Axcelis Announces $200 Million Additional Funding for Share Repurchase Program

Rhea-AI Summary

Axcelis Technologies announces additional funding of $200 million for share repurchase program.

Positive

• The additional funding for the share repurchase program demonstrates the company's commitment to returning cash to shareholders.
• The strength of the business model and significant cash flow generation enable long-term investments and shareholder returns.

Negative

• None.

BEVERLY, Mass., Sept. 12, 2023 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced that its Board of Directors has authorized additional funding of $200 million for the Company's share repurchase program. The purchases are funded from available working capital.

"We are pleased to announce our Board's approval of additional funding for our share repurchase program," stated President and CEO Russell Low. "From 2019 through the second quarter of this year, we have returned over $157 million of cash to shareholders via stock repurchases. The additional funding will maintain our program when the Board's prior funding is exhausted later this year. The strength of our business model and significant cash flow generation enable us to continue investing for the long term, while also returning cash to our shareholders."

Repurchases of the Company's common stock will be made from time to time under the SEC's Rule 10b-18, subject to market conditions. These shares may be purchased in the open market or through privately negotiated transactions. The Company may from time to time enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock pursuant to its share repurchase program. The Company has no obligation to repurchase shares under the authorization. The Company may suspend or discontinue the repurchase program at any time.

Safe Harbor Statement
Statements made in this press release that are not of known historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. These statements, which include our plans to execute a share repurchase program, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including the continuing strength of our financial position and ability to make share repurchases, as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the risk factors described in our annual report on Form 10-K for the fiscal year ended December 31, 2022. The Company undertakes no obligation to update the information or statements made in this press release.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

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SOURCE Axcelis Technologies, Inc.