03.02.2005 22:17:00
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Axcelis Announces Financial Results for the Fourth Quarter and Full Ye
Business Editors/High-Tech Editors
BEVERLY, Mass.--(BUSINESS WIRE)--Feb. 3, 2005--Axcelis Technologies, Inc. (NASDAQ: ACLS) today announced financial results for its fourth quarter and year ended December 31, 2004. The Company reported net revenues of $94.5 million, compared to $127.9 million for the third quarter of 2004, and $98.6 for the corresponding quarter of the previous year. Worldwide revenues for the fourth quarter, including revenues of the Company's 50% owned joint venture in Japan, Sumitomo Eaton Nova Corporation ("SEN"), were $184.5 million, compared to $219.0 million for the preceding quarter, and $161.0 for the fourth quarter of 2003. Net income for the quarter was $7.0 million, or $0.07 per diluted share, compared to $19.1 million, or $0.19 per diluted share, in the third quarter of 2004, and $3.3 million, or $0.03 per diluted share, for the fourth quarter of 2003. Gross margin for the fourth quarter of 2004 was 41.1%.
For the full year 2004, worldwide revenues, including revenues of SEN, were $837.7 million, compared with $492.2 million in 2003. Net revenues, excluding SEN revenues, were $508.0 million, compared with $328.0 million in 2003. Net income for the year was $74.2 million, or $0.73 per diluted share, compared to a net loss of $113.9 million in 2003, or $1.16 per share including the effect of a non-cash charge to income tax expense of $69.7 million, or $0.70 per share.
Mary Puma, president and chief executive officer stated, "We concluded a year in which we achieved several important operational and financial goals. Our 2004 financial accomplishments include improving operating efficiencies, reducing fixed costs, growing margins and generating cash."
"In 2004 we also made significant investments in developing products that meet the emerging needs of our customers, positioning us very well for long-term growth. Our new products for ion implant and low-k curing and cleaning continue to develop strong customer interest. This quarter we will launch a new single wafer implant platform that maximizes performance while minimizing the challenges and costs associated with scaling. Our next-generation product platforms will put us in a unique position to deliver exceptional value to our customers for 65 nanometer production and beyond," continued Puma.
"In terms of the fourth quarter, our financial results were in line with our expectations. Compared to the fourth quarter of 2003, we appreciably improved profitability and increased positive cash flow on lower revenue. Our fourth quarter bookings reflect weak customer demand primarily attributable to declining fab utilization. We anticipate that our first quarter bookings will show improvement, since several orders expected to book in the fourth quarter were delayed to the first quarter of 2005. Although visibility is poor, we are hopeful that this signals a bottoming of industry fundamentals," concluded Puma.
Axcelis believes that the information regarding the aggregate revenues of SEN, a 50% owned unconsolidated subsidiary of Axcelis, combined with Axcelis' own revenues for the quarter and year, is useful to investors. SEN's ion implant products are covered by a license from Axcelis and therefore the combined revenue of the two companies indicates the full market penetration of Axcelis' technology.
Fourth Quarter Detail
Shipments
Shipments for the fourth quarter on a worldwide basis, including SEN, totaled $150.4 million with net shipments, excluding SEN, totaling $90.3 million. Worldwide shipments were down 33% from the third quarter of 2004 and net shipments were down 30%.
Geographically, systems shipments excluding SEN were to: Asia 66%, Europe 8% and North America 26%.
Service revenue (service labor, spare parts and consumables) was $41.9 million for the quarter, down 6.5% from the third quarter of 2004.
The ion implantation business (excluding SEN) accounted for 76% of total shipments in the fourth quarter while the complementary products (RTP, Dry Strip and Curing) accounted for 24%.
Orders and Backlog
Orders (new systems bookings and service excluding SEN) received for the fourth quarter totaled $87.4 million, compared to $126.3 million for the third quarter of 2004. New system bookings, excluding service, amounted to $45.5 million compared to $81.5 million for the preceding quarter. Worldwide orders, including SEN, were $122.7 million, compared to $234.3 million for the third quarter of 2004.
