austriamicrosystems AG

EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports second quarter and first half results


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6-month report

25.07.2011

Key financial data for the second quarter and first six months of 2011

Unterpremstaetten, Austria (July 25, 2011) — austriamicrosystems (SIX: AMS), a
leading global designer and manufacturer of high performance analog ICs for
consumer, communications, industrial, medical and automotive applications,
reports continued business growth for the second quarter and first half of 2011
driven by the success of its products across markets and geographies. The
recently completed acquisition of Texas Advanced Optoelectronic Solutions, Inc.
(TAOS) creates a global leader in lighting management and a strong platform for
future growth, particularly in attractive consumer and communications
applications. austriamicrosystems expects combined company full year revenues to
exceed EUR 260 million (USD 367 million) with growth in gross profit and
operating margins compared to 2010 and reiterates its stand-alone full year
revenue growth guidance for austriamicrosystems of around 10% for 2011.

Second quarter group revenues were EUR 57.9 million, up 12% from EUR 51.7
million in the same quarter 2010. Second quarter revenues increased 5%
sequentially compared to the first quarter. Group revenues for the first half of
2011 were EUR 113.0 million, up 18% from EUR 95.7 million recorded in the first
half of 2010. On a constant currency basis, second quarter revenues were up 18%
compared to the second quarter last year and first half revenues were up 22%
compared to the first half 2010. 

In the second quarter, gross margin was 51%, 4 percentage points higher than in
the same quarter last year. For the first half of 2011, gross margin increased
to 51%, compared to 46% in the first half of 2010. The result from operations
(EBIT) for the second quarter was EUR 7.6 million, compared to EUR 5.3 million
in the second quarter of 2010. This result reflects ongoing high product run
rates across markets and full utilization of our manufacturing capacity as well
as one-time costs related to the acquisition of TAOS. For the first half of
2011, EBIT was EUR 15.8 million, compared to EUR 8.4 million in the same period
last year. 

The net result for the second quarter 2011 was EUR 6.6 million compared to EUR
3.6 million in the same period last year. Basic and diluted earnings per share
for the second quarter were CHF 0.80 / 0.78 or EUR 0.65 / 0.63 (CHF 0.50 / 0.50
or EUR 0.36 / 0.36 for the second quarter 2010). The net profit for the first
half-year 2011 was EUR 14.0 million, equivalent to CHF 1.74 / 1.70 or EUR 1.37 /
1.34 per share (basic / diluted), compared to EUR 5.7 million, i.e. CHF 0.79 /
0.79 or EUR 0.55 / EUR 0.55 per share (basic / diluted), for the same period
last year.

Operating cash flow for the second quarter was EUR 16.3 million, up EUR 8.7
million from the same quarter last year, while operating cash flow for the first
half was EUR 30.9 million, up EUR 15.3 million from the first half year 2010.
Total backlog on June 30, 2011 (excluding consignment stock agreements) was EUR
61.9 million, compared to EUR 69.4 million at the end of the first quarter (EUR
80.9 million on June 30, 2010). 

For information purposes, austriamicrosystems is providing a summary of TAOS´
business: TAOS continued to show strong growth in the first half of 2011 with
revenues of USD 53.5 million (EUR 38.2 million), an increase of 86% from USD
28.7 million (EUR 21.8 million) for the first half 2010. This growth was driven
by the market success of TAOS´ customers, particularly in smartphones and tablet
PCs. For the first half 2011, TAOS recorded a gross profit margin of 57% (first
half 2010: 50%) and an operating, or EBIT, margin of 33% (first half 2010: 22%).

austriamicrosystems´ business performed well in the second quarter and first
half given the success of the company´s products in high volume applications and
broad-based demand in its target markets worldwide. Taking a major strategic
step towards its goal of becoming a best-in-class high performance analog
company, austriamicrosystems announced the acquisition of Texas Advanced
Optoelectronic Solutions, Inc. (TAOS), the leading provider of advanced light
sensors worldwide. The largest acquisition in the company´s history brings
together two organizations with world-class sensor know-how to create a global
leader in lighting management and optical sensors, particularly for consumer and
communications applications, and a powerful platform for further profitable
growth. 

Adding TAOS´ best-in-class products and high quality customer base, which
includes two of the world´s leading smartphone and tablet vendors as major
customers, opens a wealth of opportunities for the combined company to expand
beyond current products and customers. TAOS is a successful high volume business
with excellent profitability and continues to exhibit significant growth as it
expands its market penetration. The combination of austriamicrosystems and TAOS
creates a strong and sizeable player in the high performance analog market and
enables continued margin growth going forward.

