fourth quarter revenue of $122.2 million, compared to $110.4 million for the third quarter of 2020.
Operating profit for the quarter was $14.1
million, compared to $13.9
million for the third quarter. Net income for the quarter
was $14.7 million, or $0.43 per diluted share, compared to net income
for the third quarter of $10.8
million, or $0.32 per diluted
share. EPS was favorably impacted by a previously unrecognized tax
benefit of $0.11 per diluted share.
Gross margin for the quarter was 43.4%, compared to 43.6% in the
third quarter. Cash, cash equivalents and restricted cash were
$204.2 million on December 31, 2020, compared to $212.7 million on September 30, 2020.
For the full year 2020, the Company reported revenue of
$474.6 million, compared with
$343.0 million for the full year
2019. Systems revenue for the year was $293.6 million, compared to $202.6 million in 2019. Operating profit was
$58.0 million in 2020, compared to
$24.2 million in 2019. Net income for
the year was $50.0 million with
diluted earnings per share of $1.46.
This compares to 2019 net income of $17.0
million and earnings per diluted share of $0.50.
President and CEO Mary Puma
commented, "After extraordinary revenue and earnings results in
2020, we are planning for another year of growth at Axcelis. The
semiconductor market is forecast to show strength across all
markets and the expanded Purion product family, specifically
targeted at these markets, is poised for further growth."
Executive Vice President and Chief Financial Officer
Kevin Brewer said, "Axcelis
delivered exceptional fourth quarter and full year 2020 financial
performance. The Company achieved its highest annual revenue in the
last 15 years due to the strength of the market and the competitive
Purion product line. For the full year 2020, operating profit
increased 140% on a 38% increase in revenue, highlighting the
significant leverage in our business model."
Business Outlook
For the first quarter ending March 31,
2021, Axcelis expects revenues ranging from $118 to $138
million. Gross margin in the first quarter is expected to be
approximately 40%. First quarter operating profit is forecasted to
be in the range of $11-19 million
with earnings per diluted share in the range of $0.22-0.42. The high end of our revenue range
assumes the issuances of required U.S. Government export licenses
in the first quarter.
Fourth Quarter and Full Year 2020 Conference Call
The Company will host a call to discuss the results for the fourth
quarter and full year 2020 on Thursday,
February 11, 2021 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: 3582149. 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
|
|
Twelve months
ended
|
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
$
|
115,777
|
|
$
|
102,304
|
|
$
|
449,903
|
|
$
|
319,505
|
Services
|
|
6,422
|
|
|
5,419
|
|
|
24,657
|
|
|
23,453
|
Total
revenue
|
|
122,199
|
|
|
107,723
|
|
|
474,560
|
|
|
342,958
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
63,272
|
|
|
57,627
|
|
|
252,390
|
|
|
175,732
|
Services
|
|
5,952
|
|
|
5,780
|
|
|
23,586
|
|
|
23,074
|
Total cost of
revenue
|
|
69,224
|
|
|
63,407
|
|
|
275,976
|
|
|
198,806
|
Gross
profit
|
|
52,975
|
|
|
44,316
|
|
|
198,584
|
|
|
144,152
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
16,320
|
|
|
13,596
|
|
|
61,833
|
|
|
53,931
|
Sales and
marketing
|
|
11,342
|
|
|
8,879
|
|
|
38,746
|
|
|
34,290
|
General and
administrative
|
|
11,238
|
|
|
8,629
|
|
|
39,964
|
|
|
31,726
|
Total operating
expenses
|
|
38,900
|
|
|
31,104
|
|
|
140,543
|
|
|
119,947
|
Income from
operations
|
|
14,075
|
|
|
13,212
|
|
|
58,041
|
|
|
24,205
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
80
|
|
|
582
|
|
|
738
|
|
|
2,955
|
Interest
expense
|
|
(1,313)
|
|
|
(1,306)
|
|
|
(5,211)
|
|
|
(5,155)
|
Other, net
|
|
1,617
|
|
|
169
|
|
|
2,318
|
|
|
(1,083)
|
Total other income
(expense)
|
|
384
|
|
|
(555)
|
|
|
(2,155)
|
|
|
(3,283)
|
Income before income
taxes
|
|
14,459
|
|
|
12,657
|
|
|
55,886
|
|
|
20,922
|
Income tax (benefit)
provision
|
|
(215)
|
|
|
2,945
|
|
|
5,904
|
|
|
3,888
|
Net income
|
$
|
14,674
|
|
$
|
9,712
|
|
$
|
49,982
|
|
$
|
17,034
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.44
|
|
$
|
0.30
|
|
$
|
1.50
|
|
$
|
0.52
|
Diluted
|
$
|
0.43
|
|
$
|
0.29
|
|
$
|
1.46
|
|
$
|
0.50
|
Shares used in
computing net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares
|
|
33,548
|
|
|
32,485
|
|
|
33,257
|
|
|
32,559
|
Diluted weighted
average common shares
|
|
34,318
|
|
|
33,848
|
|
|
34,128
|
|
|
33,828
|
Axcelis
Technologies, Inc.
Consolidated
Balance Sheets
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2019
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
203,479
|
|
$
|
139,881
|
Accounts receivable,
net
|
|
86,865
|
|
|
83,753
|
Inventories,
net
|
|
161,076
|
|
|
140,364
|
Prepaid expenses and
other current assets
|
|
19,371
|
|
|
11,681
|
Total current
assets
|
|
470,791
|
|
|
375,679
|
Property, plant and
equipment, net
|
|
29,840
|
|
|
25,328
|
Operating lease
assets
|
|
4,542
|
|
|
5,849
|
Finance lease assets,
net
|
|
20,544
|
|
|
21,880
|
Long-term restricted
cash
|
|
753
|
|
|
6,653
|
Deferred income
taxes
|
|
57,851
|
|
|
68,060
|
Other
assets
|
|
40,303
|
|
|
44,645
|
Total
assets
|
$
|
624,624
|
|
$
|
548,094
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
24,013
|
|
$
|
25,341
|
Accrued
compensation
|
|
24,562
|
|
|
7,631
|
Warranty
|
|
4,280
|
|
|
2,759
|
Income
taxes
|
|
654
|
|
|
294
|
Deferred
revenue
|
|
21,221
|
|
|
24,601
|
Current portion of
finance lease obligation
|
|
756
|
|
|
399
|
Other current
liabilities
|
|
8,945
|
|
|
7,639
|
Total current
liabilities
|
|
84,431
|
|
|
68,664
|
Long-term finance
lease obligation
|
|
47,393
|
|
|
48,149
|
Long-term deferred
revenue
|
|
1,837
|
|
|
4,650
|
Other long-term
liabilities
|
|
9,361
|
|
|
7,204
|
Total
liabilities
|
|
143,022
|
|
|
128,667
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock, $0.001
par value, 75,000 shares authorized; 33,633 shares
issued and outstanding at December 31, 2020; 32,585 shares issued
and
outstanding at December 31, 2019
|
|
34
|
|
|
33
|
Additional paid-in
capital
|
|
570,102
|
|
|
559,878
|
Accumulated
deficit
|
|
(91,969)
|
|
|
(140,226)
|
Accumulated other
comprehensive income (loss)
|
|
3,435
|
|
|
(258)
|
Total stockholders'
equity
|
|
481,602
|
|
|
419,427
|
Total liabilities and
stockholders' equity
|
$
|
624,624
|
|
$
|
548,094
|
|
|
|
|
|
|
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SOURCE Axcelis Technologies, Inc.