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Abonner austriamicrosystems AG

austriamicrosystems AG

euro adhoc: austriamicrosystems AG
Quarterly or Semiannual Financial Statements
austriamicrosystems records strong growth in the second quarter and first six months of 2004 (E)

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  The issuer is responsible for the content of this announcement.
Key financial data for the second quarter and first half of 2004
Unterpremstaetten, Austria (July 27, 2004) — austriamicrosystems
reports strong business performance in the second quarter and first
six months of 2004 due to increasing demand for its products in all
regions. The second quarter and first half of 2004 show significant
growth in sales and operating profit.
Consolidated group revenues in the second quarter reached EUR 36.6
million, an increase of 17% compared to the same quarter in 2003.
Group revenues for the first six months of 2004 increased by 22% to
EUR 68.9 million compared to the first half of 2003. Gross margin in
the second quarter amounted to 43% compared to 37% in the same
quarter of last year. For the first six months of 2004, gross margin
reached 43%, an increase of ten percentage points compared to the
same period last year.
The result from operations (EBIT) for the second quarter grew
significantly to EUR 3.8 million, an increase of 196% from EUR 1.3
million in the same quarter last year. For the first six months of
2004, the result from operations rose to EUR 6.1 million from EUR
-0.7 million in the relevant period last year.
New legislation passed during the second quarter lowered the Austrian
corporate tax rate from 34% to 25% from January 1st, 2005. This
favourable legislation creates an attractive tax environment for
austriamicrosystems going forward. As detailed in the offering
memorandum for its IPO and required by IFRS rules, a direct
adjustment to our deferred tax asset of around EUR 12 million was
taken to reflect this change. This one-time extraordinary non-cash
adjustment impacted the net result for the second quarter 2004.
Net result for the second quarter amounted to EUR -9.6 million versus
EUR 0.1 million in the comparable period last year while earnings per
share for the second quarter were CHF -1.48 / EUR -0.96. Net income
for the first half of 2004 was EUR -8.0 million or CHF -1.30 / EUR
-0.84 per share compared to EUR -1.9 million for the same period last
year. Not taking into account the non-cash adjustment, net income
would have reached EUR 2.5 million in the second quarter and EUR 4.1
million in the first half with earnings per share of CHF 0.38 / EUR
0.25 for the second quarter and CHF 0.67 / EUR 0.43 for the first six
months of 2004. Our total backlog increased to EUR 49.9 million on
June 30, 2004 from EUR 37.4 million on June 30, 2003.
In its recent IPO austriamicrosystems increased its share capital by
2 million new shares with net proceeds to the company of more than
EUR 41 million. Of these, EUR 40 million were used for the
accelerated repayment of long-term debt which resulted in a
significant strengthening of austriamicrosystems’ balance sheet.
In operations, the second quarter showed high utilization in all
areas of production. The expansion of production capacity in Fab B
from 3,900 WSPM to 5,200 WSPM is progressing as planned.
austriamicrosystems expects several customers from all regions to
ramp volume products in the coming months and anticipates that the
additional fab capacity will be fully utilized in the third quarter.
Looking forward, austriamicrosystems continues to see strength in the
analog semiconductor market. austriamicrosystems expects its business
in the product as well as foundry segments to continue to develop
positively with revenues showing a further increase and earnings
improving strongly in the second half of the year. Based on currently
available information, austriamicrosystems anticipates full year
revenues for 2004 to reach between EUR 155 and 165 million.
The complete half-year report 2004 including detailed financial
information is available on austriamicrosystems’ website under
http://www.austriamicrosystems.com/08ir/report.htm
end of announcement        euro adhoc 27.07.2004

Further inquiry note:

Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Email: investor@austriamicrosystems.com
Media Relations
Sonja Pieber
Tel: +43 3136 500-5968
Fax: +43 3136 500-5420
sonja.pieber@austriamicrosystems.com
http://www.austriamicrosystems.com

Branche: Technology
ISIN: AT0000920863
WKN: 632638
Index:
Börsen: SWX Swiss Exchange / official dealing