In austriamicrosystems´ existing consumer and communications business, shipment
levels for its lighting and power management ICs to leading handset and mobile
device manufacturers remained high in the second quarter. MEMS microphone driver
shipments continued their upward trend in the quarter supporting the company´s
market leader position and the expectation of further strong growth in this
product area in 2011. These healthy run rates also reflect the growing market
volume and success of austriamicrosystems´ products in tablet PCs while its
other product lines including LCD backlighting continue to show good ongoing
traction despite some softness in the uptake of LCD TVs in several markets.
austriamicrosystems´ innovative sensor solutions for mobile devices are
successful in the market with major OEMs pursuing adoption into next generation
smartphones and mobile devices. Given a more changeable demand environment in
several consumer and communications markets austriamicrosystems has experienced
inconsistent OEM order patterns in certain product areas in the second quarter.
The company nevertheless records increasing market penetration and strong
design-in activity in its target applications and sees its consumer and
communications business continuing to show a positive development until
year-end.

austriamicrosystems´ industrial and medical business delivered another good
quarter with shipments on the industrial side largely driven by attractive
volume demand for its sensor and encoder product lines. austriamicrosystems sees
its market position in the industrial market continuing to develop positively
worldwide. Run rates for industrial sensor and automation customers are at
healthy levels while order patterns for the company´s industrial products remain
good. In its medical business austriamicrosystems saw continued strong run rates
for products in its focus areas digital imaging and portable medical devices.
The ramp-up of the company´s next generation computer tomography sensor solution
with Through-Silicon-Via (TSV) technology continued through the quarter given
the expected expansion of its customer´s demand. 

In Automotive, austriamicrosystems´ business developed positively with
attractive demand for sensor solutions for critical in-car systems. Strong run
rates continued given the very high levels of vehicle production worldwide.
Overall, the company sees design-in momentum at its customers continuing at a
strong pace across markets while it explores the numerous design opportunities
the acquisition of TAOS offers for the combined business. austriamicrosystems´
foundry business contributed positively to the company´s results again in the
second quarter and first half given its focus on high value specialty processes.

Based on available information, current exchange rates and the continuing
expansion of austriamicrosystems´ and TAOS´ business, austriamicrosystems
expects full year revenues for the combined company to exceed EUR 260 million
(USD 367 million) together with growth in gross profit and operating margins. 
The company continues to expect stand-alone full year 2011 revenue growth for
austriamicrosystems of around 10% compared to 2010 despite a more changeable
demand environment in the consumer and communications markets.

As a consequence of the capital increase related to the transaction to acquire
TAOS, SIX Swiss Exchange recently announced that austriamicrosystems will be
reclassified within the SPI® Swiss Performance Index family from the SPI® Small
to the SPI® Middle index basket, effective September 19, 2011.

The complete half year report 2011 including detailed financial information is
available on austriamicrosystems´ website under
http://www.austriamicrosystems.com/eng/Investor/Financial-Reports


About austriamicrosystems
austriamicrosystems is a leading designer and manufacturer of high performance
analog ICs, combining over 25 years of analog design know-how with
state-of-the-art manufacturing and test facilities and production partnerships.
austriamicrosystems leverages its expertise in low power and high accuracy to
provide industry-leading standard and customized analog products. Operating
worldwide with more than 1,200 employees, austriamicrosystems focuses on the
areas of power management, sensors & sensor interfaces and mobile infotainment
in its markets Consumer & Communications, Industry & Medical and Automotive.
Through the acquisition of TAOS, a world leader in advanced light sensors,
austriamicrosystems has expanded its innovative sensor offering for growth
markets such as mobile consumer devices. austriamicrosystems is listed on the
SIX Swiss Exchange in Zurich (ticker: AMS). For more information, please visit
www.austriamicrosystems.com


Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Email: investor@austriamicrosystems.com

end of announcement                               euro adhoc 
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issuer:      austriamicrosystems AG
             Schloß Premstaetten 
             A-8141 Unterpremstaetten
phone:       +43 3136 500-0
FAX:         +43 3136 500-5420
mail:     investor@austriamicrosystems.com
WWW:      www.austriamicrosystems.com
sector:      Technology
ISIN:        AT0000920863
indexes:     
stockmarkets: official dealing: SIX Swiss Exchange 
language:   English
 

 

 



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