Geographically, net system orders without SEN were split as follows: Asia 70%, Europe 9% and North America 21%. Logic manufacturers (integrated device manufacturers and foundries) accounted for 52% of systems orders while memory manufacturers made up 48%.
Backlog plus deferred systems revenue for the quarter ended at $118.4 million, a decrease of 19.3% since the end of the third quarter of 2004. Reported backlog consists of systems only (i.e., excluding service contracts) that are generally scheduled to ship within six months.
Balance Sheet
Axcelis ended the year with $193.4 million in cash and cash equivalents, restricted cash and short-term investments. The Company generated $25.8 million in cash during the fourth quarter.
First Quarter Outlook
Net revenues (excluding SEN) for the first quarter of 2005 are forecast in the range of $95 million to $105 million. Gross margins are projected in the range of 42% to 43%. The Company expects to earn between $0.01 and $0.05 per share. Results for the first quarter will be impacted negatively by restructuring and relocation costs of $2 to $3 million ($0.02 to $0.03 per share). The Company has also forecast the contribution from SEN for the quarter to decrease significantly due to the declining market in Japan.
The Company expects cash outflow to approximate $15 million in the first quarter as several annual or semi annual payments for variable compensation, insurance, 401K matching, and interest become payable.
Fourth Quarter 2004 Conference Call
The company will be hosting a conference call today, Thursday, February 3, 2005, beginning at 5:00 p.m. EST. The purpose of the call is to discuss fourth quarter results for 2004 and to provide guidance for the first quarter of 2005. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com or by dialing 1-800-475-3716 (1-719-457-2728 outside North America). Participants calling into the conference call will be requested to provide the company name: Axcelis Technologies, the conference leader: James Kawski, and pass code: Axcelis Q4. A telephone replay will be available from 8:00 p.m. EST on February 3, 2005 until 11:59 p.m. EST on February 10, 2005. Dial 1-888-203-1112 (1-719-457-0820 outside North America), and enter conference ID code #938183. A webcast replay will be available from 8:00 p.m. EST on February 3, 2005 until 5:00 p.m. EST March 3, 2005.
New Single Wafer Implant Product Announcement Conference Call
To learn more about Axcelis' new single wafer product platform, please join Axcelis for a webcast at 1:00 p.m. EST on February 16, 2005. The live presentation will be accessible through Axcelis' home page at www.axcelis.com. Prior to the start of the webcast, please access the presentation feed by clicking on "Investors" and "Events" and click on the appropriate icon. For audio only and to participate in the Q&A, dial 1-800-967-7135 (1-719-457-2626 outside North America). Participants calling into the conference call will be requested to provide the company name: Axcelis Technologies and the conference leader: James Kawski. A telephone replay will be available from 8:00 p.m. EST on February 16, 2005 until 11:59 p.m. EST on February 23, 2005. Dial 1-888-203-1112 (1-719-457-0820 outside North America), and enter conference ID code #6444767. A webcast replay will be available from 8:00 p.m. EST on February 16, 2005 until 5:00 p.m. EST on March 16, 2005.
Safe Harbor Statement
This document contains forward-looking statements 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 the conversion of orders to revenue in any particular quarter, or at all, our ability to implement successfully our profit plans and our product development and product introduction targets, 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 Axcelis are described more fully in the most recent Form 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, 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, rapid thermal processing, and cleaning and curing systems. Axcelis Technologies has key product development centers in Beverly, Massachusetts, as well as in Toyo, Japan through its joint venture, SEN. The company's Internet address is: www.axcelis.com.
