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BE Semiconductor Industries N.V. (BESIY)

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Market Cap3.378B
Beta (5Y Monthly)1.50
PE Ratio (TTM)20.38
EPS (TTM)2.30
Earnings DateN/A
Forward Dividend & Yield1.12 (2.38%)
Ex-Dividend DateMay 05, 2020
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  • ACCESSWIRE

    BE Semiconductor Industries NV to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / October 22, 2020 / BE Semiconductor Industries NV (OTCMKTS:BESIY) will be discussing their earnings results in their 2020 Third Quarter Earnings call to be held on October 22, 2020 at 4:00 PM Eastern Time.

  • BE Semiconductor Industries N.V. Announces Q3-20 Results
    GlobeNewswire

    BE Semiconductor Industries N.V. Announces Q3-20 Results

    Q3-20 Revenue of € 108.3 Million and Net Income of € 34.0 Million, Respectively Nine Months 2020 Revenue and Net Income Up 22.8% and 84.0%, Respectively, vs. Prior YearDUIVEN, The Netherlands, Oct. 22, 2020 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY, Nasdaq International Designation), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2020.Key Highlights Q3-20 * Revenue of € 108.3 million, down 12.9% vs. Q2-20, consistent with seasonal trends. At favorable end of guidance range. Up 20.7% vs. Q3-19 primarily due to higher shipments for mobile applications to US and Asian customers * Orders of € 94.9 million, down 6.3% vs. Q2-20. Up 15.5% vs. Q3-19 due to increased demand for high end mobile applications related to new product introductions and 5G capabilities * Gross margin reached 60.8% and exceeded guidance. Down 1.2 points vs. Q2-20 but up 5.7 points vs. Q3-19 primarily due to a more favorable product mix and increased labor efficiencies * Net income of € 34.0 million decreased € 5.8 million (-14.6%) vs. Q2-20 due to lower revenue levels. Up strongly (+€ 14.8 million or +77.1%) vs. Q3-19 primarily due to significantly higher revenue and gross margins combined with reduced overhead levels related to cost control efforts * Net margin again exceeded 30%, reaching 31.3% vs. 32.0% in Q2-20. Substantial increase vs. 21.4% realized in Q3-19 * Net cash rose strongly to € 158.7 million, up € 65.1 million (+69.6%) vs. June 30, 2020 * Agreement signed with Applied Materials, Inc. to jointly develop industry’s first complete and proven die based hybrid bonding equipment solution for customers Key Highlights YTD-20 * Revenue of € 323.9 million, up 22.8 % vs. YTD-19 primarily reflecting improved market conditions and higher demand for mobile applications from US and Chinese customers * Similarly, orders of € 314.8 million grew € 66.6 million (+26.8%) vs. YTD-19 * Gross margin reached 60.1%, up 4.4 points vs. YTD-19 primarily due to Besi’s strong advanced packaging market position, a more favorable product mix and increased labor efficiencies * Net income of € 87.6 million increased € 40.0 million (+84.0%) vs. YTD-19. Net margin rose to 27.1% vs. 18.0% in YTD-19Outlook * Q4-20 revenue estimated to be flat to down 15% vs. Q3-20 primarily due to seasonal influences and concerns as to the development of the COVID-19 pandemic. Gross margin anticipated between 58%-60% (€ millions, except EPS)Q3- 2020Q2- 2020ΔQ3- 2019 ΔYTD- 2020YTD- 2019Δ Revenue108.3124.3-12.9%89.7+20.7%323.9263.8+22.8% Orders 94.9101.3-6.3%82.2+15.5%314.8248.2+26.8% Operating Income42.048.4-13.2%25.3+66.0%109.265.1+67.7% EBITDA46.553.1-12.4%30.2+54.0%123.579.8+54.8% Net Income34.039.8-14.6%19.2+77.1%87.647.6+84.0% EPS (basic)0.470.55-14.5%0.26+80.8%1.210.65+86.2% EPS (diluted)0.430.50-14.0%0.25+72.0%1.120.63+77.8% Net Cash & Deposits158.793.6*+69.6%106.9+48.5%158.7106.9+48.5% *Reflects cash dividend payments of € 73.5 million in Q2-20Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “Besi reported solid results for Q3-20 and the first nine months of the year. For the quarter, revenue and net income reached € 108.3 million and € 34.0 million, respectively, increases of 20.7% and 77.1% versus Q3-19. Q3-20 orders of € 94.9 