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Exhibit 99.1
| News Release |  |
AXCELIS ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2021
The Company Expects 2021 Revenue to Exceed $625M
BEVERLY, Mass. — August 4, 2021—Axcelis Technologies, Inc. (Nasdaq: ACLS), a lending supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the second quarter ended June 30, 2021.
Highlights for the second quarter are as follows:
| · | The Company reported second quarter revenue of $147.3 million, compared to $132.8 million for the first quarter of 2021. This includes quarterly system revenues above $100 million, the first time since 2004. |
| · | Operating profit for the quarter was $24 million, compared to $20.3 million for the first quarter. |
| · | Net income for the quarter was $18.9 million, or $0.55 per diluted share, compared to net income of $16.5 million, or $0.48 per diluted share for the first quarter. |
| · | Gross margin for the quarter was 43.5%, compared to 42.5% in the first quarter. |
| · | Cash, cash equivalents and restricted cash were $220.5 million on June 30, 2021, compared to $207.5 million on March 31, 2021, after the settlement of stuck repurchases of $13.4 million. |
| · | Shipped multiple high current and high energy Purion™ and legacy implant systems to multiple fab locations for a leading foundry located in China. |
| · | Shipped multiple Purion M™ Power Series SiC medium current and Purion XE™ Power Series SiC high energy implanters to several leading SiC power device manufacturers located in Asia and Europe. |
President and CEO Mary Puma commented, “Axcelis delivered strong second quarter financial performance as a result of overall strength in the semiconductor industry combined with growing demand for our Purion™ implant products, especially in the high growth power device market. The rapid acceleration of the electrification of the automotive industry is creating substantial demand for power devices and image sensors, which is driving sustainable growth for the Purion product extensions specifically developed for these markets. As a result of these market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $625 million in revenue for the full year 2021. The Company is well positioned for strong sustainable growth.”
Business Outlook
For the third quarter ending September 30, 2021, Axcelis expects revenues to be approximately $170 million. Gross margin in the third quarter is expected to be approximately 42.5%. Third quarter operating profit is forecasted to be approximately $32 million with earnings per diluted share of approximately $0.70. The Company also expects to exceed $625 million in revenue for the full year 2021.
| News Release | |
Second Quarter 2021 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.
Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
| News Release | |
Company Contacts
Investor Relations:
Doug Lawson
978.787.9552
Editorial/Media:
Maureen Hart
978.787.4266
| News Release | |
Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product | $ | 140,156 | $ | 117,194 | $ | 266,765 | $ | 229,327 | ||||||||
| Services | 7,118 | 5,771 | 13,285 | 12,629 | ||||||||||||
| Total revenue | 147,274 | 122,965 | 280,050 | 241,956 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Product | 76,688 | 65,519 | 147,022 | 132,691 | ||||||||||||
| Services | 6,572 | 5,547 | 12,579 | 11,817 | ||||||||||||
| Total cost of revenue | 83,260 | 71,066 | 159,601 | 144,508 | ||||||||||||
| Gross profit | 64,014 | 51,899 | 120,449 | 97,448 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 16,623 | 16,040 | 32,308 | 30,646 | ||||||||||||
| Sales and marketing | 12,177 | 9,437 | 22,564 | 17,641 | ||||||||||||
| General and administrative | 11,217 | 10,041 | 21,230 | 19,077 | ||||||||||||
| Total operating expenses | 40,017 | 35,518 | 76,102 | 67,364 | ||||||||||||
| Income from operations | 23,997 | 16,381 | 44,347 | 30,084 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest income | 40 | 70 | 73 | 552 | ||||||||||||
| Interest expense | (1,274 | ) | (1,299 | ) | (2,303 | ) | (2,602 | ) | ||||||||
| Other, net | (15 | ) | 421 | (1,168 | ) | (199 | ) | |||||||||
| Total other expense | (1,249 | ) | (808 | ) | (3,398 | ) | (2,249 | ) | ||||||||
| Income before income taxes | 22,748 | 15,573 | 40,949 | 27,835 | ||||||||||||
| Income tax provision | 3,842 | 2,271 | 5,563 | 3,312 | ||||||||||||
| Net income | $ | 18,906 | $ | 13,302 | $ | 35,386 | $ | 24,523 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.56 | $ | 0.40 | $ | 1.05 | $ | 0.74 | ||||||||
| Diluted | $ | 0.55 | $ | 0.39 | $ | 1.03 | $ | 0.72 | ||||||||
| Shares used in computing net income per share: | ||||||||||||||||
| Basic weighted average common shares | 33,677 | 33,116 | 33,696 | 32,998 | ||||||||||||
| Diluted weighted average common shares | 34,311 | 33,958 | 34,473 | 34,023 | ||||||||||||
| News Release | |
Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 219,731 | $ | 203,479 | ||||
| Accounts receivable, net | 79,544 | 86,865 | ||||||
| Inventories, net | 192,321 | 161,076 | ||||||
| Prepaid expenses and other current assets | 22,535 | 19,371 | ||||||
| Total current assets | 514,131 | 470,791 | ||||||
| Property, plant and equipment, net | 30,683 | 29,840 | ||||||
| Operating lease assets | 7,626 | 4,542 | ||||||
| Finance lease assets, net | 19,889 | 20,544 | ||||||
| Long-term restricted cash | 755 | 753 | ||||||
| Deferred income taxes | 51,386 | 57,851 | ||||||
| Other assets | 36,170 | 40,303 | ||||||
| Total assets | $ | 660,640 | $ | 624,624 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 40,695 | $ | 24,013 | ||||
| Accrued compensation | 14,906 | 24,562 | ||||||
| Warranty | 4,690 | 4,280 | ||||||
| Income taxes | 622 | 654 | ||||||
| Deferred revenue | 34,112 | 21,221 | ||||||
| Current portion of finance lease obligation | 864 | 756 | ||||||
| Other current liabilities | 10,585 | 8,945 | ||||||
| Total current liabilities | 106,474 | 84,431 | ||||||
| Long-term finance lease obligation | 46,923 | 47,393 | ||||||
| Long-term deferred revenue | 1,406 | 1,837 | ||||||
| Other long-term liabilities | 11,735 | 9,361 | ||||||
| Total liabilities | 166,538 | 143,022 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.001 par value, 75,000 shares authorized; 33,657 shares issued and outstanding at June 30, 2021; 33,633 shares issued and outstanding at December 31, 2020 | 34 | 34 | ||||||
| Additional paid-in capital | 561,680 | 570,102 | ||||||
| Accumulated deficit | (70,281 | ) | (91,969 | ) | ||||
| Accumulated other comprehensive income | 2,669 | 3,435 | ||||||
| Total stockholders’ equity | 494,102 | 481,602 | ||||||
| Total liabilities and stockholders’ equity | $ | 660,640 | $ | 624,624 | ||||
