Axcelis Announces Financial Results for Fourth Quarter and Full Year 2008
Tuesday March 31, 2009, 4:43 pm EDT
Axcelis Technologies Inc.
BEVERLY, Mass., March 31, 2009 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (NasdaqGS:ACLS - News) today announced financial results for the fourth quarter and full year ended December 31, 2008. The Company reported fourth quarter revenue of $42.0 million, compared to $46.5 million for the third quarter of 2008. Net loss for the fourth quarter was $141.4 million, or $1.37 per share, which includes charges for restructuring of $3.4 million ($0.03 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $23.2 million ($0.23 per share). This compares to a net loss for the third quarter of 2008 of $24.7 million, or $0.24 per share. In the corresponding quarter for the previous year, the Company reported revenues of $89.6 million, and net loss of $10.6 million, or $0.10 per share, which includes a charge for restructuring of $2.5 million ($.02 per share.)
For the full year 2008, the Company reported revenue of $250.2 million compared with $404.8 million in 2007. Net loss for the year was $196.7 million, or $1.91 per share, which includes charges for restructuring of $6.9 million ($0.07 per share), impairment of intangible and long-lived assets of $46.9 million ($0.46 per share), impairment of goodwill of $42.1 million ($0.41 per share), and excess inventory of $24.6 million ($0.24 per share.) In 2007, the Company reported a net loss of $11.4 million, or $0.11 per share which includes charges for restructuring of $2.5 million ($0.03 per share) and impairment of goodwill of $4.7 million ($0.05 per share).
Separately, as previously reported, on March 30, 2009, Axcelis completed the sale of its 50% interest in SEN Corporation to Sumitomo Heavy Industries, Ltd. (SHI). The Company received net proceeds from the sale of approximately $122.3 million after advisor fees and other expenses and will recognize a gain on the sale of approximately $1.2 million in the first quarter of 2009.
Fourth Quarter Detail
Shipments
Shipments, including aftermarket business, before provision for deferred revenue for the fourth quarter totaled $37.3 million. Geographically, Axcelis' systems shipments were to: North America, 22%; and Europe, 78%. The ion implantation business accounted for 80% of total shipments in the fourth quarter.
Orders and Backlog
Orders (new systems bookings and aftermarket) received for the fourth quarter totaled $27.4 million. New systems bookings, excluding aftermarket, amounted to $0.1 million. Backlog plus deferred systems revenue at quarter end was $20.7 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.
Balance Sheet
Cash and cash equivalents were $37.7 million at December 31, 2008. The Company ended the quarter with working capital of $111.2 million.
About Axcelis Technologies, Inc.
Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation and cleaning systems. The company's Internet address is: axcelis.com. |
