As ACLS approaches highs for this year having touched $12 Friday, I decided it was time for me to become more familiar with the company before selling out. So I read all the posts on this thread and found most of the early posters were gone fairly soon after July of 2000, most others stopped posting by the time Eaton gave its 80mm shares to stockholders, and by mid 2001 everyone was gone. So I have to do my own work and for the first time in 2 years we have a recent quarterly report with an optimistic outlook for Q4-03. Here's an article on that report which includes a brief description of the accounting change which was adopted this quarter and for which I've found very little good information so far.
Online Staff -- Electronic News, 10/28/2003
Axcelis Technologies Inc. reported Monday Q3 revenues of $78.6 million, resulting in a net loss of $31.9 million, or 32 cents per share.
Despite the continuing losses, the ion implant and rapid thermal processing tool vendor said it had cause to be optimistic about the near term as net bookings in the quarter were up 29 percent, and it expects continued growth in the current quarter.
"We believe that the continued improvement in our worldwide shipments in the third quarter is an indicator of strengthening industry dynamics," Mary Puma, president and CEO, said in a statement. "This, combined with the 29 percent increase in orders we experienced this quarter, gives us reason to be optimistic that 2004 will be a year of growth for Axcelis.
Customer activity continued to show evidence of broadening beyond memory manufacturers, as logic customers, both IDMs and foundries, represented 44 percent of system shipments during the quarter, Beverly, Mass.-based Axcelis reported.
"Worldwide orders in the third quarter are the highest we have experienced since becoming a public company in 2000," Puma noted. "In past cycles, the ion implantation market has always outperformed the overall equipment market in the upturns, leading us to be very positive about the opportunities that lie ahead."
She suggested that the company has turned the corner in terms of business performance as well, noting that the company made further cost cutting measures in Q3. "We believe that the business is now correctly sized for profitability through the cycle. We expect to break-even and be cash flow positive in the fourth quarter based on our revenue outlook and existing cost structure," Puma said.
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