Axcelis announces record sales for Q4’00, warns about outlook for 2001

Beverly, Massachusetts–Axcelis Technologies, Inc. today announced record net sales and earnings for its fourth quarter (Q4) ended December 31, 2000. Net sales for the quarter were $189.0 million, up 45% from $130.7 million for Q4 of 1999 and up 4% sequentially from the third quarter of 2000. Net income for Q4 of 2000 was $30.2 million, an increase of 239% when compared to net income of $8.9 million in Q4 of 1999.

For the full year, gross sales, inclusive of its joint venture Sumitomo Eaton Nova (SEN), were $940.7 million, an increase of 83% from $514.1 million in 1999. Net sales were $680.4 million for the full year, compared to $397.3 million in 1999. Net income for the year was $99.1 million compared to net income of $14.4 million in 1999.

Earnings per share for Q4 of 2000 were $0.31 per share, up 182% from $0.11 per share in Q4 of 1999. This improvement comes after giving effect to the issuance of 17.1 million additional shares in July 2000 as part of the company’s initial public offering of common stock. Earnings per share, excluding the amortization of goodwill and intangibles, were $0.33 per share in Q4 of 2000, an increase of 136% from $0.14 per share in Q4 of 1999.

Earnings per share for the full year were $1.13 per share compared to $0.18 per share in 1999. Earnings per share, excluding the amortization of goodwill and intangibles, were $1.23 per share compared to $0.30 per share in 1999.

On December 29, 2000, Eaton Corp. completed its previously announced distribution of its remaining 82% ownership interest in Axcelis in the form of a spin-off to Eaton shareholders. Axcelis is now a fully independent public company with approximately 97 million shares of common stock which are publicly traded, an increase of approximately 80 million shares as a result of the spin- off.

“This has been a remarkable year for Axcelis, our first as a stand alone public company,” said Brian Bachman, Axcelis’ vice chairman and chief executive officer. “I want to thank Eaton Corporation for their guidance and support, and also to thank our employees for Axcelis’ record financial performance. Thanks to their efforts, we hold an industry leading position in ion implantation with a product suite that features both serial and multi-wafer platform products for maximum productivity, and low cost of ownership across the entire applications space. Our dry strip and rapid thermal processing tools have experienced significant market share wins in 2000 to complement our core implant position. Our customers are recognizing compelling economic benefits with our 300mm product line: production proven platforms for faster time to revenue, a low risk transition, and maximum manufacturing flexibility uniquely afforded across the tool set.”

Bachman continued, “Despite our success in 2000, the growth our industry has recently experienced will not be repeated in 2001. Concern about macro economic conditions in general, and semiconductor equipment capital spending in particular, has made it difficult to gauge demand for our products beyond the next few months. For the first quarter of 2001, we are projecting revenues ranging from $150 million to $160 million, up from $143 million in the first quarter of 2000. As our visibility on 2001 demand improves, we will plan to update this guidance.”


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