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ACLS Axcelis

Filed: 4 May 21, 4:05pm

 

Exhibit 99.1

 

News Release

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2021

 

The Company Expects to Exceed $550M Revenues in 2021

 

BEVERLY, Mass. — May 4, 2021—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2021.

 

Highlights for the first quarter are as follows:

 

·The Company reported first quarter revenue of $132.8 million, compared to $122.2 million for the fourth quarter of 2020.
·Operating profit for the quarter was $20.3 million, compared to $14.1 million for the fourth quarter.
·Net income for the quarter was $16.5 million, or $0.48 per diluted share, compared to net income of $14.7 million, or $0.43 per diluted share for the fourth quarter.
·Gross margin for the quarter was 42.5%, compared to 43.4% in the fourth quarter.
·Cash, cash equivalents and restricted cash were $207.5 million on March 31, 2021, compared to $204.2 million on December 31, 2020.
·Shipped the first Purion H200™ SiC tool, enabling Axcelis to provide power device customers with a full suite of Purion products to support all of their ion implant needs.
·Closed the evaluation of a Purion VXE™ and shipped a Purion XEmax™ evaluation to a second customer for use in advanced image sensor development.

 

President and CEO Mary Puma commented, “Axcelis delivered strong first quarter financial performance, driven by the growing demand for our Purion™ products and strength across a number of markets. Given market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $550 million in revenue for the full year 2021, achieving this goal a full year ahead of schedule.”

 

Business Outlook

 

For the second quarter ending June 30, 2021, Axcelis expects revenues ranging from $135 to $140 million. Gross margin in the second quarter is expected to be approximately 41.5%. Second quarter operating profit is forecasted to be in the range of $19-21 million with earnings per diluted share in the range of $0.43-0.47.

 

First Quarter 2021 Conference Call

 

The Company will host a call to discuss the results for the first quarter on Wednesday, May 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.

 

 

 

 

 

News Release

Safe Harbor Statement

 

This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. 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:

 

Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

 

Company Contacts

 

Investor Relations:

Doug Lawson
978.787.9552

 

Editorial/Media:

Maureen Hart
978.787.4266

 

 

 

 

 

News Release

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

  Three months ended 
  March 31, 
  2021  2020 
Revenue:        
Product $126,609  $112,133 
Services  6,167   6,858 
Total revenue  132,776   118,991 
Cost of revenue:        
Product  70,334   67,172 
Services  6,007   6,270 
Total cost of revenue  76,341   73,442 
Gross profit  56,435   45,549 
Operating expenses:        
Research and development  15,685   14,606 
Sales and marketing  10,387   8,204 
General and administrative  10,013   9,036 
Total operating expenses  36,085   31,846 
Income from operations  20,350   13,703 
Other (expense) income:        
Interest income  33   482 
Interest expense  (1,029)  (1,303)
Other, net  (1,153)  (620)
Total other expense  (2,149)  (1,441)
Income before income taxes  18,201   12,262 
Income tax provision  1,721   1,041 
Net income $16,480  $11,221 
Net income per share:        
Basic $0.49  $0.34 
Diluted $0.48  $0.33 
Shares used in computing net income per share:        
Basic weighted average common shares  33,715   32,872 
Diluted weighted average common shares  34,643   34,057 

 

 

 

 

News Release 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

  March 31,  December 31, 
  2021  2020 
ASSETS        
Current assets:        
Cash and cash equivalents $206,766  $203,479 
Accounts receivable, net  75,932   86,865 
Inventories, net  174,381   161,076 
Prepaid expenses and other current assets  22,513   19,371 
Total current assets  479,592   470,791 
Property, plant and equipment, net  30,459   29,840 
Operating lease assets  4,213   4,542 
Finance lease assets, net  20,216   20,544 
Long-term restricted cash  753   753 
Deferred income taxes  54,936   57,851 
Other assets  39,123   40,303 
Total assets $629,292  $624,624 
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable $40,476  $24,013 
Accrued compensation  8,573   24,562 
Warranty  4,181   4,280 
Income taxes  648   654 
Deferred revenue  20,417   21,221 
Current portion of finance lease obligation  809   756 
Other current liabilities  8,774   8,945 
Total current liabilities  83,878   84,431 
Long-term finance lease obligation  47,167   47,393 
Long-term deferred revenue  1,725   1,837 
Other long-term liabilities  8,862   9,361 
Total liabilities  141,632   143,022 
         
Stockholders’ equity:        
Common stock, $0.001 par value, 75,000 shares authorized; 33,679 shares issued and outstanding at March 31, 2021; 33,633 shares issued and outstanding at December 31, 2020  34   34 
Additional paid-in capital  567,199   570,102 
Accumulated deficit  (81,656)  (91,969)
Accumulated other comprehensive income  2,083   3,435 
Total stockholders’ equity  487,660   481,602 
Total liabilities and stockholders’ equity $629,292  $624,624