Axcelis Announces Results for Third Quarter 2001; Company In Line with Earnings Guidance Despite Weaker Revenues.Business/Technology Editors BEVERLY, Mass.--(BUSINESS WIRE)--Oct. 24, 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 results for its third quarter ended September 30, 2001. Worldwide sales, including SEN SEN. This is said to be an ancient word which signified justice. Co. Litt. 61 a. , Axcelis' unconsolidated joint venture in Japan, were $109.7 million, down 28% sequentially from the second quarter of 2001, and down 55% from the third 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 $61.8 million, down 39% sequentially from the second quarter of 2001 and down 66% from the third quarter of last year. Net loss (after taxes) for the third quarter of 2001 was $16.2 million, compared to net income of $28.5 million in the third quarter of 2000. Net loss per share for the third quarter of 2001 was $0.17 compared to earnings per share of $0.30 in the third quarter of 2000. Excluding amortization of goodwill and intangibles, the company had a net loss of $0.14 per share in the third quarter of 2001 compared to earning $0.32 per share in the third 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, "Business conditions continue to be difficult and uncertain. We started the quarter with the belief that the economic cycle was close to bottoming, and then we experienced the tragic events of September 11th. We remember those who died, and we trust that the decisive actions taken by the U.S. government and our allies will ensure the personal safety we have all grown to expect and put the economy back on track." "We are continuing to respond to this challenging environment by aggressively managing our SG&A, focusing on the strength of our balance sheet, and maintaining R&D to enhance our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth potential. This year we have launched significant second-generation 300mm products and forged new technology alliances to provide integrated solutions for emerging technologies that are complementary to Axcelis' existing product portfolio. We are getting excellent traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. as our customers begin making the transition to 300mm as evidenced by our announcement of a tool suite win for a large 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. logic manufacturer earlier this quarter. Our quarterly SG&A spending has decreased 18% since the fourth quarter of last year and we are evaluating further initiatives as we continue to assess the near term outlook. Our cash position improved to $140 million at the end of the third quarter and we also put in place a line of credit to provide the company with additional operating flexibility." "As expected, the Japanese semiconductor industry continues to weaken since it tends to lag the overall industry cycle. This will likely result in further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of SEN sales in the fourth quarter. Our current projections for fourth quarter worldwide (including SEN) and net revenues are in the range of $60 - $70 million and $40 - $50 million, respectively, with a corresponding net loss (before goodwill and intangible amortization) of $0.15 to $0.20 per share." 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, political and financial conditions. These risks and other risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Axcelis are described more fully in the most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission. 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 high-energy adj. 1. Of or relating to elementary particles with energies exceeding hundreds of thousands of electron volts. 2. Yielding a large amount of energy upon undergoing chemical reaction. 3. Vigorous; dynamic. 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. Third Quarter Earnings Conference Call Please join us for our third quarter conference call on October 24th, 5:00 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . A webcast of the call can be accessed at our website: www.axcelis.com. The dial in numbers in numbered parts; as, a book published in numbers. See also: Number for the teleconference are as follows: Domestic: 888-588-7932; outside North America: 706-634-7442. You will be asked to provide the company name, Axcelis Technologies; the conference leader, Mark Namaroff; and the pass code, Axcelis 3Q. A telephone replay will also be available from 8:00 pm EDT on October 24, 2001 until 5:00 pm EDT on October 31, 2001. Dial 1-800-642-1687 (1-706-645-9291 outside North America). Please enter conference ID code # 36412. A webcast replay will also be available from 8:00 pm EDT on October 24, 2001 until 5:00 pm EDT November 23, 2001.
Consolidated Statements of Operations
In thousands, except per share amounts
Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000
Net sales $ 61,796 $ 182,509 $ 315,947 $ 491,404
Cost of products sold 43,201 101,327 194,904 275,480
Gross profit 18,595 81,182 121,043 215,924
Operating expenses:
Research & development 18,373 17,527 56,424 51,029
Selling 11,761 15,881 38,570 40,899
General & administrative 14,873 15,670 46,652 43,295
Amortization of
goodwill & intangible assets 2,320 2,320 6,960 6,960
Income (loss) from operations (28,732) 29,784 (27,563) 73,741
Other income (expense):
Royalty income 1,546 3,296 6,127 11,068
Equity income of Sumitomo
Eaton Nova Corporation 3,162 5,479 13,361 12,135
Interest Income 1,187 2,380 4,988 3,818
Other income (expense) - net (972) 444 (1,220) (779)
Income before income taxes (23,809) 41,383 (4,307) 99,983
Income taxes (7,598) 12,903 (2,137) 31,070
Net income (loss) $ (16,211)$ 28,480 $ (2,170)$ 68,913
Basic net income (loss)
per share $ (0.17)$ 0.30 $ (0.02)$ 0.81
Diluted net income (loss)
per share $ (0.17)$ 0.30 $ (0.02)$ 0.81
Shares used in computing:
Basic net income (loss)
per share 97,387 95,028 97,165 85,046
Diluted net income (loss)
per share 97,387 95,028 97,165 85,046
Consolidated Balance Sheets
In thousands
September 30, 2001 December 31, 2000
Assets
Current assets:
Cash and cash equivalents $ 139,670 $ 168,157
Accounts receivable 75,807 150,482
Inventories 108,409 122,036
Deferred income taxes &
other current assets 33,621 26,851
Total current assets 357,507 467,526
Property, plant & equipment, net 90,941 75,653
Investment in
Sumitomo Eaton Nova Corporation 54,294 44,915
Goodwill 40,206 42,977
Intangible assets 15,914 20,418
Other assets 30,889 20,842
Total assets $ 589,751 $ 672,331
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 31,371 $ 46,855
Payable to Eaton Corporation -- 25,818
Accrued compensation 11,270 17,686
Warranty reserve 28,386 33,324
Income taxes payable -- 31,153
Other current liabilities 21,460 15,342
Total current liabilities 92,487 170,178
Deferred income taxes 7,384 7,391
Other long-term liabilities 3,677 3,393
Stockholders' equity
Common stock 97 97
Additional paid-in capital 440,432 437,472
Treasury stock - at cost (1,218) --
Retained earnings 56,513 58,682
Accumulated other
comprehensive income (loss) (9,621) (4,882)
Total stockholders' equity $ 486,203 $ 491,369
Total liabilities and
stockholders' equity $ 589,751 $ 672,331
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