<PAGE>
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): November 4, 1998
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>
Item 5. Other Events.
On November 4, 1998, the Registrant publicly disseminated a press
release announcing its financial results for the third quarter and nine months
ended September 30, 1998. Total revenues for the third quarter ended September
30, 1998 increased by 126% to $4,888,000 from $2,163,000 reported in the
comparable 1997 quarter. For the first nine months of 1998, total revenues
increased by 128% to $11,888,000 from $5,214,000 reported for the first nine
months of 1997. Net income for the 1998 third quarter increased 123% to $95,000,
or $0.01 per share, compared to a net loss of $420,000, or $0.07 per share, in
the similar period a year ago. For the nine months ended September 30, 1998, net
loss decreased to $729,000, or $0.11 per share, compared to a net loss of
$1,763,000, or $0.33 per share, a year ago. 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 November 4, 1998.
2
<PAGE>
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: November 5, 1998 /s/ Debra L. Nelson
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Debra L. Nelson, Chief Financial Officer
3
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EXHIBIT INDEX
Exhibit Sequential
Number Description Page Number
- ------ ----------- -----------
99.1 The Registrant's Press Release 5
dated November 4, 1998
4
<PAGE>
[Ibis Technology Corporation Logo]
- -------------------------------------------------------------------------------
CONTACT:
Debra L. Nelson Van Negris/Philip J. Denning
Ibis Technology Corporation Kehoe, White, Van Negris & Company, Inc.
(978) 777-4247 (212) 396-0606
FOR IMMEDIATE RELEASE
- ---------------------
IBIS TECHNOLOGY CORPORATION REPORTS
PROFITABLE THIRD QUARTER, IMPROVED FIRST NINE MONTH RESULTS;
1998 THIRD QUARTER REVENUES INCREASE BY 126 PERCENT
DANVERS, MA -- NOVEMBER 4, 1998 -- Ibis Technology Corporation (NASDAQ:IBIS),
the leading manufacturer of Ibis 1000 high current oxygen implanters and
supplier of SIMOX-SOI (Separation by IMplanted OXygen / Silicon-On-Insulator)
wafers to the semiconductor industry, today announced its financial results
for the third quarter and nine months ended September 30, 1998.
Total revenues for the third quarter ended September 30, 1998 increased by
126 percent to $4,888,000 from $2,163,000 reported in the comparable 1997
quarter. For the first nine months of 1998, total revenues increased by 128
percent to $11,888,000 from $5,214,000 reported for the first nine months of
1997.
Net income for the 1998 third quarter increased 123 percent to $95,000 or
$0.01 per share, compared to a net loss of $420,000, or $0.07 per share, in
the similar period a year ago. For the nine months ended September 30, 1998,
net loss decreased to $729,000, or $0.11 per share, compared to a net loss of
$1,763,000, or $0.33 per share, a year ago.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "We continued to make substantial progress during the
1998 third quarter towards establishing Ibis as the leading supplier of Ibis
1000 implanters and a wide range of SIMOX-SOI wafers to the semiconductor
industry.
"During the quarter, we announced the availability of our new low-cost
Advantox-TM- 50 ultra-thin SIMOX-SOI material for the next-generation
fully-depleted technology which expands the range of consumer applications
for SIMOX-SOI materials to include lower cost, high performance MPUs and
portable devices such as pagers, cellular phones, personal digital
assistants, portable computers, and next-generation devices which combine the
functions of these devices. We believe that the lower cost of the wafers will
expand the number of products to which SIMOX-SOI will be applied. Our
customers are already combining the benefits of SIMOX-SOI with other key
technologies such as copper wiring, to achieve GHz speeds and low power
consumption for microprocessor applications.
"The development of Ibis' new Advantox-TM- 50 SIMOX-SOI material is being
supported in part, by DARPA under the Small Business Innovative Research
Program. The recently announced second phase will allow Ibis to optimize the
process for large volume manufacturing, including process optimization to
obtain the highest quality, and equipment optimization to obtain the lowest
cost SIMOX-SOI material.
