AXT, Inc. Announces First Quarter 2015 Financial Results
(firmenpresse) - FREMONT, CA -- (Marketwired) -- 04/30/15 -- AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound semiconductor substrates, today reported financial results for the first quarter ended March 31, 2015.
Revenue for the first quarter of 2015 was $20.1 million compared with $19.6 million in the fourth quarter of 2014.
Gross margin was 23.7 percent of revenue for the first quarter of 2015, compared with 25.4 percent of revenue in the fourth quarter of 2014.
Operating expenses were $6.5 million in the first quarter of 2015, compared with $5.6 million in the fourth quarter of 2014. The increase was largely the result of professional fees in the first quarter totaling $1.2 million associated with an internal investigation of certain potential related-party transactions, which was completed during the first quarter. Investigation fees in the fourth quarter of 2014 were $0.6 million.
Operating loss for the first quarter of 2015 was $1.7 million compared with $592,000 in the fourth quarter of 2014.
Net interest and other income for the first quarter of 2015 was $930,000, compared with $260,000 in the fourth quarter of 2014. The first quarter 2015 total was primarily attributable to $200,000 from equity earnings of the company''s unconsolidated joint ventures, $368,000 from the sale of IntelliEpi stock, $180,000 from a gain on foreign exchange and $182,000 from interest income and other income.
Net loss in the first quarter of 2015 was $1 million or a loss of $0.03 per diluted share compared with $311,000 or $0.01 per diluted share in the fourth quarter of 2014.
"As we move into 2015, our goal is to take advantage of developing market conditions in our business," said Morris Young, chief executive officer. "Gallium arsenide has stabilized and addresses a market with numerous applications and dynamic opportunities. Indium phosphide is growing and we are investing in ways to capitalize on industry demand. Additionally, we see catalysts for growth this year in several of our target markets and believe that we continue to benefit from our unique vertical integration. In total, our diversified revenue base, solid competitive positioning and lower cost structure give us renewed optimism for our direction and prospects."
The company will host a conference call to discuss these results today at 1:30 p.m. PT. The conference call can be accessed at (719) 325-2458 (passcode 2515056). The call will also be simulcast on the Internet at . Replays will be available at (719) 457-0820 (passcode 2515056) until May 6, 2015. 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, for example, statements regarding the market demand for our products, our market opportunity, and our expectations with respect to our business prospects. These forward-looking statements are based upon assumptions that are subject to uncertainties and factors relating to the company''s operations and business environment, which could cause actual results 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; policies and regulations in China; 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; our ability to control costs, our ability to utilize our manufacturing capacity; product yields and their impact on gross margins; and other factors as set forth in the company''s annual report on Form 10-K, quarterly reports on Form 10-Q 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:
Gary Fischer
Chief Financial Officer
(510) 683-5900
Leslie Green
Green Communications Consulting, LLC
(650) 312-9060
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Datum: 30.04.2015 - 14:10 Uhr
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