Axcelis Technologies, Inc. (ACLS) Message Board

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Technology Stocks : Axcelis Technologies, Inc. (ACLS)

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To: HiSpeed who started this subject	7/12/2000 1:40:43 AM
From: Secret_Agent_Man	of 195

"Axcelis is the world’s #1 provider of ion implant equipment used in semiconductor fabrication. As a consequence of its joint venture with Sumitomo Heavy Industries, it is also the #1 producer in Japan. Ion implantation is a process used to “paint” microscopic electrical components onto a silicon wafer using an ion beam. This is a very precise technique which is essential for the sub-microscopic and multi-layering requirements of the current generation of semiconductors. Performance has been very sound for a firm in the cyclic semiconductor industry. With the recent industry rebound, performance has surged. Growth has been accelerating since mid-’99 and, with the exception of a ’97 acquisition and a ’98 reorganization, the firm has been historically profitable. Between ‘98-’99 revenues grew by 49.5% reaching $379.3 million with a 39.5% gross margin and a 3.6% net margin. Between 1Q’99 and 1Q’00, revenues accelerated by 142% reaching $143 million with a 43% gross margin and a 13.2% net margin. The improvement in profitability was driven by increased utilization which boosted gross margins considerably. On a fully diluted, pro-forma basis, the ’00 EPS is estimated in the $0.79 range. At the preliminary IPO range, this suggests a P/E in the 25-28 range. This is relatively cheap under current conditions. borrowed...source unknown also, edited for flavor.

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