<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): OCTOBER 27, 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
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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.
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On October 27, 1999, the Registrant publicly disseminated a press release
announcing its financial results for the third quarter and nine months ended
September 30, 1999. Revenues for the third quarter ended September 30, 1999
were $4,682,000, a slight decrease from $4,888,000 in the comparable 1998
quarter. For the first nine months of 1999, total revenues increased by
approximately 20% to $14,237,000 from $11,888,000 reported for the first nine
months of 1998. Net income for the 1999 third quarter was $287,000, or $0.03
per share, compared to $95,000, or $0.01 per share, in the similar period a
year ago. For the nine months ended September 30, 1999, net income was
$781,000, or $0.10 per share, compared to a net loss of $729,000, or $0.11
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.
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(c) Exhibit.
99.1 The Registrant's Press Release dated October 27, 1999.
2
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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: October 29, 1999 /s/ Debra L. Nelson
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Debra L. Nelson, Chief Financial
Officer
3
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EXHIBIT INDEX
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Exhibit Sequential
Number Description Page Number
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99.1 The Registrant's Press Release 5
dated October 27, 1999
4
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Exhibit 99.1
[Logo]
CONTACT:
DEBRA L. NELSON
CHIEF FINANCIAL OFFICER
IBIS TECHNOLOGY CORPORATION
(978) 777-4247
FOR IMMEDIATE RELEASE
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IBIS TECHNOLOGY ANNOUNCES PROFITABLE
THIRD QUARTER AND FIRST NINE MONTHS
DANVERS, MA, October 27, 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 to
semiconductor manufacturers, today announced its financial results for the
third quarter and nine months ended September 30, 1999. Results for the
quarter reflect the typical industry adoption cycle of a new technology such
as SIMOX-SOI which can result in fluctuations in quarterly revenues and
profits.
Revenues for the third quarter ended September 30, 1999 were $4,682,000,
slightly less than the $4,888,000 reported in the comparable 1998 quarter.
For the first nine months of 1999, total revenues increased approximately 20
percent to $14,237,000 from $11,888,000 reported for the first nine months of
1998. The increase in revenues for the first nine months was due to increased
equipment revenue and customer demand for SIMOX-SOI wafers.
Net income for the 1999 third quarter was $287,000 or $0.03 per share,
compared to $95,000, or $0.01 per share, in the similar period a year ago.
For the nine months ended September 30, 1999, net income was $781,000, or
$0.10 per share, compared to a net loss of $729,000, or $0.11 per share, a
year ago. The per share numbers reflect in part the Company's public offering
of 1,000,000 shares of Common Stock in August 1999.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "In the first nine months we experienced an increase in
wafer requirements from our main wafer customers who are manufacturing
integrated circuits or optical receivers on SIMOX-SOI. We continue to see
declarations by major industry players, such as IBM, Motorola and Compaq,
announcing their intent to use SOI in future products. At the Microprocessor
Forum, IBM disclosed plans to produce a 64 bit processor, called Power4, that
will be made with copper interconnects and SOI. According to IBM, the Power4
will intergrate two 1GHz (1000 MHz) processors on a single chip. IBM stated
that Power 4 based AS/400 and RS6000 servers are planned for introduction in
the second half of 2001.
Mr. Reid continued: "Going forward, we remain encouraged about the prospects
for Ibis Technology. We believe that our current major customers will persist
in leading the way, but we are also pursuing opportunities with new
customers. Internally, we are continuing to make strategic investments in
personnel, research and development, and increased manufacturing
--MORE--
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IBIS TECHNOLOGY CORPORATION
OCTOBER 27, 1999
PAGE TWO
capabilities for both implanters and wafers in order to serve the growing
demand for SIMOX-SOI wafers. We will also accelerate the pace of our new
product development, particularly our next generation oxygen implanter and
Advantox-Registered Trademark- line of SIMOX-SOI wafer products.