million grew by 15.5% versus Q3-19. Besi’s operating profit of € 42.0 million was at the high end of prior guidance as we had better than anticipated shipments for mobile applications, maintained gross margins in excess of 60% and exceeded our operating expense reduction target. As a result, Besi recorded a net margin of 31.3% in Q3-20, the second consecutive quarter in which profit margins exceeded the annual level achieved during our last 2017 cyclical peak.Results for the first nine months of 2020 were also strong, with revenue of € 323.9 million up 22.8% and net income of € 87.6 million, up 84.0% year over year. Similarly, orders of € 314.8 million grew 26.8% versus the comparative period of 2019. Besi’s business prospects have improved this year as demand for mobile applications by US and Asian customers grew significantly in light of new product introductions and expanded 5G capabilities. Growth in mobile end user markets has more than compensated for relatively stable demand for computing applications and continued weak demand experienced for automotive applications reflecting the current economic environment.The execution of strategic initiatives has also benefited our 2020 performance. A 2.1% reduction in fixed headcount increased labor efficiencies at both the gross and operating margin levels and pro-active supply chain management has limited inventory development and improved cash flow generation. This year, we have also enhanced our CSR strategy with new short and medium-term targets and KPIs set. Long term ambitions include a 60% reduction in Besi’s Scope 1 and 2 carbon foot-print by 2030 and for renewable sources to represent 65% of our global energy needs by such date.Besi’s liquidity position continued to expand with growth in cash and deposits reaching € 564.5 million at the end of Q3-20, an increase of 54.0% versus June 30, 2020. Increased cash levels were primarily due to Besi’s issuance of € 150 million of its 0.75% Convertible Notes in August and strong cash flow from operations of € 60.9 million generated during the quarter. Similarly, net cash and deposits grew to € 158.7 million at quarter end, an increase of 69.6% versus the end of Q2-20. Of note, we will cancel 1.5 million shares held in treasury in Q4-20 so we have sufficient room within our current authorization to increase quarterly share repurchases from approximately € 3 million to € 10 million.Looking ahead, we estimate that Q4-20 revenue will be flat to down 15% due to typical seasonal influences, lower demand for mobile applications post the capacity build this year and concerns as to the development of the COVID-19 pandemic. Besi’s gross margin is estimated to range between 58-60% in Q4-20 based on the forecasted product mix. Operating expenses are expected to increase by 0-5% versus Q3-20.Longer-term, we are encouraged about Besi’s prospects in the next investment cycle given our strong performance during the last industry downturn and the current pandemic and by strong secular growth drivers. As chip functionality, complexity and density increase and geometries shrink, Besi’s advanced packaging solutions are ever more important to customers.As such, we are increasing our engagement with leading mobile, memory and logic players to expand our addressable market. In particular, we see significant market opportunities from the current 5G roll-out and initial orders from global memory producers for high volume, high accuracy flip chip systems versus traditional wire bonding solutions. In addition, Besi and Applied Materials, Inc. announced in a separate press release today an agreement to develop the industry’s first complete and proven equipment solution for die based hybrid bonding. The collaboration harnesses each firm’s respective expertise in front and back end process technology for next generation applications such as high-performance computing, AI, 5G mobile, data storage and automotive.”Third Quarter Results of Operations Q3-2020Q2-2020ΔQ3-2019Δ Revenue108.3124.3-12.9%89.7+20.7% Orders94.9101.3-6.3%82.2+15.5% Book