Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
Three Months ended Twelve Months ended
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Revenue 41,977 89,649 250,214 404,800
Cost of revenue 52,827 57,896 187,599 251,939
Gross profit (10,850) 31,753 62,615 152,861
Operating expenses
Research and development 13,582 17,930 63,262 72,044
Sales and marketing 7,813 11,479 44,573 49,974
General and
administrative 11,802 10,680 43,056 41,718
Impairment of goodwill 42,115 -- 42,115 4,658
Impairment of intangibles
and long lived assets 46,949 -- 46,949 --
Amortization of
intangible assets 656 656 2,624 2,624
Restructuring charges 3,361 2,506 6,873 2,506
--------- --------- --------- ---------
126,278 43,251 249,452 173,524
--------- --------- --------- ---------
Loss from operations (137,128) (11,498) (186,837) (20,663)
Other income (expense)
Equity income (loss)
of SEN (2,567) 2,077 (3,667) 10,416
Interest income 214 1,195 1,614 5,019
Interest expense (1,739) (1,605) (6,744) (6,427)
Other-net (483) (659) (169) (153)
--------- --------- --------- ---------
(4,575) 1,008 (8,966) 8,855
--------- --------- --------- ---------
Loss before income taxes (141,703) (10,490) (195,803) (11,808)
Income taxes (credits) (258) 127 861 (410)
--------- --------- --------- ---------
Net loss $(141,445) $ (10,617) $(196,664) $ (11,398)
========= ========= ========= =========
Net loss per share
Basic $ (1.37) $ (0.10) $ (1.91) $ (0.11)
Diluted $ (1.37) $ (0.10) $ (1.91) $ (0.11)
Shares used in
computing net loss
per share
Basic $ 103,052 $ 102,247 $ 102,739 $ 101,891
Diluted $ 103,052 $ 102,247 $ 102,739 $ 101,891
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
Dec. 31, Dec. 31,
2008 2007
--------- ---------
Assets
Current assets
Cash and cash equivalents $ 37,694 $ 83,877
Marketable securities -- --
Restricted cash 8,654 17,018
Accounts receivable, net 27,486 76,067
Inventories, net 150,113 169,278
Prepaid expenses and other current assets 17,231 32,442
--------- ---------
Total current assets 241,178 378,682
Property, plant and equipment, net 44,432 68,101
Investment in SEN 156,677 132,911
Goodwill -- 42,115
Intangible assets -- 10,925
Deferred income taxes -- --
Restricted cash, long-term portion -- --
Other assets 12,894 37,195
--------- ---------
$ 455,181 $ 669,929
========= =========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 8,066 $ 27,054
Accrued compensation 15,841 17,003
Warranty 3,137 5,011
Income taxes 337 531
Deferred revenue 12,508 35,827
Other current liabilities 6,897 8,577
Current portion of convertible
subordinated debt 83,210 --
--------- ---------
Total current liabilities 129,996 94,003
Convertible subordinated debt -- 79,923
Long-term deferred revenue 1,872 4,704
Other long-term liabilities 3,936 5,293
--
Stockholders' equity
Preferred Stock -- --
Common stock 103 103
Additional paid-in capital 483,546 478,726
Treasury stock (1,218) (1,218)
Accumulated deficit (198,479) (1,815)
Accumulated other comprehensive income 35,425 10,210
--------- ---------
319,377 486,006
--------- ---------
$ 455,181 $ 669,929
========= =========
Contact:
Axcelis Technologies, Inc.
Maureen Hart
+1 (978) 787 4266
Fax: +1 (978) 787 4275
maureen.hart@axcelis.com
Investor Contact:
Stephen Bassett
+1 (978) 787 4000
Fax: +1 (978) 787 9133
investor.relations@axcelis.com
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