SIMOX-SOI wafers are Silicon-On-Insulator wafers that enable the production
of integrated circuits which the Company believes offer significant
advantages over circuits constructed on conventional silicon or epitaxial
wafers. These advantages include improved microprocessing speed, reduced
power consumption and higher temperature operation. Ibis' SIMOX-SOI
implantation equipment consists of advanced proprietary high current Ibis
1000 oxygen implanters.
ABOUT IBIS TECHNOLOGY
Ibis Technology Corporation is headquartered in Danvers, Massachusetts and
maintains an office in Aptos, California. The Company is a premier
manufacturer and supplier of SIMOX-SOI implantation equipment and wafers for
the worldwide semiconductor industry.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: This release may contain forward-looking statements that are subject to
certain risks and uncertainties including statements regarding the intent of
major industry players, including the Company's current major customers and
potential new customers, to use SOI in future products, the Company's
ability to make strategic investments in personnel, research and development
and increased manufacturing capabilities and to accelerate the pace of new
product development. Such statements are 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, the impact of rapidly changing technology, equipment capacity and
supply constraints or difficulties, limitations on the ability to protect the
Company's patents and proprietary technology, the Company's limited history
with regard to sales of implanters, the cyclical nature of the semiconductor
industry, and other risks described in the Company's Securities and Exchange
Commission filings.
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--STATISTICAL TABLES FOLLOW--
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IBIS TECHNOLOGY CORPORATION
OCTOBER 27, 1999
PAGE THREE
IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
3RD QUARTER ENDED 9 MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Product sales $ 1,322,000 $ 445,000 $ 3,970,000 $ 2,463,000
Contract and other revenue 155,000 266,000 555,000 934,000
Equipment revenue 3,205,000 4,177,000 9,712,000 8,491,000
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Total revenue 4,682,000 4,888,000 14,237,000 11,888,000
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Cost of product sales 1,122,000 1,047,000 3,509,000 3,618,000
Cost of contract and other revenue 139,000 231,000 362,000 815,000
Cost of equipment revenue 2,384,000 2,600,000 6,937,000 5,468,000
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Gross profit 1,037,000 1,010,000 3,429,000 1,987,000
Operating expenses 1,057,000 1,025,000 3,246,000 3,118,000
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Income (loss) from operations (20,000) (15,000) 183,000 (1,131,000)
Other income 307,000 110,000 598,000 402,000
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Net income (loss) $ 287,000 $ 95,000 $ 781,000 $ (729,000)
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Net income (loss) per share
Basic $ 0.04 $ 0.01 $ 0.11 $ (0.11)
Diluted $ 0.03 $ 0.01 $ 0.10 $ (0.11)
Weighted average number of shares
used in per share calculation
Basic 7,643,845 6,786,416 7,162,780 6,732,314
Diluted 8,224,887 7,061,658 7,624,525 6,732,314
</TABLE>
--MORE--
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IBIS TECHNOLOGY CORPORATION
OCTOBER 27, 1999
PAGE FOUR
IBIS TECHNOLOGY CORPORATION
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, 1999 DECEMBER 31, 1998
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(UNAUDITED)
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents .............. $34,550,000 $12,819,000
Accounts receivable .................... 6,656,000 547,000
Unbilled revenue ....................... 2,358,000 2,448,000
Inventories ............................ 3,361,000 3,121,000
Other current assets ................... 39,000 152,000
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46,964,000 19,087,000
Property and equipment ................... 4,769,000 5,076,000
Other assets ............................. 144,000 144,000
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$51,877,000 $24,307,000
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Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current ...... $ 105,000 $ 507,000
Accounts payable and other
current liabilities .................. 2,739,000 1,748,000
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2,844,000 2,255,000
Capital lease obligation, long-term .... 32,000 40,000
Other liabilities ...................... 1,281,000 1,404,000
Stockholders' equity ................... 47,720,000 20,608,000
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$51,877,000 $24,307,000
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</TABLE>
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