Form 8-K AXCELIS TECHNOLOGIES For: May 05

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  May 5, 2015

 

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Registrant’s telephone number, including area code:  (978) 787-4000

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On May 5, 2015, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended March 31, 2015.  The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01   Financial Statements and Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated May 5, 2015. Filed herewith.

 

2

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 5, 2015	Axcelis Technologies, Inc.
	By:	/s/ KEVIN J. BREWER
		Kevin J. Brewer
		Executive Vice President and Chief Financial Officer

 

3

Exhibit 99.1

 

 

News Release

 

 

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2015

 

Strong Increases in System Sales Driven by Continuing Purion Platform Gains

 

BEVERLY, Mass. — May 5, 2015—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2015. Recent highlights include:

 

·                 Revenues of $73.3 million, a 17.2% increase over the fourth quarter.

 

·                 System sales of $42.5 million, a 42.3% increase over the fourth quarter.

 

·                 Operating profit of $3.4 million, the second consecutive quarter of profitability.

 

·                 Cash of $74.5 million, the highest level net of debt since 2002.

 

·                 Increased gross margin to 31.9% from 30.1% in the fourth quarter.

 

·                 Increased market share from 8.8% in 2013 to 12.3% in 2014, according to Gartner Dataquest.

 

The Company reported first quarter revenue of $73.3 million, compared to $62.5 million for the fourth quarter of 2014. Operating profit for the quarter was $3.4 million, compared to $0.4 million for the fourth quarter. Net income for the quarter was $1.9 million, or $0.02 per share. This compares to net income for the fourth quarter of 2014 of $0.2 million, or $0.00 per share. Cash was $74.5 million at March 31, 2015, an increase of $43.7 million that included proceeds from the sale of our headquarters and cash generated from operations. This compares with $30.8 million at December 31, 2014.

 

Chairman and CEO Mary Puma said, “During the first quarter execution across the business was solid. We made excellent progress toward our market share goals due to rising Purion platform sales, including both new penetrations and multiple follow on orders, and growth in the memory and non-leading edge foundry and logic segments. Looking ahead, our highly leveraged business model and differentiated product technology should enable us to deliver strong earnings and generate significant cash in 2015.”

 

Business Outlook

 

For the second quarter ending June 30, 2015, Axcelis expects revenues to be $69-74 million. Gross margin in the second quarter is expected to be approximately 33%. Second quarter operating profit is forecasted to be $4-6 million with earnings of $0.02-0.04 per share. Cash in the second quarter is expected to be approximately $80 million.

 

 

News Release

 

First Quarter 2015 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter 2015. 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 1.866.588.8911 (1.707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 26415161. 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 SEC safe harbor provisions. These statements, which include our 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, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. 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 35 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

 

 

News Release

 

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

		Three months ended March 31,
		2015			2014
Revenue:
Product		$	67,530		$	55,015
Services		5,753			5,825
Total revenue		73,283			60,840
Cost of revenue:
Product		45,185			33,802
Services		4,718			5,298
Total cost of revenue		49,903			39,100
Gross profit		23,380			21,740
Operating expenses:
Research and development		8,199			9,257
Sales and marketing		5,628			5,476
General and administrative		6,101			6,481
Restructuring charges		10			200
Total operating expenses		19,938			21,414
Income from operations		3,442			326
Other (expense) income:
Interest income		3			2
Interest expense		(1,043)			(251)
Other, net		(433)			292
Total other (expense) income		(1,473)			43
Income before income taxes		1,969			369
Income tax provision		101			195
Net income		$	1,868		$	174
Net income per share
Basic		$	0.02		$	0.00
Diluted		$	0.02		$	0.00
Shares used in computing net income per share:
Basic weighted average common shares		113,152			110,649
Diluted weighted average common shares		118,720			115,798

 

 

News Release

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

 

 

		March 31, 2015			December 31, 2014
ASSETS
Cash and cash equivalents		$	74,548		$	30,753
Accounts receivable, net		42,753			42,794
Inventories, net		109,525			104,063
Prepaid expenses and other assets		19,066			18,755
Property, plant and equipment, net		30,198			30,464
Restricted cash		67			825
Total assets		$	276,157		$	227,654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	30,536		$	21,605
Accrued compensation		5,611			4,232
Warranty		2,163			1,527
Income taxes		322			196
Deferred revenue		8,656			7,231
Bank debt		—			14,530
Sale leaseback obligation		47,586			—
Other liabilities		10,014			9,981
Total liabilities		104,888			59,302
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or outstanding		—			—
Common stock, $0.001 par value, 300,000 shares authorized; 113,633 shares issued and 113,513 shares outstanding at March 31, 2015; 112,849 shares issued and 112,729 shares outstanding at December 31, 2014		114			113
Additional paid-in capital		521,107			519,068
Treasury stock, at cost, 120 shares at March 31, 2015 and December 31, 2014		(1,218)			(1,218)
Accumulated deficit		(349,019)			(350,887)
Accumulated other comprehensive income		285			1,276
Total stockholders’ equity		171,269			168,352
Total liabilities and stockholders’ equity		$	276,157		$	227,654