Ibis Technology Announces Second Quarter FY 2002 Results
Revenues up 14 percent over preceding quarter, marking fourth consecutive quarter of revenue growth
DANVERS, Mass.--(BUSINESS WIRE)--Aug. 1, 2002--Ibis Technology Corporation (Nasdaq: IBIS - News), the leading provider of SIMOX-SOI implantation equipment and SIMOX-SOI wafers to the worldwide semiconductor industry, today announced its financial results for the second quarter ended June 30, 2002.
Revenues for the quarter were $1,858,000, up 14 percent compared to total revenue of $1,625,000 in the preceding quarter, and up 48 percent as compared to $1,256,000 reported in the second quarter of 2001. Net loss for the 2002 second quarter was $4,027,000, or $0.43 per share, compared to a net loss of $3,787,000, or $0.44 per share, in the preceding quarter, and a net loss of $3,049,000, or $0.36 per share, in the similar period a year ago.
For the first half of 2002, total revenues were $3,483,000 compared to $4,457,000 for the first half of last year. Net loss for the first six months of 2002 was $7,814,000, or $0.87 per share, compared to a net loss of $3,834,000, or $0.46, for the same period last year.
"In spite of difficult economic and industry environments, we continue to make significant progress," said Martin J. Reid, president and chief executive officer of Ibis Technology Corporation. "Revenues for the second quarter were up 48 percent year over year, and up 14 percent sequentially, marking our fourth consecutive quarter of revenue growth. With SOI technology still in the early stages of adoption, our business is driven primarily by technology buys rather than capacity buys, and we believe our recent, consistent revenue gains reflect the growing competitive strength of our SIMOX-SOI technology."
"Demand for our 200mm and smaller size SIMOX-SOI wafers, most of which are for production applications, continues its gradual ramp up, while demand for our 300mm SIMOX-SOI wafers, for sampling and R&D applications, continues to exceed our capacity," said Reid. In response to customer demand for Ibis' 300mm thin SOI wafers, the company is now building three additional i2000 implanters, and is adding additional balance-of-process equipment to augment their 300mm production capacity as well.
In terms of future outlook, Reid said, "Current economic and industry uncertainty make near term forecasting difficult, and it is possible that these negative macro forces may have a negative affect on our future business but, currently, we expect our wafer sales for the third quarter to be about 20 to 25 percent ahead of last quarter."
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its second quarter results on August 1, 2002 at 5:00 p.m. ET. The dial in number to listen to the conference call is (913) 981-5518. A live webcast of the conference call will be available at the Ibis Technology website at www.ibis.com or at www.streetevents.com. A replay of the call will be available on these websites for approximately one week. A replay of the call will be available for approximately four days by dialing (719) 457-0820. The passcode is 373811.
About Ibis Technology
Ibis Technology Corporation is the leading provider of SIMOX-SOI (Separation-by-Implantation-of-Oxygen Silicon-On-Insulator) wafers and equipment for the worldwide semiconductor industry. The company is headquartered in Danvers, Massachusetts and maintains an office in Aptos, California. Ibis Technology is traded on the Nasdaq National Market under the symbol IBIS. Information about Ibis Technology Corporation and SIMOX-SOI is available on Ibis' World Wide Web site at www.ibis.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements that are subject to certain risks and uncertainties including statements regarding the Company's current expectation that wafer sales in the third quarter of 2002 will increase 20% to 25% over the second quarter of 2002. Such statements are based upon management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements, including, but not limited to, product demand and market acceptance risks, general economic conditions, the impact of competitive products, technologies and pricing, the impact of rapidly changing technology, equipment capacity and supply constraints or difficulties, limitations on the ability to protect the Company's patents and proprietary technology, the Company's limited history with regard to sales of implanters, the cyclical nature of the semiconductor industry, and other risks and risk factors described in the Company's Securities and Exchange Commission filings from time to time, including but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2001. All information set forth in this press release is as of August 1, 2002, and Ibis undertakes no duty to update this information unless required by law.
Ibis Technology Corporation
Condensed Statements of Operations
Quarter Ended June 30, 6 Months Ended June 30,
2002 2001 2002 2001
Product sales $ 1,575,000 $ 771,000 $ 2,981,000 $ 3,235,000
Contract and
other revenue 100,000 145,000 172,000 346,000
Equipment revenue 183,000 340,000 330,000 876,000
Total revenue 1,858,000 1,256,000 3,483,000 4,457,000
Cost of product sales 3,314,000 1,858,000 6,282,000 3,650,000
Cost of contract
and other revenue 5,000 194,000 87,000 261,000
Cost of equipment
revenue 95,000 162,000 159,000 414,000
Gross profit (1,556,000) (958,000) (3,045,000) 132,000
General &
administrative 612,000 590,000 1,142,000 1,133,000
Marketing & sales 401,000 529,000 773,000 1,021,000
Research & development 1,555,000 1,224,000 3,010,000 2,405,000
Loss from
operations (4,124,000) (3,301,000) (7,970,000) (4,427,000)
Other income 97,000 252,000 156,000 593,000
Net loss $(4,027,000)$(3,049,000)$(7,814,000)$(3,834,000)
Net loss per share
Basic $ (0.43)$ (0.36)$ (0.87)$ (0.46)
Diluted $ (0.43)$ (0.36)$ (0.87)$ (0.46)
Weighted average
number of shares
used in per share
calculation
Basic 9,420,391 8,374,346 8,968,823 8,363,398
Diluted 9,420,391 8,374,346 8,968,823 8,363,398
Condensed Balance Sheets
June 30, 2002 December 31, 2001
Assets
Current assets:
Cash and cash equivalents $ 21,572,000 $ 13,088,000
Accounts receivable 1,037,000 5,766,000
Inventories 1,862,000 1,536,000
Deferred costs 3,100,000 2,474,000
Other current assets 287,000 210,000
Current assets 27,858,000 23,074,000
Property and equipment 30,033,000 29,742,000
Other assets 2,026,000 2,104,000
Total assets $ 59,917,000 $ 54,920,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 1,506,000 $ 1,503,000
Accounts payable and
other current liabilities 4,993,000 3,554,000
Deferred revenue 6,617,000 6,785,000
Current liabilities 13,116,000 11,842,000
Capital lease obligation, long-term 1,959,000 2,718,000
Stockholders' equity 44,842,000 40,360,000
Total liabilities and
stockholders' equity $ 59,917,000 $ 54,920,000
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Contact:
Ibis Technology Corporation
Debra L. Nelson, 978/777-4247
or
IR/PR Counsel
For Ibis Technology
Bill Monigle, 603/424-1184 |
