AXT, Inc. Announces Fourth Quarter and Fiscal 2009 Financial Results
Fourth Quarter 2009 Results
Revenue for the fourth quarter of 2009 was $17.8 million, compared with $16.8 million in the third quarter of 2009, and $15.6 million in the fourth quarter of 2008. Total gallium arsenide (GaAs) substrate revenue was $12.6 million for the fourth quarter of 2009, compared with $13.3 million in the third quarter of 2009, and $9.1 million in the fourth quarter of 2008.
Indium phosphide (InP) substrate revenue was $513,000 for the fourth quarter of 2009, compared with $688,000 in the third quarter of 2009 and $473,000 in the fourth quarter of 2008. Germanium (Ge) substrate revenue was $1.9 million for the fourth quarter of 2009 compared with $1.8 million in the third quarter of 2009 and $684,000 in the fourth quarter of 2008. Raw materials sales were $2.8 million for the fourth quarter of 2009 compared with $1.0 million in the third quarter of 2009 and $5.3 million in the fourth quarter of 2008.
Gross margin was 33.9 percent of revenue for the fourth quarter of 2009. This included a benefit from the net sale of approximately $727,000 in fully reserved wafers, which positively affected the quarterly gross margin by 4.1 percentage points. By comparison, gross margin in the third quarter of 2009 was 32.9 percent. This included a benefit from the net sales of approximately $94,000 in fully reserved wafers, which positively affected third quarter gross margin by 0.6 percentage points. Gross margin in the fourth quarter of 2008 was 4.8 percent, including a benefit from the net sale of approximately $663,000 in fully reserved wafers, which positively affected the quarterly gross margins by 4.2 percentage points.
Operating expenses were $3.0 million in the fourth quarter of 2009, compared with $3.7 million in the third quarter of 2009, and $4.1 million in the fourth quarter of 2008.
Income from operations for the fourth quarter of 2009 was $3.1 million compared with income from operations of $1.9 million in the third quarter of 2009. In the fourth quarter of 2008, the company recorded a loss from operations of $3.4 million.
