ASM INTERNATIONAL REPORTS FIRST QUARTER 2010 OPERATING RESULTS
(Thomson Reuters ONE) -
ALMERE, THE NETHERLANDS, April 28, 2010 - ASM International N.V. (NASDAQ: ASMI
and Euronext Amsterdam: ASM) reports today its first quarter 2010 operating
results in accordance with US GAAP.
· First quarter of 2010 net sales of EUR 219.1 million, up 8% from the fourth
quarter of 2009 and up 146% from the first quarter of 2009;
· Net earnings allocated to the shareholders of the parent of the first
quarter of 2010 was EUR 4.2 million, or EUR 0.08 diluted net earnings per share,
as compared to net loss of EUR 11.7 million, or EUR 0.23 diluted net loss per
share for the fourth quarter of 2009 and net loss of EUR 23.3 million or EUR
0.45 diluted net loss per share for the first quarter of 2009;
· Bookings in the first quarter of 2010 were EUR 355.4 million, up 41% from
the fourth quarter of 2009. Bookings from our Front-end segment were up 14% and
bookings from our Back-end segment were up 49%. Quarter-end backlog was EUR
333.0 million, up 69% from the end of the previous quarter;
Commenting on the 2010 First Quarter Operating Results, Chuck del Prado,
President and Chief Executive Officer of ASM International, said, "ASM saw
sequential growth in both Front-end and Back-end operations. Overall
improvements in revenues and bookings were broadly diversified across product
lines and our customer base.
In Front-end we are gaining traction in the memory sector for our PEALD offering
used in spacer defined double patterning. The improvement in Front-end margins
was partly due to the leverage obtained from our global restructuring
activities.
Back-end realized another quarter of very robust demand for assembly and
packaging equipment and materials from both the semiconductor and LED markets.
Order rates lifted backlog to unprecedented levels."
Contacts:
Erik Kamerbeek
+31 88100 8500
Mary Jo Dieckhaus
+1 212 986 2900
Media Contact:
Ian Bickerton
+31 20 6855 955
+31 625 018 512
The following table shows the operating performance for the first quarter of
2010 as compared to the fourth quarter of 2009 and the first quarter of 2009:
--------------------------------------------------------------------------------
(EUR millions)
--------------------------------------------------------------------------------
% Change % Change
Q4 2009 Q1 2009
to to
Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Net sales 89.1 201.9 219.1 8% 146%
Gross profit before 21.3 81.7 92.5 13% 334%
impairment of
inventories
Gross profit margin % 23.9% 40.4% 42.2%
Impairment inventories - 2.3 -
Gross profit 21.3 84.0 92.5 10% 334%
Selling, general and (25.2) (28.7) (26.6) (7)% 6%
administrative expenses
Research and development (16.6) (16.5) (17.5) 6% 6%
expenses
Amortization of other (0.1) (0.1) (0.1) - -
intangible assets
Restructuring expenses (4.1) (6.9) (3.6) (47)% (12)%
--------------------------------------------------------------------------------
Earnings (loss) from (24.7) 31.8 44.7 41% N/A
operations
Net earnings (loss)
allocated to the (23.3) (11.7) 4.2
shareholders of the of
the parent
Net earnings (loss) per (0.45) (0.23) 0.08
share, diluted
New orders 84.4 252.1 355.4 41% 321%
Backlog at end of period 86.1 196.7 333.0 69% 287%
--------------------------------------------------------------------------------
Net Sales. The following table shows net sales of our Front-end and Back-end
segments for the first quarter of 2010 as compared to the fourth quarter of
2009 and the first quarter of 2009:
--------------------------------------------------------------------------------
% Change % Change
Q4 2009 Q1 2009
to to
(EUR millions) Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end 45.8 49.2 54.0 10% 18%
Back-end 43.3 152.7 165.1 8% 281%
--------------------------------------------------------------------------------
Total net sales 89.1 201.9 219.1 8% 146%
--------------------------------------------------------------------------------
In the first quarter of 2010, net sales of wafer processing equipment (Front-end
segment) represented 25% of total net sales. Net sales of assembly and packaging
equipment and materials (Back-end segment) represented 75% of total net sales in
the first quarter of 2010.
The increase in the first quarter of 2010 in our Front-end segment compared to
the previous quarter was driven by increased sales of our Vertical Furnace batch
applications and our ALD enabling technologies. In our Back-end segment a record
quarterly sales again was realized in the first quarter of 2010 due to the high
continued strong demand for our traditional products supported by increasing
demand for our LED related products.
