BEVERLY, Mass., July 7, 2014 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) announced that multiple systems planned for late June shipment pushed out of the second quarter due to customer timing issues, and as a result, the Company now expects revenue for the second quarter of 2014 to be between $40 million and $42 million, down from the previous revenue guidance of $55 million to $60 million. The Company expects earnings per share will be in the range of ($0.05) to ($0.07) for the quarter. Previous EPS guidance for the second quarter was a range of ($0.02) to $0.00. The Company also reported the first Purion H™ high current implanter was shipped in June to a leading Asia-Pacific chipmaker, where it will join Purion XE™ and Purion M™ systems already in place.
Kevin Brewer, executive vice president and CFO said, "Our updated guidance for the second quarter reflects late-quarter system push-outs at a time of overall muted customer spending. We expect to receive these orders in the future. As memory spending accelerates in the second half of this year, we will benefit from the full Purion platform at a number of customers."
Brewer continued, "To ensure the success of the Purion platform as the market improves, we are driving further internal cost reduction. We are taking steps in the third quarter to reduce our operating expenses from $20 million to $21 million down to $17 million to $18 million. This will lower our quarterly breakeven revenue to under $50 million and our operating cash breakeven to under $42 million. Our cash position remains sound and these adjustments safeguard funding for our Purion development and penetration plans."
Chairman and CEO Mary Puma said, "We made good progress with the Purion platform in the second quarter. The shipment of our first Purion H high current implanter to a key customer is a critical milestone for Axcelis. We also secured an order for the innovative Purion M medium current implanter from a third customer, a prominent foundry. We are seeing very active levels of customer interest across the full Purion platform, reflecting our customers' belief that these systems represent a very welcome strong competitive offering to the market."Puma continued, "We are exploring all opportunities to optimize and accelerate the market penetration of the full Purion platform to ensure our customers and investors realize the maximum benefit. Accordingly, we are looking at financing and strategic initiatives that will strengthen our long term position in the semiconductor equipment industry. We engaged Blackstone Advisory Partners to support us in these initiatives."