PR Newswire | May 4, 2021 04:01PM EDT

05/04 15:01 CDT

Axcelis Announces Financial Results For First Quarter 2021The Company Expects 2021 Revenue to Exceed $550M BEVERLY, Mass., May 4, 2021

BEVERLY, Mass., May 4, 2021 /PRNewswire/ -- 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(tm) 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(tm) and shipped a Purion XEmax(tm) 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(tm) 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 OutlookFor 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 CallThe 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.

Safe Harbor StatementThis 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 Lawson978.787.9552

Editorial/Media:Maureen Hart978.787.4266

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

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 34 34 at March 31, 2021; 33,633 shares issued and outstanding at December 31, 2020

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



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SOURCE Axcelis Technologies, Inc.