The strengthening of the Yen, US dollar and US dollar related currencies against
the euro in the first quarter of 2010 as compared to the fourth quarter of 2009
impacted total net sales positively by 6%. The weakening of these currencies as
compared to the first quarter of 2009 impacted total net sales negatively by 5%.
Gross Profit Margin. The following table shows our gross profit and gross profit
margin for our Front-end and Back-end segments for the first quarter of 2010 as
compared to the fourth quarter of 2009 and the first quarter of 2009:
--------------------------------------------------------------------------------
Increase Increase
Gross Gross Gross or or
Gross Gross Gross profit profit profit (decrease) (decrease)
profit profit1) profit margin margin margin percentage percentage
Q1 2009 Q4 2009 Q4 Q1 points points
(EUR Q1 2010 Q1 2009 2009 2010 Q4 2009 to Q1 2009 to
millions) Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end 12.1 13.7 18.0 26.5% 27.7% 33.4% 5.7 6.9
Back-end 9.2 68.0 74.5 21.2% 44.5% 45.1% 0.6 23.9
--------------------------------------------------------------------------------
Total 21.3 81.7 92.5 23.9% 40.4% 42.2% 1.8 18.3
gross
profit
--------------------------------------------------------------------------------
1. before impairment inventories
The gross profit margin of both our Front-end segment and our Back-end segment
continued to improve when compared to the fourth quarter of 2009 driven by
higher activity levels. Compared to the first quarter of 2009 the increase of
the gross margin in our Front-end segment is in part attributable to the lower
manufacturing overhead as a result of the transfer of our manufacturing
activities in the Netherlands to our plant in Singapore.
Selling, General and Administrative Expenses. The following table shows selling,
general and administrative expenses for our Front-end and Back-end segments for
the first quarter of 2010 as compared to the fourth quarter of 2009 and the
first quarter of 2009:
--------------------------------------------------------------------------------
% Change % Change
Q4 2009 Q1 2009
to to
(EUR millions) Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end 15.9 13.2 11.0 (17)% (31)%
Back-end 9.3 15.5 15.6 1% 68%
--------------------------------------------------------------------------------
Total selling, general
and administrative 25.2 28.7 26.6 (7)% 6%
expenses
--------------------------------------------------------------------------------
As a percentage of net sales, selling, general and administrative expenses were
12% in the first quarter of 2010, 14% in the fourth quarter of 2009 and 28% in
the first quarter of 2009.
Selling, general and administrative expenses of our Front-end segment were
further reduced with 17% compared with the fourth quarter of 2009, reflecting
our focus to reduce the fixed cost base as part of our restructuring program
Perform!. The selling, general and administrative expenses in the Back-end
segment are in line with the fourth quarter of 2009.
Research and Development Expenses. The following table shows research and
development expenses for our Front-end and Back-end segments for the first
quarter of 2010 as compared to the fourth quarter of 2009 and the first quarter
of 2009:
--------------------------------------------------------------------------------
% Change % Change
Q4 2009 Q1 2009
to to
(EUR millions) Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end 10.1 8.8 8.3 (6)% (18)%
Back-end 6.5 7.7 9.2 20% 42%
--------------------------------------------------------------------------------
Total research and 16.6 16.5 17.5 6% 6%
development expenses
--------------------------------------------------------------------------------
As a percentage of net sales, research and development expenses were 8% in the
first quarter of 2010, 8% in the fourth quarter of 2009 and 19% in the first
quarter of 2009.
In our Front-end segment we continue to focus and prioritize our programs
carefully in line with our strategic objectives. In our Back-end segment the
research and development expenses increased slightly, due to increased activity.
Restructuring expenses. In 2009 ASMI started the implementation of a major
restructuring in the Front-end segment. Related to these restructuring projects,
during the first quarter of 2010 EUR 3.6 million of expenses were incurred.
These related mainly to severance packages, retention costs and other costs
related to the transition of manufacturing activities to our plant in Singapore.
