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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): July 30, 1997
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IBIS TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23668 04-2987600
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
32 CHERRY HILL DRIVE, DANVERS, MASSACHUSETTS 01923
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 777-4247
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Item 5. Other Events.
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On July 30, 1997, the Registrant publicly disseminated a press release
announcing that it had announced its financial results for the second quarter
and six months ended June 30, 1997. Revenues for the fiscal 1997 second quarter
were $1,412,000 compared to $2,211,000 for the 1996 second quarter. Net loss for
the quarter was $906,000, or $0.17 per share, compared to a net loss of
$272,000, or $0.05 per share, for the same period a year ago. For the six months
ended June 30, 1997, revenues were $3,051,000, compared with $4,155,000 for the
same period in the preceding year. Net loss for the 1997 first half was
$1,343,000, or $0.26 per share, compared with a net loss of $556,000 or $0.13,
per share, for the comparable period in the preceding year. The information
contained in the press release is incorporated herein by reference and filed as
Exhibit 99.1 hereto.
Item 7. Financial Statements And Exhibits.
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(c) Exhibit.
99.1 The Registrant's Press Release dated July 30, 1997.
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IBIS TECHNOLOGY CORPORATION
(Registrant)
/S/Timothy Burns
Date: August 5, 1997 ----------------------------------
Timothy Burns
Chief Financial Officer
3
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EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated July 30, 1997
4
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ibis
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Technology Corporation
CONTACT:
Timothy Burns John P. Kehoe/Van Negris
Ibis Technology Corporation Kehoe, White, Savage & Company, Inc.
(508) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
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IBIS TECHNOLOGY CORPORATION ANNOUNCES SECOND QUARTER RESULTS
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DANVERS, MA -- JULY 30, 1997 -- Ibis Technology Corporation (NASDAQ:IBIS), the
leading supplier of SIMOX-SOI (Separation by IMplanted OXygen /
Silicon-On-Insulator) wafers to the semiconductor industry, today announced its
financial results for the second quarter and six months ended June 30, 1997.
Revenues for the fiscal 1997 second quarter were $1,412,000 compared to
$2,211,000 for the 1996 second quarter. Net loss for the quarter was $906,000,
or $0.17 per share, compared to a net loss of $272,000, or $0.05 per share, for
the same period a year ago.
For the six months ended June 30, 1997, revenues were $3,051,000, compared with
$4,155,000 for the same period in the preceding year. Net loss for the 1997
first half was $1,343,000, or $0.26 per share, compared with a net loss of
$556,000, or $0.13, per share, for the comparable period in the preceding year.
Dr. Geoffrey Ryding, President and Chief Executive Officer stated: "Wafer sales
declined from the previous quarter's sales level, primarily as a result of the
temporary reduction in production capacity as we previously announced. At the
same time, we were very pleased to announce during the quarter that two
customers, Mitsubishi Electric Corporation and Bookham Technology Ltd., began
marketing commercial devices fabricated or built on Ibis' SIMOX-SOI wafers. We
do not believe that the immediate financial impact of the commercial adoption
of this technology will be significant in the near-term, since volumes will
tend to remain low as Mitsubishi and Bookham sample products to their customers
for design into systems. However, we believe that we may see increased product
sales from these customers during the next 12-18 months.
Timothy Burns, Chief Financial Officer and Operations Manager, commented: "The
increase in the net loss for the second quarter of 1997, compared with the same
period a year ago, is the result of lack of equipment revenue and lower product
sales, principally attributable to reduced production capacity during the
quarter. We made a strategic decision, during the second quarter, to use a
portion of the production capacity of one of our two Ibis 1000 implanters to
successfully demonstrate to Mitsubishi Electric Corporation, Ibis' ability to
achieve Mitsubishi's specific wafer parameter requirements on a repetitive
basis. We also decided to take the time to upgrade, rather than replace, certain
malfunctioning components on our other Ibis 1000 production implanter that has
been successfully operating for two years. As a consequence, the implanter was
not in revenue generation mode for more than half of this quarter."
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Ibis Technology Corporation 32A Cherry Hill Drive Danvers, MA 01923
Telephone (508) 777-4247 or (508) 777-IBIS Fax (508) 777-6570
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IBIS TECHNOLOGY CORPORATION
Page Two
July 30, 1997
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: The statements contained in this press release which are not historical
fact are forward-looking statements based upon management's current
expectations that are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in or implied by
forward-looking statements, including, but not limited to, product demand and
market acceptance risks, general economic conditions, the impact of competitive
products, technologies and pricing, equipment capacity and supply constraints
or difficulties, the cyclical nature of the semiconductor industry, and other
risks described in the Company's Securities and Exchange Commission filings.
Ibis Technology Corporation is an advanced materials company which supplies
SIMOX-SOI wafers to the semiconductor industry. SIMOX-SOI wafers are
silicon-on-insulator wafers which enable the production of integrated circuits
with significant advantages over circuits constructed on bulk silicon or
epitaxial wafers. The Company produces SIMOX-SOI wafers on advanced proprietary
Ibis 1000 oxygen implantation equipment, utilizing proprietary processing
technologies which the Company believes will enable it to produce SIMOX-SOI
wafers for demanding high volume commercial applications.
NOTE: Information about Ibis Technology Corporation and SIMOX-SOI is available
on Ibis's World Wide Web site on the Internet located at: http://www.ibis.com
(FINANCIAL TABLE FOLLOWS)
IBIS TECHNOLOGY CORPORATION
SUMMARY OF RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Product sales $ 512,000 $1,100,000 $ 1,626,000 $2,391,000
Contract and other revenue 900,000 111,000 1,425,000 524,000
Equipment revenue -- 1,000,000 -- 1,240,000
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Total revenue 1,412,000 2,211,000 3,051,000 4,155,000
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Cost of sales, excluding depreciation 1,055,000 1,435,000 1,934,000 2,379,000
Depreciation 451,000 322,000 896,000 640,000
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Gross profit (loss) (94,000) 454,000 221,000 1,136,000
Operating expenses 839,000 790,000 1,634,000 1,687,000
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Loss from operations (933,000) (336,000) (1,413,000) (561,000)
Other income (expense) 27,000 64,000 70,000 (5,000)
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Net loss $ (906,000) $ (272,000) $(1,343,000) $ (556,000)
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Net loss per share $ (0.17) $ (0.05) $ (0.26) $ (0.13)
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Weighted average number of shares
used in per share calculations 5,221,257 5,009,467 5,207,301 4,264,107
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</TABLE>
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