<PAGE>
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
Date of Report (Date of earliest event reported): FEBRUARY 24, 1999
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
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 777-4247
<PAGE>
ITEM 5. OTHER EVENTS.
On February 24, 1999, the Registrant publicly disseminated a press release
announcing its 1998 fourth quarter and year-end results and that its Annual
Meeting of Stockholders has been scheduled for May 13, 1999 at 10:00 a.m.
(Eastern Standard Time) at the Registrant's offices.
Revenues for the registrant's fourth quarter ended December 31, 1998
increased by 145 percent to $3,578,000 from $1,460,000 reported in the
comparable 1997 quarter. For the 1998 fiscal year, total revenues increased by
132 percent to $15,466,000 from $6,674,000 reported for the 1997 fiscal year.
The increase in revenues for both periods was due primarily to revenue derived
from the sales of Ibis 1000 implanters. There were no sales of Ibis implanters
for the corresponding periods in 1997.
For the same reason, the net loss for the three and twelve months ended
December 31, 1998 sharply narrowed from the comparable 1997 periods. Net loss
for the fourth quarter of 1998 sharply narrowed to $437,000, or $0.06 per share,
compared to a net loss of $2,174,000, or $0.33 per share, for the fourth quarter
of 1997. For the 1998 fiscal year, net loss decreased to $1,166,000, or $0.17
per share, compared to a net loss of $3,938,000, or $0.69 per share, for the
1997 fiscal year.
The Registrant also announced that its 1999 Annual Meeting of Stockholders
has been scheduled for May, 13, 1999 at 10:00 a.m. (Eastern Standard Time) at
the Registrant's offices.
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 24, 1999.
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: February 26, 1999 /s/ Debra L. Nelson
----------------------------------------
Debra L. Nelson, Chief Financial Officer
3
<PAGE>
EXHIBIT INDEX
<TABLE>
Exhibit Sequential
Number Description Page Number
- ------ ----------- -----------
<S> <C> <C>
99.1 The Registrant's Press Release 5
dated February 24, 1999
</TABLE>
4
<PAGE>
Exhibit 99.1
Ibis Technology Corporation Announces 1998 Fourth Quarter and Year-End
Results: Revenues Increase Substantially and Net Loss Sharply Narrows
DANVERS, Mass., Feb. 24 /PRNewswire/ -- Ibis Technology Corporation
(Nasdaq: IBIS), the leading manufacturer of high current oxygen implanters
and supplier of SIMOX-SOI (Separation by IMplantation of
OXygen/Silicon-On-Insulator) wafers to semiconductor manufacturers, today
announced its financial results for the fourth quarter and fiscal year ended
December 31, 1998.
Revenues for the fourth quarter ended December 31, 1998 increased by 145
percent to $3,578,000, from $1,460,000 reported in the comparable 1997
quarter. For the 1998 fiscal year, total revenues increased by 132 percent to
$15,466,000 from $6,674,000 reported a year ago. The increase in revenues for
both the fourth quarter and the full fiscal year was due primarily to revenue
derived from the sale of Ibis 1000 implanters (there were no such sales for
the corresponding periods in 1997).
For the same reason, the net loss for the three and twelve months ended
December 31, 1998 sharply narrowed from the comparable 1997 periods. Net loss
for the fourth quarter of 1998 sharply narrowed to $437,000, or $0.06 per
share, compared to a net loss of $2,174,000, or $0.33 per share, for the
fourth quarter of 1997. For the 1998 fiscal year, net loss decreased to
$1,166,000, or $0.17 per share, compared to a net loss of $3,938,000, or
$0.69 per share, for the 1997 fiscal year.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "Our progress during 1998 and the opening weeks of 1999
reflects the growing acceptance of SIMOX-SOI technology by the semiconductor
industry and the progress that we are making in establishing Ibis as the
world's leading supplier of SIMOX-SOI wafers and implanters. We believe that
the commercial phase of SIMOX-SOI adoption by the industry has begun and that
production of SIMOX-SOI-based devices will accelerate over the next two years.
"From May 1998 to February 1999, we have received purchase orders for 5
Ibis 1000 implanters from two leading semiconductor manufacturers, which we
believe are being targeted for production applications. Equipment revenue for
the 1998 fiscal year represents revenue recognized on three of these
implanters.
