Ibis Technology Corp., a provider of SIMOX-SOI implantation equipment to the worldwide semiconductor industry, has announced its financial results for the first quarter ended March 31, 2007.
Total revenues for the first quarter of 2007 were $0.3 million. This compares to total revenues of $0.5 million in the preceding quarter, and compares to total revenues of $6.3 million in the first quarter of 2006, which includes approximately $6 million of equipment revenue related to the sale of an i2000 implanter that was accepted by Ibis' customer during that quarter.
Net loss for the 2007 first quarter was $1.5 million, or a loss of $0.13 per share, compared to a net loss for the preceding quarter of $1 million, or a loss of $0.09 per share. Net income in the first quarter of 2006 was $1.4 million, or $0.12 per share. Net loss for the first quarter of 2007 reflects stock based compensation charges of $129,000, or $0.01 per share, associated with the implementation of Statement of Financial Accounting Standards No. 123. This compares to stock based compensation charges of $125,000, or $0.01 per share in the first quarter of 2006.
Commenting on current industry conditions, Charles M. McKenna, Ph.D., president and CEO, Ibis Technology, said: "We believe that the market for SOI wafers continues to grow. In fact, a new report from industry analyst Semico concludes that Silicon on Insulator (SOI) 'has gained considerable attention and traction because of its technology benefits driving market penetration.' Semico forecasts SOI wafer sales 'to increase 40 percent in 2007’ and adds that 'even greater SOI wafer demand for high performance applications' is expected 'as 45nm technology enters mainstream manufacturing.' We believe that SIMOX–SOI, once it is accepted into the mainstream manufacturing process by one or more IDC's, will ultimately become the low cost, and therefore high volume choice for SOI wafers."
"Based on the ability of the Ibis i2000 implanter to serve as the primary production tool for the manufacture of quality, low cost SIMOX-SOI wafers, we expect to receive additional orders for implanters as the demand for SOI wafers grows," said McKenna. "Our largest customer, who has two Ibis i2000 implanters in operation, is currently focused on qualification runs for its customers and joint technology development activities with Ibis to advance the SIMOX technology and economics. However, following continued discussions with our largest customer and others, we believe that any additional implanter orders would come late in the second half of 2007. The timing of this order, or orders, will have an impact on when revenue can be recognized."
"Our long term view remains positive," said McKenna. "Our strategy focuses on providing our i2000 oxygen implanters to the world's largest silicon wafer manufacturers. We believe SIMOX-SOI has significant inherent cost advantages associated with its processing, and the end market is beginning to move into applications that should be capable of supporting significantly increased volumes."
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