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Axcelis Technologies Inc. has a market cap of $230.2 million; its shares were traded at around $2.21 with and P/S ratio of 1.7. ACLS is in the portfolios of Arnold Schneider of Schneider Capital Management, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: Included in total revenue of $48.5 million is revenue from sales of ion implantation products and service which accounted for $41.3 million, or 85.2% of total revenue in the three months ended March 31, 2010, compared with $22.2 million, or 86.3%, of total revenue for the three months ended March 31, 2009. The dollar increase was due to the factors discussed above for product revenues.
Research and development expense was $9.1 million in the three months ended March 31, 2010, a decrease of $0.4 million, or 4.2%, compared with $9.5 million in the three months ended March 31, 2009. The decrease was due to decreased payroll costs ($0.5 million) due to a reduction in research and development headcount and increased other miscellaneous expense ($0.1 million).
Sales and marketing expense was $6.6 million in the three months ended March 31, 2010, a decrease of $0.3 million, or 4.3%, compared with $6.9 million for the three months ended March 31, 2009. The decrease was due to decreased payroll costs ($0.5 million) due to a reduction in sales and marketing headcount, offset by increased travel costs ($0.2 million).
General and administrative expense was $7.7 million for the three months ended March 31, 2010, a decrease of $3.0 million, or 28.0%, compared with $10.7 million in the three months ended March 31, 2009. The decrease was primarily due to decreased professional fee expenses ($3.2 million), decreased other miscellaneous expenses ($0.1 million) and increased payroll costs ($0.3 million).
The sale of the Company’s investment in SEN in the first quarter of 2009 resulted in a gain of approximately $1.1 million. This gain includes net proceeds of $122.2 million and cumulative foreign translation gain of $23.5 million, previously recorded in other comprehensive income, reduced by the carrying value of the investment on the date of sale of $144.6 million.
During the three months ended March 31, 2010, the Company experienced negative cash flows from operations of $9.9 million, predominately driven by our $11.1 million net loss. Cash and cash equivalents at March 31, 2010 were $34.8 million, compared to $45.0 million at December 31, 2009.
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