to Bill Ratio0.90.8+0.1 0.9-  Q3-20 revenue of € 108.3 million declined 12.9% versus Q2-20 and was at the favorable end of prior guidance (-10% to -25%). Versus Q3-19, revenue increased by 20.7% primarily due to higher shipments for mobile applications to US and Asian customers.Orders of € 94.9 million declined 6.3% versus Q2-20 consistent with seasonal trends. However, compared to Q3-19, orders grew by 15.5% primarily due to improved market conditions and increased demand for high end mobile applications. Per customer type, IDM orders decreased € 0.9 million, or 2.0%, versus Q2-20 and represented 46% of total orders. Subcontractor orders decreased by € 5.5 million, or 9.7%, versus Q2-20 and represented 54% of total orders. Q3-2020Q2-2020ΔQ3-2019Δ Gross Margin60.8%62.0%-1.255.1%+5.7 Operating Expenses23.928.6-16.4%24.2-1.2% Financial Expense/(Income), net3.22.7+18.5%3.3-3.0% EBITDA46.553.1-12.4%30.2+54.0% Besi’s gross margin reached 60.8% in Q3-20 which exceeded guidance (58-60%) and represented a decrease of 1.2 points versus Q2-20. Versus Q3-19, gross margin increased by 5.7 points primarily due to Besi’s strong advanced packaging position, more favorable product mix and increased labor efficiencies associated with lower fixed Asian production headcount.Q3-20 operating expenses declined by € 4.7 million (-16.4%) versus Q2-20 and were better than prior guidance (-10% to -15%). The decrease was primarily due to (i) a € 1.9 million reduction in variable compensation expense, (ii) € 1.3 million lower sales related warranty and commission expenses and (iii) favorable forex influences. Operating expenses declined € 0.3 million (-1.2%) versus Q3-19 despite Besi’s 20.7% revenue increase as a result of strategic cost control initiatives including a 2.1% fixed headcount reduction between Q3-19 and Q3-20 and lower travel expenses.Financial expense, net, increased by € 0.5 million (+18.5%) versus Q2-20 primarily due to Besi’s issuance in August of € 150 million of 0.75% Convertible Notes due 2027. Q3-2020Q2-2020ΔQ3-2019Δ Net Income34.039.8-14.6%19.2+77.1% Net Margin31.3%32.0%-0.721.4%+9.9 Tax Rate12.4%12.9%-0.512.7%-0.3 Net income of € 34.0 million declined by € 5.8 million (-14.6%) versus Q2-20 due primarily to a 12.9% revenue decrease and lower gross margins partially offset by a € 4.7 million reduction in operating expenses. Versus Q3-19, net income increased € 14.8 million (+77.1%) primarily due to significantly higher revenue and gross margin levels realized combined with cost control efforts which limited operating expense development. Similarly, Besi’s net margin grew to 31.3% in Q3-20, a significant increase versus the 21.4% realized in Q3-19.Nine Months Results of Operations YTD-2020YTD-2019Δ Revenue323.9263.8+22.8% Orders314.8248.2+26.8% Gross Margin60.1%55.7%+4.4 Operating Income109.265.1+67.7% Net Income87.647.6+84.0% Net Margin27.1%18.0%+9.1 Tax Rate13.0%13.0%- For the nine months ended September 30, 2020, Besi’s revenue rose to € 323.9 million, up € 60.1 million, or 22.8% versus the comparable period of the prior year. The increase reflects improved industry conditions generally and particular strength in shipments for mobile applications to both US and Chinese customers. Similarly, orders of € 314.8 million grew by € 66.6 million (+26.8%) versus the prior year earlier period.Besi’s operating income of € 109.2 million grew by 67.7% year over year primarily due to (i) revenue growth which significantly outpaced a 4.5% increase in operating expenses and (ii) a gross margin expansion of 4.4 points associated with Besi’s strong advanced packaging market position, more favorable product mix and increased labor efficiencies. Similarly, Besi’s net income of € 87.6 million increased € 40.0 million, or 84.0% and net margins grew by 9.1 points to reach 27.1%.Financial Condition Q3 2020Q2 2020ΔQ3 2019ΔYTD- 2020YTD- 2019 Δ Total Cash and Deposits564.5366.6+54.0%383.7+47.1%564.5383.7+47.1% Net Cash and Deposits158.793.6+69.6%106.9+48.5%158.7106.9+48.5% Cash flow from