AXT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
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2009 2008 2009 2008
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Revenue $ 13,055 $ 19,932 $ 20,709 $ 39,566
Cost of revenue 10,539 13,488 18,430 26,901
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Gross profit 2,516 6,444 2,279 12,665
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Operating expenses:
Selling, general and
administrative 3,486 3,578 7,492 7,245
Research and development 355 569 815 1,073
Impairment on assets held
for sale - - - 83
Restructuring charge - - 507 -
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Total operating
expenses 3,841 4,147 8,814 8,401
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Income (loss) from
operations (1,325) 2,297 (6,535) 4,264
Interest income, net 34 241 78 365
Other income (expense), net 321 (518) (101) 409
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Income (loss) before
provision for income taxes (970) 2,020 (6,558) 5,038
Provision for income taxes 308 635 312 1,195
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Net income (loss) (1,278) 1,385 (6,870) 3,843
Less: Net income (loss)
attributable to
noncontrolling interest (2) (648) 74 (1,147)
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Net income (loss)
attributable to AXT, Inc. $ (1,280) $ 737 $ (6,796) $ 2,696
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Net income (loss)
attributable to AXT, Inc.
per common share:
Basic $ (0.04) $ 0.02 $ (0.23) $ 0.09
========== ========== ========== ==========
Diluted $ (0.04) $ 0.02 $ (0.23) $ 0.08
========== ========== ========== ==========
Weighted average number of
common shares outstanding:
Basic 30,439 30,421 30,437 30,403
========== ========== ========== ==========
Diluted 30,439 31,562 30,437 31,573
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AXT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 30, December 31,
2009 2008
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Assets:
Current assets
Cash and cash equivalents $ 12,413 $ 13,566
Short-term investments 18,216 17,756
Accounts receivable, net 12,883 11,497
Inventories, net 28,304 35,082
Prepaid expenses and other current assets 1,734 3,131
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Total current assets 73,550 81,032
Property, plant and equipment, net 20,957 22,184
Restricted deposits 3,000 3,013
Other assets 5,531 5,433
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Total assets $ 103,038 $ 111,662
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Liabilities and stockholders' equity:
Current liabilities
Accounts payable $ 4,347 $ 6,657
Accrued liabilities 4,574 4,453
Line of credit 3,000 3,013
Current portion of long-term debt 74 73
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Total current liabilities 11,995 14,196
Long-term debt, net of current portion 459 496
Other long-term liabilities 64 94
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Total liabilities 12,518 14,786
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Stockholders' equity:
Preferred stock 3,532 3,532
Common stock 187,403 186,784
Accumulated deficit (106,028) (99,232)
Other comprehensive income 3,432 2,580
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Total AXT, Inc. stockholders' equity 88,339 93,664
Noncontrolling interest 2,181 3,212
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Total stockholders' equity 90,520 96,876
------------ ------------
Total liabilities and stockholders'
equity $ 103,038 $ 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