<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------
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): MARCH 5, 1998
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IBIS TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23150 04-2987600
- --------------- ------------ -------------------
(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: (978) 777-4247
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<PAGE> 2
ITEM 5. OTHER EVENTS.
On March 5, 1998, the Registrant publicly disseminated two press releases
announcing (i) that it has received purchase orders from a leading semiconductor
manufacturer for two Ibis 1000 oxygen implanters to be delivered in 1998 and a
letter of intent from another customer for the purchase of one Ibis 1000 oxygen
implanter, and (ii) its financial results for the fourth quarter and fiscal year
ended December 31, 1997.
The purchase orders for the two implanters are subject to the completion of a
licensing agreement and may be canceled if the companies do not come to an
agreement.
Revenues for the Registrant's 1997 fourth quarter were $1,460,000, compared
to revenues of $2,444,000 for the fourth quarter of 1996. Net loss for the
fourth quarter of 1997 was $2,174,000, or $0.33 per share, compared to $107,000,
or $0.02 per share, for the comparable period a year ago. The net loss in the
fourth quarter of 1997 included non-recurring charges totaling approximately $1
million. These charges primarily consist of the write-off of obsolete wafer
inventory and material associated with improvements or upgrades to the Ibis 1000
implanters and personnel costs associated with a management reorganization.
For the year ended December 31, 1997, revenues were $6,674,000, compared to
revenues of $9,453,000 reported in the preceding year, which included equipment
revenue of $3,800,000 (the Registrant had no equipment revenue in 1997). Net
loss for fiscal 1997 was $3,938,000, or $0.69 per share, compared to a net loss
of $840,000, or $0.18 per share in 1996.
The information contained in the two press releases is incorporated herein by
reference and filed as Exhibits 99.1 and 99.2 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 The Registrant's Press Release dated March 5, 1998.
99.2 The Registrant's Press Release dated March 5, 1998.
2
<PAGE> 3
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)
Date: March 6, 1998 /s/ Debra L. Nelson
-----------------------------------
Debra L. Nelson, Chief Financial
Officer
3
<PAGE> 4
EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
- ------- ----------- -----------
99.1 The Registrant's Press Release 5
dated March 5, 1998
99.2 The Registrant's Press Release 6
dated March 5, 1998
4
<PAGE> 1
Exhibit 99.1
[IBIS TECHNOLOGY CORPORATION LOGO]
- -------------------------------------------------------------------------------
CONTACT
Debra L. Nelson Van Negris/Phillip J. Denning
Ibis Technology Corporation Kehoe, White, Savage & CO., Inc.
(978) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE:
IBIS RECEIVES ORDERS AND LETTER OF INTENT FOR THE
PURCHASE OF THREE IBIS OXYGEN IMPLANTERS
DANVERS, MA-March 5, 1998 - Ibis Technology Corporation (NASDAQ:IBIS), the
leading supplier of SIMOX-SOI (Separation by Implantation of
Oxygen/Silicon-on-insulator) wafers to semiconductor manufacturers, today
announced that the Company has received purchase orders from a leading
semiconductor manufacturer for two Ibis 1000 oxygen implanters to be delivered
in 1998. The purchase orders are subject to the completion of a licensing
agreement and may be canceled if the companies do not come to an agreement.
The Company has also received a letter of intent from another customer for the
purchase of an Ibis 1000. The Company will announce additional information
when the agreements are finalized.
Martin Reid, President and Chief Executive officer of Ibis Technology
Corporation, commented: "As we have previously indicated, Ibis believes that
large-scale adoption of SIMOX-SOI technology will come as a result of both
SIMOX wafers sales and strategic sales of oxygen implantation equipment.
Equipment sales by the Company will be made with competitive restrictions
and/or wafer sales royalty arrangements where appropriate. We are pleased with
these developments and believe that they will strengthen the position of
SIMOX-SOI technology in the semiconductor market."
Ibis Technology Corporation is an advanced materials company which supplies
SIMOX-SOI wafers to the semiconductor industry and whose goal is to be the
world leader in volume manufacturing of SIMOX-SOI wafers. SIMOX-SOI wafers
are silicon-on-insulator wafers which enable the production of integrated
circuits with significant advantages over circuits constructed on conventional
bulk silicon or epitaxial wafers. Ibis is promoting the global acceptance of
SIMOX-SOI wafers by continuing to develop advanced proprietary oxygen
implanters and process technology as well as by the formation of strategic
alliances.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: The statements contained in the 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.
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
###
Ibis Technology Corporation 32A Cherry Hill Drive Danvers, MA 01923
<PAGE> 1
Exhibit 99.2
[IBIS TECHNOLOGY CORPORATION LOGO]
- --------------------------------------------------------------------------------
CONTACT
Debra L. Nelson Van Negris / Philip J. Denning
Ibis Technology Corporation Kehoe, White, Savage & Co., Inc.
