Axcelis Technologies, Inc. Announces Second Quarter Results.Business 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)--July 17, 2000 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 the second quarter ended June June: see month. 30, 2000 with 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 of $165.8 million up 68% from $98.8 million for the second quarter of 1999 and up 16% from $143.1 million for the first quarter of 2000. Net income of $21.6 million, or $0.27 per share, was recorded for the second quarter of 2000, an increase of 247%, when compared to the second quarter 1999 net income of $6.2 million or $0.08 per share. Net sales for the six months ended June 30, 2000 were a record $308.9 million, an increase of 96% from $157.9 million for the first six months of 1999. Net income of $40.4 million, or $0.51 per share, was posted for the six month period ended June 30, 2000. This compares with a net loss of $4.2 million or $0.05 per share recorded in the same period in 1999. Axcelis Technologies, Inc., headquartered in Beverly, MA., is a leading producer 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. equipment used in the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of semiconductors. Axcelis also produces dry strip, photostabilization, 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. equipment used in semiconductor manufacturing, and provides extensive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. service and support, including spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. , equipment upgrades, maintenance services and customer training.
Axcelis Technologies, Inc.
Comparative Financial Summary
Three Months Ended
June 30
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(Thousands except for per share data) 2000 1999
---- ----
Net sales $165,844 $ 98,814
Income (loss) before income taxes 31,487 8,418
Net income (loss) 21,571 6,212
Basic & diluted net income (loss) per share $ .27 $ .08
Shares used in computing basic & diluted
net income (loss) per share 80,000 80,000
See accompanying notes.
Axcelis Technologies, Inc.
Comparative Financial Summary
Six Months Ended
June 30
-------------------
(Thousands except for per share data) 2000 1999
---- ----
Net sales $308,895 $157,938
Income (loss) before income taxes 58,600 (5,643)
Net income (loss) 40,433 (4,163)
Basic & diluted net income (loss) per share $ .51 $ (.05)
Shares used in computing basic & diluted
net income (loss) per share 80,000 80,000
See accompanying notes.
Axcelis Technologies, Inc.
Statements of Combined Operations
Three Months Ended
June 30
------------------
(Thousands except for per share data) 2000 1999
---- ----
Net sales $165,844 $ 98,814
Cost of products sold 92,576 57,302
-------- --------
Gross profit 73,268 41,512
Other costs & expenses
Research & development 17,377 12,549
Selling 13,420 8,485
General & administrative 14,595 9,751
Amortization of goodwill & intangible assets 2,320 2,320
-------- --------
Income (loss) from operations 25,556 8,407
Other income (expense)
Royalty income 3,949 1,760
Equity income (loss) of Sumitomo Eaton
Nova Corporation 3,316 (1,302)
Other income (expense) - net (1,334) (447)
-------- --------
Income (loss) before income taxes 31,487 8,418
Income taxes (credit) 9,916 2,206
-------- --------
Net income (loss) $ 21,571 $ 6,212
-------- --------
-------- --------
Basic & diluted net income (loss) per share $ .27 $ .08
Shares used in computing basic & diluted
net income (loss) per share 80,000 80,000
See accompanying notes.
Axcelis Technologies, Inc.
Statements of Combined Operations
Six Months Ended
June 30
------------------
(Thousands except for per share data) 2000 1999
---- ----
Net sales $308,895 $157,938
Cost of products sold 174,153 95,658
-------- --------
Gross profit 134,742 62,280
Other costs & expenses
Research & development 33,502 24,732
Selling 25,018 17,572
General & administrative 27,625 19,363
Amortization of goodwill & intangible assets 4,640 4,640
-------- --------
Income (loss) from operations 43,957 (4,027)
Other income (expense)
Royalty income 7,772 2,725
Equity income (loss) of Sumitomo Eaton
Nova Corporation 6,656 (3,749)
Other income (expense) - net 215 (592)
-------- --------
Income (loss) before income taxes 58,600 (5,643)
Income taxes (credit) 18,167 (1,480)
-------- --------
Net income (loss) $ 40,433 $ (4,163)
-------- --------
-------- --------
Basic & diluted net income (loss) per share $ .51 $ (.05)
Shares used in computing basic & diluted
net income (loss) per share 80,000 80,000
See accompanying notes.
