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 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.
Kevin 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."
President 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."
Second Quarter 2019 Conference Call
Axcelis 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.
Safe 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 and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. 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.
Axcelis (Nasdaq:ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
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SOURCE Axcelis Technologies, Inc.