Axcelis Announces Results for the Fourth Quarter and 2001 Fiscal 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 results for its fourth quarter and full year ended December December: see month. 31, 2001. 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 $62.7 million, down 43% sequentially from the third quarter of 2001, and down 77% from the fourth quarter of 2000. 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 $49.3 million, down 20% sequentially from the third quarter of 2001 and down 74% from the fourth quarter of 2000. Net loss for the fourth quarter of 2001 was $18.0 million, compared to net income of $30.2 million in the fourth quarter of 2000. For the full year, worldwide sales (including SEN) were $551.7 million, down 41% from 2000. Net sales (excluding SEN) were $365.3 million, down 46% from 2000. Net loss for the full year was $20.2 million compared with net income of $99.1 million in 2000. Net loss per share for the fourth quarter of 2001 was $0.18 compared to earnings per share of $0.31 in the fourth quarter of 2000. Excluding amortization of goodwill and intangibles, the company had a net loss of $0.16 per share in the fourth quarter of 2001 compared to earning $0.33 per share in the fourth quarter of 2000. Net loss per share for the full year was $0.21 compared to earnings per share of $1.13 in 2000. Excluding amortization of goodwill and intangibles, the company had a net loss per share of $0.11 compared with earnings per share of $1.23 in 2000. Cash and cash equivalents were $124.2 million at the end of the fourth quarter. In addition, the company established a $45 million bank line of credit in the fourth quarter and raised $121.5 million in net cash proceeds through the sale of convertible subordinated notes in January January: see month. 2002. Neil Moses, executive vice president and CFO See Chief Financial Officer. said, "We met our fourth quarter guidance despite continued weak market conditions and incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. $3.0 million in pre-tax charges associated with the consolidation of our manufacturing facilities, which was announced in November 2001. We are focused on controlling our expenses and prudently managing our headcount, as evidenced by the fact that our quarterly SG&A has decreased 31 % since the fourth quarter of last year. At the same time, we have continued our investment in research and development so that we can benefit from the industry's ongoing transition from 200mm to 300mm wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. , and so that we are well positioned when the industry recovers". Moses continued, "For the first quarter of 2002 we expect worldwide revenues (including SEN) to be $60 - $70 million and net revenues to be $45 - $55 million. These estimates are consistent with our performance in the fourth quarter of 2001. Corresponding net losses are expected to be in the range of $0.18 - $0.22 per share. Compared to the fourth quarter of 2001, our per share loss will increase primarily because of a change in our projected tax rate". 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. Shareholders Meeting and Proxy Deadline The Company's 2002 Annual Meeting of Stockholders is currently scheduled for May 1, 2002. Notices of shareholder proposals or director nominations for presentation at that meeting may be submitted until February 6, 2002 without being untimely. The deadline for inclusion of such proposals or nominations in our proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for the 2002 Annual Meeting did not change from January 24, 2002, as disclosed in our 2001 Proxy Statement. 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. Fourth Quarter Earnings Conference Call Please join us for our fourth quarter conference call on January 22nd, 5:15 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 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 4Q. A telephone replay will also be available from 8:00 pm EDT on January 22, 2002 until 5:00 pm EDT on January 29, 2002. Dial 1-800-428-6051 (1-973-709-2089 outside North America). Please enter conference ID code # 219259. A webcast replay will also be available from 8:00 pm EDT on January 22, 2002 until 5:00 pm EDT February 22, 2002.
Consolidated Balance Sheets
In thousands
Dec. 31, Dec. 31,
2001 2000
Assets
Current assets:
Cash and cash equivalents $ 124,177 $ 168,157
Accounts receivable 63,057 150,482
Inventories 105,339 122,036
Deferred income taxes & other current assets 18,622 26,851
Total current assets 311,195 467,526
Property, plant & equipment, net 92,618 75,653
Investment in Sumitomo Eaton Nova Corporation 48,183 44,915
Goodwill 39,282 42,977
Intangible assets 14,601 20,418
Other assets 45,517 20,842
Total assets $ 551,396 $ 672,331
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 32,602 $ 46,855
Payable to Eaton Corporation -- 25,818
Accrued compensation 6,966 17,686
Warranty reserve 24,218 33,324
Income taxes payable -- 31,153
Other current liabilities 20,997 15,342
Total current liabilities 84,783 170,178
Deferred income taxes -- 7,391
Other long-term liabilities 3,752 3,393
Stockholders' equity
Common stock 97 97
Additional paid-in capital 440,638 437,472
Treasury stock - at cost (1,218) --
Retained earnings 38,519 58,682
Accumulated other comprehensive income (loss) (15,175) (4,882)
Total stockholders' equity $ 462,861 $ 491,369
Total liabilities and stockholders' equity $ 551,396 $ 672,331
Consolidated Statements of Operations
In thousands, except per share amounts
Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
Net sales $49,317 $188,997 $365,264 $680,401
Cost of products sold 39,335 105,612 234,239 381,092
Gross profit 9,982 83,385 131,025 299,309
Operating expenses:
Research & development 20,114 17,739 76,538 68,768
Selling 10,869 15,528 49,439 56,427
General & administrative 11,361 16,902 58,013 60,197
Amortization of goodwill &
intangible assets 2,320 2,320 9,280 9,280
Income (loss) from operations (34,682) 30,896 (62,245) 104,637
Other income (expense):
Royalty income 336 3,986 6,463 15,054
Equity income of Sumitomo
Eaton Nova Corporation (1,156) 7,435 12,205 19,570
Interest Income 412 1,983 5,400 5,801
Other income (expense) - net (1,004) (11) (2,224) (790)
Income before income taxes (36,094) 44,289 (40,401) 144,272
Income taxes (18,101) 14,087 (20,238) 45,157
Net income (loss) $(17,993) $30,202 $(20,163) $99,115
Basic net income
(loss) per share $(0.18) $0.31 $(0.21) $1.13
Diluted net income
(loss) per share $(0.18) $0.31 $(0.21) $1.13
Shares used in computing:
Basic net income
(loss) per share 97,364 97,050 97,215 88,063
Diluted net income
(loss) per share 97,364 97,052 97,215 88,064
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