AXT, Inc. Announces Third Quarter 2011 Financial Results
(firmenpresse) - FREMONT, CA -- (Marketwire) -- 10/26/11 -- AXT, Inc. (NASDAQ: AXTI)
Q3 FY 2011 Net Revenues: $28.3 million
Q3 FY 2011 GAAP Gross Margin: 43.2 percent
Q3 FY 2011 GAAP Net Income: $6.5 million; $0.19 per share (diluted)
AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, today reported financial results for the third quarter ended September 30, 2011.
Revenue for the third quarter of 2011 was $28.3 million, down 5.7 percent from $30.0 million in the second quarter of 2011, and up 5.6 percent from $26.8 million in the third quarter of 2010.
Total gallium arsenide (GaAs) substrate revenue was $18.7 million for the third quarter of 2011, compared with $18.0 million in the second quarter of 2011, and $19.2 million in the third quarter of 2010. Indium phosphide (InP) substrate revenue was $1.5 million for the third quarter of 2011, compared with $1.6 million in the second quarter of 2011, and $1.0 million in the third quarter of 2010. Germanium (Ge) substrate revenue was $3.0 million for the third quarter of 2011 compared with $2.7 million in the second quarter of 2011 and $2.3 million in the third quarter of 2010. Raw materials sales were $5.1 million for the third quarter of 2011, compared with $7.7 million in the second quarter of 2011 and $4.4 million in the third quarter of 2010.
Gross margin was 43.2 percent of revenue for the third quarter of 2011. By comparison, gross margin in the second quarter of 2011 was 46.7 percent of revenue. Gross margin was 39.3 percent of revenue for the third quarter of 2010.
Operating expenses were $4.2 million in the third quarter of 2011, compared with $4.4 million in the second quarter of 2011. Operating expenses in the third quarter of 2010 were $3.8 million.
Income from operations for the third quarter of 2011 was $8.1 million compared with income from operations of $9.6 million in the second quarter of 2011, and income from operations of $6.7 million in the third quarter of 2010.
Net interest and other income for the third quarter of 2011 was $459,000, which included a foreign exchange gain of $180,000. This compares with net interest and other income of $519,000 in the second quarter of 2011, which included a foreign exchange gain of $65,000, and net interest and other income of $468,000 in the third quarter of 2010, which included a foreign exchange gain of $210,000.
Net income in the third quarter of 2011 was $6.5 million or $0.19 per diluted share compared with net income of $7.1 million or $0.21 per diluted share in the second quarter of 2011, and with a net income of $5.6 million or $0.17 per diluted share in the third quarter of 2010.
"The current environment is presenting both great challenges and great opportunities for AXT," said Morris Young, chief executive officer. "While we are heading into a challenging quarter, we believe that we have established a solid foundation to build upon when markets improve. In all of our key markets, we are in a great competitive position and are actively engaged with new potential customers that can help us to broaden and deepen our footprint in the markets we serve. Our engineering, manufacturing and operations teams continue to execute well against our goals to provide a broad portfolio of high-quality products and strong customer support. Further, we have a solid business model that is allowing us to weather near-term weakness, while generating cash and delivering profitability. We believe that these factors will provide tremendous opportunity for us as the demand environment improves."
AXT estimates revenue for the fourth quarter for 2011 will be between $20 million and $23 million. The company estimates that net income per share will be between $0.08 and $0.12, which takes into account our weighted average share count of approximately 33.2 million shares.
The company will also host a conference call to discuss these results on October 26, 2011 at 1:30 p.m. PDT. The conference call can be accessed at (719) 325-4929 (passcode 8433592). The call will also be simulcast on the Internet at . Replays will be available at (719) 457-0820 (passcode 8433592) until November 3, 2011. Financial and statistical information to be discussed in the call will be available on the company's website immediately prior to commencement of the call. Additional investor information can be accessed at or by calling the company's Investor Relations Department at (510) 683-5900.
AXT designs, develops, manufactures and distributes high-performance compound and single element semiconductor substrates comprising gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) through its manufacturing facilities in Beijing, China. In addition, AXT maintains its sales, administration and customer service functions at its headquarters in Fremont, California. The company's substrate products are used primarily in lighting display applications, wireless communications, fiber optic communications and solar cell. Its vertical gradient freeze (VGF) technique for manufacturing semiconductor substrates provides significant benefits over other methods and enabled AXT to become a leading manufacturer of such substrates. AXT has manufacturing facilities in China and invests in joint ventures in China producing raw materials. For more information, see AXT's website at .
The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws, including statements regarding our outlook for the fourth quarter of 2011, the current and long-term growth and trends in the demand for our products, our progress in our strategic plans, and the positioning of the company. These forward-looking statements are based upon specific assumptions that are subject to uncertainties and factors relating to the company's operations and business environment, which could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. These uncertainties and factors include but are not limited to: overall conditions in the markets in which the company competes; global financial conditions and uncertainties; market acceptance and demand for the company's products; the impact of factory closures or other events causing delays by our customers on the timing of sales of our products; and other factors as set forth in the company's annual report on Form 10-K and other filings made with the Securities and Exchange Commission. Each of these factors is difficult to predict and many are beyond the company's control. The company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.
Contacts:
Raymond A. Low
Chief Financial Officer
(510) 683-5900
Leslie Green
Green Communications Consulting, LLC
(650) 312-9060
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2011 - 20:10 Uhr
Sprache: Deutsch
News-ID 80674
Anzahl Zeichen: 0
contact information:
Town:
FREMONT, CA
Kategorie:
Forest and Paper Products
Diese Pressemitteilung wurde bisher 240 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AXT, Inc. Announces Third Quarter 2011 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
AXT, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
