Zürich (ots) - Während einer Routinekontrolle durch den Produzenten der Bio Orient Gewürzmischung der ...
euro adhoc: austriamicrosystems AG
quarterly or semiannual financial statement
/ austriamicrosystems reports 5% revenue and 26% EBIT growth in first half
despite adverse exchange rate environment, expectations for full year growth
@@start.t1@@-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@
Key financial data for the second quarter and first half of 2008
Unterpremstaetten, Austria (July 28, 2008) austriamicrosystems (SWX: AMS), a leading global designer and manufacturer of high performance analog ICs for communications, industrial, medical and automotive applications, showed revenue and EBIT growth in the first half and second quarter of 2008 compared to the previous year despite an adverse exchange rate environment, given broad-based demand for its analog IC solutions.
Consolidated second quarter group revenues reached EUR 46.3 million, up 6% from EUR 43.9 million in the same quarter 2007. Group revenues for the first six months of 2008 rose 5% to EUR 87.5 million, compared to EUR 83.3 million recorded in the first half of 2007. This positive revenue development was achieved despite a significant deterioration in the USD against the EUR compared to last year. On a constant currency basis, second quarter revenues grew by 12% compared to the second quarter last year while first half revenues grew by 11% compared to the first half 2007 which underscores the positive development of austriamicrosystems´ business in the second quarter and first half of 2008.
In the second quarter, gross margin increased to 51% from 50% in the same quarter last year, driven by positive product mix effects and manufacturing cost improvements. For the first half of 2008, gross margin reached 51%, up two percentage points from 49% in the first six months 2007. The result from operations (EBIT) for the second quarter increased by 49% to EUR 6.4 million, from EUR 4.3 million in the same quarter 2007, with continued high R&D investments of 23% of the quarter´s revenues and despite a negative impact from exchange rate movements. For the first half-year 2008, the result from operations (EBIT) was up 26% at EUR 10.1 million, compared to EUR 8.0 million in the same period 2007.
Net income for the second quarter 2008 rose by 44% to EUR 5.9 million, from EUR 4.1 million in the same period last year. Basic and diluted earnings per share for the second quarter were CHF 0.87 or EUR 0.54. Net income for the first half of 2008 was up 20% at EUR 9.1 million, equivalent to CHF 1.34 or EUR 0.84 per share (basic and diluted), compared to EUR 7.6 million for the same period last year. Total backlog which does not reflect high volume consignment stock agreements with key customers and is therefore not fully comparable to the previous year stood at EUR 54.5 million on June 30, 2008 compared to EUR 48.2 million at the end of the first quarter and EUR 54.5 million on June 30, 2007.
austriamicrosystems´ business performed well in the second quarter and first half year 2008 which underscores the attractiveness of the company´s product portfolio and its solid market position. In communications, austriamicrosystems strengthened its position in advanced power management products for mobile devices such as handsets, personal navigation and other communications devices. Two Top 5 handset vendors, Nokia and SonyEricsson, are using its flash LED driver ICs, lighting management solutions and power management ICs in increasing volumes for production, newly released and upcoming models. austriamicrosystems added another, Asia-based Top 5 handset manufacturer to its customer base in the second quarter which has designed an austriamicrosystems lighting management solution into several upcoming models.
austriamicrosystems´ MEMS microphone business returned to growth in the first half of the current year driven by the increasing penetration of this technology at top tier handset vendors. With existing and new solutions, austriamicrosystems holds a leading position in this competitive market and expects its MEMS microphone business to develop positively going forward. In mobile entertainment, austriamicrosystems continues to be successful in high quality personal media players, information and entertainment devices with its market-proven audio ICs with advanced power management and high performance system solutions. Its latest product generation features significantly reduced power consumption while offering even higher audio quality and high-quality video capabilities. In the second quarter, a global consumer electronics OEM decided to develop an upcoming generation of audio/video mobile entertainment devices around products from this new family.
The company´s industrial and medical business again delivered strong results given attractive demand for austriamicrosystems´ industrial automation, sensor interface, encoder and healthcare IC solutions. Automation, metering and seismic sensors continued to be important sub-segments of the industrial business in the first half of 2008. In consumer healthcare, a leading global sportswear brand successfully introduced an innovative wearable electronic training assistance device including an austriamicrosystems sensor interface product. austriamicrosystems´ magnetic encoder business continues to grow at a very attractive pace, driven by the industry´s broadest portfolio of integrated magnetic encoder solutions. This product range was expanded with new high resolution products to address even more applications across a multitude of markets. austriamicrosystems´ new offering of RFID reader ICs has seen outstanding market acceptance and first design-ins.
In the automotive market, austriamicrosystems saw ongoing good demand in the areas of sensor interfaces, related systems, car access and position measurement. Leading global automotive suppliers rely on complex automotive sensor interfaces for applications such as ESP where penetration across car classes and regions continues to increase. In the second quarter, austriamicrosystems was able to penetrate another European-based Tier 1 automotive systems supplier underscoring its system and design expertise in the competitive automotive semiconductor market and its positive long term outlook for this business.
The foundry business again provided an attractive contribution in the second quarter and first half based on high quality customers focused on specialty process technologies such as High Voltage and Silicon Germanium. In operations, austriamicrosystems´ state-of-the-art 200 mm wafer fab and in-house test centers continued their excellent performance. The company benefits from a high level natural hedge in its production costs which was actively set up over the last years as part of austriamicrosystems´ global manufacturing concept.
Looking forward, austriamicrosystems continues to expect its business to show growth in revenues, gross margins and earnings on a USD and EUR basis in 2008, based on currently available information. austriamicrosystems believes its business to be well positioned with a strong line-up of successful and upcoming products and a growing list of high quality customers. However, the company recognizes that the uncertain future development of the EUR/USD exchange rate and potential macroeconomic induced end market volatility are risk factors influencing its revenue and earnings development for the full year of 2008.
The complete half year report 2008 including detailed financial information is available on austriamicrosystems´ website under http://www.austriamicrosystems.com/08ir/report.htm
@@start.t2@@end of announcement euro adhoc
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: SWX Swiss Exchange / official dealing