Ops.60.922.9+165.9%38.8+57.0%110.383.8+31.6% At the end of Q3-20, cash and deposits aggregated € 564.5 million, an increase of € 197.9 million compared to Q2-20 principally as a result of the net proceeds received from Besi’s Convertible Note offering in August 2020. In addition, net cash and deposits increased by € 65.1 million compared to Q2-20 due primarily to € 60.9 million of cash flow from operations including a € 14.5 million reduction in working capital partially offset by (i) € 4.3 million of capitalized development spending and (ii) € 3.3 million of share repurchases.On August 5, 2020, Besi issued € 150 million principal amount of 0.75% Senior Unsecured Convertible Notes due August 2027 (the “Convertible Notes”). The Convertible Notes convert into approximately 2.9 million Besi ordinary shares at a conversion price of € 51.56 (subject to adjustment). Besi may redeem the Convertible Notes at any time from August 26, 2024 provided that the price of its ordinary shares exceeds 130% of the then effective conversion price for a specified period of time.The Convertible Notes may be redeemed at the option of the holder (i) on August 5, 2025 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The net proceeds from the offering totaled € 147.8 million which will be used to continue the development of next generation advanced packaging technologies and to further expand Besi´s Asian manufacturing operations. In addition, the balance of the net proceeds may be used for general corporate purposes including acquisitions and share buybacks.Share Repurchase Activity/Cancellation of shares During the quarter, Besi repurchased 84,219 of its ordinary shares at an average price of € 38.61 per share for a total of € 3.3 million. Cumulatively, as of September 30, 2020, 3.3 million shares have been purchased under the current € 125 million share repurchase program at an average price of € 22.98 per share for a total of € 76.5 million. As of such date, Besi held approximately 7.4 million shares in treasury at an average cost of € 15.75, equal to 9.2% of its shares outstanding.Besi will cancel 1.5 million of its 7.4 million ordinary shares held in treasury in Q4-20. Upon such cancellation, total shares outstanding, excluding treasury shares, will decline to 78.6 million and shares held in treasury will reduce to 5.9 million. As a result of the additional capacity created by the share cancellation, Besi intends to increase its share repurchases to approximately € 10 million per quarter.Outlook Based on its September 30, 2020 order backlog and feedback from customers, Besi forecasts for Q4-20 that: * Revenue will be flat to down 15% vs. the € 108.3 million reported in Q3-20. * Gross margin will range between 58-60% vs. the 60.8% realized in Q3-20. * Operating expenses will increase by 0-5% vs. the € 23.9 million reported in Q3-20. Investor and media conference call A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). The dial-in for the conference call is (31) 20 531 5851. To access the audio webcast and webinar slides, please visit.Basis of PresentationThe accompanying condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2019 Annual Report, which is available on www.besi.com.About Besi Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.Contacts:  Richard W. Blickman, President & CEOCFF Communications Hetwig van Kerkhof, SVP FinanceFrank Jansen Tel. (31) 26 319 4500Tel. (31) 20 575 4024 investor.relations@besi.combesi@cffcommunications.nl Caution Concerning Forward Looking Statements This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2019 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. Consolidated Statements of Operations(euro in thousands, except share and per share data) Three Months Ended September 30, (unaudited)Nine Months Ended September 30, (unaudited)  2020 201920202019       Revenue108,34389,694323,949263,801 Cost of sales42,46640,249129,339116,982       Gross profit65,87749,445194,610146,819       Selling, general and administrative expenses16,31215,61759,97054,801 Research and development