"We have noted an increase in the level of interest regarding SIMOX-SOI
technology in recent months by other leading semiconductor manufacturers who
are seeking to remain competitive in an increasingly aggressive market
environment. We are also seeing an increase in wafer requirements, a
substantial portion of which are going to customers who appear to be ramping
up their production of integrated circuits on SIMOX-SOI. In response to
specific requirements from our customers, we developed and recently
introduced our new Advantox-SI substrate, which expands the range of
applications for SIMOX-SOI.
(more)
<PAGE>
"Last week at the International Solid State Circuits Conference, the
premier forum for reporting the latest developments in integrated circuits,
an entire session was dedicated to SOI. Leading the session with 4 papers,
IBM reported on the 550 MHz PowerPC(TM) microprocessor built on SIMOX-SOI and
using copper interconnect. IBM also reported achieving another milestone,
successfully demonstrating one of the more challenging circuit functions, the
phase locked loop for the 1GHz microprocessor, on SIMOX-SOI. Samsung also
presented papers on their SOI based Alpha(TM) microprocessor as well as a 1
Gbit DRAM.
An IBM vice president was quoted in Semiconductor Business News last
week, saying, "The bottom line is that we have shown that SOI is real and
it's here. Initially there is always some resistance to new technologies
within the semiconductor industry. But once people see it's the best way to
solve a problem, they become willing to use it. The industry will move to SOI
technology. It's just a matter of time." IBM engineers also said that they
have "barely scratched the surface of SOI's promise," and that the future on
the technology is "open ended."
Mr. Reid continued: "These are exciting and challenging times for both
our industry and our Company. We look forward to working with our customers
to further expand the industry's acceptance of SIMOX-SOI technology and
continuing the efforts to move into mainstream commercial production."
Separately, Ibis announced that its Annual Meeting of Stockholders has been
scheduled for May 13, 1999 at 10:00 a.m. (Eastern Standard Time) at the
Company's offices, as in past years.
Ibis Technology Corporation is an advanced materials company which
manufactures Ibis 100 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 conventional 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.
"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, the impact of the Year 2000 issue;
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.
Contact: Debra L. Nelson of Ibis Technology Corporation, 978-777-4247.
(more)
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Ibis Technology Corporation
Summary of Results
<TABLE>
<CAPTION>
4th Quarter Ended Year Ended
December 31, December 31,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Product sales $686,000 $688,000 $3,149,000 $3,389,000
Contract and
other revenue 210,000 772,000 1,283,000 3,285,000
Equipment revenue 2,682,000 -- 11,034,000 --
Total revenue 3,578,000 1,460,000 15,466,000 6,674,000
Cost of sales,
excluding
depreciation 2,713,000 2,087,000 11,437,000 5,456,000
Depreciation 290,000 485,000 1,467,000 1,825,000
Gross profit (loss) 575,000 (1,112,000) 2,562,000 (607,000)
Operating
expenses 1,146,000 1,214,000 4,265,000 3,625,000
Loss from
operations (571,000) (2,326,000) (1,703,000) (4,232,000)
Other income 134,000 152,000 537,000 294,000
Net income (loss) $(437,000) $(2,174,000) $(1,166,000) $(3,938,000)
Net income (loss)
Per share $ $(0.06) $(0.33) $(0.17) $(0.69)
Weighted average
number of shares
used in per
share calculation 6,841,639 6,621,045 6,759,870 5,709,931
</TABLE>
Ibis Technology Corporation
Condensed Balance Sheets
<TABLE>
<CAPTION>
December 31, 1998 December 31, 1997
<S> <C> <C>
Assets
Current Assets
Cash and equivalents $ 12,819,000 $ 13,310,000
Accounts receivable 547,000 1,065,000
Unbilled revenue 2,448,000 231,000
Inventories 3,121,000 4,879,000
Other current assets 152,000 124,000
19,087,000 19,609,000
Property and equipment 5,076,000 5,053,000
Other assets 144,000 256,000
$ 24,307,000 $ 24,918,000
Liabilities and Stockholder's Equity
Current Liabilities
Capital lease obligation, current $507,000 $475,000
Accounts payable and other
current liabilities 1,748,000 1,884,000
2,255,000 2,359,000
Capital lease obligation, long-term 40,000 499,000
Other liabilities 1,404,000 1,303,000
Stockholder's equity 20,608,000 20,757,000
$24,307,000 $24,918,000
</TABLE>
(more)
