BEVERLY, Mass., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2010. Net income for the quarter was $4.3 million, or $0.04 per diluted share, of which $0.02 was attributable to a one time tax benefit. This compares to a net loss for the third quarter of 2010 of $6.3 million, or $0.06 per share. The Company reported fourth quarter revenue of $93.4 million, compared to $75.1 million for the third quarter of 2010, a 24.4% increase. The Company reported a 42.4% increase in systems revenues over the previous quarter. Cash and cash equivalents, including restricted cash, were $45.9 million at December 31, 2010. The Company ended the quarter with working capital of $160.5 million.
For the full year 2010, the Company reported revenue of $275.2 million compared with $133.0 million in 2009. Net loss for the year was $17.6 million, or $0.17 per share. In 2009, the Company reported a net loss of $77.5 million, or $0.75 per share, which included charges for restructuring of $5.5 million ($0.05 per share).
Commenting on the Company's performance, Chairman and CEO Mary Puma said, "The Company performed exceptionally well during the quarter. This marks the completion of a successful transition year for Axcelis. We executed against our strategy, returned to profitability, and achieved a steep increase in revenue and orders - putting us in a position of strength as we enter 2011.
She continued, "This performance is a clear reflection of the competitiveness of our product lines and the confidence our customers have in our systems' enabling performance. Customer wins during the quarter included several significant high volume orders for both ion implantation and dry strip at leading device manufacturers. We continue to experience robust demand for our products, and anticipate market share gains. Moving forward, we believe these accomplishments have laid the foundation for sustainable growth and profitability in the future."
Fourth Quarter and Full Year 2010 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the fourth quarter and full year 2010. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at , or by dialing 1-888-713-4214 (1-617-213-4866 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 17581414. Webcast and telephone replays will be available from 8 pm ET on February 1, 2011 until 11:59 pm on May 1, 2011. Dial 1- 888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code# 89703406.
Safe Harbor Statement
This document contains forward-looking statements under the SEC safe harbor provisions. These statements, which include our 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, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, our ability to implement successfully our profit plans, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. 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 Technologies, Inc. (Nasdaq:ACLS) 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 support of ion implantation and cleaning systems. The company's Internet address is: .
CONTACT: Maureen Hart (editorial/media) 978.787.4266 maureen.hart@axcelis.com Jay Zager (financial community) 978.787.9408 jay.zager@axcelis.com Stephen Bassett (financial community) 978.787.4110 stephen.bassett@axcelis.com