expenses7,5988,55125,45726,872       Total operating expenses23,91024,16885,42781,673       Operating income41,96725,277109,18365,146       Financial expense, net3,1973,3128,50010,451       Income before taxes38,77021,965100,68354,695       Income tax expense4,8142,80013,0547,119       Net income33,95619,16587,62947,576       Net income per share – basic0.470.261.210.65 Net income per share – diluted0.430.251.120.63 Number of shares used in computing per share amounts: \- basic \- diluted 1 72,705,062 84,386,221 72,643,210 82,971,344 72,471,117 83,217,565 72,794,337 83,367,934 Consolidated Balance Sheets(euro in thousands)September 30, 2020 (unaudited)June 30, 2020 (unaudited)March 31, 2020 (unaudited)December 31, 2019 (audited) ASSETS           Cash and cash equivalents339,459 251,621347,639278,398 Deposits 225,071115,00080,000130,000 Trade receivables 95,925 117,15891,79781,420 Inventories 52,051 52,12246,87246,578 Other current assets 11,029 12,76814,59813,854       Total current assets723,535548,669580,906550,250             Property, plant and equipment 26,675 27,14229,06730,383 Right of use assets 8,769 9,67810,26411,132 Goodwill 44,880 45,26245,42345,289 Other intangible assets 47,802 46,10144,38042,593 Deferred tax assets 12,117 13,22514,60714,978 Other non-current assets 1,058 1,0941,0972,255       Total non-current assets141,301142,502144,838146,630       Total assets864,836691,171725,744696,880                Notes payable to banks--487476 Current portion of long-term debt9191513515 Accounts payable38,71545,93934,31030,278 Accrued liabilities55,22551,38261,76955,359       Total current liabilities94,03197,41297,07986,628       Long-term debt405,736272,932278,299277,067 Lease liabilities5,8316,4387,1047,859 Deferred tax liabilities12,4378,4808,3768,858 Other non-current liabilities18,12218,22818,19717,960       Total non-current liabilities442,126306,078311,976311,744       Total equity328,679287,681316,689298,508       Total liabilities and equity864,836691,171725,744696,880 Consolidated Cash Flow Statements(euro in thousands) Three Months Ended September 30, (unaudited)Nine Months Ended September 30, (unaudited)  2020201920202019       Cash flows from operating activities:     Income before income tax38,77021,965100,68354,695       Depreciation and amortization4,4954,90914,34314,682 Share based payment expense9818659,0146,206 Financial expense, net3,1973,3128,50010,451       Changes in working capital14,5468,346(10,197)15,962 Income tax paid(221)(316)(8,974)(15,423) Interest paid(865)(295)(3,045)(2,729)       Net cash provided by operating activities60,90338,786110,32483,844       Cash flows from investing activities:     Capital expenditures(1,250)(956)(2,600)(1,819) Capitalized development expenses(4,286)(3,169)(12,268)(9,082) Repayments of (investments in) deposits(110,127)-(95,127)50,000       Net cash provided by (used in) investing activities(115,663)(4,125)(109,995)39,099       Cash flows from financing activities:     Proceeds from (payments of) bank lines of credit--(434)(2,812) Proceeds from (payments of) debt-(45)(416)(34) Proceeds from convertible notes147,757-147,757- Payments of lease liabilities(853)(860)(2,622)(2,641) Dividends paid to shareholders--(73,486)(122,419) Purchase of treasury shares(3,259)(13,333)(9,457)(38,853)       Net cash provided by (used in) financing activities143,645(14,238)61,342(166,759)       Net increase (decrease) in cash and cash equivalents88,88520,42361,671(43,816) Effect of changes in exchange rates on cash and cash equivalents (1,047) 1,575 (610) 2,004 Cash and cash equivalents at beginning of the period 251,621 231,729 278,398 295,539       Cash and cash equivalents at end of the period339,459253,727339,459253,727 Supplemental Information (unaudited) (euro in millions, unless stated otherwise)REVENUEQ1-2019Q2-2019Q3-2019Q4-2019Q1-2020Q2-2020Q3-2020                   Per geography:                Asia Pacific58.6 72%68.6 74%67.3 75%63.8 69%77.6 85%105.7 85%86.6 80%  EU / USA22.8 28%24.1 26%22.4 25%28.6 31%13.7 15%18.6 15%21.7 