Business
Axcelis Updates Guidance for Second Quarter 2019
BEVERLY, Mass., June 11, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) announced that one high energy system planned for late June shipment
About this update from Axcelis Technologies, Inc.
[{"type":"text","content":" BEVERLY, Mass., June 11, 2019 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) announced that one high energy system planned for late June shipment to a Chinese customer pushed out of the second quarter. As a result, the Company now expects revenue for the second quarter of 2019 to be approximately $75 million, down from the previous revenue guidance of $80 million. The Company also expects to post a loss in the quarter. \n\n \nKevin Brewer, executive vice president and CFO said, \"We have begun taking additional steps to reduce expenses through a variety of programs and remain focused on margin improvement through cost out and investment in new product extensions. Our cash position remains sound and we have started buying back stock as part of our $35 million share repurchase program. We will be reviewing our full year forecast in the coming weeks, and will provide an update with our second quarter earnings release.\" \nPresident and CEO Mary Puma said, \"Purion products continue to be well accepted. We are seeing very active levels of customer interest across the full Purion platform. Our growth strategy and target business model remain intact. As the market recovers, we expect to benefit from investments we are making in Purion platform extensions and in opening new markets.\"\nSecond Quarter 2019 Conference CallAxcelis Technologies will release financial results for the second quarter 2019 on Tuesday, August 6, 2019 at 4:00 p.m. Eastern Time (ET). The 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 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Conference ID: 2690958. Webcast replays will be available for 30 days following the call.\nSafe Harbor Statement This press release contains forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations a...