Axcelis Announces Financial Results For First Quarter 2021

May 4, 2021 at 4:01 PM EDT
The Company Expects 2021 Revenue to Exceed $550M

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™ 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.

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

 

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 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








 

 

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SOURCE Axcelis Technologies, Inc.