20%                   Total81.4 100%92.7 100%89.7 100%92.4 100%91.3 100%124.3 100%108.3 100%                   ORDERS Q1-2019Q2-2019Q3-2019Q4-2019Q1-2020Q2-2020Q3-2020                   Per geography:                Asia Pacific55.9 67%61.2 74%59.2 72%80.4 80%102.0 86%88.1 87%75.9 80%  EU / USA27.5 33%21.5 26%23.0 28%20.1 20%16.6 14%13.2 13%19.0 20%                   Total83.4 100%82.7 100%82.2 100%100.5 100%118.6 100%101.3 100%94.9 100%                   Per customer type:                IDM57.5 69%55.4 67%43.6 53%58.3 58%47.4 40%44.6 44%43.7 46%  Subcontractors25.9 31%27.3 33%38.6 47%42.2 42%71.2 60%56.7 56%51.2 54%                   Total83.4 100%82.7 100%82.2 100%100.5 100%118.6 100%101.3 100%94.9 100%                   HEADCOUNTMar 31, 2019Jun 30, 2019Sep 30, 2019Dec 31, 2019Mar 31, 2020Jun 30, 2020Sep 30, 2020                   Fixed staff (FTE)                Asia Pacific1,174 72%1,155 72%1,093 71%1,081 70%1,071 70%1,067 70%1,054 70%  EU / USA452 28%450 28%453 29%453 30%458 30%455 30%459 30%                   Total1,626 100%1,605 100%1,546 100%1,534 100%1,529 100%1,522 100%1,513 100%                   Temporary staff (FTE)                Asia Pacific11 16%54 49%34 39%8 13%42 46%121 72%95 63%  EU / USA58 84%57 51%54 61%54 87%50 54%48 28%57 37%                   Total69 100%111 100%88 100%62 100%92 100%169 100%152 100%                   Total fixed and temporary staff (FTE)1,695  1,716  1,634  1,596  1,621  1,691  1,665                                      OTHER FINANCIAL DATAQ1-2019Q2-2019Q3-2019Q4-2019Q1-2020Q2-2020Q3-2020                   Gross profit45.5 55.9%51.9 56.0%49.4 55.1%52.0 56.3%51.7 56.7%77.0 62.0%65.9 60.8%                                    Selling, general and admin expenses21.7 26.7%17.5 18.9%15.6 17.4%16.7 18.1%23.5 25.7%20.1 16.2%16.3 15.1%                   Research and development expenses:                As reported9.0 11.1%9.3 10.0%8.6 9.6%8.5 9.2%9.4 10.3%8.4 6.8%7.6 7.0%  Capitalization of R&D charges2.9 3.6%3.0 3.2%3.2 3.6%4.1 4.4%3.7 4.1%4.3 3.5%4.3 4.0%  Amortization of intangibles(2.5)-3.1%(2.5)-2.7%(2.6)-2.9%(2.6)-2.8%(2.6)-2.8%(2.1)-1.7%(2.1)-2.0%                   R&D expenses as adjusted9.4 11.5%9.8 10.6%9.2 10.3%10.0 10.8%10.5 11.5%10.6 8.5%9.8 9.0%                   Financial expense (income), net:                Interest expense (income), net2.4  2.4  2.7  2.5  2.6  2.5  3.1    Hedging results1.3  0.7  0.8  0.7  0.7  0.5  0.3    Foreign exchange effects, net0.2  0.1  (0.2) 0.1  (0.7) (0.3) (0.2)                    Total3.9  3.2  3.3  3.3  2.6  2.7  3.2                     Operating income (loss)                  as % of net sales14.7 18.1%25.1 27.1%25.3 28.2%26.8 29.0%18.8 20.6%48.4 39.0%42.0 38.8%                   EBITDA                   as % of net sales19.7 24.2%30.0 32.4%30.2 33.7%31.9 34.5%24.0 26.3%53.1 42.7%46.5 42.9%                   Net income (loss)                  as % of net sales9.5 11.6%18.9 20.4%19.2 21.4%33.7 36.5%13.9 15.2%39.8 32.0%34.0 31.3%                   Income per share                Basic0.13  0.26  0.26  0.47  0.19  0.55  0.47    Diluted0.13  0.25  0.25  0.43  0.19  0.50  0.43    __________________ 1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

  • Applied Materials and BE Semiconductor Industries to Accelerate Chip Integration Technology for the Semiconductor Industry
    GlobeNewswire

    Applied Materials and BE Semiconductor Industries to Accelerate Chip Integration Technology for the Semiconductor Industry