(987) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY CORPORATION
ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
DANVERS, MA - MARCH 5, 1998 - Ibis Technology Corporation (NASDAQ: IBIS), the
leading supplier of SIMOX (Separation by Implantation of Oxygen) wafers to
semiconductor manufacturers, today announced its financial results for the
fourth quarter and fiscal year ended December 31, 1997.
Revenues for the Company's 1997 fourth quarter were $1,460,000, compared to
revenues of $2,444,000 for the fourth quarter of 1996. Net loss for the fourth
quarter of 1997 was $2,174,000, or $0.33 per share, compared to $107,000, or
$0.02 per share, for the comparable period a year ago. The net loss in the
fourth quarter of 1997 included non-recurring charges totaling approximately $1
million. These charges primarily consist of the write-off of obsolete wafer
inventory and material associated with improvements or upgrades to the Ibis
1000 implanters and personnel costs associated with a management reorganization.
For the year ended December 31, 1997, revenues were $6,674,000, compared to
revenues of $9,453,000 reported in the preceding year, which included equipment
revenue of $3,800,000 (the Company had no equipment revenue in 1997). Net loss
for fiscal 1997 was $3,938,000, or $0.69 per share, compared to a net loss of
$840,000, or $0.18 per share.
Martin J. Reid, President and Chief Executive Officer of Ibis, stated: "Our
customers continue to move towards commercial adoption of SIMOX-SOI technology
as they advance through stages of process optimization and circuit design. We
expect to continue to develop SIMOX-SOI applications in terms of both wafer
sales and equipment revenue in 1998. As noted in our historical performance,
the significant dollar amount of machine sales may cause fluctuations in
quarterly revenue. The Company believes that total increasing revenue year to
year will be a more important indicator of the progress towards industry
adoption of SIMOX-SOI technology rather than the revenue attributed to
individual wafer or machine sales.
"Factors contributing to the 1997 results were lack of equipment revenue and a
decrease in product sales, which is attributable to reduced wafer requirements
from one customer who is using the Ibis 1000 purchased from the Company. Sales
from this customer represented 41% of total product sales in 1996 but less than
3% of total product sales in 1997."
-more-
Ibis Technology Corporation 32A Cherry Hill Drive Danvers, MA 01923
<PAGE> 2
IBIS TECHNOLOGY CORPORATION
Page Two
March 5, 1998
Ibis Technology Corporation is an advanced materials company which supplies
SIMOX-SOI wafers to the semiconductor industry and whose goal is to be the
world leader in volume manufacturing of SIMOX-SOI wafers. SIMOX-SOI wafers are
silicon-on-insulator wafers which enable the production of integrated circuits
with significant advantages over circuits constructed on conventional bulk
silicon or epitaxial wafers. Ibis is promoting the global acceptance of
SIMOX-SOI wafers by continuing to develop advanced proprietary oxygen
implanters and process technology as well as by the formation of strategic
alliances.
"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.
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
-more-
(FINANCIAL TABLES FOLLOW)
<PAGE> 3
IBIS TECHNOLOGY CORPORATION
Page Three
March 5, 1998
IBIS TECHNOLOGY CORPORATION
SUMMARY OF RESULTS
Fourth Quarter Ended
December 31,
1997 1996
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Product sales $ 688,000 $1,166,000
Contract and other revenue 772,000 318,000
Equipment revenue -- 960,000
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Total revenue 1,460,000 2,444,000
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Cost of Sales, excluding depreciation 2,087,000 1,267,000
Depreciation 485,000 461,000
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Gross profit (loss) (1,112,000) 716,000
Operating expenses 1,214,000 866,000
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Loss from operations (2,326,000) (150,000)
Other income (loss) 152,000 43,000
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Net loss $(2,174,000) $ (107,000)
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Net loss per share $ (0.33) $ (0.02)
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Weighted average number of shares
used in per share calculation 6,621,045 5,186,124
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Fiscal Year Ended
December 31,
1997 1996
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Product sales $ 3,389,000 $4,767,000
Contract and other revenue 3,285,000 886,000
Equipment revenue -- 3,800,000
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Total revenue 6,674,000 9,453,000
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Cost of Sales, excluding depreciation 5,456,000 5,557,000
Depreciation 1,825,000 1,430,000
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Gross profit (loss) (607,000) 2,466,000
Operating expenses 3,625,000 3,415,000
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Loss from operations (4,232,000) (949,000)
Other income (loss) 294,000 109,000
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Net loss $(3,938,000) $ (840,000)
=========== ==========
Net loss per share $ (0.69) $ (0.18)
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Weighted average number of shares
used in per share calculation 5,709,931 4,723,075
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###
