News Article

AXT Posts Q1 2015 Results With Slightly Increased Revenue

Company reports 'renewed optimism' for direction and prospects

AXT, the US manufacturer of compound semiconductor substrates, has reported financial results for the first quarter ended March 31, 2015.

Revenue was $20.1 million -  slightly up compared with $19.6 million in Q4 2014. Gross margin was marginally down at 23.7 percent of revenue compared with 25.4 percent of revenue in the previous quarter.

Operating expenses were $6.5 million in the first quarter of 2015, compared with $5.6 million Q4 2014. The increase was largely the result of professional fees in the first quarter totaling $1.2 million associated with an internal investigation of certain potential related-party transactions, which was completed during the first quarter. Investigation fees in the fourth quarter of 2014 were $0.6 million.

Operating loss for the first quarter of 2015 was up at $1.7 million compared with $592,000 in the fourth quarter of 2014.

"As we move into 2015, our goal is to take advantage of developing market conditions in our business," said Morris Young, chief executive officer. "GaAs has stabilised and addresses a market with numerous applications and dynamic opportunities. InP is growing and we are investing in ways to capitalise on industry demand. Additionally, we see catalysts for growth this year in several of our target markets and believe that we continue to benefit from our unique vertical integration. In total, our diversified revenue base, solid competitive positioning and lower cost structure give us renewed optimism for our direction and prospects."

Net interest and other income for the first quarter of 2015 was $930,000, compared with $260,000 in the fourth quarter of 2014. The first quarter 2015 total was primarily attributable to $200,000 from equity earnings of the company's unconsolidated joint ventures, $368,000 from the sale of IntelliEpi stock, $180,000 from a gain on foreign exchange and $182,000 from interest income and other income.

Net loss in the first quarter of 2015 was $1 million or a loss of $0.03 per diluted share compared with $311,000 or $0.01 per diluted share in the fourth quarter of 2014.

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