AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenue $ 17,836 $ 15,646 $ 55,364 $ 73,075
Cost of revenue 11,784 14,888 41,495 55,115
---------- ---------- ---------- ----------
Gross profit 6,052 758 13,869 17,960
---------- ---------- ---------- ----------
Operating expenses:
Selling, general and
administrative 2,574 3,605 13,389 15,751
Research and development 394 529 1,569 2,164
Impairment on assets held
for sale - - - 83
Restructuring charge - - 507 -
---------- ---------- ---------- ----------
Total operating
expenses 2,968 4,134 15,465 17,998
---------- ---------- ---------- ----------
Income (loss) from
operations 3,084 (3,376) (1,596) (38)
Interest income, net 60 80 177 513
Other income (expense), net (152) 583 385 1,290
---------- ---------- ---------- ----------
Income (loss) before
provision for income taxes 2,992 (2,713) (1,034) 1,765
Provision (benefit) for
income taxes (42) (349) 471 1,023
---------- ---------- ---------- ----------
Net income (loss) 3,034 (2,364) (1,505) 742
Less: Net income (loss)
attributable to
noncontrolling interest (257) (7) (393) (1,431)
---------- ---------- ---------- ----------
Net income (loss)
attributable to AXT, Inc. $ 2,777 $ (2,371) $ (1,898) $ (689)
========== ========== ========== ==========
Net income (loss)
attributable to AXT, Inc.
per common share:
Basic $ 0.09 $ (0.08) $ (0.07) $ (0.03)
========== ========== ========== ==========
Diluted $ 0.09 $ (0.08) $ (0.07) $ (0.03)
========== ========== ========== ==========
Weighted average number of
common shares outstanding:
Basic 30,647 30,434 30,500 30,400
========== ========== ========== ==========
Diluted 31,322 30,434 30,500 30,400
========== ========== ========== ==========
AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, December 31,
2009 2008
------------ ------------
Assets:
Current assets
Cash and cash equivalents $ 16,934 $ 13,566
Short-term investments 18,469 17,756
Accounts receivable, net 15,362 11,497
Inventories, net 27,718 35,082
Prepaid expenses and other current assets 2,411 3,131
------------ ------------
Total current assets 80,894 81,032
Property, plant and equipment, net 20,853 22,184
Restricted deposits 0 3,013
Other assets 6,199 5,433
------------ ------------
Total assets $ 107,946 $ 111,662
============ ============
Liabilities and stockholders' equity:
Current liabilities
Accounts payable $ 5,571 $ 6,657
Accrued liabilities 4,566 4,453
Line of credit 0 3,013
Current portion of long-term debt 76 73
------------ ------------
Total current liabilities 10,213 14,196
Long-term debt, net of current portion 420 496
Other long-term liabilities 62 94
------------ ------------
Total liabilities 10,695 14,786
------------ ------------
Stockholders' equity:
Preferred stock 3,532 3,532
Common stock 187,901 186,784
Accumulated deficit (101,130) (99,232)
Other comprehensive income 4,300 2,580
------------ ------------
Total AXT, Inc. stockholders' equity 94,603 93,664
Noncontrolling interest 2,648 3,212
------------ ------------
Total stockholders' equity 97,251 96,876
------------ ------------
Total liabilities and stockholders'
equity $ 107,946 $ 111,662
============ ============
Contact Information: Contacts: Raymond A. Low Chief Financial Officer (510) 683-5900 Leslie Green Green Communications Consulting, LLC (650) 312-9060