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Exhibit 99.1
[IBIS TECHNOLOGY CORPORATION LOGO]
CONTACT:
Debra L. Nelson
Chief Financial Officer
Ibis Techology Corporation
(978) 777-4247
FOR IMMEDIATE RELEASE
---------------------
IBIS TECHNOLOGY ANNOUNCES SECOND QUARTER AND FIRST HALF RESULTS
IMPLANTER SALE RECOGNIZED IN 2000 SECOND QUARTER
DANVERS, MA, July 25, 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
second quarter and six months ended June 30, 2000.
Revenues for the second quarter ended June 30, 2000 were $5,920,000, 16% greater
than the $5,107,000 reported in the comparable 1999 quarter. For the first six
months of 2000, total revenues were $7,959,000 compared to $9,555,000 reported
for the first six months of 1999. The decrease in revenues for the first six
months was due to decreased equipment revenue. The Company anticipates that it
is likely to continue to experience fluctuations in its quarterly revenues and
results of operations.
The net loss for the 2000 second quarter was $23,000 or $0.00 per share,
compared to net income of $248,000, or $0.03 per share, in the similar period a
year ago. For the six months ended June 30, 2000, the net loss was $395,000, or
$0.05 per share, compared to net income of $494,000, or $0.07 per share, a year
ago. Operating expenses for the first half increased to $4,153,000 from
$2,189,000 primarily due to increased R&D spending.
The Company recently announced the receipt of $5 million in SIMOX-SOI wafer
orders from Bookham Technology who plans to utilize the wafers for their
patented active silicon integrated optical circuits ("ASOC") process to
manufacture high quality integrated fiber-optic devices for broadband Internet
and other optical network applications.
Martin J. Reid, President and Chief Executive Officer of Ibis Technology
Corporation, stated: "Wafer sales increased approximately 17% for the first half
and we operated three implanters at full capacity. We have a strong wafer
backlog, however, our capacity was limited in the first half and we anticipate
that wafer sales will increase in the second half as we transfer additional
IBIS TECHNOLOGY CORPORATION 32 Cherry Hill Drive Danvers, MA 01923
Telephone (978) 777-4247 or (978) 777-IBIS Fax (978) 777-6570
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IBIS TECHNOLOGY CORPORATION
July 25, 2000
Page Two
implanters into production. As previously indicated we plan to add a minimum of
four more implanters this year. Several new customers began sampling our
SIMOX-SOI wafers in the first half and we believe that the increase in SIMOX-SOI
wafer demand is a good indication that plans for the commercial adoption of SOI
are heating up.
Mr. Reid continued: "We are also very encouraged by the amount of press that SOI
has been given and the number of major semiconductor manufacturers that have
publicly committed to using SOI in their future products. We believe that the
decision of these major semiconductor manufacturers to use SOI in future
products will ultimately result in increased business to Ibis within the next
several years."
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 Company's
plans to add four more implanters in 2000, the anticipated increases of
SIMOX-SOI wafer sales, the Company's expectations regarding the evolving SOI
market, and the anticipated increase in business to Ibis. 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.
--STATISTICAL TABLES FOLLOW--
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IBIS TECHNOLOGY CORPORATION
July 25, 2000
Page Three
IBIS TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
2ND QUARTER ENDED JUNE 30, 6 MONTHS ENDED JUNE 30,
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2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Product sales $1,442,000 $1,349,000 $3,085,000 $2,648,000
Contract and other revenue 254,000 114,000 334,000 400,000
Equipment revenue 4,224,000 3,644,000 4,540,000 6,507,000
---------- ---------- ---------- ----------
Total revenue 5,920,000 5,107,000 7,959,000 9,555,000
---------- ---------- ---------- ----------
Cost of product sales 1,151,000 1,140,000 2,084,000 2,386,000
Cost of contract and other revenue 168,000 118,000 220,000 223,000
Cost of equipment revenue 2,749,000 2,582,000 2,881,000 4,553,000
---------- ---------- ---------- ----------
Gross profit 1,852,000 1,267,000 2,774,000 2,393,000
Operating expenses 2,366,000 1,161,000 4,153,000 2,189,000
---------- ---------- ---------- ----------
Income (loss) from operations (514,000) 106,000 (1,379,000) 204,000
Other income 491,000 142,000 984,000 290,000
---------- ---------- ---------- ----------
Net income (loss) $ (23,000) $ 248,000 $ (395,000) $ 494,000
========== ========== ========== ==========
Net income (loss) per share
Basic $0.00 $0.04 ($0.05) $0.07
Diluted $0.00 $0.04 ($0.05) $0.07
Weighted average number of shares
used in per share calculation
Basic 8,295,062 6,957,567 8,252,858 6,918,261
Diluted 8,295,062 7,469,603 8,252,858 7,347,431
</TABLE>
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30, 2000 DECEMBER 31, 1999
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<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $ 28,227,000 $ 36,362,000
Accounts receivable 7,222,000 3,586,000
Unbilled revenue 1,863,000 1,469,000
Inventories 8,898,000 6,876,000
Other current assets 237,000 333,000
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46,447,000 48,626,000
Property and equipment 9,236,000 4,976,000
Other assets 107,000 125,000
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$ 55,790,000 $ 53,727,000
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Liabilities and Stockholders' Equity
Current liabilities:
Capital lease obligation, current $ 10,000 $ 10,000
Accounts payable and other current liabilities 7,203,000 5,307,000
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7,213,000 5,317,000
Capital lease obligation, long-term 25,000 30,000
Other liabilities -- --
Stockholders' equity 48,552,000 48,380,000
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$ 55,790,000 $ 53,727,000
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</TABLE>
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IBIS TECHNOLOGY CORPORATION 32 Cherry Hill Drive Danvers, MA 01923
Telephone (978) 777-4247 or (978) 777-IBIS Fax (978) 777-6570
