<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): JULY 23, 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 July 23, 1999, the Registrant publicly disseminated a press release
announcing its 1999 second quarter and year-to-date results.
Revenues for the Registrant's second quarter ended June 30, 1999 were
$5,107,000, slightly less than the $5,304,000 reported in the comparable quarter
for 1998. For the first half of 1999, total revenues increased 37 percent to
$9,555,000 from $7,001,000 reported for the first six months of 1998. The
increase in revenues for the first six months was due primarily to revenue
derived from the recognition of revenue from the sale of Ibis 1000 implanters
and a 31 percent increase in wafer product sales.
Net income for the second quarter of 1999 was $248,000 or $0.03 per
share, compared to $86,000, or $0.01 per share, in the comparable period for
1998. For the six months ended June 30, 1999, net income was $494,000, or $0.07
per share, compared to a net loss of $823,000, or $0.12 per share, in the
comparable 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.
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
99.1 The Registrant's Press Release dated July 23, 1999.
</TABLE>
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: July 23, 1999 By: /s/ Debra L. Nelson
---------------------------------------------
Debra L. Nelson, Chief Financial Officer
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Sequential
Number Description Page Number
- ------ ----------- -----------
<S> <C> <C>
99.1 The Registrant's Press Release 5
dated July 23, 1999
</TABLE>
4
<PAGE>
[LETTERHEAD]
Exhibit 99.1
CONTACT:
Debra L. Nelson
Ibis Technology Corporation
(978) 777-4247
FOR IMMEDIATE RELEASE
IBIS TECHNOLOGY CORPORATION
ANNOUNCES PROFITABLE SECOND QUARTER AND FIRST HALF;
FIRST HALF REVENUES INCREASE 37%
DANVERS, MA - July 23, 1999 -- Ibis Technology Corporation (NASDAQ:IBIS), a
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
second quarter and six months ended June 30, 1999.
Revenues for the second quarter ended June 30, 1999 were $5,107,000, slightly
less than the $5,304,000 reported in the comparable 1998 quarter. For the first
half of 1999, total revenues increased 37 percent to $9,555,000 from $7,001,000
reported for the first six months of 1998. The increase in revenues for the
first six months was due primarily to revenue derived from the recognition of
revenue from the sale of Ibis 1000 implanters and a 31 percent increase in wafer
product sales.
Net income for the 1999 second quarter was $248,000 or $0.03 per share, compared
to $86,000, or $0.01 per share, in the similar period a year ago. For the six
months ended June 30, 1999, net income was $494,000, or $0.07 per share,
compared to a net loss of $823,000, or $0.12 per share, a year ago.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "In our second quarter we shipped a record number of
wafers. We believe that the commercial phase of SIMOX-SOI adoption by the
industry has begun and that production of SIMOX-SOI-based devices should
accelerate over the next two years.
"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 or optical
receivers on SIMOX-SOI.
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."
-- MORE --
<PAGE>
IBIS TECHNOLOGY CORPORATION
July 23, 1999
Page Two
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 that we believe offer
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
July 23, 1999
Page Three
IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
2nd Quarter Ended June 30, 6 Months Ended June 30,
-------------------------- -----------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Product sales $ 1,349,000 $ 1,011,000 $2,648,000 $ 2,018,000
Contract and other revenue 246,000 293,000 605,000 783,000
Equipment revenue 3,512,000 4,000,000 6,302,000 4,200,000
----------- ----------- ----------- -----------
Total revenue 5,107,000 5,304,000 9,555,000 7,001,000
----------- ----------- ----------- -----------
Cost of product sales 1,140,000 1,259,000 2,386,000 2,572,000
Cost of contract and other revenue 184,000 272,000 306,000 638,000
Cost of equipment revenue 2,516,000 2,689,000 4,470,000 2,814,000
----------- ----------- ----------- -----------
Gross profit 1,267,000 1,084,000 2,393,000 977,000
Operating expenses 1,161,000 1,152,000 2,189,000 2,093,000
----------- ----------- ----------- -----------
Income (loss) from operations 106,000 (68,000) 204,000 (1,116,000)
Other income 142,000 154,000 290,000 293,000
----------- ----------- ----------- -----------
Net income (loss) $ 248,000 $ 86,000 $ 494,000 $ (823,000)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Net income (loss) per share
Basic $0.04 $0.01 $0.07 $(0.12)
Diluted $0.03 $0.01 $0.07 $(0.12)
Weighted average number of shares
used in per share calculation
Basic 6,957,567 6,738,536 6,918,261 6,704,814
Diluted 7,469,603 7,071,017 7,347,431 6,704,814
</TABLE>
<TABLE>
<CAPTION>
Condensed Balance Sheets
JUNE 30, 1999 DECEMBER 31, 1998
------------- -----------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 12,841,000 $ 12,819,000
Accounts receivable 2,561,000 547,000
Unbilled revenue 3,467,000 2,448,000
Inventories 3,322,000 3,121,000
Other current assets 85,000 152,000
------------- -------------
22,276,000 19,087,000
Property and equipment 5,062,000 5,076,000
Other assets 113,000 144,000
------------- -------------
$ 27,451,000 $ 24,307,000
------------- -------------
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Capital lease obligation, current $ 244,000 $ 507,000
Accounts payable and other current liabilities 4,002,000 1,748,000
------------- -------------
4,246,000 2,255,000
Capital lease obligation, long-term 35,000 40,000
Other liabilities 1,299,000 1,404,000
Stockholders' equity 21,871,000 20,608,000
------------- -------------
$ 27,451,000 $ 24,307,000
------------- -------------
------------- -------------
</TABLE>
# # #
