Axcelis Announces Results for the Second Quarter 2002; Company Exceeds Revised Guidance.Business/Technology Editors BEVERLY, Mass.--(BUSINESS WIRE)--July 18, 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 second quarter ended June 30, 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 $139 million, up 86% sequentially from the first quarter of 2002, and down 9% from the second 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 $89 million, up 43% sequentially from the first quarter of 2002 and down 13% from the second quarter of 2001. Net loss for the second quarter of 2002 was $1.7 million, compared to a net loss of $2.2 million in the second quarter of 2001. Net loss per share for the second quarter of 2002 of $0.02 matches the loss per share in the second quarter of 2001. Gross margin for the quarter was 37.3%, compared with 24.8% in the first quarter. This improvement was due to increased factory absorption and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. Cash and short term investments were $211 million at the end of the second quarter. System bookings for the second quarter were up 73% from the first quarter. 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 continue to be very pleased with our performance given the current macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. conditions. We exceeded our updated revenue and earnings guidance that we provided during our analyst day on June 13, 2002. Technology purchasing continues as our customers are buying Axcelis' new systems for 0.13 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. and below processing. We have also made great progress during the quarter in reaching an agreement to acquire the semiconductor equipment division of Tritek International in China, securing customer wins with our new 300 mm systems, and reducing our SG&A spending going forward in an effort to return to profitability in the third quarter." Neil Moses, Executive Vice President and Chief Financial Officer said, "For the third quarter of 2002 we expect worldwide revenues (including SEN) to be $130 million to $140 million and net revenues (excluding SEN) to be $90 million to $100 million. Gross margins should be consistent with the second quarter and we expect earnings per share to range from ($0.02) to $0.02." 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. Second Quarter Earnings Conference Call Please join us for our second quarter conference call on July 18th at 5:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy . 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 2Q. A telephone replay will also be available from 8:00 pm EST on July 18th, 2002 until 5:00 pm EST on July 25th, 2002. Dial 1-800-428-6051 (1-973-709-2089 outside North America). Please enter conference ID code # 246013. A webcast replay will also be available from 8:00 pm EST on July 18th, 2002 until 5:00 pm EST August 18th, 2002.
Consolidated Statements of Operations
In thousands, except per share amounts
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Net sales $ 88,988 $102,002 $151,073 $254,151
Cost of products sold 55,760 62,902 102,448 151,703
Gross profit 33,228 39,100 48,625 102,448
Operating expenses:
Research & development 18,572 18,789 36,284 38,051
Selling 11,742 13,429 22,980 26,809
General & administrative 11,673 14,068 23,620 31,779
Amortization of goodwill
& intangible assets 365 2,320 730 4,640
Income (loss) from
operations (9,124) (9,506) (34,989) 1,169
Other income (expense):
Royalty income 3,354 1,781 3,921 4,581
Equity income of Sumitomo
Eaton Nova Corporation 3,322 3,567 1,360 10,199
Interest income 1,019 1,424 1,976 3,801
Interest expense (1,696) -- (2,894) --
Other-net (1,283) (253) (1,644) (248)
Income (loss) before
income taxes (4,408) (2,987) (32,270) 19,502
Income taxes (credit) (2,731) (837) (12,762) 5,461
Net income (loss) $ (1,677) $ (2,150) $(19,508) $ 14,041
Basic net income (loss)
per share $ (0.02) $ (0.02) $ (0.20) $ 0.14
Diluted net income (loss)
per share $ (0.02) $ (0.02) $ (0.20) $ 0.14
Shares used in computing:
Basic net income (loss)
per share 97,876 97,056 97,846 97,053
Accumulated other
comprehensive loss 97,876 97,056 97,846 97,965
Consolidated Balance Sheets
In thousands
June 30, Dec. 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $ 198,759 $ 124,177
Short-term investments 12,477 --
Accounts receivable 70,044 63,057
Inventories 108,445 105,339
Deferred income taxes & other current assets 35,757 18,622
Total current assets 425,482 311,195
Property, plant & equipment, net 96,363 92,618
Investment in Sumitomo Eaton Nova Corporation 54,488 48,183
Goodwill 39,282 39,282
Intangible assets 13,871 14,601
Other assets 48,756 45,517
Total assets $ 678,242 $ 551,396
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 37,515 $ 32,602
Accrued compensation 9,097 6,966
Warranty reserve 21,251 24,218
Other current liabilities 26,613 20,997
Total current liabilities 94,476 84,783
Convertible debt 125,000 --
Other long-term liabilities 3,913 3,752
Stockholders' equity
Common stock 98 97
Additional paid-in capital 445,121 440,638
Deferred compensation (1,331) --
Treasury stock - at cost (1,218) (1,218)
Retained earnings 19,011 38,519
Accumulated other comprehensive loss (6,828) (15,175)
Total stockholders' equity $ 454,853 $ 462,861
Total liabilities and stockholders' equity $ 678,242 $ 551,396
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