Axcelis Technologies, Inc. Consolidated Statements of Operations
In thousands, except per share amounts
Three months ended Twelve Months Ended December 31, December 31, --------------------- --------------------- 2004 2003 2004 2003 Revenue Systems $48,529 $60,187 $326,521 $194,889 Services 41,930 35,703 167,027 127,084 Royalties 4,048 2,729 14,428 6,017 ---------- ---------- ---------- ---------- 94,507 98,619 507,976 327,990 Cost of Revenue 55,634 60,129 296,448 217,622 ---------- ---------- ---------- ----------
Gross profit 38,873 38,490 211,528 110,368
Operating expenses Research & development 15,200 14,908 63,209 63,284 Selling 10,910 10,612 47,593 46,202 General and administrative 11,504 10,674 46,149 41,057 Amortization of intangible assets 612 662 2,448 1,955 Restructuring charges 994 162 994 4,907 ---------- ---------- ---------- ---------- 39,220 37,018 160,393 157,405 ---------- ---------- ---------- ----------
Income (loss) from operations (347) 1,472 51,135 (47,037)
Other income (expense) Equity income of Sumitomo Eaton Nova Corporation 8,319 4,420 30,531 8,954 Interest income 827 322 2,032 1,807 Interest expense (1,656) (1,566) (6,673) (6,229) Other-net (795) (891) (1,886) (1,836) ---------- ---------- ---------- ---------- 6,695 2,285 24,004 2,696 ---------- ---------- ---------- ----------
Income (loss) before income taxes 6,348 3,757 75,139 (44,341)
Income taxes (credit) (693) 487 964 69,535 ---------- ---------- ---------- ----------
Net income (loss) $7,041 $3,270 $74,175 $(113,876) ========== ========== ========== ==========
Basic net income (loss) per share $0.07 $0.03 $0.75 $(1.16) Diluted net income (loss) per share $0.07 $0.03 $0.73 $(1.16)
Shares used in computing: Basic net income (loss) per share 99,814 98,785 99,528 98,514 Diluted net income (loss) per share 100,620 98,785 101,205 98,514
Axcelis Technologies, Inc. Consolidated Balance Sheets In thousands
December 31, December 31, 2004 2003 ------------- -------------
Assets
Current assets Cash and cash equivalents $168,495 $93,249 Restricted cash 3,498 3,800 Short-term investments 18,517 14,972 Accounts receivable, net 83,767 73,751 Inventories 116,330 123,985 Other current assets 14,986 19,554 ------------- ------------- Total current assets 405,593 329,311
Property, plant & equipment, net 75,275 80,927 Investment in Sumitomo Eaton Nova Corporation 109,095 73,327 Goodwill 46,773 46,774 Intangible assets 17,671 20,119 Restricted cash, long-term portion 2,841 2,616 Other assets 32,992 31,973 ------------- ------------- $690,240 $585,047 ============= =============
Liabilities and stockholders' equity
Current liabilities Accounts payable $24,278 $35,787 Accrued compensation 27,030 15,061 Warranty 9,218 17,000 Income taxes 5,894 7,109 Deferred revenue 34,050 14,441 Other current liabilities 8,289 11,925 ------------- ------------- Total current liabilities 108,759 101,323
Long-term debt 125,000 125,000 Other long-term liabilities 12,994 5,474
Stockholders' equity Common stock 100 99 Additional paid-in capital 457,335 451,389 Deferred compensation (566) (811) Treasury stock - at cost (1,218) (1,218) Retained earnings deficit (27,332) (101,507) Accumulated other comprehensive income 15,168 5,298 ------------- ------------- 443,487 353,250 ------------- ------------- $690,240 $585,047 ============= =============
--30--NC/bo*
CONTACT: Media Contact: Axcelis Technologies, Inc. Maureen Hart, 978-787-4266 maureen.hart@axcelis.com or Investor Contact: Axcelis Technologies, Inc. James L. Kawski, 978-787-4000 investor.relations@axcelis.com or The Loomis Group Inc. Agency Contact: Stacy Grisinger, 617-638-0022 grisingers@loomisgroup.com
KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: HARDWARE EARNINGS CONFERENCE CALLS SOURCE: Axcelis Technologies, Inc.
Copyright Business Wire 2005
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