loss of .33 for quarter, consistent with warnings; earlier, Zacks had est. of .01 loss -- mixed news, with new orders also announced (see preceding post)
Thursday March 5, 4:31 pm Eastern Time
Company Press Release
Ibis Technology Corporation Announces Fourth Quarter
and Year End Results
DANVERS, Mass.--(BUSINESS WIRE)--March 5, 1998--Ibis Technology Corporation
(NASDAQ: IBIS - news), the leading supplier of SIMOX (Separation by Implantation of Oxygen)
wafers to semiconductor manufacturers, today announced its financial results for the fourth quarter
and fiscal year ended December 31, 1997.
Revenues for the Company's 1997 fourth quarter were $1,460,000, compared to revenues of
$2,444,000 for the fourth quarter of 1996. Net loss for the fourth quarter of 1997 was $2,174,000,
or $0.33 per share, compared to $107,000, or $0.02 per share, for the comparable period a year
ago. The net loss in the fourth quarter of 1997 included non-recurring charges totaling
approximately $1 million. These charges primarily consist of the write-off of obsolete wafer
inventory and material associated with improvements or upgrades to the Ibis 1000 implanters and
personnel costs associated with a management reorganization.
For the year ended December 31, 1997, revenues were $6,674,000, compared to revenues of
$9,453,000 reported in the preceding year, which included equipment revenue of $3,800,000 (the
Company had no equipment revenue in 1997). Net loss for fiscal 1997 was $3,938,000, or $0.69
per share, compared to a net loss of $840,000, or $0.18 per share.
Martin J. Reid, President and Chief Executive Officer of Ibis, stated: ''Our customers continue to
move towards commercial adoption of SIMOX-SOI technology as they advance through stages of
process optimization and circuit design. We expect to continue to develop SIMOX-SOI
applications in terms of both wafer sales and equipment revenue in 1998. As noted in our historical
performance, the significant dollar amount of machine sales may cause fluctuations in quarterly
revenue. The Company believes that total increasing revenue year to year will be a more important
indicator of the progress towards industry adoption of SIMOX-SOI technology rather than the
revenue attributed to individual wafer or machine sales.
''Factors contributing to the 1997 results were lack of equipment revenue and a decrease in
product sales, which is attributable to reduced wafer requirements from one customer who is using
the Ibis 1000 purchased from the Company. Sales from this customer represented 41% of total
product sales in 1996 but less than 3% of total product sales in 1997.''
Ibis Technology Corporation is an advanced materials company which supplies SIMOX-SOI
wafers to the semiconductor industry and whose goal is to be the world leader in volume
manufacturing of SIMOX-SOI wafers. SIMOX-SOI wafers are silicon-on-insulator wafers which
enable the production of integrated circuits with significant advantages over circuits constructed on
conventional bulk silicon or epitaxial wafers. Ibis is promoting the global acceptance of
SIMOX-SOI wafers by continuing to develop advanced proprietary oxygen implanters and process
technology as well as by the formation of strategic alliances.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: The
statements contained in this press release which are not historical fact are forward-looking
statements based upon management's current expectations that 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,
equipment capacity and supply constraints or difficulties, the cyclical nature of the semiconductor
industry, and other risks described in the Company's Securities and Exchange Commission filings.
NOTE: Information about Ibis Technology Corporation and SIMOX-SOI is available on Ibis's
World Wide Web site on the Internet located at: http//www.ibis.com
Ibis Technology Corporation
Summary of Results
Fourth Quarter Ended
December 31,
1997 1996
Product sales $ 688,000 $ 1,166,000
Contract and other revenue 772,000 318,000
Equipment revenue -- 960,000
Total revenue 1,460,000 2,444,000
Cost of sales, excluding depreciation 2,087,000 1,267,000
Depreciation 485,000 461,000
Gross profit (loss) (1,112,000) 716,000
Operating expenses 1,214,000 866,000
Loss from operations (2,326,000) (150,000)
Other income (loss) 152,000 43,000
Net loss $(2,174,000) $ (107,000)
Net loss per share $ (0.33) $ (0.02)
Weighted average number of shares
used in per share calculation 6,621,045 5,186,124
Fiscal Year Ended
December 31,
1997 1996
Product sales $ 3,389,000 $ 4,767,000
Contract and other revenue 3,285,000 886,000
Equipment revenue -- 3,800,000
Total revenue 6,674,000 9,453,000
Cost of sales, excluding depreciation 5,456,000 5,557,000
Depreciation 1,825,000 1,430,000
Gross profit (loss) (607,000) 2,466,000
Operating expenses 3,625,000 3,415,000
Loss from operations (4,232,000) (949,000)
Other income (loss) 294,000 109,000
Net loss $(3,938,000) $ (840,000)
Net loss per share $ ( 0.69) $ (0.18)
Weighted average number of shares
used in per share calculations 5,709,931 4,723,075
Contact:
Ibis Technology Corporation
Debra L. Nelson, 978/777-4247
or
Kehoe, White, Savage & Co., Inc.
Van Negris/Philip J. Denning, 212/888-1616 |
