Financial News

Axcelis Announces Financial Results For Fourth Quarter And Full Year 2020

BEVERLY, Mass., Feb. 10, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2020.

Axcelis Technologies, Inc. (PRNewsFoto/Axcelis Technologies, Inc.) (PRNewsFoto/)

The Company reported fourth quarter revenue of $122.2 million, compared to $110.4 million for the third quarter of 2020. Operating profit for the quarter was $14.1 million, compared to $13.9 million for the third quarter. Net income for the quarter was $14.7 million, or $0.43 per diluted share, compared to net income for the third quarter of $10.8 million, or $0.32 per diluted share. EPS was favorably impacted by a previously unrecognized tax benefit of $0.11 per diluted share. Gross margin for the quarter was 43.4%, compared to 43.6% in the third quarter. Cash, cash equivalents and restricted cash were $204.2 million on December 31, 2020, compared to $212.7 million on September 30, 2020.

For the full year 2020, the Company reported revenue of $474.6 million, compared with $343.0 million for the full year 2019. Systems revenue for the year was $293.6 million, compared to $202.6 million in 2019. Operating profit was $58.0 million in 2020, compared to $24.2 million in 2019. Net income for the year was $50.0 million with diluted earnings per share of $1.46. This compares to 2019 net income of $17.0 million and earnings per diluted share of $0.50.

President and CEO Mary Puma commented, "After extraordinary revenue and earnings results in 2020, we are planning for another year of growth at Axcelis. The semiconductor market is forecast to show strength across all markets and the expanded Purion product family, specifically targeted at these markets, is poised for further growth."

Executive Vice President and Chief Financial Officer Kevin Brewer said, "Axcelis delivered exceptional fourth quarter and full year 2020 financial performance. The Company achieved its highest annual revenue in the last 15 years due to the strength of the market and the competitive Purion product line. For the full year 2020, operating profit increased 140% on a 38% increase in revenue, highlighting the significant leverage in our business model."

Business Outlook
For the first quarter ending March 31, 2021, Axcelis expects revenues ranging from $118 to $138 million. Gross margin in the first quarter is expected to be approximately 40%. First quarter operating profit is forecasted to be in the range of $11-19 million with earnings per diluted share in the range of $0.22-0.42. The high end of our revenue range assumes the issuances of required U.S. Government export licenses in the first quarter.

Fourth Quarter and Full Year 2020 Conference Call
The Company will host a call to discuss the results for the fourth quarter and full year 2020 on Thursday, February 11, 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: 3582149. 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.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)














Three months ended 


Twelve months ended



December 31,


December 31,


2020


2019


2020


2019

Revenue:












Product

$

115,777


$

102,304


$

449,903


$

319,505

Services


6,422



5,419



24,657



23,453

Total revenue


122,199



107,723



474,560



342,958

Cost of revenue:












Product


63,272



57,627



252,390



175,732

Services


5,952



5,780



23,586



23,074

Total cost of revenue


69,224



63,407



275,976



198,806

Gross profit


52,975



44,316



198,584



144,152

Operating expenses:












Research and development


16,320



13,596



61,833



53,931

Sales and marketing


11,342



8,879



38,746



34,290

General and administrative


11,238



8,629



39,964



31,726

Total operating expenses


38,900



31,104



140,543



119,947

Income from operations


14,075



13,212



58,041



24,205

Other income (expense):












Interest income


80



582



738



2,955

Interest expense


(1,313)



(1,306)



(5,211)



(5,155)

Other, net


1,617



169



2,318



(1,083)

Total other income (expense)


384



(555)



(2,155)



(3,283)

Income before income taxes


14,459



12,657



55,886



20,922

Income tax (benefit) provision


(215)



2,945



5,904



3,888

Net income

$

14,674


$

9,712


$

49,982


$

17,034

Net income per share:












Basic

$

0.44


$

0.30


$

1.50


$

0.52

Diluted

$

0.43


$

0.29


$

1.46


$

0.50

Shares used in computing net income per share:












Basic weighted average common shares


33,548



32,485



33,257



32,559

Diluted weighted average common shares


34,318



33,848



34,128



33,828

 

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)








December 31,


December 31,


2020


2019

ASSETS






Current assets:






Cash and cash equivalents

$

203,479


$

139,881

Accounts receivable, net


86,865



83,753

Inventories, net


161,076



140,364

Prepaid expenses and other current assets


19,371



11,681

Total current assets


470,791



375,679

Property, plant and equipment, net


29,840



25,328

Operating lease assets


4,542



5,849

Finance lease assets, net


20,544



21,880

Long-term restricted cash


753



6,653

Deferred income taxes


57,851



68,060

Other assets


40,303



44,645

Total assets

$

624,624


$

548,094

LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

24,013


$

25,341

Accrued compensation


24,562



7,631

Warranty


4,280



2,759

Income taxes


654



294

Deferred revenue


21,221



24,601

Current portion of finance lease obligation


756



399

Other current liabilities


8,945



7,639

Total current liabilities


84,431



68,664

Long-term finance lease obligation


47,393



48,149

Long-term deferred revenue


1,837



4,650

Other long-term liabilities


9,361



7,204

Total liabilities


143,022



128,667







Stockholders' equity:






Common stock, $0.001 par value, 75,000 shares authorized; 33,633 shares
issued and outstanding at December 31, 2020; 32,585 shares issued and
outstanding at December 31, 2019


34



33

Additional paid-in capital


570,102



559,878

Accumulated deficit


(91,969)



(140,226)

Accumulated other comprehensive income (loss)


3,435



(258)

Total stockholders' equity


481,602



419,427

Total liabilities and stockholders' equity

$

624,624


$

548,094







 

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SOURCE Axcelis Technologies, Inc.

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