<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): MAY 4, 1999
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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
- --------------- ----------- -------------------
(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 May 4, 1999, the Registrant publicly disseminated a press release
announcing its financial results for the first quarter ended March 31, 1999.
Revenues for the first quarter ended March 31, 1999 increased by 162 percent to
$4,448,000 from $1,697,000 reported in the comparable 1998 quarter. This
increase in revenue was due primarily to revenue derived from the sale of the
Registrant's Ibis 1000 implanters and a 29 percent increase in the Registrant's
wafer product sales. Net income for the 1999 first quarter was $246,000, or
$0.03 per share, compared to a net loss of $909,000, or $0.14 per share, in the
similar period 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 May 4, 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: May 5, 1999 /s/ DEBRA L. NELSON
----------------------------------------
Debra L. Nelson, Chief Financial Officer
3
<PAGE>
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 4, 1999
</TABLE>
4
<PAGE>
EXHIBIT 99.1
[LOGO]
CONTACT:
Debra L. Nelson
Ibis Technology Corporation
(978) 777-4247
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY CORPORATION
ANNOUNCES PROFITABLE FIRST QUARTER;
1999 FIRST QUARTER REVENUES INCREASE 162%
MAJOR FACILITIES RENOVATIONS
TO MEET GROWING DEMAND FOR SIMOX-SOI
DANVERS, MA--MAY 4, 1999--Ibis Technology Corporation (NASDAQ:IBIS), the
leading manufacturer and supplier of SIMOX-SOI (Separation by Implantation of
Oxygen/Silicon-On-Insulator) implantation equipment and wafers for
semiconductor manufacturers, today announced its financial results for the
first quarter ended March 31, 1999.
Revenues for the first quarter ended March 31, 1999 increased by 162 percent
to $4,448,000, from $1,697,000 reported in the comparable 1998 quarter. The
increase in revenues was due primarily to revenue derived from the sale of
Ibis 1000 implanters and a 29 percent increase in wafer product sales.
Net income for the 1999 first quarter was $246,000 or $0.03 per share,
compared to a net loss of $909,000, or $0.14 per share, in the similar period
a year ago.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "We shipped a record number of wafers and reached a
new level of profitability during the first quarter of 1999. 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.
"As previously indicated, from May 1998 to February 1999, we received
purchase orders for a total of 5 Ibis 1000 implanters from a leading
semiconductor manufacturer and a leading supplier of silicon materials to
the semiconductor industry, which we believe are being targeted for
production applications.
"We continue to see an increase in the level of interest regarding SIMOX-SOI
technology 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 from our main wafer customers
who appear to be ramping up their production of integrated circuits on
SIMOX-SOI.
"In an on-going effort to keep pace with the expanding SIMOX-SOI market, Ibis
is performing major facilities renovations which include increasing our Ibis
1000 manufacturing area by approximately 42% and our Class 10 clean room
facility by 32% to provide enough space to house additional Ibis 1000
implanters. The expansion will support Ibis' continued efforts to provide the
highest quality SIMOX-SOI wafers while increasing capacity and improving
quality.
<PAGE>
IBIS TECHNOLOGY CORPORATION
May 4, 1999
Page Two
"The new renovated space is designed to provide an additional self-contained
production area for Ibis 1000 machine build and SIMOX-SOI wafer processing,
metrology and quality control. The newly designed space will provide a
streamlined production flow for the entire length of the SIMOX-SOI process.
In addition, new state of the art de-ionized wafer purification and waste
treatment systems will further enhance Ibis' contamination free process
environment.
"In addition to the facilities renovations, we are building an additional
Ibis 1000 implanter for internal wafer production which should be ready to
produce SIMOX-SOI wafers by the fourth quarter of this year.
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."
Ibis Technology Corporation develops, manufactures and markets SIMOX-SOI
implantation equipment and wafers for the worldwide semiconductor industry.
Ibis' SIMOX-SOI implantation equipment consists of advanced proprietary high
current Ibis 1000 oxygen implanters. 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.
"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.
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-
--Statistical Tables Follow--
<PAGE>
IBIS TECHNOLOGY CORPORATION
May 4, 1999
Page Three
IBIS TECHNOLOGY CORPORATION
SUMMARY OF RESULTS
<TABLE>
<CAPTION>
FIRST QUARTER ENDED
MARCH 31,
1999 1998
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<S> <C> <C>
Product sales $1,300,000 $1,007,000
Contract and other revenue 358,000 490,000
Equipment revenue 2,790,000 200,000
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Total revenue 4,448,000 1,697,000
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Cost of product sales 1,246,000 1,313,000
Cost of contract and other revenue 122,000 366,000
Cost of equipment revenue 1,954,000 125,000
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Gross profit (loss) 1,126,000 (107,000)
Operating expenses 1,028,000 941,000
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Income (loss) from operations 98,000 (1,048,000)
Other income 148,000 139,000
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Net income (loss) $ 246,000 $ (909,000)
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Net income (loss) per share:
Basic $ 0.04 $ (0.14)
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Diluted $ 0.03 $ (0.14)
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Weighted average number of shares
used in per share calculation:
Basic 6,878,188 6,670,718
Diluted 7,198,864 6,670,718
</TABLE>
- MORE -
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IBIS TECHNOLOGY CORPORATION
May 4, 1999
Page Four
IBIS TECHNOLOGY CORPORATION
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, 1999 DECEMBER 31, 1998
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<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $13,171,000 $12,819,000
Accounts receivable 3,632,000 547,000
Unbilled revenue 2,319,000 2,448,000
Inventories 2,157,000 3,121,000
Other current assets 175,000 152,000
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21,454,000 19,087,000
Property and equipment 5,024,000 5,076,000
Other assets 140,000 144,000
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$26,618,000 $24,307,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Capital lease obligation, current $ 378,000 $ 507,000
Accounts payable and other current liabilities 3,692,000 1,748,000
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4,070,000 2,255,000
Capital lease obligation, long-term 37,000 40,000
Other liabilities 1,360,000 1,404,000
Stockholders' equity 21,151,000 20,608,000
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$26,618,000 $24,307,000
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</TABLE>
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