Business
Axcelis Announces Financial Results For Second Quarter 2019
BEVERLY, Mass., Aug. 6, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":" BEVERLY, Mass., Aug. 6, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2019. \n\n \nThe Company reported second quarter revenue of $74.3 million, compared to $91.5 million for the first quarter of 2019. Operating profit for the quarter was $2.0 million, compared to $7.1 million for the first quarter. Net income for the quarter was $0.6 million, or $0.02 per diluted share, compared to net income for the first quarter of $6.1 million, or $0.18 per diluted share. Gross margin for the quarter was 42.7%, compared to 41.0% in the first quarter. Cash, cash equivalents and restricted cash were $143.2 million on June 30, 2019, compared to $170.0 million on March 31, 2019. \nPresident and CEO Mary Puma commented, \"We remain committed to managing for profitability and preparing for the upturn. We are focused on revenue growth through investments in innovative technology for Purion product line extensions targeting new market segments.\" Puma continued, \"These new Purion products are designed to create a sustainable competitive differentiation to support our customers' technology and manufacturing needs. These Purion products will fuel our growth when the market recovers.\"\nExecutive Vice President and CFO Kevin Brewer noted, \"I am pleased with our second quarter gross margin results. Purion product extensions and margin improvement initiatives, as well as mix, are fueling strong gross margin performance, despite lower revenues. We now expect full year average gross margin to be 41.0 to 41.5%, up from 40.0 to 41.0%.\nBusiness OutlookFor the third quarter ending September 30, 2019, Axcelis expects revenues to be in the range of $65-75 million. Gross margin in the third quarter is expected to be approximately 41%. Third quarter operating profit is forecasted to be approximately ($1.2) million to $2.0 million. Earnings per diluted share is expected to be in the range of breakeven, plus or minus $0.05.\nSecond Quarter 2019 Conference CallThe Company will host a call to discuss the results for the second quarter 2019 on Wednesday, August 7, 2019 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 (707.294.1...