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EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports financial
results for fiscal year 2010
-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
Audited financial information for fiscal year 2010 and fourth quarter 2010
Unterpremstaetten, Austria (March 1, 2011) austriamicrosystems (SIX: AMS), a leading worldwide designer and manufacturer of high performance analog ICs for consumer & communications, industry & medical and automotive applications, recorded strong revenue and earnings growth in 2010 driven by the dynamic recovery in the company´s target markets. 2010 full year revenues increased by 53% to a record high of EUR 209.4 million while the operating profit rebounded to EUR 27.1 million. In the fourth quarter 2010, austriamicrosystems recorded another improvement in revenues and earnings with revenues of EUR 57.9 million, up 32% year-on-year and 4% quarter-on-quarter. For the full year 2011, austriamicrosystems expects above-market revenue growth of around 10% compared to 2010, together with faster earnings growth.
Audited group revenues for 2010 were EUR 209.4 million (2009: EUR 137.2 million). In constant currency, full year revenues increased by 48% compared to the previous year. Revenues for the fourth quarter 2010 were EUR 57.9 million, up 32% from the EUR 43.9 million recorded in the last quarter 2009 and up 4 % quarter-on-quarter. In constant currency, fourth quarter revenues increased by 27% compared to the same quarter 2009.
Gross margins for the full year 2010 increased to 48% from 35% in 2009, demonstrating the positive impact of austriamicrosystems´ return to nearly full capacity utilization in the course of the year. Gross margins for the fourth quarter 2010 improved to 51%, up from 43% in the same period 2009 and 2 percentage points higher sequentially.
The group result from operations (EBIT) for 2010 was a profit of EUR 27.1 million compared to a loss of EUR -19.0 million in 2009. Investments in research & development amounted to EUR 42.4 million, up from EUR 40.1 million in 2009, based on strategic product roadmaps and strong design-wins throughout 2010. The group EBIT for the fourth quarter 2010 was a profit of EUR 9.5 million, compared to EUR 2.1 million in the fourth quarter 2009 and EUR 9.2 million in the previous quarter.
Net income for 2010 was a profit of EUR 23.1 million, compared to a loss of EUR -16.7 million in 2009. Basic / diluted earnings per share for 2010 were CHF 3.08 / 3.03 or EUR 2.25 / 2.21 (2009: CHF: -2.36 / -2.36 or EUR -1.57 / -1.57). Net income for the fourth quarter 2010 was EUR 9.4 million, compared to EUR 2.6 million for the same period 2009. Basic / diluted earnings per share for the fourth quarter were CHF 1.21 / 1.16 or EUR 0.92 / 0.89 (2009: CHF 0.37 / 0.37 or EUR 0.25 / 0.25).
Cash flow from operations increased strongly to EUR 45.7 million in 2010 from EUR 20.3 million in 2009. Capital expenditures for 2010 were EUR 13.2 million compared to EUR 10.3 million recorded in 2009. The total backlog at the end of 2010 which does not include consignment stock agreements in major markets was EUR 66.4 million compared to EUR 45.6 million on December 31, 2009.
Cash and short term investments improved to EUR 44.2 million on December 31, 2010 compared to EUR 42.2 million at year-end 2009 despite a significant decrease in net debt from EUR 25.7 million at year-end 2009 to EUR 3.5 million on December 31, 2010. The equity ratio increased to 65% at year-end 2010 from 60% at the end of 2009. The average number of group employees was 1,119 for fiscal year 2010, compared to 1,087 for the year 2009, and 1,136 for the fourth quarter 2010.
Based on the company´s cash dividend policy stipulating the distribution of 25% of net earnings austriamicrosystems will propose a dividend of EUR 0.52 per share for 2010.
austriamicrosystems´ business performed strongly in 2010. The company strengthened its market position in the global analog semiconductor market given the success of its products and an expanding base of quality customers. With over four hundred design-ins across markets last year and a sizeable business increase with distributors globally, austriamicrosystems confirmed its leadership in low power consumption, high accuracy and analog performance.
In Consumer & Communications, austriamicrosystems reinforced its position as a major supplier to leading handset and mobile device OEMs last year. Shipment volumes for a wide range of power and lighting management products remained at high levels through the fourth quarter and into the current year. In MEMS microphone products, volumes expanded significantly in 2010 to over 600m units validating austriamicrosystems´ clear leadership (estimated market share of over 90%) in this growing market which is expanding into tablet devices along with the company´s power products. Innovation-driven product lines such as the EasyPoint input device for handsets or gaming and the company´s fully analog low-power active noise cancellation are seeing good response from industrial partners or already first volume devices. LED backlighting for LCD TVs continued its rapid adoption in 2010 which is expected to accelerate in the current year. A technology leader in this growth market, austriamicrosystems retains a significant market share with recently launched products broadening the company´s offering to major OEMs. In the new market for RFID readers, the company began volume shipments of its RFID reader solutions last year.
Following a muted first half due to the slow recovery of the industrial market, Industry & Medical showed an overall robust performance in 2010. Having gained visible momentum and returned to previous levels by the fourth quarter, the company´s industrial business recorded positive results for the full year. In this market, austriamicrosystems is seeing continued high order and shipment rates driven by sustained demand from the industrial automation, building control and industrial sensors segments. Here the company expanded its industry-leading magnetic encoder range by introducing the unique 3D-Hall technology, a true innovation in position sensing. austriamicrosystems´ medical business achieved attractive results also for 2010. The key areas medical imaging (CT, digital X-ray, ultrasound) and personal healthcare devices performed well driven by long-term partnerships with leading OEMs which form a strong foundation for the future. An innovative integrated medical imaging sensor offering significant analytical patient benefits and cost advantages to the customer started mass production last year and is already reaching substantial volumes.
austriamicrosystems´ automotive business recorded a strong performance in 2010 given high levels of automotive demand worldwide. Customer demand remained healthy through the fourth quarter with high run rates and robust forecasts for key product lines. Focused on dedicated encoder and sensor solutions, battery power management and FlexRay data bus systems, the automotive business was able to expand its design-in pipeline with major system suppliers. The company´s specialty foundry activities were again successful with their focus on advanced specialty processes and a high quality client base, particularly for sensor products. Recognized as a leading analog specialty foundry, the business area provided an attractive contribution to the overall result.
In 2010, austriamicrosystems added significant new customers, namely in Asia Pacific, to its global base and won additional business at existing customers. New worldwide distribution agreements with two leading global semiconductor distributors significantly strengthened this sales channel, creating excellent opportunities for growth and adding an extensive, untapped customer base. As worldwide analog semiconductor capacities continue to appear imbalanced and short of demand, austriamicrosystems´ own world-class production infrastructure ensures secure supply for the company´s customers and provides a long-term competitive advantage.
austriamicrosystems expects further growth in the current year and anticipates that its market position will continue to improve driven by a strong product line-up and exposure to growth segments across its target markets.
Based on currently available information, austriamicrosystems expects full year revenue growth for 2011 of around 10% compared to 2010. At the same time, the company anticipates gross margins to develop positively and full year earnings to grow faster than expected 2011 revenues. austriamicrosystems will update its outlook during the year as more information becomes available.
For the first quarter 2011, austriamicrosystems expects strong growth in revenues and earnings compared to last year´s first quarter with revenues showing a seasonal quarter-on-quarter decrease of less than 10%.
Additional financial information is available on the austriamicrosystems website at http://www.austriamicrosystems.com/eng/Investor
end of announcement euro adhoc --------------------------------------------------------------------------------
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Börsen: SIX Swiss Exchange / official dealing