Axcelis Technologies, Inc.
Condensed Combined Balance Sheets
June 30, December 31,
(Thousands) 2000 1999
---- ----
ASSETS
Current assets
Cash & short-term investments $ 41,914 $ 3,530
Receivable from Eaton Corporation 21,748 11,241
Accounts receivable 117,719 101,335
Inventories 109,875 83,326
Deferred income taxes & other current assets 40,529 36,060
-------- --------
331,785 235,492
Property, plant & equipment 62,560 73,809
Investment in Sumitomo Eaton Nova Corporation 32,126 22,210
Goodwill, intangible & other long-term assets 86,159 91,324
-------- --------
$512,630 $422,835
-------- --------
-------- --------
LIABILITIES & SHAREHOLDER'S EQUITY
Current liabilities
Accounts payable & other current
liabilities $ 58,224 $ 47,165
Warranty reserve 27,199 18,568
Dividend payable to Eaton Corporation 300,000
-------- --------
385,423 65,733
Deferred income taxes & other long-term
liabilities 14,118 14,806
Shareholder's equity 113,089 342,296
-------- --------
$512,630 $422,835
-------- --------
-------- --------
See accompanying notes.
Axcelis Technologies, Inc. Notes to the Second Quarter 2000 Earnings Release Initial Public Offering of Axcelis Technologies, Inc. ----------------------------------------------------- On July July: see month. 10, 2000, Axcelis completed an initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) for the sale of 15,500,000 shares of common stock at $22 per share. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the IPO were $317.5 million and the number of outstanding shares of common stock increased to 95,500,000. The net proceeds from the IPO, together with cash from other sources, will be used to pay a previously declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. $300 million dividend to 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. (Eaton Eaton may refer to: Buildings
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 83.8% of the outstanding shares of Axcelis common stock. Eaton currently plans to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Axcelis common stock to its shareholders approximately six months following the completion of this offering by distributing all of its shares of common stock in a tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. transaction to Eaton shareholders. Eaton may accomplish this divestiture through a split-off The process whereby a parent corporation organizes a subsidiary corporation to which it transfers part of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the shareholders of the parent corporation in exchange for a portion of their , 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. or some combination of both transactions. Eaton will, in its sole discretion, determine the timing, structure and terms of the divestiture of the remaining shares of Axcelis common stock that it owns. The planned divestiture by Eaton is subject to receiving a private letter ruling from the Internal Revenue Service that the divestiture will be tax-free to Eaton and its shareholders and that Eaton's Eaton's was once Canada's largest department store retailer. Founded in 1869 in Toronto by Timothy Eaton, an Irish immigrant, Eaton's first advertisement read "We propose to sell our goods for CASH ONLY – In selling goods, to have only one price. contribution of assets to Axcelis in connection with the separation from Eaton will qualify as a tax-free reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. for U.S. federal income tax purposes. Eaton recently filed the private letter ruling request. Net Income (Loss) per Share --------------------------- Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income (loss) per share amounts are calculated based on 80,000,000 shares of common stock that were outstanding prior to the IPO, as described above. In future periods, basic net income (loss) per share will be calculated based on the weighted average number of shares of common stock outstanding during the period. This average will include the 15,500,000 shares of common stock sold in the IPO and may include an additional 1,550,000 shares of common stock that the underwriters of the IPO have the option to purchase for up to 30 days after the IPO. Diluted net income (loss) per share will be calculated based on the weighted average number of shares of common stock outstanding as described previously, plus the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of stock options, calculated using the treasury stock method. |
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