Ibis Technology Announces First Quarter FY 2002 Results
Revenues Up Six Percent Over Preceding Quarter, Marking Third Consecutive Quarter of Revenue Growth
DANVERS, Mass.--(BUSINESS WIRE)--April 24, 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 first quarter ended March 31, 2002.
Revenues for the quarter were $1,625,000, up six percent compared to total revenue of $1,533,000 in the fourth quarter of 2001, and down 49 percent as compared to $3,201,000 reported in the first quarter of 2001.
Net loss for the 2002 first quarter was $3,787,000, or $0.44 per share, compared to a net loss of $3,356,000, or $0.40 per share in the preceding quarter, and a net loss of $785,000, or $0.09 per share, in the similar period a year ago.
``With the semiconductor industry appearing to be in the early stages of a recovery from its worst-ever decline, we are beginning to benefit from our strategy of investing heavily in new technology during the downturn,'' said Martin J. Reid, president and chief executive officer of Ibis Technology Corporation. ``Our Advantox® MLD wafers, based on technology licensed from IBM, are gaining industry acceptance. During the quarter, we received the initial production orders for 200mm Advantox® MLD wafers, signaling what we expect is the start of a critical transition from shipping MLD wafers for test and evaluation purposes to delivering wafers for volume production of semiconductor products. We expect orders of this type to increase over the next several quarters.''
``We also introduced our new oxygen ion implanter, the i2000, specifically designed for volume manufacturing of high quality, low-cost, 200 and 300mm SIMOX-SOI wafers for advanced semiconductor devices. And we announced the receipt of orders valued at approximately $2 million for 300mm Advantox MLD wafers, which are produced on the i2000 system. In fact, we have received additional orders for 300mm SIMOX-SOI wafers with scheduled delivery dates in the third quarter. These orders have significantly exceeded our forecasts,'' said Reid.
During the first quarter of 2002, Ibis completed a public offering of 900,000 shares of common stock at $13 per share, and on April 1, 2002, 100,000 shares were exercised as an over allotment option by the underwriter, SoundView Technology Corporation. Net proceeds to the company were approximately $12,100,000. The company plans to use the proceeds to fund research and development, capital expenditures, working capital and for other general corporate purposes.
``Looking forward, we are very optimistic,'' said Reid. ``The strongest trends in the semiconductor industry--smaller feature sizes and larger wafers--work to our advantage, so we are certainly confident in our competitive strengths going forward. Overall economic and industry uncertainty make near term forecasting difficult, but currently, we do expect our wafer sales next quarter to be ahead of last quarter.''
Teleconference and Simultaneous Webcast
Ibis will host a teleconference to discuss its first quarter results on April 24, 2002 at 5:00 p.m. ET. The dial in number for the conference call will be (913) 981-5507. A live webcast of the conference call will 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.
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 technology trends in the semiconductor industry, the impact of such trends on the Company's business, the benefits of SOI, the semiconductor industry's adoption of SIMOX-SOI technology and the plans of major chip makers to sample Ibis' wafers. 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 April 24, 2002, and Ibis undertakes no duty to update this information unless required by law.
Ibis Technology Corporation
Condensed Statements of Operations
(Unaudited)
First Quarter Ended
March 31,
2002 2001
Product sales $ 1,406,000 $ 2,464,000
Contract and other revenue 72,000 201,000
Equipment revenue 147,000 536,000
Total revenue 1,625,000 3,201,000
Cost of product sales 2,968,000 1,793,000
Cost of contract and other revenue 82,000 67,000
Cost of equipment revenue 64,000 251,000
Gross profit (1,489,000) 1,090,000
General & administrative 530,000 543,000
Marketing & sales 372,000 492,000
Research & development 1,455,000 1,181,000
Loss from operations (3,846,000) (1,126,000)
Other income 59,000 341,000
Net loss $ (3,787,000) $ (785,000)
Net loss per share
Basic $ (0.44) $ (0.09)
Diluted $ (0.44) $ (0.09)
Weighted average number of shares
used in per share calculation
Basic 8,515,238 8,352,450
Diluted 8,512,238 8,352,450
Condensed Balance Sheets
March 31, 2002 December 31, 2001
Assets
Current assets:
Cash and cash equivalents $ 24,435,000 $ 13,088,000
Accounts receivable 1,870,000 5,766,000
Inventories 1,549,000 1,536,000
Deferred costs 2,896,000 2,474,000
Other current assets 292,000 210,000
Current assets 31,042,000 23,074,000
Property and equipment 28,925,000 29,742,000
Other assets 2,058,000 2,104,000
Total assets $ 62,025,000 $ 54,920,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 1,504,000 $ 1,503,000
Accounts payable and
other current liabilities 3,574,000 3,554,000
Deferred revenue 7,147,000 6,785,000
Current liabilities 12,225,000 11,842,000
Capital lease obligation, long-term 2,339,000 2,718,000
Stockholders' equity 47,461,000 40,360,000
Total liabilities and
stockholders' equity $ 62,025,000 $ 54,920,000
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Contact:
Company Contact:
Debra L. Nelson
Chief Financial Officer
Ibis Technology Corporation
(978) 777-4247
or
Agency Contact:
Bill Monigle
IR/PR Counsel
For Ibis Technology
(603) 424-1184 |