    Companies Form Joint Program to Develop Industry’s First Complete and Proven Equipment Solution for Die-Based Hybrid Bonding Hybrid Bonding Hybrid bonding uses direct, copper-to-copper interconnects to increase the I/O density while shortening the lengths of the wiring between chiplets, thereby improving overall performance, power and cost.SANTA CLARA, Calif. and DUIVEN, The Netherlands, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Applied Materials, Inc. and BE Semiconductor Industries N.V. (Besi) today announced an agreement to develop the industry’s first complete and proven equipment solution for die-based hybrid bonding, an emerging chip-to-chip interconnect technology that enables heterogeneous chip and subsystem designs for applications including high-performance computing, AI and 5G.As traditional 2D scaling slows, the semiconductor industry is shifting towards heterogeneous design and chip integration as a new way to deliver improvements in performance, power, area/cost and time-to-market (PPACt). To accelerate this trend, Applied and Besi have formed a joint development program and are establishing a Center of Excellence focused on next-generation chip-to-chip bonding technology. The program harnesses the companies’ respective front- and back-end semiconductor expertise to deliver co-optimized integrated hybrid bonding configurations and equipment solutions for customers.“Challenges in conventional Moore’s Law scaling are straining the economics and pace of the semiconductor industry’s roadmap,” said Nirmalya Maity, Corporate Vice President of Advanced Packaging at Applied Materials. “Our collaboration with Besi and the formation of a new Hybrid Bonding Center of Excellence are key components of Applied’s strategy to equip customers with a ‘New Playbook’ for driving improvements in PPACt. Applied looks forward to working with Besi to co-optimize our equipment offerings and accelerate advanced heterogeneous integration technology for our customers.”“We are excited about forming this unique joint development program with Applied Materials which brings together the semiconductor industry’s leading materials engineering and advanced packaging technologies for customers,” said Ruurd Boomsma, CTO of Besi. “Our collaboration can greatly accelerate the adoption and proliferation of hybrid bonding for leading-edge 5G, AI, high-performance computing, data storage and automotive applications.”Hybrid bonding connects multiple “chiplets” in die form using direct, copper interconnects. This technique enables designers to bring chiplets of various process nodes and technologies into closer physical and electrical proximity so that they perform as well or better than if they were made on a single large, monolithic die. Hybrid bonding is a major improvement over conventional chip packaging because it permits increased chip density and shortens the lengths of the interconnect wiring between chiplets, thereby improving overall performance, power, efficiency and cost.A complete die-based hybrid bonding equipment solution requires a broad suite of semiconductor manufacturing technologies along with high-speed and extremely precise chiplet placement technology. To achieve this, the joint development program brings together Applied’s semiconductor process expertise in etch, planarization, deposition, wafer cleaning, metrology, inspection and particle defect control with Besi’s leading die placement, interconnect and assembly solutions.The Center of Excellence will be located at Applied’s Advanced Packaging Development Center in Singapore which is one of the industry’s most advanced wafer-level packaging labs. It enables the foundational building blocks of heterogenous integration in a 17,300-square-foot Class 10 cleanroom with full lines of wafer-level packaging equipment. The Center of Excellence will provide customers a platform to accelerate the development of custom hybrid bonding test vehicles including design, modeling, simulation, fabrication and testing.About Applied Materials Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible the technology shaping the future. Learn more at www.appliedmaterials.com.About Besi Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY Nasdaq International Designation) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.Contact:Applied Materials:Ricky Gradwohl (editorial/media) 408.235.4676 Michael Sullivan (financial community) 408.986.7977Besi:Richard W. Blickman, President & CEO Hetwig van Kerkhof, SVP Finance Tel. (31) 26 319 4500 investor.relations@besi.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/329a55cf-4f0c-4f83-a79a-f29eb93f30b5