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EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports second quarter
and first half results
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Key financial data for the second quarter and first six months of 2010
Unterpremstaetten, Austria (July 26, 2010) austriamicrosystems (SIX: AMS), a leading global designer and manufacturer of high performance analog ICs for consumer, communications, industrial, medical and automotive applications, reports strong revenue and earnings growth for the second quarter and first half of 2010 driven by high levels of volume demand across major market areas and geographies. austriamicrosystems expects continuing revenue and earnings growth for the second half of the year and therefore raises its revenue guidance for full year 2010.
Second quarter group revenues were EUR 51.7 million, up 83% from EUR 28.3 million in the same quarter 2009. Second quarter revenues increased 18% sequentially compared to the first quarter. Group revenues for the first half of 2010 were EUR 95.7 million, up 78% from EUR 53.8 million recorded in the first half of 2009. On a constant currency basis, second quarter revenues were up 75% compared to the second quarter last year and first half revenues were up 77% compared to the first half 2009.
In the second quarter, gross margin rose to 47%, an increase of 25 percentage points from 22% in the same quarter last year, showing the positive effect of austriamicrosystems´ return to high levels of capacity utilization in its production. For the first half of 2010, gross margin increased to 46%, compared to 26% in the first half of 2009. The result from operations (EBIT) for the second quarter was a profit of EUR 5.3 million, compared to a loss of EUR 10.8 million in the second quarter of 2009. This positive result was mainly driven by a significantly higher gross margin which was due to high capacity utilization and better product margins. For the first half of 2010, EBIT was a profit of EUR 8.4 million, compared to a loss of EUR 20.6 million in the same period last year.
The net result for the second quarter 2010 was a profit of EUR 3.6 million compared to a loss of EUR 10.7 million in the same period last year. Basic and diluted earnings per share for the second quarter were CHF 0.50 / EUR 0.36 (CHF -1.52 / EUR -1.00 for the second quarter 2009). The net profit for the first half-year 2010 was EUR 5.7 million, equivalent to CHF 0.79 / EUR 0.55 per share (basic and diluted) compared to a loss of EUR 18.7 million or CHF -2.64 / EUR -1.76 per share (basic and diluted) for the same period last year.
Operating cash flow for the second quarter was EUR 7.6 million, up EUR 9.0 million from the same quarter last year, while operating cash flow for the first half was EUR 15.6 million, up EUR 16.9 million from the first half year 2009. Total backlog on June 30, 2010 (excluding consignment stock agreements) was EUR 80.9 million, up from EUR 65.5 million at the end of the first quarter (EUR 35.1 million on June 30, 2009).
In austriamicrosystems´ consumer and communications business, strong order patterns continued through the second quarter across product areas. austriamicrosystems recorded high shipment levels for its lighting and power management ICs to leading handset and mobile device OEMs who achieve power savings, product differentiation, and a richer user experience through its products. austriamicrosystems´ best-in-class LED drivers for LCD TV backlighting are shipping at very high run rates as conversion to LED backlighting is accelerating. In 2011, the company expects more than 50% of LCD TV units to use LED illumination. austriamicrosystems commands a significant share of this market as key supplier to leading OEMs and is reinforcing its position with new, upcoming products. Similarly, MEMS microphone driver shipments continued to show a strong upward trend supporting the company´s expectation of significant growth in this market in which it is the clear market leader. In new applications, the first devices using EasyPoint, austriamicrosystems´ joystick solution for mobile devices, are on the market, while camera modules with its ultra-thin autofocus solution for handset cameras are being evaluated by first OEM customers with initial volume shipments expected for the middle of next year. Among its design-ins in the quarter, austriamicrosystems gained a leading player in the smartphone market as a new customer for an innovative application.
austriamicrosystems´ industrial and medical business delivered good results in the second quarter, which on the industrial side were largely driven by strengthening volumes in its sensor and encoder business. Here run rates have moved towards previous levels as the company´s customers report more confident order patterns in their end markets. Generally, austriamicrosystems sees a positive development of demand in an increasing number of industrial applications. The company´s medical business continued to see healthy demand in its focus areas digital imaging and portable medical devices. Development of next generation sensor solutions remains on track, with austriamicrosystems´ unique sensor expertise and low-noise and low-power design capabilities offering real innovation and strong competitive advantages to its customers.
In Automotive, the company´s business developed positively as shipment volumes and customer orders continue to move quickly back towards previous levels. Demand for sensor solutions for critical in-car systems and increasing vehicle production volumes worldwide are driving this positive development. New magnetic encoder design-ins at Tier 1 suppliers complemented this recovery, strengthening austriamicrosystems´ position in the automotive analog market. The company´s foundry business contributed positively to its business again in the second quarter and first half, leveraging its focus on specialty processes in a tight supply environment.
Demonstrating its technology leadership, austriamicrosystems became one of the first semiconductor vendors to industrialize the highly innovative Through-Silicon-Via (TSV) architecture for a demanding medical image sensor solution. The company also won a first-instance court decision in a patent infringement case against Melexis confirming that certain of Melexis´ products infringe a magnetic encoder technology patent held by austriamicrosystems. In operations, the capacity utilization of austriamicrosystems´ wafer fab and test facilities increased further in the second quarter, moving quickly towards pre-crisis levels. The company has successfully completed a number of planned investments in its wafer fab to support current and expected wafer demand, resulting in improved manufacturing efficiency. austriamicrosystems also benefits from its distributed manufacturing model allowing a combination of in-house and outsourced production in order to optimize capacity utilization and manufacturing costs.
Based on available information, austriamicrosystems expects its business to continue to show attractive growth in the second half of 2010 driven by continuing high levels of demand in its target markets. The company sees ongoing good order intake building on a strong and diversified backlog for the second half of 2010. Consequently, austriamicrosystems raises its guidance and now anticipates full year revenue growth for 2010 to exceed 45% compared to 2009. Gross margin and operating results are expected to improve further over the remaining quarters. With its combination of in-house manufacturing capacity and committed capacity at its production partners, austriamicrosystems is able to supply its customers reliably as its business continues to grow.
The complete half year report 2010 including detailed financial information is available on austriamicrosystems´ website under http://www.austriamicrosystems.com/eng/Investor/Financial-Reports
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ots Originaltext: austriamicrosystems AG
Im Internet recherchierbar: http://www.presseportal.ch
Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Börsen: SIX Swiss Exchange / official dealing