Axcelis to reduce headcount

Sept. 25, 2002 – Beverly, MA – Axcelis Technologies Inc. has initiated additional work force reductions, as part of a continuing effort to ensure that the company’s business is appropriately sized for current market conditions. The reduction in force will affect 155 positions worldwide, and represents approximately 7% of the employee base.

Axcelis estimates that these actions will save the company approximately $12 million annually. The company is also in the process of implementing integrated supply chain initiatives that will yield an additional $10 million in annual savings.

The company will incur a charge estimated at $1.6 million in the third quarter, primarily associated with severance and related expenses.

Despite this charge, management reaffirmed its third quarter revenue and earnings guidance.


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