Form 8-K AXCELIS TECHNOLOGIES For: Nov 04

 

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): November 4, 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 November 4, 2015, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended September 30, 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 November 4, 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: November 4, 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 THIRD QUARTER 2015

 

Strong Quarterly Results Highlight Market Share Gain and Financial Improvement

 

BEVERLY, Mass. — November 4, 2015—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2015. Recent highlights include:

 

·                  Revenues of $79.3 million, above the second quarter.

 

·                  System revenues of $47.0 million, a 13% increase over the second quarter.

 

·                  Operating profit of $7.7 million, a 7.2% increase over the second quarter.

 

·                  Improved gross margin to 36.8% from 34.6% in the second quarter.

 

·                  Increased cash and cash equivalents to $79.9 million from $78.1 million in the second quarter.

 

The Company reported third quarter revenue of $79.3 million, compared to $78.4 million for the second quarter of 2015. Operating profit for the quarter was $7.7 million, compared to $7.2 million for the second quarter. Net income for the quarter was $6.1 million, or $0.05 per share. This compares to net income for the second quarter of 2015 of $5.9 million, or $0.05 per share. Cash and cash equivalents were $79.9 million at September 30, 2015, compared to $78.1 million on June 30, 2015.

 

“Strong third quarter results demonstrate our progress in gaining market share and improving profitability,” said President and CEO Mary Puma. “The rapid adoption of the Purion platform across multiple customers has strengthened Axcelis, allowing us to address the upcoming industry slowdown from a much stronger position.  As a result, Axcelis will enter the next upturn with higher market share, a larger and growing customer base, new product capabilities and higher earnings potential.”

 

Business Outlook

 

For the fourth quarter ending December 31, 2015, Axcelis expects revenues to be $60-65 million. Gross margin in the fourth quarter is expected to be approximately 33-34%. Fourth quarter operating profit is forecasted to be approximately $1 million with breakeven earnings per share. Cash and cash equivalents at the end of the fourth quarter are expected to be approximately $80 million.

 

Third Quarter 2015 Conference Call

 

The Company will host a conference call today at 5:00 pm ET to discuss results for the third 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 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 pass code: 50434142. 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

 

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

		Three months ended September 30,						Nine months ended September 30,
		2015			2014			2015			2014
Revenue:
Product		$	73,795		$	32,360		$	214,073		$	122,170
Services		5,522			6,171			16,964			18,351
Total revenue		79,317			38,531			231,037			140,521
Cost of Revenue:
Product		45,698			18,823			137,443			73,646
Services		4,440			4,564			13,861			15,507
Total cost of revenue		50,138			23,387			151,304			89,153
Gross profit		29,179			15,144			79,733			51,368
Operating expenses:
Research and development		8,581			7,950			24,679			26,052
Sales and marketing		6,322			4,891			17,808			15,404
General and administrative		6,584			5,380			18,916			18,356
Restructuring charges		—			2,288			18			2,648
Total operating expenses		21,487			20,509			61,421			62,460
Income (loss) from operations		7,692			(5,365		)	18,312			(11,092		)
Other (expense) income:
Interest income		7			2			16			6
Interest expense		(1,274		)	(304		)	(3,627		)	(812		)
Other, net		(167		)	1,352			(551		)	1,282
Total other (expense) income		(1,434		)	1,050			(4,162		)	476
Income (loss) before income taxes		6,258			(4,315		)	14,150			(10,616		)
Income tax provision		157			389			298			814
Net income (loss)		$	6,101		$	(4,704	)	$	13,852		$	(11,430	)
Net income (loss) per share
Basic		$	0.05		$	(0.04	)	$	0.12		$	(0.10	)
Diluted		$	0.05		$	(0.04	)	$	0.11		$	(0.10	)
Shares used in computing net income (loss) per share:
Basic weighted average common shares		114,799			111,701			113,918			111,191
Diluted weighted average common shares		121,862			111,701			120,620			111,191

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

		September 30,			December 31,
		2015			2014
ASSETS
Cash and cash equivalents		$	79,871		$	30,753
Accounts receivable, net		38,674			42,794
Inventories, net		120,067			104,063
Prepaid expenses and other assets		24,141			18,755
Property, plant and equipment, net		29,985			30,464
Restricted cash		61			825
Total assets		$	292,799		$	227,654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	24,350		$	21,605
Accrued compensation		8,262			4,232
Warranty		3,803			1,526
Income taxes		262			196
Deferred revenue		10,136			7,231
Debt		—			14,530
Sale leaseback obligation		47,586			—
Other liabilities		10,284			9,982
Total liabilities		104,683			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; 115,721 shares issued and 115,601 shares outstanding at September 30, 2015; 112,849 shares issued and 112,729 shares outstanding at December 31, 2014		116			113
Additional paid-in capital		527,274			519,068
Treasury stock, at cost, 120 shares at September 30, 2015 and December 31, 2014		(1,218		)	(1,218		)
Accumulated deficit		(337,035		)	(350,887		)
Accumulated other comprehensive (loss) income		(1,021		)	1,276
Total stockholders’ equity		188,116			168,352
Total liabilities and stockholders’ equity		$	292,799		$	227,654