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

08/04 15:01 CDT

Axcelis Announces Financial Results For Second Quarter 2021The Company Expects 2021 Revenue to Exceed $625M BEVERLY, Mass., Aug. 4, 2021

BEVERLY, Mass., Aug. 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the second quarter ended June 30, 2021.

Highlights for the second quarter are as follows:

* The Company reported second quarter revenue of $147.3 million, compared to $132.8 million for the first quarter of 2021. This includes quarterly system revenues above $100 million, the first time since 2004. * Operating profit for the quarter was $24 million, compared to $20.3 million for the first quarter. * Net income for the quarter was $18.9 million, or $0.55 per diluted share, compared to net income of $16.5 million, or $0.48 per diluted share for the first quarter. * Gross margin for the quarter was 43.5%, compared to 42.5% in the first quarter. * Cash, cash equivalents and restricted cash were $220.5 million on June 30, 2021, compared to $207.5 million on March 31, 2021, after the settlement of stock repurchases of $13.4 million. * Shipped multiple high current and high energy Purion(tm) and legacy implant systems to multiple fab locations for a leading foundry located in China. * Shipped multiple Purion M(tm) Power Series SiC medium current and Purion XE(tm) Power Series SiC high energy implanters to several leading SiC power device manufacturers located in Asia and Europe.

President and CEO Mary Puma commented, "Axcelis delivered strong second quarter financial performance as a result of overall strength in the semiconductor industry combined with growing demand for our Purion(tm) implant products, especially in the high growth power device market. The rapid acceleration of the electrification of the automotive industry is creating substantial demand for power devices and image sensors, which is driving sustainable growth for the Purion product extensions specifically developed for these markets. As a result of these market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $625 million in revenue for the full year 2021. The Company is well positioned for strong sustainable growth."

Business OutlookFor the third quarter ending September 30, 2021, Axcelis expects revenues to be approximately $170 million. Gross margin in the third quarter is expected to be approximately 42.5%. Third quarter operating profit is forecasted to be approximately $32 million with earnings per diluted share of approximately $0.70. The Company also expects to exceed $625 million in revenue for the full year 2021.

Second Quarter 2021 Conference CallThe Company will host a call to discuss the results for the second quarter on Thursday, August 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 Six months ended

June 30, June 30,

2021 2020 2021 2020

Revenue:

Product $140,156$117,194$266,765$229,327

Services 7,118 5,771 13,285 12,629

Total revenue 147,274 122,965 280,050 241,956

Cost of revenue:

Product 76,688 65,519 147,022 132,691

Services 6,572 5,547 12,579 11,817

Total cost of revenue 83,260 71,066 159,601 144,508

Gross profit 64,014 51,899 120,449 97,448

Operating expenses:

Research and development 16,623 16,040 32,308 30,646

Sales and marketing 12,177 9,437 22,564 17,641

General and administrative 11,217 10,041 21,230 19,077

Total operating expenses 40,017 35,518 76,102 67,364

Income from operations 23,997 16,381 44,347 30,084

Other (expense) income:

Interest income 40 70 73 552

Interest expense (1,274) (1,299) (2,303) (2,602)

Other, net (15) 421 (1,168) (199)

Total other expense (1,249) (808) (3,398) (2,249)

Income before income taxes 22,748 15,573 40,949 27,835

Income tax provision 3,842 2,271 5,563 3,312

Net income $18,906 $13,302 $35,386 $24,523

Net income per share:

Basic $0.56 $0.40 $1.05 $0.74

Diluted $0.55 $0.39 $1.03 $0.72

Shares used in computing net income per share:

Basic weighted average common shares 33,677 33,116 33,696 32,998

Diluted weighted average common shares 34,311 33,958 34,473 34,023

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)



June 30, December 31,

2021 2020

ASSETS

Current assets:

Cash and cash equivalents $219,731 $ 203,479

Accounts receivable, net 79,544 86,865

Inventories, net 192,321 161,076

Prepaid expenses and other current assets 22,535 19,371

Total current assets 514,131 470,791

Property, plant and equipment, net 30,683 29,840

Operating lease assets 7,626 4,542

Finance lease assets, net 19,889 20,544

Long-term restricted cash 755 753

Deferred income taxes 51,386 57,851

Other assets 36,170 40,303

Total assets $660,640 $ 624,624

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $40,695 $ 24,013

Accrued compensation 14,906 24,562

Warranty 4,690 4,280

Income taxes 622 654

Deferred revenue 34,112 21,221

Current portion of finance lease obligation 864 756

Other current liabilities 10,585 8,945

Total current liabilities 106,474 84,431

Long-term finance lease obligation 46,923 47,393

Long-term deferred revenue 1,406 1,837

Other long-term liabilities 11,735 9,361

Total liabilities 166,538 143,022



Stockholders' equity:

Common stock, $0.001 par value, 75,000 shares authorized; 33,657 shares issued and 34 34 outstanding at June 30, 2021; 33,633 shares issued and outstanding at December 31, 2020

Additional paid-in capital 561,680 570,102

Accumulated deficit (70,281) (91,969)

Accumulated other comprehensive income 2,669 3,435

Total stockholders' equity 494,102 481,602

Total liabilities and stockholders' equity $660,640 $ 624,624



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SOURCE Axcelis Technologies, Inc.