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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): FEBRUARY 3, 1998
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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: (978) 777-4247
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ITEM 5. OTHER EVENTS.
On February 3, 1998, the Registrant publicly disseminated a press release
announcing that, based upon preliminary analysis, it expects to report a net
loss in the range of $0.29-$0.33 per share for the fourth quarter ended December
31, 1997. Factors which contributed to this expected loss include lower than
anticipated product sales, lower product margins and non-recurring charges,
primarily relating to wafer inventory and spare parts. Actual results for the
fiscal 1997 fourth quarter and year-end will be announced by the Registrant when
they become available.
The Registrant also announced that William Wray, a key member of its core
technology group and its Chief Electronics Engineer, has been promoted to Vice
President of Engineering and assumes responsibility for all facets of ion
implanter design, development and manufacture. Mr. Wray has been with the
Registrant since 1989. Prior to that time, he was director of Electronics
Engineering at Ion Microfabrication Systems, Inc., a scientist at the Ion Beam
Systems Division of Eaton Corporation, and worked with Edwin Land at Polaroid
and at the Rowland Institute for Science as the Director of the Electronics
Laboratory. Mr. Wray succeeds Theodore Smick who resigned to pursue other
business interests.
The Registrant also announced that Debra L. Nelson has been named Chief
Financial Officer. Ms. Nelson was most recently Chief Financial Officer at
Rockport Trade Systems, Inc. Prior to that she was the Controller and Treasurer
of the Registrant, and a Senior Accountant at KPMG Peat Marwick LLP. Ms. Nelson
succeeds Timothy J. Burns who is leaving to pursue personal interests. 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 February 3, 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: February 3, 1998 /S/ DEBRA L. NELSON
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Debra L. Nelson, Chief Financial
Officer
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EXHIBIT INDEX
EXHIBIT SEQUENTIAL
NUMBER DESCRIPTION PAGE NUMBER
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99.1 The Registrant's Press Release 5
dated February 3, 1998
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EXHIBIT 99.1
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[IBIS LETTERHEAD]
CONTACT:
Debra L. Nelson, Chief Financial Officer Van Negris / Philip J. Denning
Ibis Technology Corporation Kehoe, White, Savage & Company, Inc,
(978) 777-4247 (212) 888-1616
FOR IMMEDIATE RELEASE
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IBIS TECHNOLOGY CORPORATION EXPECTED TO REPORT A
NET LOSS PER SHARE OF $0.29-$0.33 FOR FOURTH QUARTER 1997;
IBIS TECHNOLOGY CORPORATION COMPLETES INITIAL PHASE OF
PLANNED REALIGNMENT AND REORGANIZATION OF
TECHNICAL AND MANAGEMENT RESOURCES
TO SUPPORT COMMERCIAL SCALE PRODUCTION OF SIMOX-SOI WAFERS;
WILLIAM WRAY PROMOTED TO VICE PRESIDENT OF ENGINEERING;
DEBRA L. NELSON, CPA JOINS IBIS AS CHIEF FINANCIAL OFFICER
DANVERS, MA -- FEBRUARY 3, 1998 -- Ibis Technology Corporation (Nasdaq: IBIS),
the leading supplier of SIMOX-SOI (Separation by IMplantation of OXygen/
Silicon-On-Insulator) wafers to the semiconductor industry, today announced
that, based upon preliminary analysis, it expects to report a net loss in the
range of $0.29-$0.33 per share for the fourth quarter ended December 31, 1997.
Factors contributing to this expected loss include lower than anticipated
product sales, lower product margins and non-recurring charges, primarily
relating to wafer inventory and spare parts. The Company will announce actual
results for the fiscal 1997 fourth quarter and year-end when they become
available.
The Company also announced that it has completed the initial phase of a planned
realignment and reorganization of its technical and management resources
consistent with a strategic change to increase the focus on commercial-scale
production of SIMOX-SOI materials.
William Wray, a key member of Ibis' core technology group and Chief Electronics
Engineer, has been promoted to Vice President of Engineering and assumes
responsibility for all facets of ion implanter design, development and
manufacture. Additionally, Dr. Michael L. Alles and other key members of the
technical staff have been assigned to support the SIMOX-SOI wafer manufacturing
group during this critical reallocation of resources.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "We are pleased to recognize the talents of William Wray
and Dr. Michael Alles and their outstanding contributions to the growth of Ibis.
We believe that the unique advantages of Ibis' SIMOX-SOI Technology -- the
ability to design high performance circuits that operate at high speeds and low
operating voltages -- will result in a stream of commercial applications over
time. We have already seen the beginnings of that application flow in the
SIMOX-SOI devices being offered by Bookham Technology Ltd., Honeywell, Inc. and
Mitsubishi Electric Corporation. We continue to be enthusiastic and excited
about the prospects for Ibis going forward and believe that fiscal 1998 will
begin to see the adoption of SIMOX-SOI wafers into volume applications."
--more--
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IBIS TECHNOLOGY CORPORATION
February 3, 1998 -- Page Two
Mr. Wray, who has been with Ibis since 1989, was responsible for the development
of the control systems for the Ibis 1000 implanter. Prior to joining Ibis,
Mr. Wray was Director of Electronics Engineering at Ion Microfabrication
Systems, Inc., a scientist at the Ion Beam Systems Division of Eaton
Corporation, and worked closely with Edwin Land at Polaroid and at the Rowland
Institute for Science as the Director of the Electronics Laboratory. Mr. Wray
holds a variety of patents in various fields. He succeeds Theodore Smick who
has resigned to pursue other business interests.
The Company also announced that Debra L. Nelson has been named Chief Financial
Officer. Ms. Nelson was most recently Chief Financial Officer at Rockport Trade
Systems, Inc. Prior to that, she was the Controller and Treasurer of Ibis
Technology Corporation, and a Senior Accountant at KPMG Peat Marwick LLP. She
holds a B.S. in Accounting from Merrimack College and is a Certified Public
Accountant.
Ms. Nelson succeeds Timothy J. Burns who is leaving to pursue personal
interests. Mr. Reid commented: "We wish to acknowledge the contributions of Tim
Burns to our company, where he was instrumental in helping to create the
financial and operational framework to support the evolution of Ibis to a major
player in the emerging global SOI marketplace. All of us at Ibis wish Tim well
in his activities going forward."
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.
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