news digest ♦ Equipment and Materials
manufacturing area will be fully air-conditioned and additional hydraulic ramps and a large overhead crane will be installed to provide a better working environment for its employees. EVG’s customers will also have access to a new area dedicated for visitors, which houses two glass domes that provide a complete view into the manufacturing area and a sophisticated entry control system. Additional test rooms will facilitate customer-specific process development and customization, including a smooth source inspection process even at times of increased orders. New Employment at EV Group To support its future growth, EV Group is looking to recruit approximately 100 new employees, mainly in the area of manufacturing and technical service and support. As a recognized technology and market leader, EV Group’s newly launched recruitment campaign is geared to attract educated professionals with a passion for technology. More information about current job vacancies can be found in the “careers section” on EV Group’s website.
AXT achieves 22% Sequential Increase in Revenues for 2nd Quarter
AXT, manufacturer of compound semiconductor Substrates, have reported financial results for the second quarter ended June 30, 2011.
Second Quarter 2011 Results Revenue for the second quarter of 2011 was $30.0 million, up 22 % from $24.6 million in the first quarter of 2011, and up 29.6 % from $23.2 million in the second quarter of 2010. Total gallium arsenide (GaAs) substrate revenue was $18.0 million for the second quarter of 2011, compared with $15.9 million in the first quarter of 2011, and $16.2 million in the second quarter of 2010. Indium phosphide (InP) substrate revenue was $1.6 million for the second quarter of 2011, compared with $1.3 million in the first quarter of 2011, and $1.1 million in the second quarter of 2010. Germanium (Ge) substrate revenue was $2.7 million for the second quarter of 2011 compared with $3.0 million in the first quarter of 2011 and $1.6 million in the second quarter of 2010. Raw materials sales were $7.7 million for the second quarter of
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2011, compared with $4.4 million in the first quarter of 2011 and $4.2 million in the second quarter of 2010. Gross margin was 46.7 % of revenue for the second quarter of 2011. By comparison, gross margin in the first quarter of 2011 was 43.4 %of revenue. Gross margin was 36.8 % of revenue for the second quarter of 2010.
Operating expenses were $4.4 million in the second quarter of 2011, compared with $4.2 million in the first quarter of 2011. Operating expenses in the second quarter of 2010 were $3.6 million. Income from operations for the second quarter of 2011 was $9.5 million compared with income from operations of $6.5 million in the first quarter of 2011, and income from operations of $5.0 million in the second quarter of 2010.
Net interest and other income for the second quarter of 2011 was $519,000, which included a foreign exchange gain of $65,000. This compares with net interest and other expense of $276,000 in the first quarter of 2011, which included a foreign exchange loss of $196,000, and net interest and other income of $1.6 million in the second quarter of 2010, which included $1.2 million, net, sales tax refund and a foreign exchange gain of $230,000. Net income in the second quarter of 2011 was $7.1 million or $0.21 per diluted share compared with net income of $4.2 million or $0.13 per diluted share in the first quarter of 2011, and with a net income of $5.5 million or $0.17 per diluted share in the second quarter of 2010. Excluding the $1.2 million, net, sales tax refund or $0.04 per diluted share, our net income in the second quarter of 2010 was $4.3 million or $0.13 per diluted share. Management Qualitative Comments “This was another strong quarter for AXT,” said Morris Young, chief executive officer. “Revenues exceeded our expectations, driven by double-digit growth in our substrate business and record revenues from third party raw material sales. We are experiencing healthy demand across all of our product categories and are pleased to see our competitive positioning continue to strengthen. Further, our strong business model and solid operational execution are resulting in healthy growth to our bottom line. We believe that the trends fuelling our growth are substantial, and we are well-positioned to benefit with the capacity, raw material access and attractive cost-structure that are unique in our industry.” Outlook for Third Quarter, Ending September 30, 2011 AXT estimates revenue for the third quarter for 2011 will be between $30.5 million and $31.5
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