Axcelis Announces First Quarter Revenues and Earnings.Business/Technology Editors BEVERLY, Mass.--(BUSINESS WIRE)--April 19, 2001 Axcelis Technologies Axcelis Technologies, Inc. NASDAQ: ACLS engages in the design, manufacture, and servicing of capital equipment for the semiconductor manufacturing industry worldwide. , Inc. (Nasdaq: ACLS ACLS abbr. advanced cardiac life support ) today announced revenues and earnings for its first quarter ended March 31, 2001. Worldwide sales, including SEN, Axcelis' unconsolidated joint venture in Japan, were $225.9 million, down 16% sequentially from the fourth quarter of 2000, and up 11% from the first quarter of last year. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight (excluding SEN) for the quarter were $152.1 million, down 20% sequentially from the fourth quarter of 2000 but up 6% from the first quarter of last year. Net income for the first quarter of 2001 was $16.2 million, compared to net income of $18.9 million in the first quarter of 2000. Earnings per share for the first quarter of 2001 were $.17 per share compared to $.24 per share in the first quarter of 2000. This is after giving effect to the issuance of 17.1 million additional shares in July, 2000 as part of the Company's initial public offering of common stock. Earnings per share, excluding amortization of goodwill and intangibles, were $.19 per share in the first quarter of 2001 compared to $.26 per share in the first quarter of 2000. Brian Bachman, vice chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said: "Our first quarter financial results were consistent with the guidance we provided the investment community in January. We are in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. downturn in our industry which has resulted in a continuing degradation in customer orders around the world. Our current projection for second quarter net revenues is in the range of $100 million, and we have limited visibility beyond the second quarter at this time." "We previously indicated that we expected to be profitable at a quarterly net revenue trough Trough The stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion. of $125 million. After initiating cost reduction activities late last year and in the first quarter of 2001, we now believe that our net income for the second quarter will be around breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations , though we cannot provide assurance that we will be profitable in the second quarter." Bachman continued, "We are running our business prudently in the near term. We are also using this cyclical downturn to position ourselves for the many opportunities we see in 2002 and beyond. We continue to increase our investment in research and development, and we remain bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish about the opportunity for market share gains through our second-generation 300mm tools. We continue to pursue our strategy of providing a sequential set of process tools, applications and services with a focus on delivering leading edge technology and lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. ." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the SEC safe harbor provisions. These statements 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 our ability to implement successfully our profit plans, 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 and financial conditions. About Axcelis Technologies, Inc. Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts Beverly is a city in Essex County, Massachusetts, United States. The population was 39,862 at the 2000 census. A resort, residential and manufacturing community, Beverly includes Beverly Farms and Prides Crossing. , provides innovative, high-productivity manufacturing solutions for the semiconductor industry. Axcelis is dedicated to the design and manufacture of high current, medium current and high energy ion implantation Ion implantation A process that utilizes accelerated ions to penetrate a solid surface. The implanted ions can be used to modify the surface composition, structure, or property of the solid material. equipment; rapid thermal processing Rapid Thermal Processing (or RTP) refers to a semiconductor manufacturing process which heats silicon wafers to high temperatures (up to 1200 C or greater) on a timescale of several seconds or less. systems; and photostabilization and photoresist A film used in photolithography that temporarily holds the pattern of a circuit path or microscopic element of a chip. When exposed to light, it hardens and is resistant to the acid bath that washes away the unexposed areas. Not to be confused with photoresistor. stripping equipment. Axcelis Technologies has manufacturing facilities in Beverly and Rockville, Maryland Rockville is the county seat of Montgomery County, Maryland, United States. According to the 2006 census update, the city had a total population of 59,114, making it the second largest city in Maryland. , as well as in Toyo, Japan through its joint venture Sumitomo Eaton Nova. The company's Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is: www.axcelis.com. 1st Quarter Earnings Conference Call Please join us for our 1st quarter earnings conference call on April 19th, 5:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy . A webcast of the call can be accessed at our website: www.axcelis.com. A telephone replay will also be available from 8:00 pm EST April 19, 2000 until 5:00 pm EST April 27, 2001. Dial 1-800-642-1687 (1-706-645-9291 outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ). Please enter conference ID code #986820.
Consolidated Statements of Operations
In thousands, except per share amounts
Three months ended
March 31,
2001 2000
Net sales $152,149 $143,051
Cost of products sold 88,801 81,577
Gross profit 63,348 61,474
Operating expenses:
Research & development 19,262 16,125
Selling 13,380 11,598
General & administrative 17,711 13,030
Amortization of goodwill &
intangible assets 2,320 2,320
Income from operations 10,675 18,401
Other income:
Royalty income 2,800 3,823
Equity income of Sumitomo
Eaton Nova Corporation 6,632 3,340
Interest income 2,377
Other income - net 5 1,549
Income before income taxes 22,489 27,113
Income taxes 6,298 8,251
Net Income $ 16,191 $ 18,862
Basic net income per share $ 0.17 $ 0.24
Diluted net income per share $ 0.17 $ 0.24
Shares used in computing:
Basic net income per share 97,059 80,000
Diluted net income per share 97,599 80,000
Consolidated Balance Sheets
In thousands
March 31, Dec. 31,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 133,199 $ 168,157
Accounts receivable 126,764 150,482
Inventories 118,910 122,036
Deferred income taxes &
other current assets 27,339 26,851
Total current assets 406,212 467,526
Property, plant & equipment, net 81,164 75,653
Investment in
Sumitomo Eaton Nova Corporation 45,792 44,915
Goodwill 40,585 42,977
Intangible assets 20,334 20,418
Other assets 25,509 20,842
Total assets $ 619,596 $ 672,331
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 33,601 $ 46,855
Payable to Eaton Corporation -- 25,818
Accrued compensation 15,973 17,686
Warranty reserve 37,198 36,195
Income taxes payable 7,331 31,153
Other current liabilities 13,024 12,471
Total current liabilities 107,127 170,178
Deferred income taxes 8,365 7,391
Other long-term liabilities 3,393 3,393
Stockholders' equity
Common stock 97 97
Additional paid-in capital 437,626 437,472
Treasury stock - at cost (743) --
Retained earnings 74,873 58,682
Accumulated other
comprehensive income (loss) (11,142) (4,882)
Total stockholders' equity $ 500,711 $ 491,369
Total liabilities and
stockholders' equity $ 619,596 $ 672,331
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