- more -
Ibis Technology Corporation 32 Cherry Hill Drive Danvers, MA 01923
Telephone (978) 777 4247 or (978) 777-IBIS Fax (978) 777-6570
<PAGE>
IBIS TECHNOLOGY CORPORATION
November 4, 1998
Page Two
"Going forward, we continue to be encouraged about the prospects for Ibis
Technology. We believe that our major customers will continue to lead the
way, but we are also pursuing opportunities in new markets, notably Europe
and the Pacific Rim. Internally, we are continuing to make strategic
investments in personnel, customer service, research and development, and
increased manufacturing capabilities for both implanters and wafers. We will
also continue the pace of our new product development, particularly with our
Advantox -TM- line of SIMOX-SOI wafer products.
"As we have previously stated, we anticipate that sampling and evaluation
efforts by a variety of major industry players will intensify over the next
twelve to eighteen months. The typical adoption cycle of a new technology,
as well as the continuing recovery of the semiconductor industry may affect
the rate of adoption and continue to result in fluctuations in our quarterly
wafer revenues and profits. However, we remain very excited about the
prospects for Ibis Technology and believe that 1999 will see increased
commercial adoption and production of devices built on SIMOX-SOI in a variety
of applications settings."
"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 that
manufactures Ibis 1000 high current oxygen implanters and 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
--more--
--Financial Tables Follow--
<PAGE>
Ibis Technology Corporation
November 4, 1998
Page Three
IBIS TECHNOLOGY CORPORATION
Summary of Results
<TABLE>
<CAPTION>
3rd Quarter Ended 9 Months Ended
September 30, September 30,
--------------------------- ------------------------
1998 1997 1998 1997
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Product sales .......................... $ 445,000 $1,074,000 $ 2,463,000 $ 2,700,000
Contract and other revenue ............. 291,000 1,089,000 1,073,000 2,514,000
Equipment revenue ...................... 4,152,000 -- 8,352,000 --
---------- ---------- ----------- -----------
Total revenue ........................ 4,888,000 2,163,000 11,888,000 5,214,000
---------- ---------- ----------- -----------
Cost of sales, excluding depreciation .. 3,543,000 1,437,000 8,724,000 3,371,000
Depreciation ......................... 335,000 443,000 1,177,000 1,339,000
---------- ---------- ----------- -----------
Gross profit (loss) .................. 1,010,000 283,000 1,987,000 504,000
Operating expenses ................... 1,025,000 776,000 3,118,000 2,410,000
---------- ---------- ----------- -----------
Loss from operations ................... (15,000) (493,000) (1,131,000) (1,906,000)
Other income ........................... 110,000 73,000 402,000 143,000
---------- ---------- ----------- -----------
Net income (loss) ...................... $ 95,000 $ (420,000) $ (729,000) $(1,763,000)
---------- ---------- ----------- -----------
---------- ---------- ----------- -----------
Net income (loss) per share
Basic ................................ $0.01 $(0.07) $(0.11) $(0.33)
Diluted .............................. $0.01 $(0.07) $(0.11) $(0.33)
Weighted average number of shares
used in per share calculation
Basic ................................ 6,786,416 5,744,010 6,732,314 5,402,808
Diluted .............................. 7,061,658 5,744,010 6,732,314 5,402,808
</TABLE>
IBIS TECHNOLOGY CORPORATION
Condensed Balance Sheets
<TABLE>
<CAPTION>
September 30, 1998 December 31, 1997
-------------------- -------------------
<S> <C> <C>
Assets
Current Assets
Cash and equivalents ............................ $11,039,000 $13,310,000
Accounts receivable ............................. 1,811,000 1,065,000
Unbilled revenue ................................ 3,034,000 230,000
Inventories ..................................... 3,394,000 487,000
Other current assets ............................ 135,000 125,000
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19,413,000 15,217,000
Property and equipment ............................ 5,331,000 9,445,000
Other assets ...................................... 155,000 256,000
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Total Assets ...................................... $24,899,000 $24,918,000
----------- -----------
----------- -----------
Liabilities and Stockholder's Equity
Current Liabilities
Capital lease obligation, current ............... $ 537,000 $ 474,000
Accounts payable and other current liabilities .. 1,819,000 1,885,000
----------- -----------
2,356,000 2,359,000
Capital lease obligation, long-term ............... 137,000 499,000
Other liabilities ................................. 1,399,000 1,303,000
Stockholder's equity .............................. 21,007,000 20,757,000
----------- -----------
Total Liabilities and Stockholders' Equity ........ $24,899,000 $24,918,000
----------- -----------
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# # #
</TABLE>
