<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): FEBRUARY 16, 2000
IBIS TECHNOLOGY CORPORATION
---------------------------
(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.
On February 16, 2000, the Registrant publicly disseminated a press
release announcing its 1999 fourth quarter and year-end results.
Revenues for the Registrant's fourth quarter ended December 31, 1999
were $2,366,000, as compared to $3,578,000 reported in the fourth quarter of
1998. The Registrant believes that the results of the fourth quarter of 1999
reflect the typical industry adoption cycle of a new technology such as
SIMOX-SOI, which can result in fluctuations in quarterly revenues and profits.
For the fiscal year ended December 31, 1999, total revenues increased
approximately 7 percent to $16,603,000 from $15,466,000 reported for 1998. The
increase in revenues for the year was due primarily to a 68% increase in
SIMOX-SOI wafer sales, which was offset by a decrease in equipment revenue.
Net income for the 1999 fourth quarter was $46,000, or $0.01 per share,
compared to a net loss of $437,000, or $0.06 per share, in the similar period a
year ago. For the fiscal year ended December 31, 1999, net income was $827,000,
or $0.11 per share, compared to a net loss of $1,166,000, or $0.17 per share,
last year. The per share numbers reflect in part the Registrant's public
offering of 1,000,000 shares of Common Stock in August 1999.
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 16, 2000.
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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
(Registrant)
Date: February 18, 2000 /S/ DEBRA L. NELSON
------------------------------------------------
Debra L. Nelson, Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT SEQUENTIAL
NUMBER DESCRIPTION PAGE NUMBER
99.1 The Registrant's Press Release 5
dated February 16, 2000
<PAGE>
EXHIBIT 99.1
IBIS TECHNOLOGY ANNOUNCES PROFITABLE FOURTH QUARTER AND FISCAL YEAR
BUSINESS WIRE - FEBRUARY 16, 2000 16:16
DANVERS, Mass.--(BUSINESS WIRE)--Feb. 16, 2000--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 fourth quarter and fiscal year ended December 31, 1999.
Revenues for the fourth quarter ended December 31, 1999 were $2,366,000, as
compared to $3,578,000 reported in the fourth quarter of 1998. The Company
believes that the results for the fourth quarter of 1999 reflect the typical
industry adoption cycle of a new technology such as SIMOX-SOI which can
result in fluctuations in quarterly revenues and profits. For the fiscal year
ended December 31, 1999, total revenues increased approximately 7 percent to
$16,603,000 from $15,466,000 reported for 1998. The increase in revenues for
the year was due primarily to a 68% increase in SIMOX-SOI wafer sales which
was offset by a decrease in equipment revenue.
Net income for the 1999 fourth quarter was $46,000, or $0.01 per share,
compared to a net loss of $437,000, or $0.06 per share, in the similar period
a year ago. For the fiscal year ended December 31, 1999, net income was
$827,000, or $0.11 per share, compared to a net loss of $1,166,000, or $0.17
per share, last year. 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: "We believe that the 68% increase in SIMOX-SOI wafer
sales is a good indication that our main wafer customers are increasing their
requirements for manufacturing integrated circuits or optical components for
Internet communications on SIMOX-SOI. We anticipate that we will continue to
see increases in SIMOX-SOI wafer sales as our current customers continue to
ramp up production and new customers sample our SIMOX-SOI products. In
September 1999, we announced plans to add three Ibis 1000 implanters for
internal wafer production; however, after reviewing our forecasts, we have
decided to add a minimum of five Ibis 1000 implanters this year for internal
wafer production. We expect that the first implanter will be installed in the
first quarter and the remaining implanters will be installed during the
second half of the year. The additional implanters along with new cleanroom
facilities, state of the art analytical tools and cleaning equipment will
more than triple our current SIMOX-SOI wafer capacity.
Internally, we are continuing to make strategic investments in personnel,
research and development, and increased manufacturing capabilities for both
implanters and wafers in order to serve the growing demand for SIMOX-SOI
wafers. This coming year we
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anticipate R&D expenses to be approximately 20% of total revenues as we
accelerate the pace of our new product development, particularly our next
generation oxygen implanter, the Ibis 2000, and our Advantox(R) line of
SIMOX-SOI wafer products.
Mr. Reid continued, "Along with our largest customer, we continue to see
declarations by other major industry players, such as Motorola, Samsung,
Compaq, Texas Instruments and Altera announcing their intent to use SOI in
future products. 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.
We believe that the market for SIMOX-SOI technology will evolve similar to
the way the epitaxial ("epi") wafer market evolved. Initially, semiconductor
companies manufactured epi wafers in-house, but as the product matured they
preferred to purchase wafers from their silicon wafer suppliers. This is in
line with our growth strategy."
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 microprocessor speed, reduced power
consumption, lower soft error rates 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 a premier manufacturer and supplier of
enhanced silicon-on-insulator substrates and equipment for the worldwide
semiconductor industry. The company is headquartered in Danvers,
Massachusetts and maintains an office in Aptos, California.
"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
anticipated increase in SIMOX-SOI wafer sales, the Company's expectations
regarding the evolving SIMOX-SOI market, 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 anticipated schedule
for the installation of new implanters, the Company's anticipated R&D
expenses, 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, 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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Ibis Technology Corporation
Condensed Statements of Operations
<TABLE>
<CAPTION>
4th Quarter Ended Year Ended
December 31, December 31,
------------------------- --------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Product sales $ 1,312,000 $ 686,000 $ 5,282,000 $ 3,149,000
Contract and other revenue 702,000 153,000 1,257,000 1,087,000
Equipment revenue 352,000 2,739,000 10,064,000 11,230,000
----------- ----------- ----------- -----------
Total revenue 2,366,000 3,578,000 16,603,000 15,466,000
Cost of product sales 1,135,000 963,000 4,643,000 4,581,000
Cost of contract and other revenue 81,000 161,000 443,000 976,000
Cost of equipment revenue 305,000 1,879,000 7,242,000 7,347,000
----------- ----------- ----------- -----------
Gross profit 845,000 575,000 4,275,000 2,562,000
Operating expenses 1,332,000 1,146,000 4,578,000 4,265,000
Income (loss) from operations (487,000) (571,000) (303,000) (1,703,000)
Other income 533,000 134,000 1,130,000 537,000
----------- ----------- ----------- -----------
Net income (loss) $ 46,000 $ (437,000) $ 827,000 $(1,166,000)
=========== =========== =========== ===========
Net income (loss) per share
Basic $0.01 $(0.06) $0.11 $(0.17)
Diluted $0.01 $(0.06) $0.11 $(0.17)
Weighted average number of shares
used in per share calculation
Basic 8,119,013 6,841,639 7,403,803 6,759,870
Diluted 8,663,349 6,841,639 7,818,151 6,759,870
</TABLE>
Condensed Balance Sheets
<TABLE>
<CAPTION>
December 31, 1999 December 31, 1998
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<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $36,362,000 $12,819,000
Accounts receivable 3,890,000 547,000
Unbilled revenue 1,469,000 2,448,000
Inventories 6,876,000 3,121,000
Other current assets 29,000 152,000
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48,626,000 19,087,000
Property and equipment 4,976,000 5,076,000
Other assets 125,000 144,000
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$53,727,000 $24,307,000
Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 10,000 $ 507,000
Accounts payable and other
liabilities 5,307,000 1,748,000
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5,317,000 2,255,000
Capital lease obligation, long-term 30,000 40,000
Other liabilities -- 1,404,000
Stockholders' equity 48,380,000 20,608,000
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$53,727,000 $24,307,000
=========== ===========
</TABLE>
