AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended
March 31,
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2009 2008
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Revenue $ 7,654 $ 19,634
Cost of revenue 7,891 13,413
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Gross profit (loss) (237) 6,221
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Operating expenses:
Selling, general and administrative 4,006 3,667
Research and development 460 504
Impairment on assets held for sale - 83
Restructuring charge 507 -
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Total operating expenses 4,973 4,254
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Income (loss) from operations (5,210) 1,967
Interest income, net 44 124
Other income (loss), net (422) 927
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Income (loss) before provision (benefit) for income
taxes (5,588) 3,018
Provision (benefit) for income taxes 4 560
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Net income (loss) (5,592) 2,458
Less: Net income (loss) attributable to noncontrolling
interest 76 (499)
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Net income (loss) attributable to AXT, Inc. $ (5,516) $ 1,959
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Net income (loss) attributable to AXT, Inc. per common
share:
Basic $ (0.18) $ 0.06
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Diluted $ (0.18) $ 0.06
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Weighted average number of common shares outstanding:
Basic 30,434 30,367
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Diluted 30,434 31,585
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AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
March 31, December 31,
2009 2008
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Assets:
Current assets
Cash and cash equivalents $ 11,507 $ 13,566
Short-term investments 17,960 17,756
Accounts receivable, net 8,390 11,497
Inventories, net 33,497 35,082
Prepaid expenses and other current assets 2,298 3,131
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Total current assets 73,652 81,032
Property, plant and equipment, net 21,511 22,184
Restricted deposits 3,000 3,013
Other assets 5,375 5,433
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Total assets $ 103,538 $ 111,662
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Liabilities and stockholders' equity:
Current liabilities
Accounts payable $ 4,202 $ 6,657
Accrued liabilities 3,974 4,453
Accrued restructuring 442 -
Line of credit 3,000 3,013
Current portion of long-term debt 74 73
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Total current liabilities 11,692 14,196
Long-term debt, net of current portion 478 496
Other long-term liabilities 64 94
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Total liabilities 12,234 14,786
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Stockholders' equity:
Preferred stock 3,532 3,532
Common stock 187,242 186,784
Accumulated deficit (104,748) (99,232)
Other comprehensive income 2,770 2,580
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Total AXT, Inc. stockholders' equity 88,796 93,664
Noncontrolling interest 2,508 3,212
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Total stockholders' equity 91,304 96,876
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Total liabilities and stockholders' equity $ 103,538 $ 111,662
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Contact Information: Contacts: Wilson W. Cheung Chief Financial Officer (510) 683-5900 Leslie Green Green Communications Consulting, LLC (650) 312-9060