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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): APRIL 12, 2000
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.
On April 12, 2000, the Registrant publicly disseminated a press release
announcing it's receipt of $6.0 million in orders for an Ibis 1000 oxygen
implanter and capacity reservation for additional equipment and/or SIMOX-SOI
wafers from its largest customer, a leading domestic semiconductor manufacturer.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto.
On April 12, 2000, the Registrant also publicly disseminated a press
release announcing that based upon preliminary analysis, it expects a net loss
in the range of $0.04 to $0.07 per share for the first quarter ended March 31,
2000. The major factor contributing to this result is lower than anticipated
equipment revenue due to the timing of the receipt of a purchase order for
equipment. The Registrant stated it would announce actual results for the
quarter when they become available. In addition, the Registrant announced that
it has previously used the percentage of completion method to recognize revenue
on implanter sales; however, since it plans to sell Ibis 1000 implanters out of
inventory to fulfill future purchase orders, it will recognize revenue on future
equipment sales upon shipment. The information contained in the press release is
incorporated herein by reference and filed as Exhibit 99.2 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit.
99.1 The Registrant's Press Release dated April 12, 2000.
99.2 The Registrant's Press Release dated April 12, 2000.
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: April 13, 2000 /S/ DEBRA L. NELSON
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Debra L. Nelson, Chief Fiancial Officer
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EXHIBIT INDEX
Exhibit Sequential
NUMBER DESCRIPTION PAGE NUMBER
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99.1 The Registrant's Press Release 5
dated April 12, 2000
99.2 The Registrant's Press Release 7
dated April 12, 2000
4
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Exhibit 99.1
IBIS TECHNOLOGY RECEIVES $6 MILLION IN ORDERS FROM ITS
LARGEST CUSTOMER
BUSINESS WIRE - APRIL 12, 2000 08:17
DANVERS, Mass.--(BUSINESS WIRE)--April 12, 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 for semiconductor manufacturers, today announced the receipt of $6
million in orders for an Ibis 1000 oxygen implanter and capacity reservation
for additional equipment and/or SIMOX-SOI wafers from its largest customer, a
leading domestic semiconductor manufacturer. The sale of the implanter adds
to a base of implanters that have been purchased over recent years by this
customer. The capacity reservation will allow this customer to utilize a
purchase credit toward an additional implanter (Ibis 1000 or Ibis 2000) or
SIMOX-SOI wafers, based upon a pre-determined per wafer credit, purchased
through December 31, 2002.
"We believe that this transaction reinforces our largest customer's
commitment to SOI technology," said Martin Reid, President and CEO of Ibis
Technology. "We have been successful delivering both SIMOX-SOI wafers and
equipment to this customer and the capacity reservation assures both a
SIMOX-SOI wafer and a machine supply in the future. In addition, it will give
this customer the opportunity to gauge their product demand as they roll out
their SOI products and the flexibility of purchasing an additional implanter
or SIMOX-SOI wafers."
Ibis manufactures its SIMOX-SOI implanters and wafers at its Danvers, MA
facility and has recently completed a lease for approximately 25,000 square
feet of space in an adjacent building. This new facility will be used for
SIMOX-SOI equipment manufacturing and R&D. The current equipment
manufacturing and R&D space will be converted to a cleanroom facility for
additional SIMOX-SOI wafer manufacturing. Once completed, Ibis will have bays
for a total of 15 implanters at their location. In addition, Ibis has focused
on the development of the next generation oxygen implanter, the Ibis 2000.
The Ibis 2000 is being designed as a state-of-the-art 200 mm and 300mm
increased throughput machine and is expected to be available for shipment
early 2002. The Company believes that the production of SIMOX-SOI based
semiconductor integrated circuits and optical components will accelerate over
the next two years. However, the growth will likely proceed at a variable
pace and will thus result in continued fluctuations in the Company's
quarterly revenues and result of operations. Ibis intends to continue to
increase its SIMOX-SOI wafer and implantation capacity and its technical
personnel.
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
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Company is headquartered in Danvers, Massachusetts and maintains an office in
Aptos, California. Information about Ibis Technology Corporation and
SIMOX-SOI is available on Ibis's World Wide Web site at HTTP://WWW.IBIS.COM.
"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 potential
future purchase of additional implanters or wafers by our largest customer,
the expected shipping date for the Ibis 2000, and the growth of semiconductor
integrated circuits and optical components and the effect of this growth on
the Company's revenue and results. 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.
CONTACT: Ibis Technology Corporation
Debra Nelson
978-777-4247
or
The Loomis Group, Inc
Charla Jones
617-638-0022
[email protected]
or
Ibis Technology Corporation
Al Alioto
978-777-4247
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Exhibit 99.2
IBIS TECHNOLOGY EXPECTED TO REPORT A NET LOSS PER
SHARE OF $0.04 - $0.07 FOR FIRST QUARTER OF 2000
BUSINESS WIRE - APRIL 12, 2000 08:26
DANVERS, Mass.--(BUSINESS WIRE)--April 12, 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 for semiconductor manufacturers, today announced that based upon
preliminary analysis, the Company expects a net loss for the first quarter
which ended March 31, 2000 in the range of $0.04 to $0.07 per share. The
major factor contributing to this result is lower than anticipated equipment
revenue due to the timing of the receipt of a purchase order for equipment.
The Company will announce actual results for the quarter when they become
available. In addition, the Company previously used the percentage of
completion method for recognizing revenue on implanter sales; however, since
it plans to sell Ibis 1000 implanters out of inventory to fulfill future
purchase orders, the Company will recognize revenue on future equipment sales
upon shipment.
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. Information about
Ibis Technology Corporation and SIMOX-SOI is available on Ibis's World Wide
Web site at HTTP://WWW.IBIS.COM.
"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
expected net loss for the first quarter and the Company's recognition of
revenue for future equipment sales. 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.
CONTACT: Ibis Technology Corporation
Debra Nelson
Chief Financial Officer
978-777-4247
