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American Xtal Technology Reports Q1 2000 Financial Results

Demand for GaAs and InP Substrates Drive Revenue and Earnings Up From Q499

Fremont, CA. American Xtal Technology, Inc. (Nasdaq: AXTI), a leading manufacturer of compound semiconductor substrates and optoelectronic devices, today reported financial results for the first quarter ended March 31, 2000.

Revenues for the first quarter of 2000 were a record $23.9 million, up 27 percent from $18.9 million in revenues reported in the first quarter of 1999, and up 10 percent from the $21.8 million reported in the fourth quarter of 1999. Net income for the first quarter of 2000 was $2 million, or $0.10 per share on approximately 20 million shares. This compares with a net loss of $985,000, or $0.05 per share on approximately 19.7 million shares for the first quarter of 1999, and net income of $1.6 million, or $0.08 per share on approximately 19.8 million shares for the fourth quarter of 1999. All per share amounts are computed on a fully diluted basis.

"In the first quarter, we continued to see robust growth of our core gallium arsenide and indium phosphide substrate businesses," said Morris Young, president and chief executive officer. "The increasing demand for these substrates is due in part to the strong growth in the wireless handset market and the increasing popularity of six inch gallium arsenide substrates. In our device division, we announced three of the most exciting new products in our portfolio, our blue, cyan and green LEDs. We believe that these LEDs will be an important part of our growth over the next several years. As we have said, we will continue to add capacity in order to keep pace with the increasing market demand for each of these products," he said.

Conference Call

A conference call will be held today at 1:30 p.m. PDT to discuss these announcements. To participate in the call, please dial 415-228-4572. The passcode is American Xtal Technology. A replay of the call will be available through May 11, 2000 by dialing 402-998-1380. The conference call will also be webcast. Those wishing to participate in this fashion may access the call via both www.axt.com and www.streetevents.com. A replay of the webcast will also be available through May 11.

Safe Harbor Statement

This press release contains forward-looking statements regarding, among other matters, the company s future financial performance, new product releases, the company s building of capacity, and the increasing market demand for the company s products. Forward-looking statements address matters that are subject to a number of risks and uncertainties. In addition to the general risks associated with the development of complex technology and the risks associated with the company s acquisition and the integration of Lyte Optronics, Inc., future results of the company will depend on a variety of factors, including, among others, the risks associated with conducting operations in countries other than the U.S., the timing of significant orders, unexpected cancellations or returns by customers, the ability of the company to bring new products to market, the timing of new product releases and product announcements by the company s competitors and other competitive factors. Reference is made to the company s filings with the Securities and Exchange Commission, including the Company s Form 10-K for the year ended December 31, 1999, for further discussion of risks and uncertainties regarding the company s business.

About American Xtal Technology

American Xtal Technology designs, develops, manufactures and markets high-performance substrates for the communications industry. AXT is also a leading producer of diodes for laser pointers and light-emitting diodes (LEDs), such as red, blue, cyan and green LEDs, for the display and lighting industries. The company s proprietary Vertical Gradient Freeze (VGF) crystal growth technology produces low-defect, semi-insulating and semi-conducting gallium arsenide, germanium and indium phosphide wafers. The company has also introduced gallium nitride substrates for manufacturing blue LEDs. For more information, see American Xtal Technology s website at www.axt.com. The company can also be reached at 4281 Technology Drive, Fremont, California 94538 or call 510-683-5900. American Xtal Technology is traded on the Nasdaq National Market under the symbol AXTI.

Contact:
Guy Atwood, CFO of American Xtal Technology, Inc.
Tel: 510-683-5900
or
Leslie Green of Stapleton Communications Inc. for American Xtal Technology, Inc.
Tel: 650-470-0200

 

Guy Atwood, CFO of American Xtal Technology, Inc.
Tel: 510-683-5900
or
Leslie Green of Stapleton Communications Inc. for American Xtal Technology,
Inc.
Tel: 650-470-0200
 
Web site: http://www.axt.com
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