Axcelis Announces Results for the First Quarter 2002; Company Exceeds Revenue and Earnings Consensus Estimates.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)--April 24, 2002 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 first quarter ended March 31, 2002. Worldwide sales for the quarter, 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 $74.9 million, up 19% sequentially from the fourth quarter of 2001, and down 67% from the first quarter of 2001. 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 $62.1 million, up 26% sequentially from the fourth quarter of 2001 and down 59% from the first quarter of 2001. Net loss for the first quarter of 2002 was $17.8 million, compared to net income of $16.2 million in the first quarter of 2001. Net loss per share for the first quarter of 2002 was $0.18 compared to earnings per share of $0.17 in the first quarter of 2001. Cash and cash equivalents were $229.6 million at the end of the first quarter. The company raised $121.6 million in net cash proceeds through the sale of $125 million in convertible subordinated notes in January January: see month. 2002. Mary Puma, President 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, "We are pleased with our increase in sequential quarterly net revenues, particularly given that 2001 was such a difficult year for the semiconductor capital equipment industry. Our business is definitely improving, with net bookings and quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. activity up significantly over the fourth quarter of 2001. While we are encouraged by these improvements, the trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. of the upturn is still uncertain." "Axcelis continues to build a strong platform for long term growth by developing and delivering innovative new products. We have just launched our next generation high current low energy ion implanters, the Ultra line, for both 200 mm and 300 mm to take advantage of increased demand as customers migrate to advanced 0.10 micron technologies Micron Technology ("Micron") NYSE: MU is a multinational company based in Boise, Idaho, USA, best known for producing many forms of semiconductor devices. This includes DRAM, SDRAM, flash memory, and CMOS image sensing chips. . The Ultra line delivers higher productivity for low energy implantation implantation /im·plan·ta·tion/ (im?plan-ta´shun) 1. attachment of the blastocyst to the epithelial lining of the uterus, its penetration through the epithelium, and, in humans, its embedding in the stratum compactum of the for critical ultra shallow junction applications. We believe this will strengthen our competitive positioning in the high current market." Neil Moses, Executive Vice President and Chief Financial Officer said, "For the second quarter of 2002 we expect worldwide revenues (including SEN) to be $110 to $120 million and net revenues (excluding SEN) to be $70 to $80 million. Our outlook reflects a continued improvement in our business, although SEN's sequential quarterly revenue improvement may not be indicative of a sustained improvement in their business. Corresponding net losses are expected to be in the range of $0.09 - $0.12 per share, a significant improvement over the first quarter due to higher worldwide revenues and margins as well as the continuing impact of cost reduction initiatives." 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 solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of 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. , 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. , and cleaning and curing systems. Axcelis Technologies has key technology centers in Beverly, Massachusetts, 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, SEN. 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. First Quarter Earnings Conference Call Please join us for our first quarter conference call on April 24th at 5:00 pm ET. A webcast of the call can be accessed via 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: 1-800-360-9865; outside 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. : 1-973-694-6836. You will be asked to provide the company name, Axcelis Technologies; the conference leader, Mark Namaroff; and the pass code, Axcelis 1Q. A telephone replay will also be available from 8:00 pm ET on April 24, 2002 until 5:00 pm ET on May 1st, 2002. Dial 1-800-428-6051 (1-973-709-2089 outside North America). Please enter conference ID code # 236117. A webcast replay will also be available from 8:00 pm ET on April 24, 2002 until 5:00 pm ET May 21, 2002.
Consolidated Statements of Operations
In thousands, except per share amounts
Quarter ended
March 31,
2002 2001
Net sales $ 62,085 $152,149
Cost of products sold 46,688 88,801
Gross profit 15,397 63,348
Operating expenses:
Research & development 17,712 19,262
Selling 11,238 13,380
General & administrative 11,947 17,711
Amortization of goodwill &
intangible assets 365 2,320
Income (loss) from operations (25,865) 10,675
Other income (expense):
Royalty income 567 2,800
Equity income of Sumitomo
Eaton Nova Corporation (1,962) 6,632
Interest income 957 2,377
Interest expense (1,198) --
Other income (expense) - net (361) 5
Total other income (expense) (1,997) 11,814
Income before income taxes (27,862) 22,489
Income taxes (10,031) 6,298
Net income (loss) $(17,831) $ 16,191
Basic net income (loss) per share $ (0.18) $ 0.17
Diluted net income (loss) per share $ (0.18) $ 0.17
Shares used in computing:
Basic net income (loss) per share 97,816 97,059
Diluted net income (loss) per share 97,816 97,599
Consolidated Balance Sheets
In thousands
March 31, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $ 229,578 $ 124,177
Accounts receivable 51,687 63,057
Inventories 104,338 105,339
Deferred income taxes &
other current assets 30,638 18,622
Total current assets 416,241 311,195
Property, plant & equipment, net 94,195 92,618
Investment in Sumitomo
Eaton Nova Corporation 45,802 48,183
Goodwill 39,282 39,282
Intangible assets 14,236 14,601
Other assets 48,365 45,517
Total assets $ 658,121 $ 551,396
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 30,150 $ 32,602
Accrued compensation 9,716 6,966
Warranty reserve 23,579 24,218
Income taxes payable -- --
Other current liabilities 18,759 20,997
Total current liabilities 82,204 84,783
Convertible debt 125,000 --
Deferred income taxes -- --
Other long-term liabilities 3,726 3,752
Stockholders' equity
Common stock 98 97
Additional paid-in capital 444,939 440,638
Deferred compensation (1,273) --
Treasury stock - at cost (1,218) (1,218)
Retained earnings 20,688 38,519
Accumulated other comprehensive
income (loss) (16,043) (15,175)
Total stockholders' equity $ 447,191 $ 462,861
Total liabilities and
stockholders' equity $ 658,121 $ 551,396
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