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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): MAY 11, 1998
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IBIS TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS 0-23150 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: (978) 777-4247
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ITEM 5. OTHER EVENTS.
On May 11, 1998, the Registrant publicly disseminated a press release
announcing its financial results for the first quarter ended March 31, 1998.
Revenues for the 1998 first quarter were $1,697,000 compared to revenues of
$1,639,000 for the first quarter of 1997. Net loss for the first quarter of 1998
was $909,000, or $0.14 per share, compared to $437,000, or $0.08 per share, for
the comparable period a year ago. The increase in the net loss for the first
quarter of 1998, compared to the similar period a year ago, is primarily a
result of lower product margins and an increase in administrative costs. The
equipment revenue of $200,000 recognized in the 1998 first quarter represents
the balance from the first implanter sold in 1996. This revenue was deferred
until certain software upgrades were delivered in the first quarter of 1998. The
Company also announced that it has received a confirming purchase order for an
Ibis 1000 implanter from Mitsubishi Materials Corporation, through its
Mitsubishi Materials Silicon Corporation subsidiary. A letter of intent for this
purchase was previously disclosed in Ibis' March 5, 1998 press release. 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.
(c) Exhibit.
99.1 The Registrant's Press Release dated May 11, 1998.
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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
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(Registrant)
Date: May 12, 1998 /s/ Debra L. Nelson
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Debra L. Nelson, Chief Financial
Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Sequential
Number Description Page Number
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<S> <C> <C>
99.1 The Registrant's Press Release 5
dated May 11, 1998
</TABLE>
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[IBIS LOGO]
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Technology Corporation
CONTACT:
Debra L. Nelson Van Negris / Philip J. Denning
Ibis Technology Corporation Kehoe, White, Savage & Co., Inc.
(978) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE:
IBIS TECHNOLOGY CORPORATION ANNOUNCES RESULTS FOR THE 1998 FIRST QUARTER;
IBIS RECEIVES CONFIRMING PURCHASE ORDER FROM
MITSUBISHI MATERIALS SILICON CORPORATION FOR IBIS 1000 IMPLANTER
DANVERS, MA - MAY 11, 1998 - Ibis Technology Corporation (NASDAQ: IBIS), the
leading manufacturer of oxygen implanters and supplier of SIMOX-SOI (Separation
by IMplantation of OXygen) wafers to semiconductor manufactures, today announced
its financial results for the first quarter ended March 31, 1998.
Revenues for the Company's 1998 first quarter were $1,697,000, compared to
revenues of $1,639,000 for the first quarter of 1997. Net loss for the first
quarter of 1998 was $909,000, or $0.14 par share, compared to $437,000 or $0.08
per share, for the comparable period a year ago. The increase in the net loss
for the first quarter of 1998, compared to the similar period a year ago, is
primarily a result of lower product margins and an increase in administrative
costs. The equipment revenue recognized in the 1998 first quarter represents
the balance from the first implanter sold in 1996. The revenue was deferred
until certain software upgrades were delivered in this quarter.
The Company also announced that it has received a confirming purchase order for
an Ibis 1000 implanter from Mitsubishi Materials Corporation, through its
Mitsubishi Materials Silicon Corporation subsidiary. A letter of intent for
this purchase was previously disclosed in Ibis' March 5, 1998 press release.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "I am pleased with the progress Ibis has made during this
past quarter towards establishing Ibis as the leader in SIMOX-SOI products
(silicon-on-insulator technology). This purchase order Ibis recently received
for its state-of-the-art Ibis 1000 implanter is a tangible measure of that
progress. As previously stated, we are continuing negotiations with a major
domestic semiconductor manufacturer for the purchase of two additional
implanters.
"We have also continued to invest in our organizational and capital assets to
meet the growing demands of our business. During the first three months of
1998, we began the Implementation of an enhanced manufacturing quality system
which we believe will help us to assure our customers of consistent high wafer
quality and on-time delivery in production quantities. We also increased our
investments in training, upgrades, preventative maintenance and repairs. We
believe these investments will increase the efficiency of our equipment and
manufacturing processes which will, in turn, improve gross margins over time."
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IBIS TECHNOLOGY CORPORATION 32 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
May 11, 1998
Ibis Technology Corporation is an advanced materials company which manufactures
oxygen implanters and 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
(FINANCIAL TABLES FOLLOW)
IBIS TECHNOLOGY CORPORATION
SUMMARY OF RESULTS
<TABLE>
<CAPTION>
FIRST QUARTER ENDED
MARCH 31
1998 1997
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Product sales $ 1,007,000 $1,114,000
Contract and other revenue 490,000 525,000
Equipment revenue 200,000 --
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Total revenue 1,697,000 1,639,000
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Cost of sales, excluding depreciation 1,382,000 879,000
Depreciation 422,000 445,000
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Gross profit (loss) (107,000) 315,000
Operating expenses 941,000 795,000
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Loss from operations (1,048,000) (480,000)
Other income 139,000 43,000
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Net loss $ (909,000) $ (437,000)
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Net loss per share $ (0.14) $ (0.08)
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Weighted average number of shares used in
per share calculation 6,670,718 5,190,839
</TABLE>
# # #
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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