EANS-Adhoc: ams AG ams reports positive third quarter results with revenues in
upper half of guidance range; sees softer demand patterns influencing fourth
quarter
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Financial Figures/Balance Sheet/9-month report
26.10.2015
Key financial data for the third quarter 2015
Unterpremstaetten, Austria (26 October 2015) - ams (SIX: AMS), a leading
worldwide provider of high performance sensor and analog solutions, reports
positive third quarter 2015 results with revenues in the upper half of the
guidance range and year-on-year growth in revenues and earnings. For the fourth
quarter 2015, ams sees softer demand patterns in consumer and non-consumer
markets influencing revenue development at expected stable gross margin.
Third quarter group revenues were EUR 153.0 million, increasing 15% year-on-year
from EUR 132.8 million in the same quarter 2014 and decreasing 10%
quarter-on-quarter. On a constant currency basis, third quarter revenues were 2%
higher compared to the third quarter last year.
In the third quarter, gross margin remained unchanged from the previous quarter
at 56% excluding acquisition-related costs and 54% including acquisition-related
costs, compared to 57% and 55% respectively, in the same quarter 2014.
The result from operations (EBIT) excluding acquisition-related costs for the
third quarter was EUR 38.0 million or 25% of revenues, increasing slightly from
EUR 37.4 million in the same period 2014. The result from operations (EBIT)
including acquisition-related costs for the third quarter was EUR 35.1 million
or 23% of revenues, up 2% from EUR 34.5 million in the same period 2014. This
development reflects the addition of R&D resources including the recent
acquisition of the CMOS environmental sensor business.
The net result for the third quarter was EUR 34.0 million compared to EUR 31.9
million in the same period last year. Basic and diluted earnings per share were
CHF 0.54/0.52 or EUR 0.49/0.47 based on 68,935,827/71,718,080 shares
(basic/diluted; weighted average) compared to CHF 0.57/0.54 or EUR 0.47/0.45 for
the third quarter 2014 based on 68,071,765/70,796,466 shares (basic/diluted;
weighted average).
Operating cash flow for the third quarter was EUR 34.5 million, up from EUR 33.7
million in the third quarter last year. Total backlog on September 30, 2015
(excluding consignment stock agreements) was EUR 101.4 million given customer
order behavior in the current environment with current backlog on a comparable
level, compared to EUR 133.3 million at the end of the second quarter and EUR
119.8 million on September 30, 2014.
ams' business performed well in the third quarter of 2015 taking into account a
more cautious demand environment and customer behavior, particularly in the
consumer market.
ams' consumer and communications business saw a good performance in the third
quarter, particularly driven by the company's light sensor, gesture sensor, and
wireless product areas. ams' portfolio of intelligent light sensors for leading
consumer and smartphone OEMs continues to ship at high run rates including
support for new devices. The company's gesture sensor solution combining gesture
recognition with RGB color, proximity sensing and other functions is seeing
ongoing high volume shipments into multiple device platforms. ams also began
shipping cost-efficient light sensor solutions based on its proprietary TSV
technology in volume.
ams announced its first generation biosensor AS7000 in the quarter and has seen
first shipments into a wearable application for a personal wristband. The new
product offers high quality heart rate measurement for wearable devices and
supports the implementation of heart rate variability (HRV) applications with
meaningful accuracy when compared to existing offerings. Following the company's
multi-year roadmap for innovative high value biosensors with significantly more
sophisticated functionality, ams expects to announce a second generation
biosensor offering novel capabilities in the coming six months, based on current
information.
In other product lines, ams saw continued volume shipments to support leading
vendors' devices with its high performance analog products. In audio solutions,
ams announced the adoption of its low-power ANC noise cancellation technology by
another major smartphone OEM for bundled in-box earphones. High volume shipments
of ams' boosted NFC solution continued ensuring reliable transactions in
space-constrained devices such as smartphones and wearables.
ams' industrial, medical, and automotive businesses were again successful in a
more cautious market environment in the third quarter. For its industrial end
markets, ams provides differentiated high value sensor and sensor interface
solutions to leading industrial OEMs, powering a broad range of position sensing
and automation applications while sampling the first generation of sensor-based
LED lighting control. In its medical business ams continues to focus on digital
imaging sensor solutions for advanced computed tomography (CT), digital X-ray
and mammography. The company's automotive business performed well in the quarter
and is strongly positioned for major automotive trends requiring higher sensor
content for advanced driver assistance/LIDAR collision avoidance, position
sensing, and battery power management.
For the fourth quarter 2015, ams sees softer demand patterns in consumer and
non-consumer markets as well as customer-specific effects influencing its
business and therefore expects revenues of EUR 137-142 million, based on current
exchange rates and available information. At the same time, ams anticipates
gross margin profitability in the fourth quarter to remain stable compared to
the third quarter while operating profitability is expected to be sequentially
lower reflecting the revenue development and comparable R&D investments
supporting critical sensor solution strategies.
ams is confident about the strong revenue and earnings potential of its business
driven by new sensor and analog technologies for innovative applications in the
consumer, smartphone and non-consumer markets, based on available information.
ams is continuing to evaluate further additions to its sensor technologies
portfolio to broaden the scope of its high value solutions. ams' leading
position in sensor solutions aligns with its full project pipeline and
identified opportunities for revenue and earnings growth over the coming years
towards ams' 2019 revenue goal of EUR 1bn.
The company's third quarter report 2015 including additional financial
information is available on the company website at
http://www.ams.com/eng/Investor/Financial-Reports .
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About ams
ams is a global leader in the design and manufacture of advanced sensor
solutions and analog ICs. Our mission is to shape the world with sensor
solutions by providing a seamless interface between humans and technology.
ams' high-performance analog products drive applications requiring extreme
precision, dynamic range, sensitivity, and ultra-low power consumption. Products
include sensors, sensor interfaces, power management and wireless ICs for
consumer, communications, industrial, medical, and automotive markets.
With headquarters in Austria, ams employs over 1,800 people globally and serves
more than 8,000 customers worldwide. ams is listed on the SIX Swiss stock
exchange (ticker symbol: AMS). More information about ams can be found at
www.ams.com.
Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-31211
Fax: +43 3136 500-931211
Email: investor@ams.com
end of announcement euro adhoc
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issuer: ams AG
Tobelbader Strasse 30
A-8141 Unterpremstaetten
phone: +43 3136 500-0
FAX: +43 3136 500-931211
mail: investor@ams.com
WWW: www.ams.com
sector: Technology
ISIN: AT0000A18XM4
indexes:
stockmarkets: official dealing: SIX Swiss Exchange
language: English