ALMERE, The Netherlands - October 24, 2012 - ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) reports today its third quarter (unaudited) operating results in accordance with US GAAP.
Highlights
- Net sales for the third quarter 2012 were EUR 409 million, an increase of 8% quarter-to-quarter and 9% year-on-year. Net sales of our Front-end segment increased 11% quarter-to-quarter while Back-end sales increased by 7%.
- Result from operations for Q3 2012 was EUR 32 million. Result from operations in Q2 2012 was EUR 39 million while the third quarter of 2011 showed a profit of EUR 51 million (excluding a gain on the bargain purchase of SEAS of EUR 98 million).
- The Front-end segment's operating loss was EUR 1.6 million compared to a loss of EUR 1.9 million quarter-to-quarter. Q3 2011 showed an operating profit of EUR 13.5 million;
- The Back-end segment operating profit was EUR 33.6 million compared to EUR 40.5 million quarter-to-quarter. Q3 2011 showed an operating profit of EUR 37.8 million (excluding a gain on the bargain purchase of SEAS of EUR 97.9 million).
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- Third quarter 2012 net earnings were EUR 5 million compared to net earnings of EUR 18 million for the second quarter of 2012 and EUR 30 million for the third quarter of 2011 (excluding a net gain on the bargain purchase of EUR 51 million).
- Book to bill in the third quarter was 0.7, both for the Front-end and for the Back-end segment. The Backlog decreased from Euro 439 million at the end of the second quarter 2012 to EUR 295 million at the end of the third quarter 2012.
Comment
Commenting on the results, Chuck del Prado, President and Chief Executive Officer of ASM International, said: "While sales, both in Front-end and Back-end showed, despite worsening market conditions, a healthy growth, our results were lagging behind. In our Back-end operations this was mainly caused by increased price pressure, product mix and lower volume in the assembly equipment segment. In our Front-end operations pressure on our gross margin was caused by customer mix and high under-absorption which is mainly due to worsening market conditions during the third quarter. We have started a cost reduction program in our Front-end operations, which should lead to cost reductions in the course of 2013, especially in our manufacturing and overhead organization."
Outlook
Based on the current order book we expect for the fourth quarter a double digit sales decrease for both Front-end and Back-end. For our Back-end operations we do only see a recovery earliest in the course of the first quarter of 2013. We expect our Front-end operations to show a strong order intake in Q4.
About ASM International
ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (Front-end segment) as well as assembly and packaging (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on NASDAQ (symbol ASMI) and the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI's website at www.asm.com.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: All matters discussed in this statement, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholder and other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company's filings from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's reports on Form 20-F and Form 6-K. The Company assumes no obligation to update or revise any forward-looking statements to reflect future developments or circumstances.
ASM International will host an investor conference call and web cast on Thursday, October 25, 2012 at 15:00 Continental European Time (9:00 a.m. - US Eastern Time, 9:00 p.m. Hong Kong Time).
The teleconference dial-in numbers are as follows:
· United States: +1 646 254 3367
· International: + 44 (0)20 7136 2056
· Access Code: 6490180
A simultaneous audio web cast will be accessible at www.asm.com.
The teleconference will be available for replay, beginning one hour after completion of the live broadcast, through November 24, 2012.
The replay dial-in numbers are:
· United States: +1 347 366 9565
· England: + 44 (0)20 3427 0598
· The Netherlands: +31 (0)20 708 5013
· Hong Kong: +852 3011 4669
· Access Code: 6490180
Investor Relations:
Erik Kamerbeek
+31 88 100 8500
Erik.Kamerbeek@asm.com
Mary Jo Dieckhaus
+1 212 986 2900
MaryJo.Dieckhaus@asm.com
Media Contacts:
Ian Bickerton
+31 20 6855 955
+31 62501 8512
