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AXT, Inc. Announces Third Quarter 2016 Financial Results

FREMONT, Calif., Oct. 26, 2016 (GLOBE NEWSWIRE) -- AXT, Inc. (AXTI), a leading manufacturer of compound semiconductor substrates, today reported financial results for the third quarter, ended September 30, 2016.

Third Quarter 2016 Results

Revenue for the third quarter of 2016 was $21.9 million, compared with $20.5 million in the second quarter of 2016.

Gross margin was 34.6 percent of revenue for the third quarter of 2016, compared with 29.4 percent of revenue in the second quarter of 2016.

Operating expenses were $4.9 million in the third quarter of 2016, compared with $5.1 million in the second quarter of 2016.

Operating profit for the third quarter of 2016 was $2.7 million compared with operating profit of $0.9 million in the second quarter of 2016.

Net interest and other income for the third quarter of 2016 was a loss of $0.3 million, compared with $0.0 million in the second quarter of 2016.

Net profit in the third quarter of 2016 was $2.2 million, or $0.07 per diluted share, compared with a net profit of $1.2 million or $0.03 per diluted share in the second quarter of 2016.

Management Qualitative Comments

“We are pleased to again show meaningful progress in our business, achieving revenue and profits that exceeded our guidance range. In addition, our gross margin was 34.6% as a result yield improvements, manufacturing efficiencies, and higher production volume. We also generated positive cash flow. Cash, cash equivalents and investments increased by $2.4 million. We continue to seek out interesting market opportunities where our substrates can provide value to our customers.”

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 96094142). The call will also be simulcast on the Internet at www.axt.com. Replays will be available at (855) 859-2056 (passcode 96094142) until October 31, 2016. Financial and statistical information to be discussed in the call will be available on the company's website immediately prior to commencement of the call. Additional investor information can be accessed at http://www.axt.com or by calling the company's Investor Relations Department at (510) 438-4700.

About AXT, Inc.

AXT designs, develops...


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