ALMERE, NETHERLANDS--(Marketwire -10/27/11)- ASM International N.V. (NASDAQ:ASMI and Euronext Amsterdam: ASM) reports today its third quarter 2011 (unaudited) operating results in accordance with US GAAP.
* Net sales for the third quarter 2011 were EUR 376 million, a decrease
of 21% quarter-to-quarter and up 8% year-on-year. Excluding the
acquired SEAS business, net sales decreased 29% quarter-to-quarter. Net
sales of our Front-end segment decreased 14% quarter-to-quarter while
comparable Back-end sales decreased by 36%.
* Result from operations for Q3 were EUR 149 million and included a net
gain of EUR 98 million on the bargain purchase of the SEAS business.
Result from operations in Q2 2011 was EUR 104 million while the third
quarter of 2010 showed a profit of EUR 101 million. Result from
operations excluding this gain were EUR 51 million in Q3 2011;
* The Front-end segment's operating profit was EUR 13.5 million
compared to EUR 20.8 million quarter-to-quarter. Q3 2010 showed an
operating profit of EUR 4.9 million (including EUR 2.4 million
* The Back-end segment operating profit was EUR 37.8 million compared
to EUR 83.2 million quarter-to-quarter. The third quarter of 2010
showed an operating profit of EUR 96.5 million.
* Third quarter 2011 net earnings were EUR 81 million compared to net
earnings of EUR 50 million for the second quarter of 2011 and
EUR 34 million for the third quarter of 2010. The net earnings include
a gain from bargain purchase related to the acquired SEAS business of
EUR 51 million. Net earnings of the third quarter last year included
effects of the revaluation of the conversion option. Excluding this
revaluation net earnings were EUR 43 million.
* Book to bill in the third quarter was 0.8. For the Front-end the book
to bill was 0.9 and for the Back-end segment 0.8. The Backlog decreased
from Euro 436 million at the end of the second quarter to
EUR 397 million at the end of the third quarter.
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International, said: "The third quarter revenues clearly reflect the current market uncertainty, which is driven by macro-economic and political factors. The third quarter also showed for the sixth consecutive quarter a double digit operating margin in Front-end. Although in Back-end margins came down, margins at the recently acquired surface mount technology business, ASM Assembly Systems, have improved significantly in the last quarters".
Customer cautiousness in Q3, that led to low order intake especially in Back- end, will not improve in Q4. Combined with present backlog levels, we expect this will lead to lower sales for both Front- and Back-end operations in the current quarter.
Visibility remains low for the semiconductor and semiconductor equipment industries, making it difficult for both customers and suppliers to formulate plans for 2012. We are working closely with our customers to synchronize our production levels with their requirements for the next twelve months, but it is too early in the planning process to comment beyond the current quarter.
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, corporate transactions, 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.
ASM International will host an investor conference call and web cast on Friday, October 28, 2011 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time, 9:00 p.m. Hong Kong Time).
The teleconference dial-in numbers are as follows:
* United States: +1 646 254 3364
* International: + 44 (0)20 3450 9987
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 November 28, 2011.
The replay dial-in numbers are:
* United States: +1 347 366 9565
* International: + 44 (0)20 7111 1244
* Access Code: 2325484#
Q3 OPERATING RESULTS: http://hugin.info/132090/R/1558956/481891.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ASM International NV via Thomson Reuters ONE