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AXT, Inc. Announces Second Quarter 2017 Financial Results

FREMONT, Calif., July 26, 2017 (GLOBE NEWSWIRE) -- AXT, Inc. (Nasdaq:AXTI), a leading manufacturer of compound semiconductor substrates, today reported financial results for the second quarter, ended June 30, 2017.

Second Quarter 2017 Results

Revenue for the second quarter of 2017 was $23.6 million, compared with $20.6 million in the first quarter of 2017.

Gross margin was 30.8 percent of revenue for the second quarter of 2017, compared with 30.5 percent of revenue in the first quarter of 2017. Second quarter substrate gross margin was higher than the total company gross margin and was offset by lower gross margin on raw materials.

Operating expenses were $5.0 million in the second quarter of 2017, compared with $4.9 million in the first quarter of 2017.

Operating profit was $2.3 million for the second quarter of 2017, compared with $1.4 million in the first quarter of 2017.

Interest and other, net was a loss of $0.2 million for the second quarter of 2017, compared with a loss of $0.8 million in the first quarter of 2017. Tax expense in the second quarter of 2017 was $0.3 million compared to $0.2 million in the first quarter of 2017.

Net profit was $1.9 million, or $0.05 per diluted share, in the second quarter of 2017 compared with a net profit of $0.7 million, or $0.02 per diluted share, in the first quarter of 2017.

Management Qualitative Comments

"2017 is shaping up to be a solid year of growth for AXT," said Morris Young, chief executive officer. "Across our portfolio, we are seeing emerging technologies and strengthening demand from established applications that are driving growth in each of our substrate product categories. As a result, we achieved record revenue in indium phosphide substrates in Q2, and posted solid improvement in semi-insulating gallium arsenide, semi-conducting gallium arsenide, and germanium substrates. Our customer and revenue base continues to diversify, giving us a broad-based opportunity for continued business expansion."

Conference Call

The company will host a conference call to discuss these results today at 1:30 p.m. PT. The conference call can be accessed at (844) 892-6598 (passcode 50482889). The call will also be simulcast on the Internet at www.axt.com. Replays will be available at (855) 859-2056 (passcode 50482889) until August 1, 2017. Financial and statistical information to be discussed in the call will be available on the company's website immediately prior...


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