Earnings (Loss) from Operations. The following table shows earnings from
operations for our Front-end and Back-end segments for the first quarter of
2010 as compared to the fourth quarter of 2009 and the first quarter of 2009:
--------------------------------------------------------------------------------
Change Change
Q4 2009 Q1 2009
to to
(EUR millions) Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end:
Excluding impairments (14.0) (8.5) (1.4) 7.1 12.6
and restructuring
Impairments and (4.1) (4.6) (3.6) 1.0 0.5
restructuring
--------------------------------------------------------------------------------
Including impairments (18.1) (13.1) (5.0) 8.1 13.1
and restructuring
Back-end (6.6) 44.9 49.7 4.8 56.3
--------------------------------------------------------------------------------
Total earnings (loss) (24.7) 31.8 44.7 12.9 69.4
from operations
--------------------------------------------------------------------------------
Net Earnings (Loss) allocated to the shareholders of the parent. The following
table shows net earnings for our Front-end and Back-end segments for the first
quarter of 2010 as compared to the fourth quarter of 2009 and the first quarter
of 2009:
--------------------------------------------------------------------------------
Change Change
Q4 2009 Q1 2009
to to
(EUR millions) Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end
Excluding impairments,
restructuring expenses,
result on early (15.6) (12.5) (10.1) 2.4 5.5
extinguishment of debt
and fair value changes
conversion option
Impairments and (4.1) (4.6) (3.6) 1.0 0.5
restructuring
Result on early - (1.8) (2.3) (0.5) (2.3)
extinguishment of debt
Fair value changes 0.6 (14.9) (2.6) 12.3 (3.2)
conversion options
--------------------------------------------------------
Special items (3.5) (21.3) (8.5) 12.8 (5.0)
Including impairments,
restructuring expenses,
result on early (19.1) (33.8) (18.6) 15.2 0.5
extinguishment of debt
and fair value changes
conversion option
Back-end (4.2) 21.1 22.7 1.6 26.9
Gain on dilution of
investment in
ASMPT (Back-end) - 1.0 - (1.0) -
--------------------------------------------------------------------------------
Total net earnings (23.3) (11.7) 4.2 15.9 27.5
(loss) allocated to the
shareholders of the
parent
--------------------------------------------------------------------------------
Net earnings for the Back-end segment reflect our 52.59% ownership of ASM
Pacific Technology.
Bookings and backlog
The following table shows, for our Front-end and Back-end segments, the level of
new orders for the first quarter of 2010 and the backlog at the end of the first
quarter of 2010 as compared to the fourth quarter of 2009 and the first quarter
of 2009:
--------------------------------------------------------------------------------
(EUR millions, except
book-to-bill ratio)
--------------------------------------------------------------------------------
% Change % Change
Q4 2009 Q1 2009
to to
Q1 2009 Q4 2009 Q1 2010 Q1 2010 Q1 2010
--------------------------------------------------------------------------------
Front-end:
New orders for the 34.4 57.5 65.4 14% 90%
quarter
Backlog at the end of 41.7 50.3 61.7 23% 48%
the quarter
Book-to-bill ratio
(new orders divided by 0.75 1.17 1.21
net sales)
Back-end:
New orders for the 50.0 194.6 290.0 49% 480%
quarter
Backlog at the end of 44.4 146.4 271.3 85% 511%
the quarter
Book-to-bill ratio
(new orders divided by 1.15 1.27 1.76
net sales)
Total
New orders for the 84.4 252.1 355.4 41% 321%
quarter
Backlog at the end of 86.1 196.7 333.0 69% 287%
the quarter
Book-to-bill ratio
(new orders divided by 0.95 1.25 1.62
net sales)
--------------------------------------------------------------------------------
In our Front-end segment we have seen increased order activity, in particular in
our enabling ALD technologies. Our Back-end segment bookings level in the first
quarter was a record. In particular the demand for equipment to assemble both
integrated circuits and LEDs was very strong.
Liquidity and capital resources
Net cash provided by operations was EUR 25.8 million for the first quarter of
2010 as compared to net cash provided by operations of EUR 6.0 million for the
first quarter of 2009. This increase results mainly from the improved net
earnings, partly offset by investments in working capital resulting from the
increased level of activity. The net cash provided by operations in our
Front-end segment was EUR 0.7 million and for our Back-end segment EUR 25.1
million
Net cash used in investing activities was EUR 10.7 million for the first quarter
of 2010 as compared to EUR 3.0 million for the first quarter of 2009. The
increase results mainly from increased capital expenditures in our Back-end
segment.
Net cash used in financing activities was EUR 40.2 million for the first quarter
of 2010 as compared to net cash used in financing activities of EUR 2.3 million
for the first quarter of 2009. During the first quarter we repurchased USD 39
million in outstanding subordinated convertible notes due 2011 at EUR 34.5
million.
