updated 4/27/2011 4:18:20 PM ET 2011-04-27T20:18:20

BEVERLY, Mass., April 27, 2011 (GLOBE NEWSWIRE) -- Axcelis Technologies, Inc. (Nasdaq:ACLS) today announced financial results for the first quarter ended March 31, 2011. Revenue for the first quarter was $93.2 million, compared with $93.4 million in Q4, and $48.5 million for the same period a year ago. Net income for the quarter was $1.8 million, or $0.02 per diluted share. Prior quarter net income was $4.3 million or $0.04 per diluted share, of which $2.1 million or $0.02 per diluted share was attributable to a one-time tax benefit. In the prior year period, the company reported a net loss of $11.1 million, or $0.11 cents per share. Cash and cash equivalents, including restricted cash, were $44.9 million at March 31, 2011.

Commenting on the Company's performance, Chairman and CEO Mary Puma said, "Axcelis is off to a solid start in 2011. The momentum we built in 2010 with our Optima and Integra product lines is accelerating as customers continue to recognize the productivity and technological advantages our systems provide." She continued, "As expected, we gained market share in implant in 2010, particularly in high current and in high energy. Over the next year, we plan to continue to introduce highly differentiated technology, further expanding our customer base and gaining additional market share."

First Quarter 2011 Conference Call

The Company will host a conference call today at 5:00 pm ET to discuss results for the first quarter of  2011. The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis' home page at www.axcelis.com , or by dialing 1-888-713-4205 (1-617-213-4862 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 49696794. Webcast replays will be available from 8 pm ET on April 27, 2011 until 11:59 pm on June 26, 2011.

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 cycle support of ion implantation and cleaning systems. The company's Internet address is: www.axcelis.com.

Axcelis Technologies, Inc.
Consolidated Statements of Operations
In thousands, except per share amounts
(Unaudited)
     
     
  Three months ended
  March 31,
  2011 2010
Revenue    
Product  $ 86,603  $ 40,278
Service  6,567  8,222
  93,170 48,500
Cost of revenue    
Product 56,873 30,320
Service 5,216 5,173
  62,089 35,493
     
Gross profit 31,081 13,007
Operating expenses    
 Research and development 11,818 9,133
 Sales and marketing 7,819 6,604
 General and administrative 9,055 7,700
   28,692  23,437
     
Income (loss) from operations 2,389 (10,430)
     
Other income (expense)    
 Interest income 6 29
 Other, net (450) (407)
  (444) (378)
     
Income (loss) before income taxes 1,945 (10,808)
     
Income taxes  133 293
     
Net Income (loss)  $ 1,812  $ (11,101)
     
Net income (loss) per share  $ 0.02  $ (0.11)
Basic   $ 0.02  $ (0.11)
Diluted    
     
Shares used in computing net income (loss) per share  105,936  104,116
Basic   110,791  104,116
 
Axcelis Technologies, Inc.
Consolidated Balance Sheets
In thousands
(Unaudited)
  March 31, December 31,
  2011 2010
ASSETS    
Current assets    
Cash and cash equivalents  $ 44,782  $ 45,743
Accounts receivable, net   49,948  57,888
Inventories, net  123,356  109,653
Prepaid expenses and other current assets  11,026  15,346
Total current assets  229,112  228,630
     
Property, plant and equipment, net  38,315  38,594
Long-term restricted cash  113  107
Other assets  18,770  13,541
   $ 286,310  $ 280,872
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities    
Accounts payable  $ 38,064  $ 36,709
Accrued compensation   12,877  10,597
Warranty   3,060  2,556
Deferred revenue  10,880  13,859
Other current liabilities  3,855  4,408
Total current liabilities  68,736  68,129
     
Long-term deferred revenue  2,417  2,417
Other long-term liabilities  5,090  4,759
     
Stockholders' equity    
Preferred stock  --   -- 
Common stock  106  106
Additional paid-in capital  495,330  493,967
Treasury stock  (1,218)  (1,218)
Accumulated deficit  (291,708)  (293,520)
Accumulated other comprehensive income  7,557  6,232
   210,067  205,567
   $ 286,310  $ 280,872
 
Axcelis Technologies, Inc.
Consolidated Statements of Cash Flow
In thousands
(Unaudited)
  Three months ended
  March 31,
  2011 2010
Cash flows from operating activities    
Net loss  $ 1,812  $ (11,101)
Adjustments to reconcile net loss to net cash used for operating activities    
Depreciation and amortization  1,882  1,937
Deferred taxes  33  167
Stock-based compensation expense  1,222  817
Provision for excess inventory  246  758
Changes in operating assets & liabilities:    
Accounts receivable  8,245  (15,425)
Inventories  (13,350)  8,252
Prepaid expenses and other current assets  4,404  (362)
Accounts payable & other current liabilities  3,168  4,922
Deferred revenue  (2,996)  526
Income taxes  3  (408)
Other assets and liabilities  (5,875)  54
Net cash used for operating activities  (1,206)  (9,863)
Cash flows from investing activities    
Expenditures for property, plant, and equipment  (610)  (263)
Decrease (increase) in restricted cash  (6)  319
Net cash provided by (used for) investing activities  (616)  56
Cash flows from financing activities    
Financing fees and other expenses  --   (431)
Proceeds from exercise of stock options  197  32
Proceeds from Employee Stock Purchase Plan  239  169
Net cash provided by (used for) financing activities  436  (230)
Effect of exchange rate changes on cash  425  (182)
Net decrease in cash and cash equivalents  (961)  (10,219)
Cash and cash equivalents at beginning of period  45,743  45,020
Cash and cash equivalents at end of period  $ 44,782  $ 34,801
CONTACT:  Maureen Hart (editorial/media)
          978.787.4266
          maureen.hart@axcelis.com

          Jay Zager (financial community)
          978.787.9408
          jay.zager@axcelis.com

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