BEVERLY, Mass., Jan. 14,
2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq:
ACLS), a leading supplier of enabling ion implantation solutions
for the semiconductor industry, today announced that its Board of
Directors has authorized a one year share repurchase program of up
to $35 million of the Company's common stock.
President and CEO Mary Puma
commented, "The Board's authorization of the share repurchase
program reflects our continued confidence in Axcelis' financial
performance and long-term outlook. Our strong balance sheet and
cash flow enable us to simultaneously return cash to shareholders
through share repurchases, while investing in internal and external
opportunities to strengthen our product lines and drive long-term
growth."
Puma added, "We reiterate Q4 guidance and remain confident
that Axcelis will exit 2018 with fourth quarter revenues
of approximately $100 million. We
also expect gross margin in the fourth quarter to be around 40%.
Fourth quarter operating profit is forecasted to be approximately
$10.5 million. Earnings per share is
expected to be approximately $0.20."
Repurchases of the Company's common stock will be made from time
to time under the SEC's Rule 10b-18,
subject to market conditions. These shares may be purchased in the
open market or through privately negotiated transactions. The
Company has no obligation to repurchase shares under the
authorization, and the timing, actual number and value of shares
which are repurchased will depend on a number of factors, including
the price of the Company's common stock, general business and
market conditions, and alternative investment opportunities. The
Company may suspend or discontinue the repurchase program at any
time.
Safe Harbor Statement
Statements made in this press
release that are not of known historical fact are forward-looking
statements and are subject to the safe harbor provisions created by
the Private Securities Litigation Reform Act of 1995. These
statements, which include our plans to execute a share repurchase
program, our expected results from the quarter ended December 31, 2018, anticipated financial
performance, cash generation capability and business opportunities,
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, including the completion of the
financial close and review processes, the continuing strength of
our financial position and ability to make share repurchases, as
well as the other risks and uncertainties that are described in the
documents filed or furnished by us with the Securities and Exchange
Commission, including specifically the risk factors described in
our annual report on Form 10-K for the fiscal year ended
December 31, 2017. The Company
undertakes no obligation to update the information or statements
made in this press release.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered
in Beverly, Mass., has been
providing innovative, high-productivity solutions for the
semiconductor industry for 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
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SOURCE Axcelis Technologies, Inc.