Net working capital, consisting of accounts receivable, inventories, other
current assets, accounts payable, accrued expenses, advance payments from
customers and deferred revenue, increased from EUR 181.3 million at December
31, 2009 to EUR 214.1 million at March 31, 2010. This increase is primarily the
result of increased activity levels. The number of outstanding days of working
capital, measured based on quarterly sales, increased from 83 days at December
31, 2009 to 90 days at March 31, 2010. For the same period, our Front-end
segment decreased from 100 days to 84 days and our Back-end segment increased
from 77 days to 92 days.
At March 31, 2010, the Company's principal sources of liquidity consisted of EUR
279.0 million in cash and cash equivalents and EUR 119.8 million in undrawn bank
lines. Approximately EUR 136.8 million of the cash and cash equivalents and
EUR 28.5 million of the undrawn bank lines are restricted to use in the
Company's Back-end operations and EUR 28.0 million of the cash and cash
equivalents and EUR 1.3 million in undrawn bank lines are restricted to use in
the Company's Front-end operations in Japan.
Release of 2009 Statutory Annual Report
Today ASMI released its 2009 Statutory Annual Report, which includes its
Consolidated Financial Statements prepared in accordance with International
Financial Reporting Standards ("IFRS"). Net loss allocated to shareholders of
the parent amounts to EUR 118.6 million. As a result of an impairment charge of
capitalized development costs and expensing of debt issuance costs, net loss
allocated to shareholders of the parent under IFRS differs from preliminary net
loss as reported in the Company's 2009 operating results press release on
February 24, 2010.
Outlook
Based on increased end-market demand alongside the significant capital
underinvestment by chip manufacturers in recent years, many analysts are
expressing optimism for a continued recovery in the semiconductor equipment
industry. Despite this conviction there is limited visibility in shorter term
order patterns that could impact both quarterly bookings and shipping schedules.
For the 2010 second quarter, we expect Front-end revenues to be at least at the
Q1 levels. We also expect to accrue ongoing benefits from cost-reductions
executed through our Front-end restructuring initiative. With Back-end equipment
demand at high levels and showing no signs of abating in the near term, we
expect Back-end operations to deliver strong results for Q2.
ASM International will host an investor conference call and web cast on
Thursday, April 29, 2010 at 15:00 Continental European Time (9:00 a.m. - US
Eastern Time).
The teleconference dial-in numbers are as follows:
United States - +1 718 247 0886
International - + 44 (0)20 7806 1966
A simultaneous audio web cast will be accessible at www.asm.com
The teleconference will be available for replay, beginning one hour after
completion of the live broadcast, through May 12, 2010.
The replay dial-in numbers are:
United States - +1 347 366 9565
International - + 44 (0)20 7111 1244
Access Code: 3741163#
About ASM International
ASM International N.V., headquartered in Almere, the Netherlands, and its
subsidiaries design and manufacture equipment and materials used to produce
semiconductor devices. ASM International and its subsidiaries provide production
solutions for wafer processing (Front-end segment) as well as assembly and
packaging (Back-end segment) through facilities in the United States, Europe,
Japan and Asia. ASM International's common stock trades on NASDAQ (symbol ASMI)
and the Euronext Amsterdam Stock Exchange (symbol ASM). For more information,
visit ASMI's website at www.asm.com
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of
1995: All matters discussed in this statement, except for any historical data,
are forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. These include, but are not limited to, economic
conditions and trends in the semiconductor industry generally and the timing of
the industry cycles specifically, currency fluctuations, financing and liquidity
matters, the success of restructurings, the timing of significant orders, market
acceptance of new products, competitive factors, litigation involving
intellectual property, shareholder and other issues, commercial and economic
disruption due to natural disasters, terrorist activity, armed conflict or
political instability, epidemics and other risks indicated in the Company's
filings from time to time with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company's reports on Form 20-F and Form 6-K.
The Company assumes no obligation nor intends to update or revise any
forward-looking statements to reflect future developments or circumstances.
[HUG#1409673]
ASMI reports Q1 2010 Operating Results: http://hugin.info/132090/R/1409673/362194.pdf
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2010 - 23:57 Uhr
Sprache: Deutsch
News-ID 19895
Anzahl Zeichen: 0
contact information:
Town:
Almere
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 211 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ASM INTERNATIONAL REPORTS FIRST QUARTER 2010 OPERATING RESULTS"
steht unter der journalistisch-redaktionellen Verantwortung von
ASM International NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
