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AXT Posts Respectable Q3

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Revenue and earnings at the high end of our expectations

AXT has reported financial results for the third quarter, ended September 30, 2018. Revenue in Q3 2018 was $28.6 million, compared with $27.1 million in Q2 2018 and $28.2 million in Q3 2017.

Gross margin was 37.1 percent of revenue in Q3 2018, compared with 40.6 percent of revenue in Q2 2018 and 39.5 percent in Q3 2017. Operating expenses were $6.3 million in Q3 2018, compared with $6.5 million in Q2 2018 and $5.9 million in Q3 2017. Operating profit in Q3 2018 was $4.3 million, compared with operating profit of $4.5 million in Q2 2018 and $5.2 million in Q3 2017.

Interest and other, net was a gain of $0.2 million in Q3 2018, compared with a gain of $0.4 million in Q2 2018, and a loss of $0.5 million in Q3 2017. Interest and other, net for Q3 2018 included interest income and other of $0.1 million and a foreign exchange gain of $0.1 million. Our seven partially owned companies in the company's supply chain, accounted for under the equity method, were breakeven.

Income tax expense in Q3 2018 was $0.4 million, compared with $0.4 million in Q2 2018 and $0.2 million in Q3 2017.

Net income in Q3 2018 was $3.9 million, or $0.10 per diluted share, compared with a net income of $3.9 million or $0.10 per diluted share in Q2 2018, and $4.4 million or $0.11 per diluted share in Q3 2017.

"Our revenue and earnings in Q3 came in at the high end of our expectations, reflecting continued solid demand for our products," said Morris Young, chief executive officer. "Our wafers are being used in a number of applications for which the lifecycle is long and promising. We are also encouraged to see new emerging applications that could contribute to our growth for years to come.

"As such, the relocation of our GaAs manufacturing line is providing us the opportunity to plan for growth in our industry and to prepare our business to meet increasing customer demand. We continue to make good progress on the new facilities and are pleased by our success to date."



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