Axcelis Announces Record Revenues and Earnings for the Fourth Quarter and Full Year.Business/Technology Editors BEVERLY Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. , Mass.--(BUSINESS WIRE)--Jan. 22, 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 record 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 and earnings for its fourth quarter ended December 31, 2000. Net sales for the quarter were $189.0 million, up 45% from $130.7 million for the fourth quarter of 1999 and up 4% sequentially from the third quarter of 2000. Net income for the fourth quarter of 2000 was $30.2 million, an increase of 239% when compared to net income of $8.9 million in the fourth quarter of 1999. For the full year, gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. , inclusive of inclusive of prep. Taking into consideration or account; including. its joint venture Sumitomo Eaton Nova (SEN SEN. This is said to be an ancient word which signified justice. Co. Litt. 61 a. ), were $940.7 million, an increase of 83% from $514.1 million in 1999. Net sales were $680.4 million for the full year, compared to $397.3 million in 1999. Net income for the year was $99.1 million compared to net income of $14.4 million in 1999. Earnings per share for the fourth quarter of 2000 were $0.31 per share, up 182% from $0.11 per share in the fourth quarter of 1999. This improvement comes 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 the amortization of goodwill and intangibles, were $0.33 per share in the fourth quarter of 2000, an increase of 136% from $0.14 per share in the fourth quarter of 1999. Earnings per share for the full year were $1.13 per share compared to $0.18 per share in 1999. Earnings per share, excluding the amortization of goodwill and intangibles, were $1.23 per share compared to $0.30 per share in 1999. On December 29, 2000, Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. completed its previously announced distribution of its remaining 82% ownership interest in Axcelis in the form of a spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. to Eaton shareholders. Axcelis is now a fully independent public company with approximately 97 million shares of common stock which are publicly traded, an increase of approximately 80 million shares as a result of the spin-off. 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, "This has been a remarkable year for Axcelis, our first as a stand alone public company. I want to thank Eaton Corporation for their guidance and support, and also to thank our employees for Axcelis' record financial performance. Thanks to their efforts, we hold an industry leading position in 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. with a product suite that features both serial and multi-wafer platform products for maximum productivity, and low cost of ownership across the entire applications space. Our dry strip and 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. tools have experienced significant market share wins in 2000 to complement our core implant implant /im·plant/ (im-plant´) to insert or to graft (tissue, or inert or radioactive material) into intact tissues or a body cavity. position. Our customers are recognizing compelling economic benefits with our 300mm product line: production proven platforms for faster time to revenue, a low risk transition, and maximum manufacturing flexibility uniquely afforded across the tool set." Bachman continued, "Despite our success in 2000, the growth our industry has recently experienced will not be repeated in 2001. Concern about macro economic conditions in general, and semiconductor equipment capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in particular, has made it difficult to gauge demand for our products beyond the next few months. For the first quarter of 2001, we are projecting revenues ranging from $150 million to $160 million, up from $143 million in the first quarter of 2000. As our visibility on 2001 demand improves, we will plan to update this guidance." 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 equipment; rapid thermal processing 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: . 4th Quarter Earnings Conference Call Please join us for our 4th quarter earnings conference call on January 22nd, 11:00 am 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 12:00 noon EST January 22, 2001 until 5:00 pm EST January 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: #232374.
Condensed Combined Balance Sheets
In thousands
December December
31, 31,
2000 1999
ASSETS
Current assets:
Cash & short-term investments $ 168,157 $ 3,530
Receivable from Eaton Corporation -- 11,241
Accounts receivable 150,482 101,335
Inventories 122,036 83,326
Deferred income taxes & other
current assets 26,851 36,060
Total current assets 467,526 235,492
Property, plant & equipment, net 75,653 73,809
Investment in Sumitomo Eaton Nova Corporation 44,915 22,210
Goodwill 42,977 47,006
Intangible assets 20,418 26,190
Other Assets 20,842 18,128
Total assets $ 672,331 $ 422,835
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 46,855 $ 24,579
Payable to Eaton Corporation 25,818
Accrued compensation 17,686 8,984
Warranty reserve 36,195 18,568
Other current liabilities 43,624 13,602
Total current liabilities 170,178 65,733
Deferred income taxes & other
long-term liabilities 7,391 10,238
Pension & other employee benefit
liabilities 3,393 4,568
Stockholders' equity/Parent company
investment
Common stock 97
Additional paid-in capital 437,472
Retained earnings 58,682
Accumulated other comprehensive
income (loss) (4,882) (5,529)
Parent company investment 347,825
Total Stockholders' equity/Parent
company investment $ 491,369 $ 342,296
Total liabilities and stockholders'
equity/parent company investment $ 672,331 $ 422,835
Statements of Combined Operations
In thousands, except per share amounts
Three Months Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
Net Sales $188,997 $130,671 $680,401 $397,267
Cost of Products Sold 105,612 78,129 381,092 240,185
Gross Profit 83,385 52,542 299,309 157,082
Operating expenses:
Research &
development 17,739 14,520 68,768 51,599
Selling 15,528 10,289 56,427 37,946
General &
administrative 16,902 15,954 60,197 45,925
Amortization of
goodwill &
intangible assets 2,320 2,319 9,280 9,279
Income from operations 30,896 9,460 104,637 12,333
Other income (expense):
Royalty income 3,986 1,674 15,054 5,854
Equity income (loss)
of Sumitomo
Eaton Nova Corporation 7,435 106 19,570 1,338
Other income (expense)
- net 1,972 879 5,011 28
Income before income
taxes 44,289 12,119 144,272 19,553
Income taxes 14,087 3,177 45,157 5,125
Net Income $ 30,202 $ 8,942 $ 99,115 $ 14,428
Basic net income per
share $ 0.31 $ 0.11 $ 1.13 $ 0.18
Diluted net income per
share $ 0.31 $ 1.13
Shares used in computing:
Basic net income per
share 97,050 80,000 88,063 80,000
Diluted net income per
share 97,052 88,064
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